Posted by Anonymous on 9/18/05 10:23pm
Msg #65979

Internet loans vs. local

(I'm posting this anonymously in case this is a stupid question. But it is asked sincerely, and I really want to know.)

All the loan signings I am getting are not local lenders. Do all these loans originate from borrowers looking for loans online or through other forms of national adversiting? Of course, I'm not going to ask the borrowers how they found their lender. So I'm hoping some of you will tell me of possible scenarios of why someone would need a mobile notary signing agent.

Also, if you approach a local title company about doing signings for them (which I will do once I get more experience), will these be only for people who have gone to their local bank for a loan?

I have a friend who works for an insurance company who also has a title company division, and she has offered to put me in touch with the president of their title company. But she doesn't understand why title companies would hire someone rather than do it themselves, except for the convenience of home signings.

It would be great if someone would go through a simple step-by-step of what happens before we are called for a signing--such as: borrower contacts lender, lender hires title company (local to lender or borrower???), title company hires signing service, signing service calls us.

Thanks.

Reply by Renee Kovacs on 9/19/05 4:28am
Msg #65985

Birth, Labor & Delivery of a mortgage loan:

1. Borrower (B) either calls local mtg lender, responds to radio/tv ad (may be non-local) or applies on-line (local or non-local).

2. (B) info is held against a matrix of data (credit score, amount of loan-to-value of prop, empl. stability, property value, income, amount of current debt, etc) and a product is chosen from those (B) qualifies for. (One reason product at the table may not be what (B) originally wanted - may not have qualified and this wasn't communicated.)

3. Title commitment is pulled - lenders have relationships with title agencies, usually use whomever their relationship is with, this will usually be the Settlement Agent (which is the entity that receives and disburses the loan funds.) This is also usually where the signing appt originates - whether directly, or through SS.

** Smaller agencies don't outsource many of their signings because their (B)'s tend to be local, as their lender relationships tend to be local. To outsource might cut into a profit margin that can't take the cut. On the flip side are larger companies w/ own title AND signing agencies (First American Title /FASS, for example)

** Lenders not local to (B) use title co they have relationship with, and odds are T/C isn't local to (B), either. SS and NSA industries 'bread & butter'. These are usually internet, radio or tv ad generated.

** Local lender who can not qualify (B) on one of their own products (or who has no product of their own and brokers all loans) will "broker" the loan to a sub-prime lender, who is generally not very local. Loan closing will remain with T/C of originating lender's choice - so may STILL be local to (B).

4. Lender has loan underwriten and approved to close, sends to closing dept for docs to be drafted. U/W may not be able to approve as submitted, makes counter-offer (different product, different rate, etc.) Loan Officer (L/O) doesn't always communicate to (B) these changes - (B) learns at the table.

** These changes (from fixed to arm, from this rate to that rate, etc) DO NOT USUALLY INDICATE ANYTHING BUT A LACK OF COMMUNICATION. I note this because of how often I see postings accusing others of being "fraudulent" or "unscrupulous"/

5. Pkg is sent to Settlement Agent to be closed/executed. Final HUD is compiled and usually produced by Settlement Agent (some Lenders do their own though).

6. Means of closing is determined at this point - farmed to SS or NSA, (B) brought into office, etc.

7. Loan docs executed and returned to Settlement Agent, who disburses loan funds (at correct point) and sends recordable docs to county for recording. Makes cert. copies of those, returns pkg to lender.

8.) Lender performs audit of docs, authorizes release of funds. From this point - loan may be prepped for immed. sale, may be scanned and held for sale, may be 'in-house' loan and serviced by same.

That's the basic life of a loan.

Reply by MBCA on 9/19/05 8:42am
Msg #65996

Boy Renee!
That was great! Thanks so much! I always wondered how all of this was put together! Now I know!

Reply by TitleGalCA on 9/19/05 11:03am
Msg #66001

BrendaTX "life of a loan"

Renee's post looks like thread 33325 material, imho.

Reply by SarahBeth_CA on 9/19/05 11:50am
Msg #66008

Re: BrendaTX "life of a loan"

ding, ding, ding, we have a winner for a slot in 33325. Great Post!!

Reply by BrendaTX on 9/19/05 1:10pm
Msg #66021

Added the Life of a Loan to 33325...

Folks, if there is a good one to add, please do. I saw another one by Renee just recently and got called away from my computer before I could add it. I will try to locate it and put a copy into the thread for learning.

If you see a good one, put it on the thread! I miss a lot of what is posted, I am sure.

Reply by Iris_WA on 9/19/05 1:46pm
Msg #66026

What 1-2-3 steps are needed to add a post to thread? N/M

Reply by BrendaTX on 9/19/05 1:54pm
Msg #66028

Re: What 1-2-3 steps - IRIS...

I would like to express that this is not MY thread...it was just a thread that Dorothy/MI and I chatted over and started.

When someone suggests a posts, I have gone to the thread and put it in. I have never questioned the judgment of my much respected NotaryRotary colleagues on this.

Therefore, I'd say that nomination of a thread by one or more people deems it "33325-worthy."

=================
Seinfeld Trivia, Anyone???

If there are any die-hard Seinfeld fans, perhaps you remember Elaine's predicament when she had decide on worthiness of a situation based on a discontinued certain product which was in limited supply.

Let us not be quite as stringent on our thread as Elaine was in determining if a situation was "______-worthy."

Reply by Iris_WA on 9/19/05 2:09pm
Msg #66030

BRENDA

I was not questioning the validity of anyone's opinion ... I was ASKING "How do I put this into the thread ... "What 1-2-3 steps".... on rethinking this, I guess all you do is cut & paste and make a new entry.

