Posted by Blueink_CA on 11/16/05 5:49pm
Msg #77056

Don't shoot the messenger!!

Aren't the borrowers supposed to know if funds are due at the time of signing? My last three signings that had funds due, the borrowers knew nothing about until I informed them when I called to confirm the appointment. Is this standard practice now?

Reply by JD_inMD on 11/16/05 5:59pm
Msg #77057

Occasionally happens to me.

Reply by Roger_OH on 11/16/05 6:05pm
Msg #77060

I always mention if the HUD shows funds due when I make the confirmation call. I'd say about 40% of the time the borrowers either had no idea they owed or that they needed a cashier's check.

Reply by Joan Bergstrom on 11/17/05 1:29am
Msg #77124

I haven't picked up a check in over 2 years

There is so much equity in the homes in the Inland Empire that I never look to see if I should pick up a check from a borrower to return.

I'm serious about not picking up a check in over 2 years.

We are expected to have an increased population of over 1 million people in the next 10 years in the Inland Empire.

Great place to be a loan signing agent!!

Reply by Paul_IL on 11/17/05 2:01am
Msg #77126

Re: I haven't picked up a check in over 2 years

Joan,
What does the amount of equity have to do with bringing funds to close? Many people pay their closing costs to avoid the interest from rolling them into the loan. Had a couple just yesterday refi for a lower rate, no cash out and brought a check to cover the closing costs.

Reply by Anonymous on 11/17/05 3:16pm
Msg #77244

At this pace notaryclasses will have one million notaries in

At this pace notaryclasses will have one million notaries in ten years

Reply by REE_NJ on 11/16/05 6:04pm
Msg #77059

It is very interest when you go to the closings and the borrowers are not aware that the loan amount is higher, interest rate, etc. - it is amazing how some companies are beginning to use us as a buffer to handle alot of their work.

In regards to your comment, it seems to be the standard practice because some companies will send you the closing instructions indicating it is the SA's responsibility to review the HUD-1 to confirm if a check must be obtained from the borrowers. These companies want you to take a lower fee but be responsibile for more of the work that should have been done prior to you attending the appt. Therefore, it is imperative as a SA to confirm the appt. prior to going (note: have found that SAs are not doing this and lately there have been No Shows in the NJ area). And in addition, confirm in your call that you must obtain a certified check in the amount of $XXXX.XX. Most companies if over $500.00 require a certified check instead of a personal check.

Reply by Premier Signing Services on 11/16/05 6:26pm
Msg #77068

I know here in Missouri, we always confirm with the borrower and we also inform them of needing certified funds if there is an amount due. I instruct all of my notaries that if the borrower has issues with loan amounts, why funds are due, interest rates, etc. that they are to have the borrower call their loan officer. We are not there to explain why things are the way they are ont he final papers, we are there to secure and witness their signatures. Loan questions should be directed to the lender and the loan officer. We do, however, review each page as they are signing them to let them know what the page is. We do not just show up and say sign here, thank you good bye.

Reply by REE_NJ on 11/16/05 8:01pm
Msg #77082

In regard to the loan terms, we has SA are aware we do not explain things re: the loan terms I just think there are some LO not communicating well with the borrowers b/c how could numbers and rates be distractly different than what was expected. Then, we should not be conducting the loan closings if all parties have not agreeded. But this one aspect of the business which you just deal with accordingly when it arises.

Reply by Paul_IL on 11/17/05 1:57am
Msg #77125

Re: Don't shoot the messenger!!***Bang, Bang, Bang***

Well Gee Whiz, Thanks for that informative lesson on what are and are not the duties of a signing agent. Without your post everyone would have been so confused.............not sure how those of us that have done thousands of closing have gotten by without this new knowledge you have brought to this forum...

Reply by Anonymous on 11/17/05 10:50am
Msg #77176

Re: Don't shoot the messenger!!***Bang, Bang, Bang***

This is why people remain anonymous b/c of sarcastic remarks made without knowing the person's expertise.

Reply by Paul_IL on 11/17/05 11:56am
Msg #77201

Re: Don't shoot the messenger!!***Bang, Bang, Bang***

What expertise? It was a signing service saying this is how it is done which is not what the thread was about. Anonymous in you case must be afraid to stand behind your words..

Reply by CaliNotary on 11/17/05 1:53pm
Msg #77227

Re: Don't shoot the messenger!!***Bang, Bang, Bang***

Ummm, it looks like the sarcastic remarks are being made whether somebody is anonymous or not. How exactly does being anonymous protect you from this?

Reply by Tania Rose on 11/18/05 1:28am
Msg #77320

Re: Don't shoot the messenger!!***Bang, Bang, Bang***

Being a new SA, I'm grateful for all the extra info.