Posted by MEME on 6/12/05 3:08pm
Msg #44086

NOTE

What is a note? Please help me describe the most important information on the note.

Reply by DMARTZ_IN on 6/12/05 3:12pm
Msg #44088

Here is a quick answer to your question.
Note: A signed instrument acknowledging a debt and a promise to repay per the terms outlined.

Reply by Terri/Florida on 6/12/05 3:34pm
Msg #44095

This is the document that gets recorded!!! Point out the total amount of the loan, the interest rate of the loan and the monthly payment (principal and interest only) on this document. If there is escrow on this loan (taxes and insurance) then the total monthly payment is usually listed on another document. If you take this document and point out to borrowers the......
1)amount of loan 2) interest rate of loan and 3) monthly payment (principal and interest only) of the loan ...this will answer and reasure many borrowers that the basic elements of their loan is correct. I do this at the very begining when I first sit down...saves alot of time and clears up a lot of questions.....not all questions...but I think it puts the borrowers a little at ease...knowing this information up front. Sometimes the note is buried and placed in the middle or towards the back of all the loan documents...which is crazy...the borrowers need to know this information at the very begining. This works for me.

Reply by meme on 6/12/05 4:48pm
Msg #44101

Thanks Terri

Reply by Sylvia_FL on 6/12/05 4:58pm
Msg #44103

The mortgage or the deed of trust is the document that gets recorded!

Reply by meme on 6/12/05 5:20pm
Msg #44107

thanks sylvia

Reply by SamIam_CA on 6/12/05 5:56pm
Msg #44116

Re: NOTE - This is the document that gets recorded!!!

Terri - I readily admit I am a total novice. Where does the note get recorded?? Is this a Florida only thing? Just when I thought I understood how this thing works...

Reply by Sylvia_FL on 6/12/05 6:15pm
Msg #44117

Re: NOTE - This is the document that gets recorded!!!

No, it doesn't get recorded in Florida either.

I saw Terri's response (talk about the blind leading the blind!) and that is the reason I posted that it is the mortgage that gets recorded.

Reply by SamIam_CA on 6/12/05 6:52pm
Msg #44125

Re: NOTE - This is the document that gets recorded!!!

Oh Man! Maybe in addition to our state's abbreviation we should all include our level of expertise. Something like that fish and game thing that was posted last week. I can't remember exactly, but I think I was somewhere between anchovies and sardines...

Reply by CaliNotary on 6/12/05 7:11pm
Msg #44129

Re: NOTE - This is the document that gets recorded!!!

Maybe Terri is onto something.

The way this question was worded seems pretty clear to me that it was a test question. We should all start giving incorrect answers to obvious test questions. If these people can't be bothered to learn this job before they start taking tests to be signing agents, maybe we can cause a few of them to flunk the tests and do the industry a favor. I mean come on, the original poster is signing up with a title company to do signings and doesn't even know what a NOTE is? Somebody that ignorant shouldnt' be within 100 feet of a set of loan docs.

Reply by BrendaTx on 6/12/05 6:36pm
Msg #44122

Terri - How many loans have you done?

Reply by Dmartz_IN on 6/12/05 6:43pm
Msg #44124

Re: Terri - How many loans have you done?

Terri's post had me wondering if recording the note was a Florida thing. thanks to all who cleared this little matter up.

Reply by Terri/Florida on 6/12/05 8:24pm
Msg #44144

Re: NOTE/Before I get beat to death!

Sorry it was a slip.......I meant to say: the mortage documet (which is recorded) refers to the note and in the note contains the loan amount, interest rate and the monthly payment (principal and interest only). Don't shoot me! I am a fulltime closer and have closed over a thousand loans mostly for title companies and yes I do well. I'm sorry to cause such a stink but it was a honest slip and sometimes people make mistakes..... I should of been more detailed in my response. Now, will body everybody calm down and realize that we learn from our mistakes. Before you cut off my head accpet my apology and let's move on to other topics.

Reply by HisHughness on 6/12/05 8:44pm
Msg #44149

Re: NOTE/Before I get beat to death!

