... of our job as NSAs. We are there to identify, notarize and get docs properly executed so loan can fund. We are not there to explain the ins and outs of their loan. That's what the LOs get thousands of dollars to do. Besides, most borrowers can read.
It's not our job to make sure borrowers don't get shnookered. That said, it's admirable that any NSA would become proficient in lending practices, and there's nothing worse than a point 'n' sign notary. There are many many items in a loan pkg that we explain/help borrowers with, but I am not a licensed LO and am not qualified nor authorized to explain loan terms. We're notaries first, and nowhere in any notary handbook that I have read or notary class/test I have taken does it say we are responsible for pointing out, for example, prepayment penalties or lack of. That can only lead to BIG trouble. It's amazing how even the slightest notary comment about a loan can send borrowers in a tizzy. How they can misunderstand or perhaps hear wrong what you said, etc. KEEP OUT OF IT. Have them call their LO ... who, by the way, I have noticed always seems to be MIA when they know their client is signing. This is not a coincidence. As I've often said, once the LO has their guy in the bag, they've moved on to their next victim... errrr, client, while expecting us to bring the loan home with their frustrated borrower while they've conveniently ducked out for a three-apple martini lunch/dinner. Haha. But that's another story. |
