Posted by CF on 11/1/07 8:53am
Msg #219180

ClosingStream and LSI

After reading message #195510- I did some reasearch on the LSI webstie to find out more about ClosingStream. Actually, I found a contact email and tried to position myself for some of this POA business. This is the email that I sent and here is the response. I just wanted to share this with everyone so we may try and collaborate on some ideas to work with enotarizations and not loose business- just my opinion- I would appreciate it if others respond. Here goes...and I apologize in advance if people find this to be useless information!
My email:

"I am a notary that is in your data base for traditional mortgage signings. I would like to know how borrowers are finding their own notaries while using ClosingStream. I would like to be a notary that you recommend in my area for borrowers to use to fill out the POA and I verify identity. Can you please tell me if there is a list that is offered to borrowers to find a mobile notary that will come to them at their convenience and notarize the documents that are required, in order, to use ClosingStream? I would like to be a part of the process in any way that I can to help your borrowers. Thank you for your time. "

LSI Response:

We appreciate your interest, but at this time we are not referring borrowers out to any of our mobile signing agents for the notarization of their POA’s for Closing Stream. We refer them to their bank, FedEx Kinkos, UPS Store or AAA. If this ever changes, we will keep you in mind. Thanks!

While this response was nice- it just does not sit right with me that Fed Ex and UPS stores are getting $$$ from our pockets? As stated previously I just wanted to know what people think and how we can get on board with this? Thanks!

Reply by Lee/AR on 11/1/07 9:41am
Msg #219188

Other than doing your own advertising, there is no way that I can see. Nor do I think that most people would be willing to pay our travel expenses when they have already been advised to take it to their own bank, where they know it'll probably be done for free.

When the next wave of fraud starts, let's hope we're still around to fix the 'folly of POA signings'. Must explain: my personal experiences with bank, UPS-type stores, etc., notaries has not been good. I've never been ID'd!

Reply by Teddog/CO on 11/1/07 9:55am
Msg #219190

Agree with you 100%++ Lee

Fraud is just the beginning. Banks doing free signings, not for long my friend. lol Errors, errors and some more errors. Then there are those pesty fax backs. What happened to the dreaded Security Check that notaries are supposed have. Talk about pure folly.

Reply by Teddog/CO on 11/1/07 9:57am
Msg #219191

Forgot to mention

What are they going to do when the BWR starts to "ask" questions and taking up their time. Talk about "point & sign."

Reply by Sharon Taylor on 11/1/07 10:11am
Msg #219199

It's a disaster waiting to happen

The notaries at those places have no idea how to conduct a closing! They are not familiar with the documents, and too often they are not familiar with even the basics of the notarization process. Sending the borrowers a package of 75 to 125+ pages and then telling them to go find a notary is scary.
I remember when I dislocated my ankle a few years ago. I was meeting the borrowers and the two loan officers at a local fast-food restaurant, and when I got out of my car, my foot slipped into a depression on the walkway, the ankle went one way and the foot went the other. While waiting for the ambulance, I was on my cell phone frantically calling not only my signing agency but also every notary I knew to find a replacement to meet with them right away since the loan officers had driven some 80 miles to be there. No one was available.
The next day, I called one of the loan officers and learned they had gone to a local bank and asked if a notary could help them out. She could, but they ended up having to watch her like a hawk on each and every notarization or she would not have done it correctly, she had no idea how to do a closing or work with loan documents, plus she charged them DOUBLE my fee!!!!!!
Borrowers are going to be woefully uninformed, confused and callously served by this move to having them find their own notary.

Reply by Teddog/CO on 11/1/07 10:17am
Msg #219205

Re: It's a disaster waiting to happen

Perhaps the best way to look at this up coming disaster as a "Learning Experience" for both companies.

Reply by Lee/AR on 11/1/07 10:39am
Msg #219218

To clarify....

Whoa...you're going out in left field here. What this entails is the Bo signs a POA--one doc--that allows someone else (lender, title--I dunno) to 'sign' their loan docs. Bo has to take one doc to bank or wherever to have signature(s) on POA notarized & that doc is sent back. The notary for the POA needs to explain nothing...just notarizes.

Reply by sue_pa on 11/1/07 10:45am
Msg #219222

also

when borrowers are sent an entire loan package and told to find a notary, the notary notarizes - they don't touch any other papers in the package - they don't conduct a closing, etc. As always, a notary and a 'signing agent' are very different jobs. I believe the pages to be notarized come clipped together with a big note on the face page.

Reply by Ndwa on 11/1/07 12:31pm
Msg #219250

Re: also

I always offer my signing agent service on this type of request with my signing fee quote along with just the general notary rate. Borrowers have always agreed to pay me SA service fee.

Reply by Kevin/Ct on 11/1/07 11:19am
Msg #219229

Re: To clarify....

I suppose that there are some gullible enough to just do as they are told to close, including signing a document that allows a stranger to encumber the title to their home. However, I think there are more peopke out there with enough smarts to want the immediacy of an explanation to there questions. Many are not computer savvy...especially the elderly borrowers.

Fed Ex, etc. may be used to notarizing documents, but are not going to be able tell the borrower what and where to sign the non-notarized documents. What we are seeing is an experiment. There may be a sector in the market in which it catches on. I do not think it will work in the main stream. I certainly would not use it to refi my residence.

Reply by CF on 11/1/07 1:15pm
Msg #219274

Re: To clarify....

Thanks for the responses! I did not evern consider the "liability" perse that lenders will have by using a non-experienced notary at the UPS store or Kinko's that has no idea what they are notarizing or how to do it properly....that is just plain crazy that someone said that they were not even ID'ed at one of these places. Just today was "hired" to do some notarizations for a person and they wanted me to notarize for wife that was not present.....um NO! The guy got pretty upset and called me a while ago and said that Kinko's would do it for him....and that I must not know how to be a "proper" notary! Oh and yes...he refused to pay me a trip...thank god it was only 5 miles from house! I guess that we will just have to see how this pans out for everyone.

Reply by Dorothy_MI on 11/1/07 6:39pm
Msg #219348

Besides, Lee

All those places they mentioned were places that have limited hours, so the borrowers still have to get in their car and drive somewhere during generally recognized business hours. Oh, well, so much for borrowers convenience!