Posted by hcampersFL on 8/31/06 9:47pm
Msg #142715

FYI- Newbie's please read this!

I copied this from a reply I made on an earlier thread.

I got a call today from a new Company and they made a point of telling me NOT to discuss terms over the phone. They then called my back and said the BR's phone # would not be included with the confirmation and if I had any problems with directions etc. they had a number to call for them. Seems the lender has a new policy about signing agents talking to the BR's before the appt. and losing the loan for them.
Of course I made sure that I had it in writing that if it was a no sign I would receive full fee! ;o)
Beverly

Reply by bestcal on 8/31/06 9:52pm
Msg #142717

Hard to believe this is true.How do you confirm your appointment with the borrower?I for one would be sceptical about doing a signing without confirming a time.

Reply by hcampersFL on 8/31/06 10:04pm
Msg #142720

It's true. They said that the LO would confirm the appointment time and place. I was told the appt. was for Sat. at 9am at xxx location. If I had trouble finding that location on mapquest I was given a number to call. True story. Reason that I was given is exactly what I stated.
b.

Reply by Becca_FL on 8/31/06 11:27pm
Msg #142751

I have done work for two lenders that do not allow the SA not confirm w/the brw. I, of course, let the TC know that I expect full fee if I show up for the closing period.

Reply by hcampersFL on 9/1/06 2:08pm
Msg #142907

Re: FYI- Newbie's please read this!~Bestcal

If you want to email me I will gladly share the confirmation and name of the company that is requesting this of me.

[e-mail address]

Reply by Lisa Prestegard on 8/31/06 10:01pm
Msg #142718

I have had the same complaint from TC's lately...

and it's mostly been related to the mass exodus of Notaries Public entering the Loan Signing arena. I'm not saying that all new SA's are quashing loans right and left, but enough of them are that it's now become an issue that needs to be addressed. Two of my largest TC clients have told me within the last few weeks that they are no longer using National SS's for this reason.
As a rule, I never discuss terms with the Borrower when confirming the appointment. If they ask me to "read the HUD" to them or "fax/email the TIL/Note etc.", I direct them to their LO and/or Title Company for such advice.

The old adage "loose lips sink ships" comes to mind.

Reply by Becca_FL on 8/31/06 11:31pm
Msg #142754

Re: I have had the same complaint from TC's lately...

I agree with you, Lisa. I know many SAs have posted that they "go over the terms" with brws before leaving, printing, etc., but I feel It's not my place to do that. It's the LOs job to sell the loan not mine. If all SAs had a "full fee" policy, perhaps they would not feel the need to spill the beans before the appt. JMO

Reply by CADave on 9/1/06 12:54am
Msg #142770

Re: I have had the same complaint from TC's lately...

exodus means an exit, not an entrance. FYI, Have a nice day.

Reply by MistarellaFL on 8/31/06 10:01pm
Msg #142719

I have seen this a few times myself. There's a couple of lenders who have had bad experiences with NSA's who wanna play LO...and talk to them about the terms of the loan prior to arrival. I don't have any problem with their not giving me the brw's phone number, as long as I am guaranteed my fee, whether it is a sign or no-sign.
Identify, notarize and explain the function of the docs...and help the brw's find the informatin they are looking for within the package..that's the NSA's role in this transaction.
It's another reason NSA's get a bad rap: they are unclear of their role or want to overinflate it.

Reply by hcampersFL on 8/31/06 10:07pm
Msg #142722

Mistarella you nailed it. Some of these nsa's are trying to do more than the are allowed by law to do. UPL folks.
If I have a BR that want's the numbers upfront I call LO or title and refer them to the BR.
b.

Reply by Lisa Prestegard on 8/31/06 10:08pm
Msg #142723

Exactly, Mistrella...

and you wouldn't believe the number of Loan Officers I've dealt with who want to "get in on the Signing game". They've heard the rumours... that we're all flush with cash and make the easy money in lending.
A few horror stories, and they're rethinking things. You know the ones? 5 Great Danes at the closing table? 2 yr. old triplets with nasty colds who wipe their noses on your pants leg? Or, the house with two German Sheperds that were never allowed to "go" outside? (Yep... that was an eye-watering experience)
I have my favourite stories and share them liberally with anyone that asks me "What do I have to do to do what you do and make the big bucks?"
I think we ought to write a book.

Reply by MistarellaFL on 8/31/06 10:45pm
Msg #142732

Re: Exactly, Mistrella...

