Posted by JYHoward on 6/10/04 2:26pm
Msg #2954

Is this a signing or not?

I have a mortgage broker wanting me to get an application to a borrower and collect the necessary documents that normally accompanies the loan application (ie: 1st mortgage statements, tax returns, etc.) and just forward it back to him for processing of the loan. I only need to verify that the borrower is who he says he is and I don't have to notarize a thing. But if I am checking the persons ID don't I still need to complete a loose certification that I witnessed that he made the application. I am still very new at this...is this common? Any comments are welcomed and appreciated.

Reply by Sylvia/FL on 6/10/04 2:37pm
Msg #2955

These are done quite a bit. No, you don't have to make a certificate out. You are just going out to verify the borrower is who he says he is and collect the requested documents, there may be some that need signing.

If the loan goes through you will probably be asked to go back out and do the signing.

Reply by JYHoward on 6/10/04 2:39pm
Msg #2956

Thank you but I have one other question

Thanks Sylvia...he asked me what would I charge and we agreed to $100 was that too much?

Reply by Sylvia/FL on 6/10/04 2:43pm
Msg #2958

Re: Thank you but I have one other question

If that is your fee for that area, and they agreed to it, it is fine.
If it was too much, they wouldn't have agreed to it.

Reply by JYHoward on 6/10/04 2:47pm
Msg #2959

Thanks again

Thanks again. I appreciate your help.

Reply by Roger/OH on 6/10/04 5:05pm
Msg #2966

Go for it!

Hey, if you can get a hundred bucks for just being a document courier and not even having to notarize, more power to you! :)

Reply by Sylvia/FL on 6/10/04 5:35pm
Msg #2967

Re: Go for it!

These can sometimes take as long as a signing. I charge the same for these as I do a loan signing.

Reply by Bob-Chicago on 6/10/04 11:53pm
Msg #2974

Novastar?

Reply by Bob_chicago on 6/10/04 11:54pm
Msg #2975

Novastar?

If it is a Novastar, you will need to notarize a personal history statement

Reply by JYHoward on 6/11/04 7:37am
Msg #2978

Yes - Novastar

Okay, I'm not seeing that in this package so I will need a loose certification because it's in addition to what the borrower needs to complete, am I correct?

Reply by Bob-CHicago on 6/11/04 8:17am
Msg #2981

Not necessary

If it is not there, don't worry about it
Maybe that form is not included in all of their oackages

Reply by JYHoward on 6/11/04 8:39am
Msg #2983

Thanks - Bob

Thank you very much Bob. I appreciate the direction.

Reply by Anonymous on 6/11/04 10:42am
Msg #2985

This is just the first stage of the application process. It sounds like you are being a courier for the loan officer, which is what a signing agent does. Many times the lender will either fax or mail these docs to the borrower for signature. I would definately charge him a fee for being the courier and getting the proper signatures. The loan officer just wants to make sure that who is applying for the loan is actually that person, hence the reason for the ID. Notarization usually doesn't take place until the actual closing of the loan. And of course, that is when you record these in your journal.

Reply by JYHoward on 6/11/04 6:01pm
Msg #2995

Opinions Please...

Again, I want to thank everyone who gave direction for my situation. But now I have another one, I had the appointment today at 4:30pm. I was on time and the potential borrower proceeds to look over the application and within 5 minutes says "I'm not signing this because I already told the loan officer that I did not want this amount and am not willing to pay a monthly charge that much higher than I am now just to get a low interest rate." I say alright, I will get the loan officer on the phone and guess what he is not in the office. The potential borrower asked me to explain how they arrived at the fee scheduled and I politely told the potential borrower to please refer to the "Good Faith Estimate." He does as we are waiting for loan officer to return my call. Well 20 minutes goes by and the gentlemen starts telling me that he is off to the mountains for the weekend and of course I myself am leave for vacation in the morning. Well, I waited at the kitchen table with the couple for 1/2 hour and the potential borrower again exclaimed that is not what he had in mind and he explained that to the loan officer. He told me that the loan officer told him that I was suppose to go over different option with him. So here is the opinion part, I told the potential borrower that I was not there to explain the package and was under the impression that the package was put together because he had reached an agreement with the loan office. Was I wrong to say that?

