Posted by Deltecia Mosley on 2/28/06 11:52am
Msg #100637

Page by Page

I have a signing scheduled for tonight. I've never been asked to explain page by page of each document being signed. This request is being made by the borrower. I told him I was there to witness his signature; not to discuss the terms of the loan. He said, "Well, I know the terms I just want to know what each page means". How do I handle this without being rude. Anyone can read but for the fee and my alloted time I will not have the time nor the patience to explain page by page of a refinance that basically says you promise to repay this loan at these terms and if you don't you will default and possibly lose your property. Any suggestions on how to turn what seems to be a 2 hour appt. into what it should be (45 minutes to an hour)?

Reply by cyndi_ca on 2/28/06 11:57am
Msg #100640

Perhaps you could explain to the him that you have an appt. after him and would not be able to explain the docs to him anyways since you are not the LO. You are an impartial witness.

Reply by cmd_NH on 2/28/06 12:01pm
Msg #100645

I would explain to them that you are not an attorney and if they just want to know "What" or "Where" but NOT "Why", that is fine.

As an SA, you cannot "Explain" the docs as that would be UPL. If they insist on the "Why", I would inform whoever hired you of this, and tell the borrower to call the LO with their request.

Reply by Margaret S. Craig on 2/28/06 12:06pm
Msg #100647

Have him call his loan officer prior to your arriving and have the Loan Officer explain, then when you get there he just has to sign. Explain to him that you can't do that.

Reply by DellaCa on 2/28/06 12:29pm
Msg #100655

I do not explain but I do tell them what each page is really most are self explainatory in just reading the head line of each page,an it does not take much longer I am always out in less than 1 hour unless it is more than the refi.I would not sign something with out knowing WHAT it was either.

Reply by Charles_Ca on 2/28/06 12:23pm
Msg #100652

Re: Page by Page, I understand that there is a need to

maximize your earning potential. But I believe that part of the job description is to be able to explain the documents to the borrower. I am not suggesting that you practice law and I don't believe that is what is expected here. I suspect that any SS or TC you ask will tell you the same. I think it's sufficient to say the name of the document and its purpose. I agree that you do not need to have an elaborate explanation but to only witness the signature is not the sole purpose fo the NSA.

Reply by cmd_NH on 2/28/06 12:25pm
Msg #100653

Re: Charles, Thank you...

you're explanation is much clearer than mine.

Reply by Tina_MA on 2/28/06 12:28pm
Msg #100654

Re: Page by Page, I understand that there is a need to

I agree with Charles.

If you are not there to provide a brief synapses of each document, then you are just a Notary Public, and should not be advertising yourself as a Notary Signing Agent.

As a Notary Public, you would not be going over each document, but you would just be notarizing the documents that required it.

Even with extremely large packages, it only takes 1 1/2 hours for me to go through the package with the borrower.

Reply by Les_CO on 2/28/06 1:24pm
Msg #100670

I always explain the docs to the borrower. I do NOT advise them as to whether they should or should not accept the loan, or what the LEGAL ramifications may or may not be. I do advise them when they are sworn under oath. I believe this is part of a SA's job.

Reply by BaronCA on 2/28/06 2:10pm
Msg #100683

I agree with Tine, and The above. Your not just a notary public. Learn the role of this profession. You should understand what each document is. Most of the time the top of the page states that.

Reply by Shane_OH on 2/28/06 4:14pm
Msg #100728

Sounds to me...

like you don't want to be an NSA, just a notary.... Maybe this line of work isn't for you.

People that "are just there to witness the signature" and not explain the docs, are one of the main reasons SS/TC's are charging less....receiving more errors, and driving the industry into the ground.

If you can't explain the documents, what are you doing in this line of work? Get some experience, understand what this job entails and then job back into the workforce.

100% of my signings take 45 minutes to an hour (unless a heloc).... and that is explaining every single document.

Reply by Les_CO on 2/28/06 4:20pm
Msg #100732

Re: Sounds to me...

I find it far less time consuming to "explain" the doc's, rather than to have the borrower THOROUGHLY READ each of them.

Reply by Dorothy_MI on 3/1/06 8:59am
Msg #100870

Therein is the BIG difference

between being just a "point and sign" notary and a NSA or witness only closer. I start with the HUD and go over every single figure on it (not how it was derived, but what it is), then I take the note, go over the amount they are borrowing, the interest rate, payments, maturity date, late fees and that they are promising to make all their payments. Next is the Mortgage, tell them this puts a lien on the property, go over vesting, show them mortgage amount is same as note, maturity date is the same. Then I have about a two sentence spiel that covers the balance. If those three are as agreed upon, the rest is "duck soup" because by then they are feeling comfortable and realize that you know what you are doing. I am rarely there more than 45 minutes. If someone has not made it a habit to refi every few years, they can feel intimidated by all that paperwork.

If you don't know what these documents are, get out your own set of mortgage papers and READ EVERY SINGLE ONE OF THEM. If you get the borrowers docs O/N, do the same thing with them. After you've read about 10 sets of docs, you will feel comfortable and at ease with them and it will come through to your borrowers. The more they feel confident in your ability the less they will question you!

Reply by Rick_NY on 2/28/06 4:18pm
Msg #100731

thought she was cute on "Trading Spaces" n/m

Reply by cyndi_ca on 2/28/06 5:52pm
Msg #100773

Re: thought she was cute on "Trading Spaces"

what are you talking about? "Page"

Reply by CaliNotary on 2/28/06 5:54pm
Msg #100774

Re: thought she was cute on "Trading Spaces"

I agree Cyndi. We all know Genevieve was the cute one!

Reply by cyndi_ca on 2/28/06 6:09pm
Msg #100784

Re: thought she was cute on "Trading Spaces"

I didn't always watch the show, but who was the cute guy? Dave? I think. Anyway I saw him shopping at Home Goods in Seal Beach. They must have had 5 carts full of stuff. And Waaaay cuter in person.