And the books we could write...how about the lady with 25 cats/kittens? Smelled like a spilled gallon or 10 of ammonia...never saw a litterbox, lol. how about the guy who needs the loan so badly, and is in the process of foreclosure, the only reason he's signing tonight with these terms is because if he doesn't he'll lose it all? he's a pleasant guy...NOT
I used to encourage people to gt in the field, but no more. There are so many in my area now, and they have become these cutthroats....most of them are doing brokering on the side, too.
I thought about it, but thought better. Many of my clients wouldn't want a LO doing the signing, afraid that they'll try to steal the deal, you know the story.
I just want to do what I do well.
I really need to get your name & number in my network, Lisa. I often get calls for Naples, FT Myers. Ft Myers is a little far to drive for me usually.
Do you ever get calls for this area?
Email me off-list if you want and send me your info and if you want, I'll do the same.

Reply by Sylvia_FL on 8/31/06 10:56pm
Msg #142736

Re: Exactly, Mistrella...

Or the time I did the signing with a guy wearing an ankle bracelet (courtesy of law enforcement)!
There have been some really nice signings that stick in my mind though. The one where the borrower had 4 pure bred wolves, one sat by my side throughout the signing.
The couple who had a plate of cakes and cookies on the table, I thought they were expecting company later, but no, they had put them out especially for me.
The elderly gentleman who had made a batch of fried italian treats (forget the name) for me to take back to the "girls in the office".
The elderly lady who had flown her own plane until her 80's, and in her 80's had driven across the USA with her sister in a Winnebago.
There have been many more memorable signings that have made this profession very enjoyable.

Reply by Becca_FL on 8/31/06 11:34pm
Msg #142755

Re: Exactly, Mistrella...

I already emailed her, Misty. Great minds...

Reply by Diga2Lin/FL on 8/31/06 10:52pm
Msg #142733

Re: FYI- Newbie's please read this!..okay.

This is probably going to open up a huge can of worms...but..

Does anyone go through the mortgage with the borrower...each paragraph...and the note...each paragraph....or do you just hand them 16 pages and 4 pages respectively and give them the title of each and wait for them to read.

Reply by Sylvia_FL on 8/31/06 10:57pm
Msg #142737

Re: FYI- Newbie's please read this!..okay.

No, I hand them the mortgage and tell them that this is their mortgage, Most do not read it, as they have refinanced before and it is a standard Florida mortgage.

Reply by MistarellaFL on 8/31/06 11:03pm
Msg #142739

I do the same as Sylvia

There will always be 1 every year or so who wants to read it paragraph by paragraph.
I can't offer any interpretation, I'm not an attorney, so usually after the first page or 2 they give up and sign it.
It is the note that I'll spend a minute on, showing them where the interest rate, PPP is, etc, if they ask. about 50% do...

Reply by Diga2Lin/FL on 8/31/06 11:05pm
Msg #142740

Re: FYI- Newbie's please read this!..okay.

So far that has not been my experience - signers have wanted to take the time to go through the document - so we had to take the time to go through each page. The note's not so bad - the deed can get really cumbersome. Even thought I told them "you have 3 days....".

I need to be more assertive I think.

Reply by Sylvia_FL on 8/31/06 11:21pm
Msg #142746

Re: FYI- Newbie's please read this!..okay.

Linda
Just tell them, this is the mortgage, it is a standard Florida mortgage, you know the usual do not bury your wife/husband in the back yard etc.
This usually gets a laugh and they move right on.

Also, when you sit down with the borrowers, tell them that you are the signing agent, you are there to make sure the docs are signed and notarized correctly and if they have any questions (other than identifying the docs of course) then they will need to call their loan officer. When they realize that you cannot answer questions on the docs the signings usually go smoother. In 6 years I have only had maybe 5 borrowers who insisted on reading the mortgage, one guy insisted on striking out some things and making notes in the margin, even though I told hm the loan probably wouldn't go through with the changes. He said he knew that! Grrrrrr

Reply by Lisa Prestegard on 8/31/06 11:06pm
Msg #142741

This is how I approach the Mortgage and Note

I hand them a page at a time. I explain that the Mortgage secures interest in the property for the lender according to the terms of the Note.
I ask "Could you please check the vesting and spelling of name(s) as well as the accuracy of marital status and address/legal description on page 1."
On page two, I point out the area near the top that shows which riders, if any, will be attached to this mortgage. (this way, the Prepayment Rider or Adjustable Rate Rider is disclosed and dealt with before the signing progresses)
At this point, if the Borrower wants to read or look over each paragraph/page as he's initialing them, I patiently wait.
As for the Note, I point to their first payment date and the Lender contact information. I tell them that their Interest Rate can be found on the first page of the Note. I allow them to read and look over the Note as they are initialing and signing. Then, onto the Riders, which had already been addressed when signing the Mortgage.
I am frequently asked "What will my prepayment penalty be?" I direct them to the appropriate paragraph and wait as they read it. Further questions are all directed to the LO.

