Posted by John_NorCal on 8/11/06 12:33pm
Msg #138227

Filling out Loan Applications

This morning I received a phone call asking if I did reverse mortgages. When I told them that I haven't as of yet the person asked if I understood the concept to which I replied that I do. The caller then asked if I would be available on the 15th to take a loan application, being that I will be out of state on that date I declined. My problem with this is that as a signing agent we are primarily here to witness, explain the purpose of the document and to notarize as necessary. Some of you have indicated that you will help a person fill out a loan application when requested and my question is why?? In my opinion, based on past experience, filling out a loan application for any borrower is acting as an agent for the lender. It doesn't matter to me whether or not you quote terms, interest rates or the color of their eyes. This is a lender function and unless you are licensed, or an employee of that lender it shouldn't be done. Also, think of any potential liability issue, the borrower gets disillusioned at some point and decides to sue everyone involved with his loan. How can you as a signing agent claim that you were a disinterested witness when you were the one to help them fill out their application? Just because you didn't sign the application yourself, your were a party to the application process. The other point about this is that with all things considered this would be a value added service with appropiate compensation due. In my opinion since I am licensed I would want the appropriate compensation that is due me if I am to fill out any loan application. Just my thoughts as I head off to Virginia for a wedding.

Reply by Blueink_CA on 8/11/06 5:34pm
Msg #138274

I do quite a few loan appl pick-ups. The lender overnites (or sometimes E-Mails) the application and I simply take it to the potential borrower(s) and they fill it out. I then ship it back to the lender. I only "did the writing" once, because the lady had arthritis and asked me. Some out-of-area lenders like to use a local 'body' to establish a relationship with their clients. If the appl turns into a loan, I get the signing.

Also, these assignments are usually open date, open time, so I fit them into my schedule.

BTW, 11 Snipers Sniping!! 2 days to go.

Reply by Life Saving Services - Doug on 8/11/06 7:31pm
Msg #138287

On a loan app are the fee's the same ?

Reply by Ilona_OH on 8/11/06 7:37pm
Msg #138288

They gave me 250 smackers for the last one I did.

Simple and easy

Reply by Delta_CA on 8/11/06 8:38pm
Msg #138300

You're kidding, right? n/m