Posted by Notary_OH on 8/24/07 1:12pm
Msg #207504

After the Meltdown - New Forms and Documents?

Use your imagination:

After this subprime mess is over (and it will be over eventually) how many new forms and documents will lenders and TC's add to the closing packages? What new verbage will they come up with? You can bet they will all find a way to add another 6-10+ pages of "junk" to the doc packages.

If they can't be totally honest and up-front with their customers; if they can't explain clearly to the borrowers the breakdown and the terms of their loan--then just add more paperwork to cover their behinds.

How 'bout these: (Not that it will really change anything, but just make lenders feel like they are "doing something".)

Notarize the HUD.
Notarize the Note.
Notarize the TIL.
Notarize the RTC.
How about notarizing the Amortization Schedule?
And then notarize the "Affiliated Business Arangement Disclosure" (just for the heck of it.)
Have our notarizations notarized.
Have witnesses sign and then notarize their signatures.
Have the borrowers initial our notarizations (oh...wait...they already do that.)

Any ideas? Just imagine...

Reply by ToniK on 8/24/07 1:15pm
Msg #207508

Mo'money, mo'money that I will be asking to notarize. Self inking stamps do run out. lol

Reply by Katrina Arnaud on 8/24/07 1:18pm
Msg #207509

Countrywide - New Important Ack Concerning Your Loan Form n/m

Reply by Lisa Prestegard on 8/24/07 1:31pm
Msg #207512

Already seeing new forms due to subprime fallout...

FBI warning regarding mortgage fraud
Numerous "cya" docs regarding adjustable rates, adjustment dates, and formulas
And CW/FSL has a new 2-pg ack. regarding "Important Information for Borrowers"

All new. Adds about 10 pages to their already huge packages.

Reply by Jersey_Boy on 8/24/07 1:49pm
Msg #207513

how about...

Untruthful Loan Officer Disclosure
Terms of your Bait & Switch
Fine Print Disclosure (per gov't regs, the type on this form may not exceed 4 pt.)
Prepare to Bend Over disclosure

and last but not least:

Impound Disclosure

This is not the common impound disclosure you are used to regarding escrows, this new form will spell out the procedure for taking your house away from you on a flat bed truck.

Reply by JanetK_CA on 8/24/07 4:39pm
Msg #207565

LOL!!! Don't we wish...! n/m

Reply by Notary_OH on 8/24/07 4:39pm
Msg #207566

Awesome Jersey Boy, hillarious! Anybody Else? n/m

Reply by Lee/AR on 8/24/07 4:19pm
Msg #207561

Shut yo' mouth...

You'll give 'em ideas.