Posted by Shirin on 4/14/04 3:32pm
Msg #1495

Please Help - First Loan Signing

Hi,

I just got my commision and tomorrow is my first loan signing. I have no idea what I should expect and what is expected from me. How many signatures do I have to notorize?

Thanks,

Shirin

Reply by Rebecca Fair on 4/14/04 3:43pm
Msg #1497

Hurry and download the FREE introductory signing agent course @ 50statenotary.com. This should help you feel better about your first signing.

Reply by Roger/OH on 4/14/04 7:06pm
Msg #1499

No offense, but why would you agree to do a signing if you've not yet had any training??

Reply by Kansas Bob on 4/15/04 11:54am
Msg #1509

Congratulations on your new step.

I would have recommended you contact another local notary and "partner" with them to do at least one mock walk through of a closing.. or even a ride-along. After that and doing a couple closings.. you will learn as you go. If you'd like to learn even more in depth, then check out the Certified notary training course through the NNA.

Don't be afraid to contact all of the notaries within an hour of you to introduce yourself and offer to refer out of area siginings or those you can't do. Once you start this ball rolling wiht your fellow notaries.. the referrals will come streaming in.

Good luck in your new adventure.
Bob

Reply by Shirin on 4/15/04 1:57pm
Msg #1511

Thanks for all the help.

I'm doing this becuase my husband is a mortgage broker and I'm doing the signing in his office.

I've had the online training from NNA but I still don't feel confidant. Is there anything specific I should keep in mind? It seems like a very easy process. Do I have to explain all the docs to the clients?

Thanks,

Shirin

Reply by Roger/OH on 4/15/04 4:29pm
Msg #1516

Other than a general description, you do not explain the documents. You were not a party to the discussions between the borrowers and their loan officer, and you don't represent either of them. You are there only as an impartial witness on behalf of your state to check their IDs, ensure they are doing this willingly, witness/notarize their signatures, and return the documents - period. Good luck.

Reply by Shirin on 4/15/04 6:50pm
Msg #1521

Thank you so much. The signing is over and I just send everything to the escrow.

Shirin

Reply by Kevin on 4/18/04 12:30pm
Msg #1550

What I do is while I am filling out my log book I give them their copy and tell them to look it over. As we start signing the documents I tell them what each document is and what it is for. This is crucial. Letting them know what each document is lets them feel more comfortable in signing and they feel the need to ask less questions.

Reply by Loretta Reed, Maryland on 4/18/04 2:15pm
Msg #1551

You should NEVER, EVER, "explain" the loan docs to them. That is against the law. You should make the borrower feel comfortable. First, show them the HUD with all of their charges and what, if anything, they are getting back. Then, I explain the Note, telling them what the amount of the loan is, their interest rate, and the date the first payment is due. I can give them an overview of the docs but not legal advice.
If a lender or title company found out that you did not have any experience in doing a signing, they would not hire you. I rode with a notary at first and watched how they did a closing and used them as a reference to solicit my own clients. I am now in the process of starting my own title company and training a notary to take over the closings for me.
But, she won't complete a closing until I know she is ready.
Good luck.

Reply by Charles ( Notary Plus) on 4/17/04 9:09am
Msg #1536

The best thing to do is talk to someone from the Title Co. . If you are up front with them they will help you . Its hard with all the new forms . Also most closings have about 70 - 85 pages .