DUH!

Reply by Iris_WA on 9/19/05 2:25pm
Msg #66033

P.S. Re: BRENDA

Your personal attack on me was totally unwarranted and uncalled for!

*What 1-2-3 steps are needed to add a post to thread? N/M
Posted by Iris_WA on 9/19/05 1:46pm *

It is, quite literally, what I needed to know so I could do just that ... add things to the post!

If you have some legitimate issue with me, I welcome your e-mail.

Reply by Charm_AL on 9/19/05 2:39pm
Msg #66035

Re: Iris...

If I'm reading this thread right...I don't see any attack by BrendaTX. She has always been a fair person ready to offer help or an opinion. It seems to me that she simply stated that she was not the author of the 33325 message, but has added to it, and she added that she doesn't question her peers over what to add that may be helpful.
This is only my take on it. I really don't think she has an issue with you at all. Sorry, if I'm off the mark but she's a great biz person in my book, I really respect her as a fellow notary and the

TOP Wheaties poster of the year here

Reply by Iris_WA on 9/19/05 3:25pm
Msg #66042

Re: Iris... Charm

Thanks for your input. Sorry, but a rereading of everything leads me to the same conclusion.

Since Brenda has, as you put it *always been a fair person ready to offer help or an opinion,* then why (this is a rhetorical question to you, Charm) did her direct response to me -- with my name -- not only NOT answer the question, but also imply that by my question I was (in her own words) *question[ing] the judgment of my much respected NotaryRotary colleagues on this.*

She went on to say: "Therefore, I'd say that nomination of a thread by one or more people deems it "33325-worthy."

Was there anything in my question to suggest I thought it wasn't?

She ended her post with: "Let us not be quite as stringent on our thread as Elaine was in determining if a situation was "______-worthy."

Who is the "us"??

I respect your opinion, and I have valued the contributions of ALL here. Although I am more than willing to see this another way, at this time, the facts as I see them don't point that way.

Thanks for trying! Have a great one!

Reply by BrendaTX on 9/19/05 3:33pm
Msg #66046

Re: BRENDA

**I was not questioning the validity of anyone's opinion **

I did not think that you were.


**I was ASKING "How do I put this into the thread ... "What 1-2-3 steps".... on rethinking this, I guess all you do is cut & paste and make a new entry.**

I did not realize this is what you wanted to know.

Reply by Melissa Mills on 9/19/05 3:06pm
Msg #66038

Re: Seinfeld Trivia and Iris

Sponge-worthy? LOL Loved that episode...

As for an attack on someone? I must have missed that. Dang, I must be really dense today. Perhaps it is the incipient cold that I have.

Reply by Iris_WA on 9/19/05 5:55pm
Msg #66073

Re: Seinfeld Trivia and Iris -- Melissa

It WAS a hilarious episode.

Hope your cold is better soon!

Reply by BrendaTX on 9/19/05 3:29pm
Msg #66044

Re: What 1-2-3 - Iris...

I am sorry that you took offense to my answer. It was not meant that way at all. The reason I did not respond earlier is because I'm doing several things today trying to get several things done and out the door.

The Seinfeld reference was merely a joke.

Nothing subtle was intended.

I answered the question I thought I read.

Brenda

Reply by Iris_WA on 9/19/05 3:45pm
Msg #66048

Re: What 1-2-3 - Iris...

Oh!

I am still relatively new to this forum. There are some functions of its workings I haven't been quite clever enough yet to figure out as a basic member, and I'm sure there are those only available to Premier Members. (The SEARCH function, for instance, isn't that easy to get working unless keywords are inserted in a specific fashion, as I posted to someone this past weekend.)

In that vein, it wasn't until after reading your response to me and pondering why on earth you would have answered in such a fashion, that I concluded you'd misunderstood and, simultaneously, it occurred to me the answer to my question was to simply cut/paste/&add whatever new message to the thread. Thus, my "DUH!"

For future reference, I'm a pretty literal and straightforward person. And I do my best to give folks the benefit of the doubt. Further, if I have something to say, I say it straight out (apparently, not always as clearly as I intended). There are never, to my knowledge, any veiled implications.

I even responded to Renee's post way before yours to me that I thought it was a GREAT post (and I have printed it for my 'library'), just as I have printed other equally-valued answers from you and others here. That's why I concluded your post could only have been an attack.

Thanks for explaining. Do have a great day! (Your closing's coming up soon, so hope it goes smoothly for you and is a 1-2-3 signing!)

Reply by Iris_WA on 9/19/05 4:05pm
Msg #66053

OT Brenda

Sorry *cough cough* I won't be able to help you pack and move.

Seriously, I just finished unpacking from my own move a few months ago. I sorta/kinda know what you're up against, and I wish you all the best with it. It will be wonderful to get into that new Condo. Be sure to periodically double-check and ensure you haven't packed Mr. or Mrs. Dog into one of the boxes! (Okay, okay! Maybe that's only something >I< would do to my cat!)

Much luck & happiness.

Reply by BrendaTX on 9/19/05 4:32pm
Msg #66056

Re: OT Brenda

Thanks, Iris.

That's part of what has me in a spin.

I have two signings tonight. Gotta map 'em and get going.

Reply by Iris_WA on 9/19/05 12:34pm
Msg #66015

GREAT information & post--Thanks, Renee :) - N/M

Reply by Renee Kovacs on 9/20/05 4:40am
Msg #66129

Re: GREAT information & post--Thanks, Renee :) - N/M

Gosh! I feel like Navin Johnson, when the new phone book arrived =)