Posted by JanetLA on 12/9/08 9:03am
Msg #271483

So this is a new one for me

I am going to a small town across a river this afternoon, to a loan companyfor a signing. I was hired by a title company in another state. They don't want me to print anything, I am just to witness the loan process, about 20 pages they say. They don't want me to send anything back to them other than a "Real Estate Transaction Affidavit" and they are paying me my full fee. What I guess I don't understand is that they told me that for this signing all I am doing is making sure that they sign everything. Additionally, they say on my email that "it is their loan and their money that they are lending"... meaning the loan company that I am going to. Anyone ever do anything like this? I am fine with going to witness, but in 10 years I have never done one of these. Thanks in advance

Reply by Linda_H/FL on 12/9/08 9:18am
Msg #271484

Yep....sort of....had a Heloc signing a few months ago

at the lender's office - lender rep had package and the docs I needed to notarize were right on top - lender rep was handling the rest of the signing - my instructions were that the package stayed right there....two docs done and I was out of there for my full fee....kind of a nice change of pace

Reply by alowell on 12/9/08 4:19pm
Msg #271545

Re: Yep....sort of....had a Heloc signing a few months ago

I work for a Title company and this happens more often now here in Gulf Coast Alabama- I have personally sat through about 6 of these in the last 4 months- its getting to be more common with the market so shaky right now- and I was paid my full notary Fee of 200.00 - only handling 2 docs!

Reply by Linda_H/FL on 12/9/08 4:52pm
Msg #271550

Angie, if you go out on your own as you indicated

in your other post, you can kiss that "$200 for a HELOC" goodbye - as a signing agent you'll be lucky to get that for a full loan package. Those days have been over for a very long time.

If you honestly get that kind of money for closings (and keep it all) you may be better off to just stay put. Out in the real world you're only going to get a fraction/closing of what you're getting now, and from that you have to consider all your operating expenses. And I'm sure you know the market is not the best for new ventures right now.

Good luck whatever you decide to do.