Posted by MonicaFL on 8/18/07 9:36am
Msg #206375

To All SS's, TC's, Lenders and Brokers

This has to be said and I know lots of SS's, TC's, Lenders and Brokers probably all read the posts on NotRot.

You all consider yourselves "professionals" - so do Signing agents. We are the ones who actually finalize the loan by taking it to the borrower, getting them to sign, we notarize and then send the package back to you. If we didn't do that for you, it would all fall back to the borrowers going to someone's office to finalize the loan. (That would mean that they would probably have to take off of work to go to someone's office, since most mortgage companies aren't open on Saturday or Sunday.) This would take the convenience out of loan signings - and everyone likes convenience. With all of that said, here is what I really have a beef about.

You call me (I don't call you) and you want me to accept a signing for say, $125. I accept. We have made a verbal agreement as well as you have sent me a confirmation stating as such. We rely on you having properly prepared the documents, the borrowers know the amount of their payment, how long the loan is for, what kind of loan it is and the agreed upon interest rate and we expect the documents to get to us in a timely manner so we won't be late. Now, we get to the borrowers home, show them the HUD, they want to see the note and the payment page (especially if they are escrowing their ins. and taxes). When they say "this isn't what was agreed upon" and we try to call the LO (sometimes we get him/her, sometimes we don't) and they hassle back and forth while we are sitting there, and then the borrower flat out says they are not going to sign - we pick up our papers and other stuff and leave. Because we have made a verbal contract (you and I), as well as having a confirmation stating as such, AND, it was neglect on the part of the LO or whoever, You then decide that we (the notary) should not be paid our full fee, because the loan didn't close. Well, let me ask you this one question: If you went to see a lawyer and his consultation fee was $125.00 and you agreed to that - and then you didn't like what he told you, do you think it would fly if you stated: Well, I don't like what you said, so I am going to reduce your fee to $50? I don't think so. So quit trying to "screw" the notary - the LO is the one who is at fault - not us. He/She are the ones who should be penalized - not us!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Reply by sanjqnvly on 8/18/07 10:51am
Msg #206390

This is becoming more the norm than the exception
last signings I was assigned took from one half to an hour longer while I sit and listen to the BO argue with the LO

Reply by bigdog on 8/18/07 11:16am
Msg #206396

As stated above, this is becoming the norm. I closed a loan just Thursday that the borrower wasn't told they would have to bring money to the table. It wasn't alot, less than 200.00, but he was PO'ed because he was told there would be no out of pocket. The LO wasn't available for comment even though he gave me his cell phone number, he wasn't answering. The BO signed and payed, but he was going to call the LO and complain. I won't be surprised if he recinds because of this and the SS will try to cut my fee. My job was completed. Why should I be penalized because of the LO's incompetence. I'm fed up with these SS and their tactics. We should start making this a pay as you go business. We offer too much credit to these guys and many is the time we have to chase our money. It's not right.

Reply by PH on 8/18/07 11:09am
Msg #206393

Amen to that Monica! I hope the SS's etc are reading this. I run into that all the time, especially with Citicorp if Primearica is involved. Clients almost always say that isn't what I was told. I'm learning to ask a LOT of questions now before accepting a closing. Thanks for your post.

Reply by LisaWI on 8/18/07 11:46am
Msg #206405

Re: Thats funny PH, I have done

many Primerica/Citicorp loans and not once was a borrower not aware of exactly what was going on. Maybe once or twice they had them down for the PWP when they didnt want it, but that was fixable at the table. As a matter of fact I look foward to their closings because they are usually a done deal before I get there. And the representative is normally there to answer any questions if need be. You must get some "not so good" reps in your area. The ones I have worked with here are all excellent.

