Posted by dbl on 5/13/06 3:16pm
Msg #119694
Disgusted
Wait until you all here this one.....
I went to my local bank today to apply for a HELOC. Awesome deal....rate cap of 8.39% on a HELOC, I just couldn't pass it up.
So as I am sitting there giving my information, another rep comes over and asks my rep the following: "Who is going to notarize these?" and in her hands were file folders of mortgages that had closed in the branch today. It didn't take a rocket scientist to figure it out, since the file folders said loan documents. BTW, I have conducted in-home closings for this bank so I know the docs.
Anyway, my rep says "Oh, just leave them for the manager. I can't because my thingy ran out." (thingy = commission) Apparently, they have regular reps completing the closings in the branch and leave the files on someone's desk for notarization. My jaw must have hit the desk.
At this point, I couldn't keep my mouth shut. I told my rep that what they were doing was illegal. That the docs needed to be signed in front of the notary - not left for someone else to notarize when the person didn't even appear before them. She said to me "Oh really, we do it all the time. As a matter of fact, we were audited the other day by the FDIC and I closed a loan in front of them. They didn't say anything to me when I too the docs to the manager for notarization."
I basically told her that what they were doing was illegal, that I am a notary and these are the laws. I also told her that they could even be accused of mortgage fraud.
What is this industry coming to?
I'll tell you, it makes me wonder if I should do business with them (even though the rate is great). What other business practices do they engage in that are illegal?
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Reply by Tess/ME on 5/14/06 8:22am
Msg #119770
Re: SCARY!!! I have a "scary" one too...
I did a closing last week. Mrs Borrower has worked with a Mortgage Co. for 26 years said she "knows ALL about refi & HELOC and is a notary too" and as I handed her my journal to sign she looked at it closed it, looked at the front cover and laughed. She said "what is this?" I explained the need for a notary to have a journal and especially in these types of transactions. She said "BOY, what they won't think of next!!"
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Reply by lulu on 5/14/06 7:17pm
Msg #119830
Re: SCARY!!! I have a "scary" one too...
I've even gone to my lawyers office to sign items that needed notarized. No one took my info or notarized them in front of me. At the most positive, I would hope the receptionist was the notary who once I left would notarize. She could say that she knew me since I had met her several times. And obviously, if I asked for the documents to sign I should be the right person, huh? HA. Amazing. This was earlier on in my SA career. I had a lot a stresses going on and didn't think to hard on it since it was for myself. He is no longer my lawyer else I think I might handle it differently now and demand it be notarized in front of me.
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