Terri/Florida prostrates herself:

***I meant to say: the mortage documet (which is recorded) refers to the note and in the note contains the loan amount, interest rate and the monthly payment (principal and interest only). Don't shoot me!***

Could be worse, Terri. At least you weren't being sardonicly superior, as I usually am. I recall the time when I was on my arrogancy high horse (which many would say consists only of the south end) and nastily pointed out that "notary publics" is incorrect. The correct spelling, I noted, is "notarys public." It was Sylvia, I think, who graciously suggested I remove my head from that dark dark place, take a breath of fresh air, and spell it "notaries public."

Maybe you'll learn something from all this. I, of course, did not. I'm still a jerk.

Reply by Becca/Fl on 6/13/05 6:24pm
Msg #44399

Re: NOTE/Before I get beat to death!

It wasn't Sylvia, Hugh. It was the other Florida Notary. ME.

Wow, I'll never forget the satisfaction it gave me to point out that you were once incorrect.

Got'cha!

Reply by Anonymous on 6/12/05 9:01pm
Msg #44155

Re: NOTE/Before I get beat to death!

I think Meme is the one in line for getting 40 lashes. Your off the hook.

Reply by HisHughness on 6/12/05 4:35pm
Msg #44100

Meme pleads:

***What is a note? Please help me describe the most important information on the note.***

Please tell me, and every other righteous signing agent who reads this board, that you really aren't planning to go out and do loan closings. I thought we had long ago plumbed the deepest depths of abyssmal ignorance, but you have surely disabused me of that notion.

Reply by meme on 6/12/05 5:17pm
Msg #44106

Hugh I never closed a loan yet but I will after I fill out my paper work with the TC.
I must say Hugh, you have it for the New agents. You should stop bashing people for their questions. You act as if you are mental and have a problem. You have the nerve to talk coming from a fat attorney.

Reply by HisHughness on 6/12/05 5:23pm
Msg #44108

Meme notes (pun intended):

***You have the nerve to talk coming from a fat attorney.***

Actually, to be more accurate, that should be a fat, balding, aging attorney -- who did not have to go on a public message board and ask, before talking to his first client, "Just what is a lawsuit?"

Reply by Sylvia_FL on 6/12/05 5:32pm
Msg #44109

Meme
Hugh is correct though!
There are too many signing agents going out there to do loan signings - we do not close the loans - that have no idea what they are doing.
What a note is, is very basic loan signing stuff. And signing agents should know this before even coming to this board.
No-one minds helping out newbies, but we are not here to train them from the very beginning. Basic information, they should know! It is the unusual docs that we come across that questions should be asked on.

And you say you will be doing a loan signing as soon as you fill out your paperwork with the title company. You need to know that title companies are not very forgiving of signing agent errors, one mistake and they may never use you again. You need a lot more experience before you work directly with a title company.

Reply by AngelinaAZ on 6/12/05 5:46pm
Msg #44111

Re: STINKY

**I must say Hugh, you have it for the New agents. You should stop bashing people for their questions. You act as if you are mental and have a problem. You have the nerve to talk coming from a fat attorney.**

This has the distinct smell of someone just trying to pick a fight. If you are so new that you don't know what a note is, then how do you know what Hugh does or does not do to the new agents? And if you know, then why wouldn't you just look it up on the net?

My guess is that you know darn well what a note is yet you've been dreaming of a chance to call Hugh a 'fat attorney' for a long time. Get a grip!

Hugh it looks like they can't stop thinking of you!!!

Reply by Stephen_VA on 6/12/05 8:51pm
Msg #44151

Re: STINKY

Rather astute observation Angelina.

Reply by Dorothy/MI on 6/12/05 5:53pm
Msg #44114

Please educate yourself first!

