Posted by Lisa Peithmann on 3/12/07 7:56am
Msg #179523

CLIP Loans

I've been a signing agent for several months and have a couple years exp. as a closing agent for a title co., but I have never heard of a CLIP loan. What does CLIP stand for? And I rec'd the following email message a couple of days ago: "Documents are 25 to 28 pages. Includes borrowers copies. Borrower signs 6 to 8 pages and you would notarize 6 to 9. Edoc fee has to be included. We usually pay $60 to $65."
My opinion is unless it's 10 miles or less, I think the fee is very low and second - if the Borrower signs 6 to 8 pages how would I notarize 6 to 9? How many copies of Mortages? Are there Affidavits also?
Does anyone have any experience with these? I went to the orange button and searched and found a little info, but not a lot of opinions. And I love catching up with the forum, because everyone has experience, opinions, etc.
Thanks in advance for any help.

Reply by Sandy_MD on 3/12/07 8:41am
Msg #179525

These are Citi Bank Modification loans; they are very small and very easy to do. I usually get them from Nationwide Appraisal service. You have to make 2 extra copies of the Mortgage to have signed and sent back. I have only notarized a total of 6 pages - 3 mortgages, a marriage aff, Owner aff, and lien payoff. I was in and out of the house in 10 minuets. The pay is kind of low but I only do them in my zip code easy money.

Reply by Cam/CA on 3/12/07 11:11am
Msg #179555

Re: CLIP Loans 10-14 Notarizations only take 10 mins?

I do these also, the mininum amount of notarization is 6 forms x 2 borrowers 12 notarizations in Journal (If your state requires one), plus signing all the other docs only takes you 10 minutes????

Reply by Mindy_WA on 3/12/07 11:28am
Msg #179562

Re: CLIP Loans...Cam

These are Modifications. These borrowers know what they are doing and they know their loans. They usually don't want to read anything. If you have the MoJo journal (I don't, but as I understand it is) you are only entering ID info one time. I made my own journal similar to that, only enter info once, then have BO sign. The six notarizations are usually time spent while the BO is signing. I find with these, the BO has to wait for me! 10-15 minutes is an accurate time frame for these. 20 minutes TOPS!

Reply by Susan/CA on 3/12/07 11:52am
Msg #179577

Re: CLIP Loans 10-14 Notarizations only take 10 mins? What?

If you are doing 10-14 notarizations that must mean you are notarizing the borrowers set as well. Are you notarizing the borrowers set? If so . . you don't need too! LOL . . sorry that's funny!

Reply by Cam/CA on 3/12/07 12:18pm
Msg #179582

No Susan

6 documents that need to be notarized X 2 borrowers would mean 12 entries in my Journal, one entry per borrower per certificate.....what's funny about that?

Reply by Lisa Peithmann on 3/12/07 12:34pm
Msg #179584

CLIP Loans

Hi everyone!
Thanks for the response as to what one is. I guess I'll soon find out how many notarizations are needed.
I appreciate your help.

Reply by christiSocal on 3/12/07 2:30pm
Msg #179599

You need to get the MoJo

It is soooo much easier! 1 entry, then just check off what you've notarized. Check it out under the notary supply tag above. Save some major time.

Reply by Susan/CA on 3/12/07 3:44pm
Msg #179612

Re: No Susan-- Christy's right . .

I also use the notaryrotary journal . . for about 3 years now. I haven't used the one line per entry journals since the beginning of the refi boom when I was going through the regular journals like bathroom paper!! I have boxes of them!

Wow . . calm down . . it did sound like you were a newbie that made a silly mistake. Believe me I am glad that I was wrong! LOL!!