Posted by Joe-PA on 7/28/04 6:09pm
Msg #5135

HELP PLEASE (LOAN DOCS) PLEASE

Hello i am a newbie in PA and I am trying to find some info on loan docs. I would like like a cheat sheet on what loan doc i will find info, such as like what page would i find the APR, where to find any info that the borrowers may ask etc. any help would be greatly appreciated. God Bless. good day mate

Reply by Sylvia_FL on 7/28/04 6:21pm
Msg #5136

I don;t know of any "cheat sheet" - but the APR is found on the TIL (Truth in Lending disclosure statement)

Check out www.signtrack.com, and if you click on the "apply as signing agent" link they do have a training manual of sorts there which I believe gives an outline of loan docs.

The Signing Registry has an excellent training manual www.signingregistry.com

Reply by BarbaraL/CA on 7/28/04 8:42pm
Msg #5143

I agree. The Signing Registry book is REALLY good with examples, scripts, etc. I'm really glad I have it.

Reply by lorraine2 on 7/28/04 9:12pm
Msg #5147

Joe, I have a "Loan Signing Prep Sheet" that is produced by NNA. It might be something that youre looking for by way of an organizational tool. There is a section on the sheet for "contact info", "doc. info", and a check off of documents that may be included in a loan pkg. At the NNA seminar that I got this at the facilitator indicated that the check off for the doc's was somewhat cumbersome...but, if you are using to familiarize yourself with potential loan doc's it might be useful. If you want to email me your fax number, I'll be glad to send you a copy and then if you feel it would be useful...order a package from NNA. [e-mail address]

Reply by Anonymous on 8/26/04 2:19am
Msg #6733

Hi lorraine2! I read your comment 2 PA Joe dtd 7/28/04 @ 6:21pm. Will u please advise me how I cn order a loan doc package from NNA. I don't have the order information.

Reply by LorraineK/FL on 7/28/04 9:49pm
Msg #5151

Re: HELP PLEASE (LOAN DOCS) PLEASE "What's UP?"

I'm confused Joe. I just read this on GMN and it says you are a long time signing agent...you post here as a newbie???

Re: Nations Direct pays $40!! Hahahahaha!!!!
Posted by Joe on July 28, 2004, 3:10 pm, in reply to "Nations Direct pays $40!! Hahahahaha!!!!"
65.123.103.91

Look I hate to break it to you, not to be a sour puss, because i am a long time signing agent also. But the world and especially this business is based on supply and demand. There is allot of demand for signings and the supply of agents is growing. So what these agents have to do is compete with one another. If we all stuck our fees at $65. Then what, the few people like us that have been doing this for awhile will get all the signings. Sure that would be nice but the world is just not that easy. Do we get mad at Wal-Mart because the went and sold everything for less. Sure they are making less on each product they sell but look how many they sell. It all works out in the end and usually works out better for the cheaper dealer. it is with every business. bulk expands marginal profit. Look if you want to stay in business you have to know business. And all the agents complaining to the newbies because they are taking $40 signings, beat them at their own game. I do personally think they should not be taking $40 signings because it does kinda suppress our value. But just take this advice, beat the competition at their own game. do as they do, and you'll never have to do the footwork again. I'm sure anyone who understands business strategy will understand. And for those that don't talk to me, I always talk to you. Good day mate

Reply by PAW Notary Services on 7/29/04 8:25am
Msg #5167

Re: HELP PLEASE (LOAN DOCS) PLEASE "What's UP?"

So what you're saying, Lorraine, is that you find it profitable to take a $40 signing? Considering that I spend an hour at the table, 45 minutes travel (one-way) and an hour pre-signing and post-signing prep time, that means I'm spending, on average, 3½ hours for each signing. At $40, that comes to $11.43 per hour, just in time expense, not counting all the other tangible and intangible expenses, which typically run about 20% of the per hour cost, based on national averages. Given that, subtract an additional $8 for those expenses and now your hourly take-home pay drops to $9.14 per hour. Assuming you could do this for 40 hours per week, 2080 hours per year (standard work year), that comes to $19,017 annual gross income. Hardly enough to support a family. Fine for pin money, but certainly not for sustenance. Oh yeah, and after taxes, including SE tax, that drops even further to about $15K per year. Might as well work at McDonald's.

Reply by BrendaTX on 7/29/04 8:49am
Msg #5168

Re: HELP PLEASE (LOAN DOCS) PLEASE "What's UP?"

I may be wrong, but I believe Lorraine was quoting Joe who says he is newbie here on NotaryRotary, but has posted information on GMN contraindicating this claim.

Reply by PAW Notary Services on 7/29/04 9:05am
Msg #5169

Re: HELP PLEASE (LOAN DOCS) PLEASE "What's UP?"

Oooppsss... I went back and reread Lorraine's post. I do owe Lorraine an apology. She was in fact quoting Joe.

Lorraine, please forgive my transgressions. The only excuse I can offer is that I must need another cup of coffee. (Of course, as we all know, excuses are like a certain orifice. Everyone has one and they all stink!)

As for Joe. There must be another Joe. "Joe CA", "Joe Ewing CA", or "JoeCA" is Joe Ewing, a seasoned notary signing agent. Joe Ewing also usually signs his posts with a link to his website http://www.anotary.com. This "Joe", also hailing from CA, must be another Joe.

Reply by Andy_WA on 7/29/04 11:24am
Msg #5172

Re: HELP PLEASE (LOAN DOCS) PLEASE "What's UP?"

There can't be another Joe. The IP address that Lorraine copied/pasted from GMN is same as the one here.

Reply by BrendaTX on 7/29/04 11:41am
Msg #5173

Who's on First?

