Posted by John_NorCal on 1/28/07 2:02pm
Msg #172981

Some people just have no clue....

Sitting at my desk doing a tax return yesterday a.m. Got a call from a guy who said he was a notary from Los Angeles and asked if I could do a rush Countrywide edoc signing nearby. I told him I could, then he said, "Uh, we were wondering if you could date everything for last night?" Of course I gave him an emphatic NO.
My tax client could hear the entire conversation. Now he's not a real savvy guy when it comes to loans, contracts and things like that, but his comment to me was, "I didn't mean to eavesdrop, but did that guy ask you to do something illegal? What's he thinking?"
So even if it seems like the average person doesn't know or care about what you do, don't fool yourself, they undoubtedly do know. And you never know what will come back to haunt you. Do the right thing, like Nancy Reagan would say --- "Just say no" It's easier than you think.

Reply by dickb/wi on 1/28/07 2:11pm
Msg #172982

good for you john,,,,,,, n/m

Reply by Susan Fischer on 1/28/07 2:19pm
Msg #172985

Hi, John,

Ah, another one. Fri, 8 PM, can you go to (30 miles away) for a 9:30? No, just came from there, too late. Ok. Next AM, can you do that town tonight at 7 PM? Sure.

Borrower: "LO said we should use yesterday's date."

" No can do, Bob, it's not legal."

"So, he probably knew that?"

"I don't know for sure, Bob, but let's get started."

Question arises, Bob calls LO. Tells him, by the way, the notary said we have to use today's date.

Bob looks at me after hanging up. "He said, 'It figures.'" "He knew better, didn't he?"

"Can't say for sure, Bob, but everything's ok."

Reply by Brenda/CA on 1/28/07 2:38pm
Msg #172988

I had a signing on Friday night in which the borrower refused to sign because the rate, etc were not what he was previously told. He made several attemps to call his LO to no avail. I received a call on Saturday afternoon from the LO saying this man is now ready to sign the same docs. Then he said, you will need to use Friday's date for everything, as that was his final day to sign. I said I do not backdate period, if I go back today everthing will be dated with Saturday's date not Fridays. He then informed me that I would only be finishing a signing that I started on Friday, so it would not really be backdating, and it would be perfectly fine. NOT!

Reply by Susan Fischer on 1/28/07 3:15pm
Msg #172996

'Justification' # 4, "Book of Reasons to Backdate." n/m

Reply by janCA on 1/28/07 3:40pm
Msg #173004

Backdating

The borrower can date the docs with any date they want but your notarization has to reflect the date they actually sign the docs. It's usually a moot point, because the lender and or title want the dates to be consistent.

Reply by Susan Fischer on 1/28/07 3:47pm
Msg #173006

Well I'll be darned. n/m

Reply by Bob_Chicago on 1/28/07 4:03pm
Msg #173010

May not be a moot point. Not 100% sure, but off the top...

of my head, I can not think of a reason that they could not fund the
loan on 1-31 so long a each bwr recd two copies of RTC and a copy of
the TIL on 1-27.
Could sign a legit receipt that he recd RTC on Fri and may not present
a problem if mtg and other notarized dox (sig aff, E&O, title "junk dox", etc. )
are notarized as of Sat.
The obvious reason is so L/O can call it a Jan dear for bonus purposes.
Wish that more brokers would adopt a cut off date for other than EOM
for L/O compensation purposes.
It would eliminate all the these EOM backdate requests. But, on second thought,
we would probably get BOM or MOM backdate requests.
At least it would spread out the work more evenly.

Reply by MikeC/NY on 1/28/07 8:18pm
Msg #173034

Check your calendar...

" I can not think of a reason that they could not fund the loan on 1-31 so long a each bwr recd two copies of RTC and a copy of the TIL on 1-27."

Recission starts to run on the first business day after; in this case that would be 1/29, ending at midnight on 1/31. Unless the borrower was able to waive recission, the earliest that loan could fund would be 2/1.

Reply by Bob_Chicago on 1/29/07 12:09am
Msg #173054

Typo. I meant the 26th . Point that I was trying to make....

(not very artfully, obviously) was that if the RTC and TIL are
devivered to the bwr on Friday, then even if some dox
were signed and notarized on Sat, the loan might well
be fundable on the 31st. Sorry for the confusion.

Reply by MikeC/NY on 1/29/07 9:45am
Msg #173091

Re: Typo. I meant the 26th . Point that I was trying to make

I guess technically it could work that way, but then the lender could also wait until the last recission date to present the note and the HUD-1, which woud be an end-run around the 3 day "mull it over" period. If the docs are all signed and dated the same day, you've got a reasonable argument that all of the information was presented at the same time and the borrower had time to think about it.

Reply by PAW on 1/28/07 8:32pm
Msg #173036

Not just for monthly counting ...

Loans that fund on the first day of a month must show a months worth of interest to be prepaid. That can add a significant amount to the total cost to close. That is one reason for the big push to close near the end of a month, so the prepaid interest is kept to a minimum.

Some lenders will waive the interest if closed within the first few days of a month to allow for signing in the previous month and fund in the current month. But it doesn't seem to happen too often.

Reply by Kristen Guggerty on 1/29/07 8:16am
Msg #173069

Re: Not just for monthly counting ...

Thank you so much for THE explanation of the EOM rush which ends before the last day or two of the month. I've only been doing this for 1year (13 months) but never knew the true reason.

Reply by sue_pa on 1/29/07 8:58am
Msg #173077

#1 'justification'

Several years ago someone posted that they were told they could sign after midnight on the east coast and use the prior date since the lender was on the west coast. I've heard many 'reasons' but that is my all time favorite.

Reply by Susan Fischer on 1/29/07 11:55am
Msg #173118

<laughter> It's got to be yesterday somewhere! n/m

Reply by Glenn Strickler on 1/28/07 9:40pm
Msg #173040

What to you want to bet .. n/m

Reply by Glenn Strickler on 1/28/07 9:41pm
Msg #173041

Re: What to you want to bet .. wrong key again ..

Anyway, how much to you want to bet that they found someone to backdate?

Reply by Rhonda Skansi on 1/28/07 10:40pm
Msg #173047

and again:) n/m

Reply by Lisa Prestegard on 1/29/07 12:19am
Msg #173055

This EOM alone, I was asked 4 times to backdate....

that is a record for me. Of course, I told each of them "no way, no how" and each of them responded by saying "no problem... I'll find someone that wants to earn the extra $$". Sadly, I am certain they did find someone to do what they asked of me.

Reply by Simple Solutions Notary Service - JoAnn Baracosa on 1/29/07 12:46am
Msg #173058

All I can say is GREAT JOB!!!!!!!!!!!!!! You will sleep well. Thank you for telling them. You made my day!!!!!!!!!!!!!! Have a great year.