Posted by SGC/KY on 7/30/07 5:00am
Msg #202644

What to expect?

Hi, I'm new to this business and recently completed my first closing. Since it is my first, I have nothing to compare it to. So, may I ask, is it unusual to have your company instruct you to "go over" their figures on the mortgage, note and truth in lending? Just wondering.

Reply by TMNOTARY/KY on 7/30/07 7:04am
Msg #202647

Where in KY are you from?

Reply by LJ on 7/30/07 7:26am
Msg #202650

I start with the HUD. I go over the loan amount, what they are paying off and what (if any) proceeds they are getting. They may "owe" also. Be sure to check this beforehand. Some companies will only accept a certified check, money order etc over a certain amount. Then I go over the Note. This has interest rate, payment amount (minus any escrow set up) and 1st payment date. If there is escrow set up, I pull out the escrow disclosure. This will tell them their total payment with principal, interest and escrow amount for each payment. If there is PMI, I go over that also. So, yes most companies expect you to go over the "number" part of the loan. If you get a 1st & 2nd, be sure you go over each loan before you sign anything. Learned the hard way. Hope this helps. It does get easier each loan you close. Good Luck.

Reply by Michelle_KY on 7/30/07 11:38am
Msg #202697

Many will not actually "instruct" you to do so, but they "expect" it. Others will instruct you to simply witness signatures and nothing more.

Reply by SGC/KY on 7/31/07 7:38am
Msg #202894

So I guess better safe, than sorry. Thanks, the help everyone!