Posted by Marlene/USNA on 5/29/07 3:17pm
Msg #192571

Texas Notaries: Constitut. Amendment re: Home Equity Loans

A couple of you were batting this around in conversation last weekend, I found the source to review. Texas is one of my states to watch so I appreciate the heads-up.

"The constitutional amendment to clarify certain provisions relating to the making of a home equity loan and use of home equity loan proceeds."

"This proposed constitutional amendment shall be submitted to the voters at an election to be held November 6, 2007."

http://www.capitol.state.tx.us/tlodocs/80R/billtext/html/HJ00072F.HTM

Reply by BrendaTx on 5/29/07 3:36pm
Msg #192574

Thanks, Marlene...Helocs will virtually be a no no

for the NSA now that "copies" has changed to "executed" copies.


This one keeps Helocs out of the hands of most NSAs because of the location requirement:

"(N) THE LOAN MAY CLOSE ONLY AT THE OFFICE OF THE LENDER,
TITLE COMPANY, OR AN ATTORNEY AT LAW;

The new wording of this one should pretty much do away with 95% of NSA handled Helocs IMHO...

"(5) PROVIDE THAT YOU **RECEIVE A COPY** OF YOUR FINAL LOAN
APPLICATION AND ALL **EXECUTED** DOCUMENTS YOU SIGN AT CLOSING;

Except it doesn't say WHEN you are supposed to receive your executed documents...though I can guarantee you the intent was that the bwr receive the copies they signed AT CLOSING, AT CLOSING.

Reply by Marlene/USNA on 5/29/07 3:47pm
Msg #192577

Re: Thanks, Marlene...Helocs will virtually be a no no

Now is the time to invent that little handheld scanner that clips to your belt and out of thin air lasers the documents into crisp, clear acid-free paper copies to hand over.

Or, why bother, let them dance their own little dances. You seem to be doing okay without them.

Reply by BrendaTx on 5/29/07 4:30pm
Msg #192584

Yep, I'm fine, but there are a good many notaries in the

big cities (DFW/Austin/Houston) who rely on what the hiring entities call "courtesy" closings.

The notary "borrowers" a room (or pays $25-50 "rental" to close the loan in...uses it for about 45 minutes and then leave.

I don't see them being able to make copies unless it is a REALLY, really, really courteous lawyer or title company.

Reply by Gary_CA on 5/29/07 5:19pm
Msg #192592

Of course they will...

Obviously not just for convenience... but where there's a signing to be done and it's too far, early late or whatever to go to the title company it'll get done, just like now... they'll just add a fee for the copies.

Why wouldn't the office that rents a conference room for $25 now rent it for $25 + .15 per page.

I'm not saying it's not bad news, just that those signings that need a SA will find a way...

Chili without beans, hats without cattle two presidents (I'd better leave that alone or I'll get booted), football games where there's more sport in the stands than on the field, a famous battle where the hero loses... and now this...

Has anything GOOD ever come out of Texas??

Oops... I shoulnta... maybe I should edit... hmmm.... yeah lets change that... oops! hit the enter

Reply by Sylvia_FL on 5/29/07 5:21pm
Msg #192593

Re: Of course they will...

"Has anything GOOD ever come out of Texas??"

Are you forgetting Brenda?

Reply by BrendaTx on 5/29/07 5:41pm
Msg #192598

Re: Of course they will...Sylvia, after MichiganAl

stammered around for two years about marrying me, I went to my next victim: Gary. I sent him an engraved proposal and it went into his spam folder...yes, he flat out forgot me.

I guess being a wild and crazy prairie widder-woman is my destiny.

Reply by PL on 5/29/07 5:51pm
Msg #192601

Nothing wrong with Texas, if

you can overlook the God-awful summer heat,humidity,bugs and occasional tornado. Of course what do I know living here in the EVER GRAY state, except for today where it's sunny and 84.

Reply by Sylvia_FL on 5/29/07 6:45pm
Msg #192622

Re: Nothing wrong with Texas, if

I went to Texas once - it was very - ummm- unforgettable.

Reply by Gary_CA on 5/29/07 7:42pm
Msg #192626

Wow you learn something new every day...

