Posted by Ask Me Consulting - Robin Amann on 5/16/06 10:10am
Msg #120158

Signing Docs

I am new as a signing agent. Right now I am trying to get assignments. What I would like to know and forgive me if t sounds as if i should know, the differnce between the following Docs. Refinance, Purchase, Construction, Application, Equity, Reverse Mortgage. I have been asked what my experience has been with each. Is there some where that I can gain some knowlege on these different Docs?
Any help and suggestion would be greatly apperciated. I am in Northwestern Penna.

Thanks

Reply by LynnNC on 5/16/06 10:27am
Msg #120165

Your best bet is to do some research rather than coming to this board for answers. For instance, I Googled "Construction Loan" and found a website with "Construction loans FAQs" - http://www.bankrate.com/brm/news/mtg/20020515c.asp - and I am sure there are many more. From the website:

How construction loans work By Bankrate.com
Q. Can you explain how construction loans work? Why is it so difficult to find construction loan information on the Web?

Construction loans are story loans. That means that the lender has to know the story behind the planned construction before they're willing to loan you money. Because it's a story loan, it's not going to be standardized like mortgage loans underwritten to Freddie Mac or Fannie Mae guidelines. That said, there are some common features to a construction loan. Construction loans typically require interest-only payments during construction and become due upon completion. Completion for homeowners means that the house has its certificate of occupancy.

Construction loans are usually variable-rate loans priced at a spread to the prime rate or some other short-term interest rate. You, the contractor and the lender establish a draw schedule based on stages of construction, and interest is charged on the amount of money disbursed to date.

Another variable in construction loans is how much of the project cost the lender is willing to lend. If you already own the land, then that can be considered as equity on the construction loan.

Many homeowners use construction-to-permanent financing programs where the construction loan is converted to a mortgage loan after the certificate of occupancy is issued. The advantage is that you only have to have one application and one closing.

Depending on your view on interest rate trends, you could also purchase a rate-lock agreement valid through the expected completion of the construction. Just make sure you allow for the inevitable construction delays.

A construction loan, unlike a mortgage, isn't meant to be around for a long time. If you're taking out a $200,000 construction loan for six months and you pay an extra 0.5 percent on the loan, it costs you an additional $250. (Assumes an average $100,000 loan balance over a six-month construction period.)

You may be willing to pay a higher rate on the construction loan if you're doing construction-to-permanent financing and can get better mortgage terms or a longer, better rate lock from that lender.

Reply by Ask Me Consulting - Robin Amann on 5/16/06 10:51am
Msg #120183

Thank you.. I did that with the web as well. I guess my question would be what is the difference for the signer in these doc's.
The info is great... Thanks.

Reply by SamIam_CA on 5/16/06 10:45am
Msg #120179

"I am new as a signing agent." Are you really a signing agent or are you a notary public?
I'm just confused how you can be a signing agent without already knowing the difference between a purchase and a re-fi, etc.

Did you take some sort of class after you received your commission? More info please so we determine how to point you in the right direction.

Reply by Ask Me Consulting - Robin Amann on 5/16/06 10:59am
Msg #120190

Yes, I am certified as a signing agent through the National Notary Assoc. I have tried to read as much as I could on the signing agent, as well as documents. But my question is again the difference in the doc for the signing agent. Thanks for any help.

Reply by SamIam_CA on 5/16/06 11:03am
Msg #120191

Did the NNA tell you there is almost always no RTC on a home purchase or that a reverse mortgage will have two notes? Is this the kind of info. you're looking for?

Reply by Anonymous on 5/16/06 11:16am
Msg #120192

Thanks

Reply by SamIam_CA on 5/16/06 11:59am
Msg #120205

I'm going to out on a limb and assume that the NNA did not teach you those things. Therefore you are not ready to market yourself as a signing agent as those two examples were not even the tip of - the tip of the iceberg when it comes to knowing which docs are 'usually' in each of the loan packages you mentioned or give meaning to the differences in these types of loan scenarios.

Reply by PA_Notary_II on 5/16/06 12:32pm
Msg #120209

Robin: Your website is excellent. Not trying to be catty, but if your lack of knowledge is as you say it is, it would appear that the info on your site is misleading at best, false advertising at worst. I would suggest that you try networking with some of the title agencies in your area to see if they can help you out. Perhaps you can find a friend or acquaintance that is or has a friend or relative that is employed by a TC. Meanwhile, I wouldn't try any loan closings for now. If you do and mess up, you'll have one H of a time getting future business, not to mention that your reputation will be shot in short order.

Reply by Sylvia_FL on 5/16/06 12:52pm
Msg #120216

"If you do and mess up, you'll have one H of a time getting future business, not to mention that your reputation will be shot in short order."

Not only that, but if it is a major boo boo that causes the borrowers their loan, or even a delay in getting their loan, they could sue and you could lose your home.

Reply by LkArrowhd/CA on 5/16/06 1:46pm
Msg #120230

Re: Signing Docs- I believe for a fee BrendaTX will

mentor you, she does accept Paypal. I'm serious, so perhaps for a hourly rate you may purchase time from her over the phone and she can answer your questions. She will most likely post sometime today, also I believe Sylvia above is offering her services for a fee, check with both of these ladies they may be able to assist you.

Reply by LynnNC on 5/16/06 2:33pm
Msg #120238

Stick to refis and HELOCS . . .

. . . if you are just beginning as a signing agent, and learn well what docs are in those packages.

Reply by Jennifer_AZ on 5/16/06 4:17pm
Msg #120257

Robin: Please feel free to give me a call. I will be glad to help you with your questions. You may obtain my contact info from my profile. Look forward to hearing from you soon.

Jennifer

Reply by lulu on 5/16/06 6:40pm
Msg #120295

The majority of the ones I have done in my two years are refi and heloc. These are quite similar. They have a note, mortgage (about 16 pgs if refi, usually about 5-8 if heloc), rtc, til, itemization of amount financed, some type of id sheet, title docs, compliance agreement, correction agreement, E&O agreement, ltd poa/e&o or just ltd poa, owner's affidavit, survey aff, and many more too numerous to mention and too many variables between lenders.
Each lender is different so docs will not consistently look the same. You may get used to one format of a doc and then someone else throws you a new one. It is the same concept of a doc you've been working with but the format may throw you at first and you'll have to read a little.
If a property is an investment property, it is likely there may not be rtc. Also if your state is a spousal state and it is an investment property, it is likely there will be no rtc. I could go on forever. If you wait til you know all about each doc and all about each loan before you jump in, you will likely never get going.

This post is not to be construed as legal advice. I am not an attorney.