Please, please, if you don't even understand what a promissory note is, do much, much more reading (the answers are on the net if you search). Read the message 33325 and at the bottom are a list of documents that you need to know what they are to do loan signings. If I understood from your last post that you are applying with a title company to do loan signings and if that is correct do yourself the biggest favor you could do and don't submit the application. Title companies are entirely UNFORGIVING if you make a mistake and if in conversation with them you don't sound like you know what you're talking about you will NEVER get work from them. My recommendation is a minimum of 50 signings and 100 is even a better number before you even seek work from this venue. There is a reason why we all have to learn to crawl before we walk and learn to walk before we can run. There are NO SHORTCUTS!!! Get much, much more knowledge and experience before you even attempt to get work from a title company. This is not that we don't want the competition, but that we don't want an unknowledgeble person literally ruining the business as a whole. Are you aware that there are several states that only attorneys can do closing in and we don't want this to spread to others because someone was looking for quick, easy money and really screwed something up, it got to court and then got the attention of the bar association and the states legislature and they decided to "protect" the public. Any of us who have been doing this profession (and it is a real profession and a real business) for any length of time whether we are doing it full time or as a dedicated part timer realizes this. Newbies come on this board and accuse us of being selfish all the time. It is not that, there are many on this board who will be glad to share information with anyone, but first you have to do your part and obtain as much information as you can on your own (that's the only true way any of us have of learning). Hugh is extremely generous with his legal knowledge and shares it all the time. Just because you don't like the language it is couched in does not invalidate the knowledge itself!

This will probably stir up a hornet's nest from people reading this board who feel they have a sense of entitlement to be given "all" the answers and should only be spoken to with the kindest words and in the gentlest way so they can "feel" good. Remember back to our school days and the teachers we gained the most from were not always the most pleasant, the most fun, but the ones who were the real task masters and made us apply ourselves. The knowledge we acquired in thos classes stuck with us forever.

Reply by CarolynCO on 6/12/05 7:50pm
Msg #44138

Re: Meme, You've never closed a loan before ...

but you are signing up with Title Companies?

Reply by Lee/AR on 6/12/05 6:17pm
Msg #44118

Looks like somebody's taking a test... (nm)

Reply by Cherilyn in CO on 6/12/05 7:05pm
Msg #44128

Yep, with all the talk about NASCO...

NASCO has that exact question on their test.

Reply by CarolynCO on 6/12/05 7:55pm
Msg #44139

Re: Yep, with all the talk about NASCO...

Maybe that's why NASCO has begun asking for 2-years' signing experience.

Reply by Cherilyn in CO on 6/12/05 8:53pm
Msg #44153

Yes, I would be terribly embarrassed to sign up with

NASCO or any title company for that matter and not know what the Note was.

Reply by Les/CO on 6/12/05 8:13pm
Msg #44142

A "note" is a promise to pay. The most important thing on the note is the "borrowers" signature. NO, it's NOT notarized. NO, it's not (usually) recorded. I hope this is a joke? If not, I really hope no title companies read this board! Do we really have "signing agents" out there that don't know what a note is?

Reply by CarolynCO on 6/12/05 8:17pm
Msg #44143

Re: Could explain why we are being offering $40-$50 nm

Reply by Sylvia_FL on 6/12/05 8:30pm
Msg #44146

I know some title companies do read this board as well as others - as do signing companies.

I do watch out for responses from Florida notaries on here - gives me an idea of who not to call on for signings as well as who I know I can call on.

For starters, I wouldn't call on someone who asks test questions on here or any other board, they need to find the answers to test questions themselves.

Reply by Stephen_VA on 6/12/05 8:53pm
Msg #44152

I have notarized Notes. So in VA you often do, with some rather funny language that is specific to VA.

Reply by PAW_Fl on 6/13/05 6:21pm
Msg #44397

Re: NOTEs of a mortgage

DO (dough) - What you need to pay back the note.
RE (ray) - The first part of how much interest you are paying (as in RAte).
MI (mee) - Yep, you. "MI" has to pay DO back.
FA (fah) - A long, long way to the end of the payback road.
SO (sew) - If you don't pay back the "DO" you may get "SO"ed.
LA (la) - A State that has funny laws about "DO", "MI" and property.
TE (tee) - A drink with Jam and Bread, since that's about all you can afford.
DO (dough) - Well, wadda ya know, we're back to needing more "DO" to pay back the note.

Reply by SamIam_CA on 6/13/05 6:35pm
Msg #44402

Re: NOTEs of a mortgage - LOVE IT! n/m

Reply by Patrice_CA on 8/14/05 2:30pm
Msg #59023

Well if he or she didn't know before, "thank God" someone was kind enough to inform her through this board.

The best way to get an answer is to ask a question.

Thanks to those of you who are kind and polite.