Posted by laurielnc on 4/5/07 10:37pm
Msg #183906

Request For Notice Of Foreclosure Sale

This is a form I haven't seen before in my docs. I'm pretty sure I don't notarize but why is it in the packet? Borrowers didn't looked too thrilled to see it. I guess I just want to know why it is in there and if borrowers ask, how to explain it generally.

Reply by Larry/Ca on 4/5/07 11:39pm
Msg #183909

Is this possibly the Notice Of Default which provides for communication to the lender holding the second from the holder of the first if there is a default on the first? I do not recall ever seeing a document by this name.

Reply by Ernest__CT on 4/6/07 6:30am
Msg #183925

Important reminder: We must not EXPLAIN!

Explaining documents is Unauthorized Practice of Law (UPL) if you are not admitted to the bar. Always refer such questions to the Loan Officer.

Reply by TRG_wy on 4/6/07 8:59am
Msg #183941

Re: Important reminder: We must not EXPLAIN!

I think "explain" is an incorrect word here. You are better to state "Interpret".

Explaining and/or making sure the signer is aware of what they are signing is important. I have never done nor have I ever seen a notary toss a document to a signer and simply said "sign here, date here". I make sure they are very aware of what they are signing. I never interpret the document though.

Neither do I refer them to a person "admitted to the bar". I refer them to the person who drafted the document or in the case of a loan, their loan officer or agent. Here again the term UPL is coveted by an attorney as toe-stepping. Not true.

Explain: To make plain or comprehensible
Interpret: To serve as translator

Reply by Anthony Fernandes on 4/6/07 9:36am
Msg #183945

Re: Important reminder: We must not EXPLAIN!

Wonder how many others have the problem of sitting down to sign the borrower and have them tell you that the LO said YOU would explain the loan package to them? including interest rate, etc.
This is happening far to often!

Reply by James H. Lissemore on 4/6/07 9:45am
Msg #183946

The Notary Sayeth naught

That's why I hand out my Notary Dislosure form first. "The notary sayeth naught"

Reply by Anthony Fernandes on 4/6/07 10:30am
Msg #183951

Re: The Notary Sayeth naught

I have considered using that form but just wondered about your experience
Do you ever have bo refuse to sign?
Any negative feedback from SS, LO, etc.?

Reply by LisaWI on 4/6/07 12:48pm
Msg #183975

Re: The Notary Sayeth naught-Anthony

I had to jump in here. I use a form such as James uses and I have to say it was one of the smartest business decisions I have made. I was tired of going to BO's home and them asking me question after question on issues I was not capable of answering. This would be even after telling them I could not answer the questions. I now hand this form to them, they read and understand exactly who I am and what my role is in their loan closing. It has made a huge impact on the relationship with the borrowers and the signing happens without a hitch(knock on wood). I still get a couple who still ask questions that should be directed to their LO.
And if your asking if they have refused to sign because of this form, I dont see why it would have an impact on them signing the docs. And its never happened to me anyway. As a matter of fact I think IMO that they appreciate the honesty and knowing who I am when I sit down to the table with them.

Reply by TRG_wy on 4/6/07 4:00pm
Msg #184005

Re: The Notary Sayeth naught-Anthony

I go through my regular speil too about not being able to answer specific questions, not an attorney ...

I guess the number of time we have had to call from the table would only be, say one or maybe two in hundred. Very rare. Most of the time they are well informed and in close contact with their LO. It is those hidden or suprise fees that get their attention.

I would like to see a copy of the form mentioned above. I have often thought about it over the years but haven't yet seen the real need to present it everytime. If it is good, it might just be good practice though.

Reply by James H. Lissemore on 4/7/07 9:25am
Msg #184081

Re: The Notary Sayeth naught-Anthony

If anyone would like a copy of the form ,send private message with e/m address and I will send it to you.