I guess things really are different in Texas... but see you're getting it done... if that Lawyer can make $125 off a client you bring in while he's doing something else billable at the same time, that's good business for everyone. And if he can make another $30 on the copies, that's nice too... and if there's no other alternative well...

Now on to the important stuff... I'll be searching my SPAM folder all night... like Charlie looking for his golden ticket.

In the meantime, we might as well get the job interview started.

Do you know how to make white gravy? Homemade pickles? Chicken and dumplins?

Yeeeeee hawwwwww....

Reply by BrendaTx on 5/29/07 5:47pm
Msg #192600

Re: Of course they will...Gary...Tx Title Co's don't care to

Gary:

The courtesy closing scenario is truly COURTESY. The Tx title company/lawyer is often miffed b/c they are not getting those closing from their own local clients rather than having national title company force them by a nice little notary coming up and knocking on their door and asking for a favor.

Those companies would be better off never seeing another $25 pittance offering...they don't want us...they would rather we not exist, and it's only because they are nice people that they let it happen.

Most TCs here have said, "Sure, we'll allow a courtesy closing. We charge $350." I was able to cut a good deal with a lawyer locally who let me get off by paying him $125, I kept $125...$250 was the lowest price around. If I didn't do it, he would for $300. But he felt that the cost of edocs was $50. He would probably charge me another $30 if I were to start using his copier to make a set of copies for the borrower.

Reply by TXNotary on 5/29/07 5:53pm
Msg #192603

Re: Of course they will...Gary...Tx Title Co's don't care to

I have never been charged to use an office to perform HELOC's nor have I not been able to make copies of the signed documents. I am in the Dallas/Ft Worth area.

Reply by BrendaTx on 5/29/07 6:08pm
Msg #192607

Re: Of course they will...Gary...Tx Title Co's don't care to

That's good news for you!

Question: Do you mean that if it's a cash out with 200 pages they don't mind you making the copies on their copier?

Title companies are really good business neighbors, but here it would not happen. Like I said, they'll gladly do it all for $350.

One time I talked to a ss who wanted a cash out/or an equity line done in College Station. Very nice people...I kind of cringed and said, well...my rate is $250 b/c I have to pay the lawyer to use his office. He said, "Done. That's cheap for your area...the going price seems to be $300-$350." It's kinda like they (the tcs) decided they'd had enough of it.

Reply by EastTxNotary on 5/29/07 6:09pm
Msg #192608

Re: Of course they will...Gary...Tx Title Co's don't care to

Well, here in east Texas, I have a few attorney contacts that will let me use their conference room for free, a few who charge between $25 and $50 for that "hour" and a very few title companies that will even consider this type of courtesy closing in their offices. TXNotary, consider yourself quite fortunate if you have that kind of free access! I agree with Brenda, most of these folks could care less about that paltry fee, they'd rather do the closing themselves and who can blame them? We're all out to make a living, aren't we?

Reply by TXNotary on 5/29/07 6:49pm
Msg #192623

Re: Of course they will...Gary...Tx Title Co's don't care to

There are four title offices and one lender office that I use on a regular basis and have never had any problems with being charged a fee. I often do mobile closings for all the offices that let me use their rooms.

Reply by BrendaTx on 5/29/07 6:09pm
Msg #192609

I said "borrowers" and I meant "borrows" n/m

Reply by JK/TX on 5/29/07 11:46pm
Msg #192657

MARLENE THX Texas Notaries: Constitut. Amend tx hm eq

OK, I'll try this again..... my computer keeps bumping me off-linellllll Once again, Thank you Marlene.... it takes more than "one" to keep an eye on AUSTIN ! i"M amazed at what they think is SO important...but hey, at least they all stayed at the capital and made this decision together, ....I did not hear about any fleeing to Oklahoma ......so, i guess what is new is "the borrower must see a copy of their 1003 one day prior to closing"...??? ...... I'm sure this will cure all.,..........

Hey Brenda, I really enjoyed talking w/you today...... I do look forward to doing business w/you in the future!

Reply by BrendaTx on 5/30/07 5:51am
Msg #192670

JK - thanks! It was like talking to an old friend...

Your insight is truly appreciated by this SA. I am definitely looking forward to chats in the future.