Posted by CLBM on 9/21/04 8:42am
Msg #8487

HELOC'S

Can a HELOC only be signed in a mortage or lenders office? If so, then why? Thanks for any comments on this.

Reply by BrendaTX on 9/21/04 8:57am
Msg #8489

Texas HELOCs can only be signed in an attorney's office, or a title company.

Reply by Loretta Reed on 9/21/04 9:08am
Msg #8490

In Maryland, we can sign a HELOC anywhere. Bank, home, outhouse. haha
All kidding aside, I do HELOC closings regularly in borrowers home.
Have a safe day.

Reply by Jan Kohake on 9/21/04 9:25am
Msg #8491

In California they can be done anywhere, they're considered a witness closing. I do many Chase and Citibank Helocs. The signings take about 15 mins. and the compensation is more than a refi with e-docs. I love these signings.

Reply by CLBM on 9/21/04 9:42am
Msg #8494

But why are they only done in certain places in TX ?

Reply by BrendaTX on 9/21/04 11:13am
Msg #8501

One of the 30-something borrower/consumer safeguards regarding home equity lending in Texas as provided for in The Texas Constitution - Article 16 - GENERAL PROVISIONS - Section 50 - HOMESTEAD; PROTECTION FROM FORCED SALE; MORTGAGES, TRUST DEEDS, AND LIENS

http://www.capitol.state.tx.us/txconst/sections/cn001600-005000.html

Reply by Eliz_CA on 9/21/04 10:24am
Msg #8496

Jan,
Where in California are you at? I'm in Sacramento. If you are not in Sacramento, may I have your email address? Thanks.

Elizabeth

Reply by Jan Kohake on 9/21/04 10:33am
Msg #8497

Elizabeth, I'm in Visalia. Just go into my link and my e-mail address will be there.

Reply by KG/NY on 9/21/04 11:24am
Msg #8502

Hi Jan and other Helockers,

Just a heads up that Chase is completing their (huge) merger with Bank One very soon. Which most of you may already be aware of. I know a few of the Chase Home equity processing people here in Rochester, NY. It was mentioned that Chase may be handling ALL of Bank Ones Home equity processing. They mentioned that Chase is gearing up here locally to do a mass hiring of additional Chase home equity "phone closers". The current phone closers are trained in all of the document details. They schedule the appointment at home or office, overnight the docs, call the client and review the docs. The clients then go into a local branch and have it notarized and shipped out. The Chase branch sales reps may be trained to conduct branch closings with the clients, review the docs, noarize and ship. I am not implying that they will be eliminating SA's alll together,or that the above situation may transpire. I'm just passing along some information to my fellow Signing Agents that could be impacted by possible changes.

I'm sure Chase is finding it to be more cost effective for them to handle the thousands of
Home equities this way. It's all about Profit & loss in the banking world. The current ss may not be aware of the (possible) upcoming change. With large Corporate mergers there are many uncertainties and hear say. Things can change with the blink of an eye. Please keep your eyes on the financial news to confirm any information regarding this "possible" change.

I just hope NO other banks follow their lead. My only recommendation is to diversify, diversify ......and some praying helps too..

KG : |

Please note: The word "possible" was used several times as my disclaimer. Boy, I'm sure learnig a lot from Hugh! : )

Reply by Jan Kohake on 9/21/04 11:43am
Msg #8503

I know many HELOC borrowers have stated that they were given the option to either have a notary signing agent actually come to their home with the docs OR have the doc's sent to them directly and close over the phone and then find their own notary to have the doc's notarized. Borrowers will always want the conveniene of a mobile notary if they have the choice, but I'll keep my fingers crossed.

Reply by KG/NY on 9/21/04 12:14pm
Msg #8504

Hi Jan,

You are correct, that is the current way Chase is working their Home Equity closings. They are currently giving the option to the client. Going forward, I'm sure a phone closing at Home or Office, or In person @branch, will be highly recommended to keep their expenses down!! Let's hope not for our sakes. I'm crossing my fingers right along with you!! : ) KG

Reply by Darlene Olson on 9/21/04 12:57pm
Msg #8507

I think they will find out that they are able to close more loans on time by having the closing at the borrowers home with a mobile notary as alot people cannot make it into the office between the hours of 8:00 to 5:00.