Reply by Diga2Lin/FL on 8/31/06 11:16pm
Msg #142743

Re: This is how I approach the Mortgage and Note

Thanks everyone for your advice - a little knowledge can be a dangerous thing and after doing loan docs for 20 years I know what these docs are and I'm finding the people I meet EXPECT me to know what they are. My last signing I went over the mortgage paragraph by paragraph - title of paragraphs only (I read the titles) - if she wondered what that was I told her I wasn't authorized to discuss details of the terms. People (including myself) don't like to sign things they haven't read or don't understand.

Reply by Joan_OH on 9/1/06 7:50am
Msg #142787

Re: FYI- Newbie's please read this!..okay.

I tell them this is your standard Ohio Mortgage, just like my own, but I would like you to verify 4 things. I have them verify their name is right, the loan amount is right, the county of the property and the property address. If any of these are wrong, I look at the legal description or committment and/or call the title company for instructions on if/how they want it corrected.

Joan-OH

Reply by Dorothy_MI on 9/1/06 8:18am
Msg #142795

This is what I do

I carefully go over the note with them. I read them the amount, the interest rate, first payment date, maturity date. If there is a prepayment penalty, I read that, the paragraph about late fees and tell them that they are promising to pay the note and ask them to sign it. They do. Then I move onto the mortgage and again go over the vesting, the maturity date, the amount of the mortgage, point out any riders, point to the legal description and then say, "the rest of this says, Make your payments, pay your taxes, pay your insurance, keep the place up, what happens if you default and don't store any hazarous wastes." 9 out of 10 will start to initial (if required) and sign. Yesterday, I had a skeptical woman, so I pointed out the form name and number at the bottom and told her it was all stardard except for the part that was in bold -- that that was her particular information. She read that part and signed. May not work for everyone but it works for me. PS: I learned this blurb early on from a company that used to have me come to their office and the loan officer closed the loan.

Reply by hcampersFL on 9/1/06 9:03am
Msg #142810

Re: This is what I do

Dorothy this is exactly what I do. Wow I'm impressed with myself, that I do something like you!
b.

Reply by Elizabeth Soliday on 8/31/06 11:11pm
Msg #142742

A notary is supposed to be a disinterested third party. It would be unethical to try to play LO because not only are you stepping out of your boundaries, you could be banking on the redraws. It stinks that some lenders try to sneak in extra points (dollars) especially on redraws (as I have seen), but it's not our job to "catch" them and tell on them. I don't understand why a notary would discuss the paperwork before getting to the job.

Reply by BrendaTx on 8/31/06 11:18pm
Msg #142745

Unless one is working for an attorney, and the attorney advises the notary to do so (as in Mass.) then the notary needs to chill and get back at the bottom of the food chain and do the work they were hired to do.

Reply by Diga2Lin/FL on 8/31/06 11:22pm
Msg #142747

Heh...point taken Brenda..

Reply by BrendaTx on 8/31/06 11:24pm
Msg #142749

Re: FYI- Newbie's please read this! Diga...

There *are* situations (i.e. when you are working for title/lender directly) when you ARE expected to pack a little of that knowledge to the table. We have to play it as is requested by those who have hired us.

Reply by Diga2Lin/FL on 8/31/06 11:26pm
Msg #142750

Re: FYI- Newbie's please read this! Diga...

I realize this is not my responsibility - just curious....

Reply by BrendaTx on 9/1/06 12:20am
Msg #142758

FYI- Newbie's please read this! Diga...no no...I agree w/u! n/m

Reply by SharonMN on 9/1/06 1:24pm
Msg #142891

Presenting docs

I would never tell a borrower "this is a standard mortgage." How do you know? Have you carefully read the whole document? It could have all kinds of weird clauses in there. I usually just hand them the doc with a one sentence explanation such as "The next document is the mortgage - this document states that your loan is secured by your property."

Reply by Becca_FL on 9/1/06 2:35pm
Msg #142932

Re: Presenting docs SharonMN

I think what the poster is trying to say (and I do this as well) is that aprox. 80+% of the loans that we close have " ______(insert state) Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT." typed on the mtg. When I get a "reader" I always point to this verbiage on the bottom of page one of the mtg. and read it out loud to put the brw at ease.

I think this is perfectly fine for mtgs that are written as a FM/FN Uniform Instument. Now, if the mtg is a land trust, land contract, contract for deed, deed for land, private mtg or purchase money mtg, saying "standard or uniform" would be totally wrong.

JMHO

Reply by MelissaCT on 9/1/06 9:56am
Msg #142833

Re: CT issues

The main issue I have with this policy is that CT is a witness state. I can't count how many times a LO has told bwr that they don't need a witness, even after I've informed them that they do. In these cases, I always try to contact the bwr directly, just so they know to have a witness available.