Posted by Blueink_CA on 4/28/06 9:29pm
Msg #116696

Twofold question re: backdating

I was contracted to do an edoc signing for today. 2 loans for investment property. Well the docs didn't show up in time for the appt and the Bo wasn't available for a signing tonight. Long story short, I was asked to sign on Monday but I would have to "keep the date". Said no, I don't backdate. I then received an email saying they found someone else to accommodate and they thanked me for my patience.

First question: Don't all notaries know that it's illegal to backdate. On (this date) so and so appeared before me....not three days later! It's pretty clear. Do they think it's OK just because someone says "everybody does it"?

Second question: Why is it such a rush to close before EOM? LO quota's? Rate hikes? Having been a commissioned sales rep I know the importance of meeting quota (trips, bonuses, etc) however I would never have asked anyone to compromise their authority to make my world.

Thoughts???? Thank's for listening to my vent.

Reply by John_NorCal on 4/28/06 10:54pm
Msg #116704

>>First question: Don't all notaries know that it's illegal to backdate<<
Some don't care or are too stupid or just want the money, take your pick

>>Second question: Why is it such a rush to close before EOM? LO quota's? Rate hikes? <<
Greed anybody? Who cares about the other guy? Take your pick again...

Some people will do anything for money at whomever's expense.

Reply by NCLisa on 4/29/06 6:21am
Msg #116734

#1. Some notaries just don't care. CWFS found a notary to backdate one that I would not the other night. That notary is going to be very upset when I report them to the SOS office as soon as I get their name of the recorded DOT this week.

#2. Most companies pay their LO salary and commission & mtg brokers normally make straight commission. The commission is based on how many they close per month. That is why end of month is so crazy, they've all spent their paychecks way before they get them.

Reply by Kelly M Robertson on 4/29/06 7:25am
Msg #116738

Request for Backdating Not Unusual at EOM

I KNOW of a popular LSA right here near me in the Inland Empire that is "known" for backdating. I declined a BD request last summer and the requester casually asked me if I knew this guy's phone number. Yikes. I thought about reporting him, but the SOS indicated I needed a lot of detail of the violation(s): Date of notarization, signer's info, etc.

Guess this is why education for notaries public here in CA is now mandator, Don't forget, the 6-hour classes didn't start until last July so there are many notaries that have not attended yet to be "reminded" that backdating is not only a Felony, but a double-karate chop Felony because now it's called: Forgery! Plus Lisa's right, the almighty dollar makes us all salivate and those who have backdated before and have not been caught will just keep doing it I guess until they get caught.

Reply by PA_Notary_II on 4/29/06 11:14am
Msg #116768

Any idiot knows enough not to backdate. As far as EOM nutsos...I believe lo's are paid on a tiered basis. That is, 30% of the fees is their commission up to $10,000 in fees....40% for fees generated from $10,000 to $20,000...50% for fees generated over $20,000. Therefore if a loan gets bumped into next month, the commission is potentially 20% instead of 50%. A big hit in anyone's book.