Posted by snoopdogMs on 9/11/07 1:06pm
Msg #210339

Citibank closing-FUTR

I have a CitiBank closing tomorrow/Fiserv Lending. There is a document within that is a Funding Transmittal (FUTR). The borrowers do not sign. But at the bottom there is a block that says to be completed by SIGNER/NOTARY, Printed name of person taking acknowledgment. I have to print, sign and date. I called and they said it is not unusual for the notary to inquire about this doc. Why does the notary verify their payoff figure? Am I vouching for this figure something I know nothing about other than the fact that I am seeing this figure? This was the contacts reason. I have questioned this doc in previous closings. Can anyone tell me what the notary is doing here and is it just a figure verification?

Reply by NotaryGal/AZ on 9/11/07 1:33pm
Msg #210348

The funding transmittal is usually apart of the Cloisng Instructions which is signed by the Escrow Officer/Closing Agent. Not the Notary/Signing Agent.

This document is a preliminary breakdown of what the Net Proceeds to the Borrower will be. This may not always be accurate as 1 or 2 day delays can change the figure. 9 times out of 10 this is contingent on the actual date the transaction funds.

Reply by snoopdogMs on 9/11/07 2:01pm
Msg #210353

Thanks for your reply.

Reply by SharonMN on 9/11/07 10:18pm
Msg #210452

I don't recall ever seeing this document, but whose acknowledgement are you taking? If someone comes and signs/acknowledges before you, do an ack notary certificate. No one signed it before you? If they told you the borrower doesn't sign it, the form must be for some other signer/notary (perhaps at the escrow office) so don't notarize it.

Reply by snoopdogMs on 9/12/07 6:33am
Msg #210463

I agree Sharon. I told this individual at FISERV that there was no acknowledgment being taken, but he told me that the notary is to sign this doc. They have even tagged this doc to be faxed back indicating a signature to be checked otherwise why would they want it faxed back along with 5 or 6 other docs. I am going to call them back and tell them that I will not be signing this doc. and that I will fax it back but it will be blank.

Reply by LisaWI on 9/12/07 7:12am
Msg #210470

Re: Citibank closing-FUTR-Snoopdog

There has been discussion about this form. It was quite awhile ago and I dont know what you would input for a search but its in here. Some say yes, sign it, some say no. You will be told by the hiring entity its for you to sign. When I had a very lengthy discussion with the comp that hired me, they told me even lawyers refused to sign it. Not advice, but I was told on one to draw a line for the borrower and have them sign if it made me feel better. Just to clarify its not to be stamped, just signed. It also has been discussed with the document maker to change the form. It is to my understanding, it is to be shown to the borrower and you are signing taking there acknowledgement that they saw the form. I know, big No-No, but that is what I was told. I was also told that if its not signed, the lender will reject the final docs. And if I remember correctly I think under the signature line it reads "Notary or person taking acknowledgement" I could be wrong on this one though. I havent seen this form in awhile.
Good luck with this one, its one of those forms that really makes you scratch your head.

Reply by MSFlorida on 9/12/07 9:34am
Msg #210503

Re: Citibank closing-FUTR-Snoopdog

The doc is for Fixed Rate HELOC I never sign that I have the borrowers sign acknowledging that they have seen figures and agree. No one was has called and said different.