Posted by Mung/CA on 11/2/05 2:12pm
Msg #73721
Here come the questions
As you may be aware, I'm doing my first signing today at 5PM. It is a refi for a married couple. I have reviewed the docs and noticed there is no 1003. What do I do? Additionally:
*it has three 'Signature And Name Certifications' but there is no place for notariztion. I thought these were affidavits and need to be notarized (jurat).
*the Grant Deed is dated 10/28. is that ok?
*the Preliminary Change of Ownership Report has instructions to complete and sign. The title gal said to just have the bo's sign and not complete. ????????????
Now for the really stupid questions?
*the HUD is the same as the Estimated Borrower's Statement right?
*As of now I'm notarizing only 2 docs. the DOT and the Grant Deed two signatures each (husband and wife). I say as of now because I'm gong to call the tc about the Signature And Name Certifications. I have the journal from Sierra ( I know, I'm waiting for the one from Not Rot that shipped out Monday morning). Do I use only one entry as loan docs, fee charged, and two thumprints? Or should I use two entries.
Please help guys. You wouldn't believe how nervous I am.
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Reply by lulu on 11/2/05 2:24pm
Msg #73727
I'm simply answering what I would do.
First off, I use a journal entry for each person I am notarizing for.
If the DOT doesn' t have a notary certificate, I would question. Other than that,
if it doesn't have a jurat or acknowledgement already there I do nothing but have the bo
sign where indicated.
As for the Prelim Chg of Ownership Report, a notary is instructed to never leave items blank.
I would just tell the bo it is up to them whether they leave it blank or not and be sure to have the name of the title gal who told you to have them leave it blank.
I do not believe the Estimated Borrower's Statement is the exact same thing as the HUD. I have seen it in a package in place of the HUD and questioned that myself. It seems it meets the requirements for the time being but if in doubt, call the company and as if the est bo stmt is in place of the HUD and note the name of who told you yes if they do tell you yes.
Additionally, are you a member of the NNA and/or NSA? They have a very helpful notary hotline to help with some of those questions. A lot of being an sa is time, experience and asking a lot of questions. I have found some long time notaries who seem to think it takes up too much of their money making time to lend help to a new sa for free. I think that is part of being a notary, to help others.
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Reply by mes on 11/2/05 2:26pm
Msg #73730
1) Not all loan closing files will include the 1003 (loan application), so don't worry about it. It may have been signed prior to closing, as it really should be!
2) I have run across many "Signature and Name Certifications" that are not notarized: the borrower is simply stating, without being under oath, that this is his legal signature and that he is one and the same person as... Again, if lender doesn't require it, it doesn't need to be notarized.
3) Grant deed dated 10/28: this is okay. A deed can be signed and notarized after the date it is drawn, but not before.
4) Sorry, I don't know what's in the "Preliminary Change of Ownership Report" so I can't really help you here; however, my gut says to let borrowers complete what they can and line through any blanks.
5) No, the Estimated Borrower's Statement is not the same as the HUD1, but it basically serves the same purpose, i.e., showing the borrower's what the charges are and where the money is going! Some lenders actually don't use a HUD1 (or HUD1A) for certain loans, or will, once they have final figures, send the final HUD1 to the borrowers directly, as it does not require notarization. Again, if the title company says you can close without the HUD1, don't worry about it!
6) Most people use one entry per person, but this is really a personal preference, as is thumbprinting, unless required by the lender or your state.
The only stupid questions are the ones you don't ask, because then you'll never learn. (Both of my parents have been college math and science teachers and tutors!)
GOOD LUCK!
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