For example - my husband is a concrete truck driver so he never knows what time he will get off for the day as it varies depending on how much is scheduled and I imagine there are alot of people in that position. Also we live in a rural area (it's growing fast) but in the outlying cities they don't have any branches and the borrowers would have to travel quite a bit to come in and do an in office closing. If the borrowers are continued to be given a choice, I don't think we have anything to worry about.

Reply by HisHughness on 9/21/04 1:40pm
Msg #8512

KG/NY noted:

***Please note: The word "possible" was used several times as my disclaimer. Boy, I'm sure learnig a lot from Hugh! : )***

The last person who learned a lot from Hugh is now doing 3 to 7 in Huntsville.

Reply by Lorayne Jones on 9/21/04 4:24pm
Msg #8527

For us new to the business. What in the world is a HELOC?

Reply by Maria_NJ on 9/21/04 4:28pm
Msg #8528

Lorayne,

HELOC's = Home Equity Line of Credit

Reply by HisHughness on 9/21/04 9:01pm
Msg #8559

Advice for new notaries

Above the menu of posts, click the "First" button. Go all the way to the very first post in June 2003, "Welcome to the General Discussion Forum." Read all the way to the last post today. You will find your answer many times over in the intervening messages, along with far better information about being a signing agent than you ever got in your certification course.

Reply by HisHughness on 9/21/04 1:33pm
Msg #8510

Only within the past few years have Texas homeowners been able to take out home equity loans. In the ultimate expression of the nanny state, the law prohibited a homeowner from encumbering the equity in his home in that fashion.

When they were approved, supposedly as a protection for homeowners who don't know their assets from a hole in the ground, the lender/title/attorney office provision was inserted. I just did a home equity loan this morning. Each such packet comes with a three-legal-size page list of the homerowner's rights under the law.

This is one of the provisions that reduces the income of Texas signing agents.

Reply by pan/nd on 9/21/04 5:28pm
Msg #8540

Loretta,

North Dakota specifically prohibits signing HELOC's in outhouses. You also can't sign HELOC's within eyesight of outhouses or the capitol building.

Reply by HisHughness on 9/21/04 9:05pm
Msg #8560

pan/nd advised:

***North Dakota specifically prohibits signing HELOC's in outhouses. You also can't sign HELOC's within eyesight of outhouses or the capitol building.***

In North Dakota, sn't that last sentence a redundancy?

Reply by HisHughness on 9/21/04 1:27pm
Msg #8509

In Texas, HELOCs and purchase mortgages can only be signed in the office of a lender, title company or lawyer.

For the information of anyone who is interested, a codicil to your will or an amendment to your life insurance naming me a beneficiary can be signed anywhere.

Reply by BrendaTX on 9/21/04 1:49pm
Msg #8513

Hugh said:
"In Texas, HELOCs and purchase mortgages can only be signed in the office of a lender, title company or lawyer. "

Hugh's right, as rain, about this. I left off lender. Thanks for putting the correct info up. Now, when you get a minute to read this link...

http://www.capitol.state.tx.us/txconst/sections/cn001600-005000.html

Where it says "the lender" I wonder if it would be a problem if the execution of documents (HELOC) were done at another lender's facilities not related to the lender funding the loan? Borrowing a room, so to speak. Just curious.

Reply by HisHughness on 9/21/04 2:14pm
Msg #8514

Whatever the intent of the Texas law with respect to protecting the defenseless and ignorant Texas homeowner from predatory lenders, title companies, lawyers and notaries public, I don't think the law specifically requires a relationship between the borrower and the lender/title company/lawyer whose offices are used.

The home equity loan I did thing morning was in a title company that has no relationship to the loan or lender or borrower. I have closed one also in a Dell Computer law office. I have not gone to an unaffiliated lender to do so.