Posted by Ali/IL on 8/28/06 9:16pm
Msg #141661

Anyone been tested?

I had a signing during weekend for a primary residence. But, documentation was for rental property.

They didn't sign. Now the borrower called and said that they didn't want the loan at all. I told them to call there lender and that I would let the service that sent me know.

Then he got strange. He said that he had tried very hard to get a hold of lender and, that finally he got a supervisor. And, that supervisor told him that that was the onlyway that they could get this loan. He said don't you think this is a scam? I said no they just made a mistake.

They will probably correct docs and reschedule. He said again don't you think this is a scam? Then he said can you recommend a good lender I said I am not supposed to do that. He said oh come on as a friend? I said no.

I kept thinking am I being recorded?

Part of me wanted to say ask a family member or friend.

Reply by Tina_MA on 8/28/06 9:20pm
Msg #141663

Whenever the borrower starts to question their loan, instruct them to contact an attorney or financial adviser.

Reply by Beth/MD on 8/28/06 9:30pm
Msg #141670

Good Advice. Ditto. n/m

Reply by Ernest__CT on 8/28/06 9:48pm
Msg #141680

It could have been a test. Maybe. Whether it was or not, you did the right thing. Never, ever give advice, especially don't say anything about 1) The lender; B) The terms (interest rate, etc.); III) Any other potential source of funding. It is unethical at the least.

Reply by BrendaTx on 8/28/06 10:05pm
Msg #141685

I figure if anyone stoops to these kinds of lows to test a notary they deserve whatever they get. I am not going to let this kind of technique be of concern of me. If it gets weird and I don't have perfect answers trying to think on my feet being blindsided by a bwr...oh well.

Ali, from your posts in the past I see you as a caring, hardworking, committed notary. We all do our best in the field...whatever you said was what you said. I won't second guess you.

We can all "speculate" how we'd handle such a spot, but you we don't know squat until we are there.

If these kinds of tests have been started...well...surely they'd keep the games at the table and not post signing.

Reply by Ali/IL on 8/28/06 11:25pm
Msg #141712

When I used to sell real estate I used to hear of people being tested. Tester borrowers would take it all the way through closing.

I don't know if that would happen with notary signings.

Reply by Stamper_WI on 8/28/06 11:41pm
Msg #141717

I could see it done to test fair lending practices. I used to sell real estate too and actually know of agents that steereds couple because they were a racially mixed couple. That couple were testers.

Things like this make E&O worthwhile. Right or wrong, notaries are perceived as part of the lending process. We would get dragged into a lawsuit even though we had nothing to do with the processing of the loan. Its up to the lender to be honest and ethical in the terms of the loan and make sure the borrower knows what they are signing. No switcheroos on the terms at the table.
That is why we stress our neutral role in the transaction. Both to the borrowers and the lenders. Lenders should not ask us to do things like get them to fill out what amounts to referal forms if they don't want to do so. Borrowers should not be asking us our opinion of the loan. They shouldn't feel they have too.

Reply by Joan_OH on 8/29/06 8:06am
Msg #141749

I tell them I am a Notary Public only working for many companies and that I am paid to NOT have an opinion and that I could be fired for having one. This usually shuts them up. They wouldn't want to get their "friend" fired.

Joan