Posted by Susan Fischer on 12/9/06 8:55pm
Msg #165070

"Closing Agent" signature issue, First Position Letter...

Here is another axample of the use of "Closing Agent," which reminded me of the discussion previous re notary signature question:

First Position Letter
Date
Commitment #

Bowworer(s);

Suject property captioned, closing out current mortgage $$$.

This mortgage is a valid first lien on the property, subject only to those encumbrances shown in Schedule B of the captioned commitment. All taxes and special assessments which presently constitute a valid lien on the subject property have been paid in full.

Very truly yours,
by:________________________
Closing Agent

To me, this 'Closing Agent" is doing exactly the same thing as on the certification assuring the notorial process was complete and valid (Can't remember the name of the form). Not that the notary says it is complete and valid acting as a Closing Agent.

In the latter, the notary says Yes, I did it correctly, and the Closing Agent says, Yes, we hired the notary, and checked the work, and it was complete and valid. And as in the form above, the Closing Agent is signing off on the processes performed to get the deal sealed to that point.

I submit that NSAs are not Closing Agents. If the document relates to anything outside the scope of notorial and or witness acts, then don't sign it. JMHO

Reply by Lisa Prestegard on 12/10/06 10:48am
Msg #165122

An excellent rule of thumb...

"If the document relates to anything outside the scope of notorial and or witness acts, then don't sign it..." and in the instance of the document you refer to, you are correct.
The TC Settlement Agent/Closing Agent is the person who is "certifying" the closing, and further certifying that they acted in the lenders interest by assuring first position through recordation and Search/Exam/Payoff/subsequent loans.
Sheesh... I could go on ad nauseum. (but I have no voice left after yesterday!)

The CW document everyone wants to argue about is really self explanitory if people would bother to read it. I mean READ it! PAW was kind enough to post a link to the document (from his awesome website) yesterday or the day before.

We conduct closings. We might even refer to ourselves as "remote closers" or "mobile closers". We are not 'Settlement Agents' or 'Closing Agents' as it refers to the person disbursing funds / person responsible for following lenders closing instructions once execution of documents is complete. Yes, I know the term 'Closing Agent' is used often on confirmations, emails, throughout lender packages, etc. It just requires an ounce of common sense and some critical thinking skills to determine wheter or not you are the "Closing Agent" they are referring to. There are lots of MoMo's out there 'working without tools', Susie.
Ugh.
It's not even noon... I need more coffee and some Excedrin