Posted by Jason Moss on 12/4/05 1:12pm
Msg #80224

Loan Doc Signing.

Can a loan officer notarize his/her own loan docs in California?
I have been told it was legel, but in a grey area and to be careful.

Reply by Mike_NJ on 12/4/05 1:15pm
Msg #80225

Not sure about CA, in NJ if you have any interest in the loan you can't notarize it.

Reply by srnotary_CA on 12/4/05 1:16pm
Msg #80229

No you can't notarize your own loan docs in Calibecasue you have an interst in the loan and it may prove beneficial to you (If I am wrong let me know)

Reply by Anonymous on 12/4/05 1:18pm
Msg #80230

Ok, Thanks guys!!

Reply by MaggieMae_CA on 12/4/05 8:47pm
Msg #80289

Clarification...

Loan officers can notarize their clients' loan docs even though they have an interest in whether or not it closes. However, they cannot notarize their own signature or the signature of their spouse on loan docs.

Reply by Anonymous on 12/4/05 9:39pm
Msg #80294

Re: Clarification...

You can legally notarize your client's docs but the lender might kick it back. Each lender has different sets of rules. It is a good idea to have someone else notarize for you just to play it safe.

Reply by BarbaraL_CA on 12/4/05 10:54pm
Msg #80306

From CA Gov't Code in Notary Handbook: According to the last paragraph it appears a loan officer CAN notarize his/her client's docs.
===================================
§ 8224. Conflict of interest; financial or beneficial interest in transaction; exceptions
A notary public who has a direct financial or beneficial interest in a transaction shall not
perform any notarial act in connection with such transaction.
For purposes of this section, a notary public has a direct financial or beneficial interest in
a transaction if the notary public:
(a) With respect to a financial transaction, is named, individually, as a principal to the
transaction.
(b) With respect to real property, is named, individually, as a grantor, grantee, mortgagor,
mortgagee, trustor, trustee, beneficiary, vendor, vendee, lessor, or lessee, to the transaction.
For purposes of this section, a notary public has no direct financial or beneficial interest in
a transaction where the notary public acts in the capacity of an agent, employee, insurer,
attorney, escrow, or lender for a person having a direct financial or beneficial interest in the
transaction.

Reply by travis faherty on 12/5/05 12:39am
Msg #80314

in my personal opion its legal byt like you said a gray area. i would not personally do it. better to remove yourself for any thoughts of wrong doing by the lender/bank

Reply by Jason Moss on 12/5/05 11:12am
Msg #80341

THANK YOU !!

Thanks Again!