Anyway, I leave the potential borrowers home and immediately went to the bank to cash the check for my services that came with the package because as far as I was concerned I did complete my end of the deal I drove 45 minutes in rush hour traffic, called the loan officer when the problem arose and waited for 30 minutes to get some type of resolution. What would you have done given this scenario?

Reply by dmmcgee on 6/11/04 6:32pm
Msg #2996

Re: Opinions Please...

Hi JY,
You did the right thing. I have accepted two assignments from Notaries Ink for Novastar. I should have known better from the first assignment. They ask if you will do this signing for $50 because there is no notarization and only a few pages. What they don't tell you is that there is no loan yet, they are trying to get the borrower to sign a form that states if get approved for the loan and they cancel the loan they will charge their credit card $175.00 to $250.00 and another form requesting a $300 money order for the appraisal which the borrower knows nothing about until you show up. The borrower is expecting a phone call from NovaStar and not a notary with some paperwork. There usually is no appointment time so this usually throws off the borrower again.

I accepted one of these since I knew the address was a few blocks away. Set the appointment with the borrower and he's a no show. Finally catch up with him (set two more appointments and he cancels both) and he knows nothing about the surprise fees. I just felt like I was doing the lenders job. Notaries Ink did pay me for the no show and they seem like a good company to work with.

They call me a second time, and this lady was apparently older and a nervous wreck and couldn't figure out why everything was going so fast. We couldn't set an appointment time until her husband was home which wouldn't be til the weekend and blah, blah, blah! This one never got off the ground.

I won't be accepting anymore of these assignments. They put the notary in the place of the loan officer. NovaStar does not inform these potential clients of the paperwork that they must sing and that puts the burden on the notary. I just don't think its the notary's job to sell the loan.

Donna

Reply by JYHoward on 6/11/04 6:39pm
Msg #2998

Glad it Not just Me

Thanks Donna. I'm very much a newbie and I thought that was a bit much because it made me feel like and idiot for not being aware that Novastar did not properly inform the potential borrower and making me the salesperson but it was still my time and effort being utilitized so I deserved to collect my fee.

Reply by CarolynCO on 6/15/04 8:55am
Msg #3050

Re: Opinions Please...

I disagree. I have handled about 5 of these through a different signing service. Docs are e-mailed to me the same as any other loan signing. I contact borrower by phone advising the appointment time I will be there and copies of docs I will need to pick up from them -- homeowners insurance agent/address; W-2's; bank statements ... and an appraisal check. I have never sprung any surprises on the borrower once I'm there. I treat it the same as a regular closing -- if they have specific questions regarding the loan, I call the loan officer and let them ask/answer questions/concerns. Even though nothing is notarized, I verify their IDs and enter everything in my journal, have them sign and thumbprint with notation that docs were not notarized. I've never had a borrower have a problem with this, and in case I ever need to document anything that was done at a later date, it's all int he journal.

Reply by Melanie on 6/15/04 3:12pm
Msg #3073

Re: Opinions Please...

You got a check for services rendered in the package that the docs came in? Who is this company? Have you worked for them alot? I am still waiting for payment. That is the only thing I don't like, because they may not pay.

Reply by Anonmous on 6/12/04 12:08pm
Msg #3010

I have done these

I work for a descent size metro mortgage company. They pride themselves on speed of execution and service as a differentiating feature. Thus, they have me go out and collect the initial documents for the loan application. They pay $75 TO $125 pending on travel. Nothing needs to be notarized. Basically, I am an informed courier. I know the loan process and what they want. It is only application documents. And I am not notarizing so, I doubt clients are lying, but I am not obligated to verify identities. Usually, I close the refinancing. See the people again, and verify the identities then. But, sometimes, the close the loan in house or with the mortgage banker. Sometimes the application is as far as it goes.

Go for it. It is good business.

Reply by Melanie on 6/15/04 3:07pm
Msg #3072

No not a signing unless it is a closing of a loan. Have the person show your their identification and have them sign your book to protect you.