Reply by Charles_Ca on 8/18/07 11:50am
Msg #206406

Monica, I have to agree in part, there are plenty of LOs

who don't do a good job of handling their customers loans. I originate my fair share of loans and other transactions involving notaries. I never have loans rescind because my figures are good, I don't promise what I can't deliver, and I make sure that service providers get a fair price. There are many others out there originating loans who do a good job for their customers. The same is true of notaries and there are many who do a good job but there are also many who don't. I believe that the recent run-up in the number of loans originated caused an unbalance and many people rushed into the business to capitalize on the huge increase in originations and the easy money: many who should never have been in this business at all. Now that the dust is settling I know that many brokers (real estate and loan such as myself) who have been in the business for a long time are breathing a sigh of relief as things return to normal. You will see an attendant increase in notary fees and a drop in fly-by-night loan brokers, lenders, SS and notaries now that everyone will have to work for the available piece of the pie. The transition is painful for a lot of service providers as in any transition in the economy. In the long run it will be better for all. I used to joke that my dog could originate loans and sell homes in the recent market: I'm seeing many more really solid deals coming through where before the majority were really shaky.

Reply by Charles_Ca on 8/18/07 11:50am
Msg #206407

Monica, I have to agree in part, there are plenty of LOs

who don't do a good job of handling their customers loans. I originate my fair share of loans and other transactions involving notaries. I never have loans rescind because my figures are good, I don't promise what I can't deliver, and I make sure that service providers get a fair price. There are many others out there originating loans who do a good job for their customers. The same is true of notaries and there are many who do a good job but there are also many who don't. I believe that the recent run-up in the number of loans originated caused an unbalance and many people rushed into the business to capitalize on the huge increase in originations and the easy money: many who should never have been in this business at all. Now that the dust is settling I know that many brokers (real estate and loan such as myself) who have been in the business for a long time are breathing a sigh of relief as things return to normal. You will see an attendant increase in notary fees and a drop in fly-by-night loan brokers, lenders, SS and notaries now that everyone will have to work for the available piece of the pie. The transition is painful for a lot of service providers as in any transition in the economy. In the long run it will be better for all. I used to joke that my dog could originate loans and sell homes in the recent market: I'm seeing many more really solid deals coming through where before the majority were really shaky.

Reply by Parker on 8/18/07 12:23pm
Msg #206409

You took a day class, paid a small fee and you act like you went to school for years to become a notary...makes no sense all the groaning cause you dont make enough to print something out of your printer and take up an hour or so of your day.

Reply by MonicaFL on 8/18/07 12:26pm
Msg #206410

I don't know what you are talking about. I have been a notary for 35 years - working in the legal field for 30, signing agent for 5. So, what are you talking about? I know what I am doing and what has happend to me and lots of notaries on this board. I made this open statement to SS's, TC, Lenders and Brokers because they are the ones who are trying to short change us.

Reply by Sylvia_FL on 8/18/07 12:59pm
Msg #206412

Re: To All SS's, TC's, Lenders and Brokers - Parker

And which SS do you own or work for?

I have hired Monica on many occassions as a signing agent, she is knowlegable - much more knowledge that can be acquired in a day class, professional and deserving of respect. She is worth her weight in gold!
I suggest that you go crawl back under the rock you crawled out from.

Reply by LisaWI on 8/18/07 1:02pm
Msg #206413

Re: Where the heck did you come from??!! n/m

Reply by LisaWI on 8/18/07 1:03pm
Msg #206414

Re: Where the heck did you come from??!!-For Parker n/m

Reply by MistarellaFL on 8/18/07 1:45pm
Msg #206420

It sounds like Parker is one of those absent loan officers

Absent when the terms are not what was agreed upon, yet present to collect his fee should the NSA pull a rabbit out of a hat and get it signed despite the conditions.
One of those who preys upon those in trouble and tells them not to send in their current lender's August payment.

Reply by goodgirl on 8/19/07 9:41am
Msg #206483

Looks to me like Monica found one of her intended readers, now didn't she?

Reply by Loretta Reed on 8/19/07 2:15pm
Msg #206499

You know that hole Paker....

Hey Parker, yeah you, Go find that hole you crawled out of and get back in it. Your opinion meants squat here.

Reply by Parker on 8/20/07 1:53pm
Msg #206625

Re: You know that hole Paker....

i wouldnt pee on you if you were on fire

Reply by CaliNotary on 8/20/07 1:58pm
Msg #206629

Would you pee on me?

I have a kinky side, what can I say?

Reply by Parker on 8/20/07 4:16pm
Msg #206686

Re: Would you pee on me?

hahahaha if you want...if you were on fire i would definatly pee on you.