Again, I might be wrong but I think...

PAW NS is referring to a Joe which is in CA.

The Joe (the subject herein) is from PA.

Reply by PAW Notary Services on 7/29/04 11:57am
Msg #5175

Re: HELP PLEASE (LOAN DOCS) PLEASE "What's UP?"

Please note that Joe Ewing's IP address (68.101.139.45) is from Cox Communications. The "other" Joe's IP address (65.123.103.91) is from Qwest Communications. There are definitely TWO Joe's. Joe Ewing is a seasoned professional. "Other" Joe is apparently a newbie. Of course the "Other" Joe's address that Lorraine copied from GMN will match the "Other" Joe's address here. (I don't know if Joe Ewing frequents this board on not.)

Reply by CA_Notary on 7/29/04 11:42pm
Msg #5214

Re: HELP PLEASE (LOAN DOCS) PLEASE "What's UP?"

Original post:

HELP PLEASE (LOAN DOCS) PLEASE
Posted by Joe-PA on 7/28/04 6:09pm
Msg #5135 from 65.123.103.91

GMN Joe:

Re: Nations Direct pays $40!! Hahahahaha!!!!
Posted by Joe on July 28, 2004, 3:10 pm, in reply to "Nations Direct pays $40!! Hahahahaha!!!!"
65.123.103.91


Same IP address, original poster claims to be a newbie, GMN Joe claims to be a longtime signing agent. Both end their messages with "Good Day Mate". Whoever Joe Ewing is, I don't think that's what Lorraine was talking about with her post.

Reply by HisHughness on 7/29/04 12:21pm
Msg #5178

Re: HELP PLEASE (LOAN DOCS) PLEASE "What's UP?"

Brenda TXXX (have you guys seen that sexy picture on her web site?) averred:

***I may be wrong, but I believe Lorraine was quoting Joe who says he is newbie here on NotaryRotary, but has posted information on GMN contraindicating this claim.***

Contraindicating? Aren't you yielding to pretentious pomposity with such grandiloquent expostulation, Brenda? Geez, keep it simple: Help out us simple folks.

Reply by BrendaTX on 7/29/04 1:49pm
Msg #5184

Re: HELP PLEASE (LOAN DOCS) PLEASE "What's UP?"

Ok...let's see...

...but has posted information on GMN which seems to be a baldface lie?

Reply by MNDawn on 7/30/04 12:16pm
Msg #5242

Re: HELP PLEASE (LOAN DOCS) PLEASE "What's UP?"

The other day I(certified closing agent) was closing my upteenth loan with a lady who recently became a notary (signing agent). She said, "oh you have a signing log, they told us we didn't need that, then wow you explain the different "pieces of paper" for the loan. I politely said, Yes, I'm a Loan Closer ... not a point & sign here... please, & I HOPE THEY DON"T ASK ME ANY QUESTIONS CUZ I DON"T KNOW WHAT THEIR REALLY SIGNING!!!"

As PAW says, I take the time, I CLOSE the loan, and unless I don't have answers (like different rates they were""Quoted" than on the Note/etc. I take care of it. And my backround, I was a loan officer & credit manager... I know the business inside & out...
and wish the "$40" closings were gone and we could still make $75 + from everyone.
That's my opinion...

Reply by PAW Notary Services on 7/30/04 12:51pm
Msg #5244

Re: HELP PLEASE (LOAN DOCS) PLEASE "What's UP?"

Please be very careful in how you use the term "closer". What we as signing agents typically do is NOT closing the loan and we are NOT the closing agent. The loan is closed by the closing agent and/or settlement agent who is responsible for document preparation, presentation and disbursement of funds, including the certification that payoffs have been made as stated on the HUD. As you can see, we only do a very small portion of the closing, that is the "witness" portion.

In California, from what I'm told, you cannot use the word "close" in your description or title. I know a lot of title companies refer to us as the closer and I just let them. However, whenever I refer to my job, it's always as a Notary Public or Signing Agent (since we wear two hats at the table). I never refer to myself as a loan closer (except when I am actually performing that function at the title office). I do not want anyone to misconstrue my role nor my liabilities and responsibilities.

Yes, we're more than just a notary. Yes, we're obligated to be more than "point and sign" robots. No, we are not disbursing money and we don't close the loan.

Sorry for ranting, but I think we must be very clear on roles and responsibilities to ourselves, the borrowers, the signing services, lenders and title companies.

Reply by john on 7/29/04 12:24pm
Msg #5179

Loan Packages can be very lengthy
I always explain to my clients that the meat of a loan package consist of brief set of documents the rest of the MoJo is redundant
these docs are
Truth in lending Disclosure ( APR......
Note ( LOAN AMT, INTEREST RATE)
HUD1 Settlement Statement (final itemization)
Right to cancel (sign bottom portion)
I hope that was helpful
John

Reply by LorraineK/FL on 7/29/04 5:47pm
Msg #5201

IP's match from this board to the other...so I figure same guy...he also uses the same type closing tag. Whether he is newbie or not...I don't care, but if I had known he was going to lie(one way or the other) I wouldn't have offered my assistance.

Reply by HisHughness on 7/29/04 9:12pm
Msg #5208

Lorraine enunciated:

***IP's match from this board to the other...so I figure same guy...he also uses the same type closing tag. Whether he is newbie or not...I don't care, but if I had known he was going to lie(one way or the other) I wouldn't have offered my assistance.***

Wait a minute! Nobody told me lying was unacceptable on this board. How do I get several dozen posts back?

Reply by LorraineK/FL on 7/29/04 9:28pm
Msg #5211

You've got a point there Hugh...maybe the PA behind the newbie-veterans name doesn't stand for the great state of Pennsylvania...