Posted by bfd110_IN on 5/27/06 11:28pm
Msg #122816

Venting on some of the questions here.

i just read a post on a question for RTC. The statement was that it was missing on a purchase. It is never there!!! I understand newbies have to start somewhere, but it seems like every Tom, Dick, and Jane is getting their notary commision now.

The state of Indiana just made us get our Title Producers license. The 20 hour class was the biggest joke I have ever been in. If they are going to make a requirement then it needs to be a basic lending class. How else is someone going to know what a arm loan is, the difference in a 3/27, 5/25, a 5/1, the reason lenders offer bi weekly payment options and the benefits of it, explain to a borrower why the APR is higher than the interest rate is and what exactly is prepaid finance charges.

When I worked for the bank, that was the biggest frustration when we started having our CSR's taking loan app's. We forced them to be lenders and didnt give them the training until after they had to start taking apps. That is what has become to the Notaries. They might tell them what a Jurat is, how to sign their legal name and to make sure stamp is rightside up and not upside down in these great notary classes so people can get their commisions.

We are the last people they see with their loan. They look to us to be knowledgeable and professional not just someone that just points and says sign here and here and here. (lord knows we love it when we get those customers though. "Just tell me where to sign!!"

Really feel there should be seperate notary commissions and with each commission there is specialized training. Why should I as a customer pay 75, 100, 150,and even those 250 to you and you cant tell me what the document is and why ( that is not giving legal advise, its just being knowledgeable in what you are putting in front of the customers.)

Ok I can go on and on about this but I really get frustrated with the basic lending questions that get asked here that i feel should have taken care of before you got that great little stamp.

P.S. I know there are typos here, but you know how fast the fingers go when your frustrated.

Reply by Sylvia_FL on 5/28/06 7:29am
Msg #122830

Notaries per se do not have to know about RTC's and loan packages, it is not something learned in notary classes.
Signing agents do need to know about the RTC's. I don't mind a "newbie"asking a question about an RTC or any loan document. They do have to learn somewhere.
I do mind the basic notary questions such as what is a jurat, what is an acknowledgment and other questions they should know the answers to as notaries.

I wish all new signing agent wannabees would invest in the Signing Registry Training Guide and study it before accepting signings. They would be better prepared.

Reply by bfd110_IN on 5/28/06 9:34am
Msg #122834

That is why there needs to be a seperation in Notary commisions and signing agent commissions. Cause now we get Notaries that think they can do anything with that stamp and we all know that isnt true.

Reply by Joan_OH on 5/28/06 11:04am
Msg #122842

No such thing as a Signing Agent "Commission"......

and when we push separation of the designation, we risk what happened in Georgia (attorney only) or Maryland (title producers license). I don't know that I would have an issue getting a title producer's license, but I certainly wouldn't want call attention to the bar association.

JMHO

Joan-OH

Reply by Sylvia_FL on 5/28/06 12:11pm
Msg #122858

Re: No such thing as a Signing Agent "Commission"......

I am with you Joan!

Reply by Lee/AR on 5/28/06 12:55pm
Msg #122860

Amen that, ladies n/m

Reply by bfd110_IN on 5/28/06 4:55pm
Msg #122895

I have no idea what the Matland's title producer licenese consisted of but ours was a joke. Had a woman from Fl that came and didnt say a word about anything that was state specific nor instructed anything closings. Was full of stories on ethics though.

As far as attorneys, in regards to loans, they have no clue unless they are real estate specific. Had to deal with many of city attorneys when having to deal with loans for the fire department and it would frustrate me cause the information they gave was incorrect. Had to listen to the attorney because they were paying him for the advice instead of the person that worked and instructed lending. So attorney states is a bunch of hogwash.

What is wrong with someone doing a real estate closing having some type of background in lending? They are touching a document that deals with loans and they cant explain it.

Reply by bfd110_IN on 5/28/06 8:39pm
Msg #122910

Sorry I am done venting

I just think it gets frustrating to see the basic questions getting asked over and over again. It is questions that I think people should know if they are going to touch a loan and i think it is ridiculas for the states to make us take a training class to be certified but they are giving the people the correct tools to do their jobs.

Ok done...sorry

Reply by Sylvia_FL on 5/29/06 9:25am
Msg #122960

Re: Sorry I am done venting

Scott
All States do not require the Title Producers License. I agree that those states that do, the signing agents who have had to take the education to get their TPL should know the loans - at least the basics.

A lot of the SA's have just taken the NNA course and are certified by the NNA.

I don't mind answering basic loan signing questions, what I object strongly to is the basic notary questions that get asked "What is a jurat" etc.
We are notaries first and should be fully conversant with all notarial acts and the laws of our particular state before we even consider becoming signing agents.

As to the loan documents we should know enough to identify the document to the borrower. we cannot explain the document for obvious reasons, but we should know enough to be able to identify it.

Reply by Marlene/USNA on 5/30/06 10:48am
Msg #123048

You are venting at the wrong people.

If the lenders and title companies have done their jobs when selling and setting up the loan, there is be no need for the notary signing agent to be asked anything about it. It is because of the negligence of the lending industry that some NSAs have picked up rudimentary knowledge to answer borrowers' basic questions.

It is also the borrowers who don't absorb everything they have been told or read everything they have been given by the lender, who then wait until the signing ceremony to suddenly reveal their lack of understanding.

The notary is there to facilitate a signing. It allows the borrowers to sign at their convenience instead of being forced to leave work or find a babysitter and a parking place to sign during the lender's business hours. It is not to be a final opportunity for the borrowers to ask their questions or address their concerns.

It would be nice if every NSA had a lending background. Also a law degree. And a Master's in psychology. And a Dale Carnegie How To Win Friends And Influence People course. And Emily Post's etiquette lessons. But then they could be making so much more money doing something equally enjoyable. . .