Posted by JaneCA on 2/16/08 4:46pm
Msg #235615

Loan Signing Agent not Required

Is anyone else experiencing this? I got a call from an aquaintance asking me to notarize some documents for her from Bank of America. It turned out to be an entire loan package. She had been instructed to find a notary on her own! They sent her the documents with stickies for where to sign and initial, and a return envelope. Are these loan companies going to cheap out on us? I couldn't ask someone I know for my usual fee.
A friend also had the same experience with Wachovia Bank.

Reply by ZeeCA on 2/16/08 5:00pm
Msg #235618

yes a my good buddy got it and I could not and would not charge even tho she said she would have to pay someone else... she said she would make sure she had diet coke in her house forever when I come over.....

Reply by Roger_OH on 2/16/08 5:09pm
Msg #235620

Companies like Wells Fargo have doing these "mailaways" for a long time. Unfortunately, they never tell their customers to search a site like NotRot to find someone experienced with loan docs, so these folks have no idea of what kind of notary they're getting, wherever they dig one up.

I offer these customers the option of having just the docs notarized with my normal travel fee, or I'll do the whole SA thing and go thru the package with them, for a higher fee. Most opt for the latter, so they can ensure all is OK.

Reply by CJ on 2/16/08 5:26pm
Msg #235621

Once in a while I run across one of those.

Before Kinko's had an in house notary, my friends at Kinko's would recommend me to their customers. Sometimes I got a loan package. I would save the fed ex bag that it came in and call the person who sent it, and try to get into their database. I don't know if any of them ever paid off, because that was when everyone was so busy I was not keeping track of how people were finding me.

Reply by CARID on 2/16/08 5:45pm
Msg #235623

When I did my refinance that is how they did my package.

From talking to my Loan Officer they do alot of their loans that way. It will be interesting to see what Bank of America does with Countrywide closings in the 1st quarter of 2009. That will not be good !!!!

Reply by WDMD on 2/16/08 6:59pm
Msg #235630

Different lenders do this all the time in Maryland so they won't have to pay a title producer to sign the loan. They just tell their clients to find a notary, while they still hide the closing fees in the HUD.

Reply by Laura Vestanen on 2/16/08 8:21pm
Msg #235635

I love these.

Like CA, WA has high notary seal/oath fees.

The borrowers come to me, I charge seal/oath fees, and offer to walk the borrower through the docs to make certain they initial in all the right places, etc. I quote $15 for this and only people who work in the loan/real estate industry turn me down.

Borrowers pay cash on the spot.

I especially like these appointments because I verify during the initial call that the borrower has read all the docs, had all questions answered by the LO, and is happy to sign.

The bigger the package, the better. One was so big, my fee was $300 - and that was after giving them a hefty discount.

LauraV

Reply by Stamper_WI on 2/16/08 8:26pm
Msg #235638

Also

Wells fargo used to talk the borrower through the signing. Usually they were about done when the notary walked in and all we had to do was the doc's that needed notaization. My impression of most of the borrowers was that they were uncomfortable with this process but I imagine they actually did used their recission period to review the documents.
To me, it's a sloppy way of doing business considering the value of the asset and ramifications to the borrower. I would think it would increase the liabilities to the lender as well.

Reply by Pat/IL on 2/16/08 9:34pm
Msg #235641

Re: On The Other Hand

My own HELOC with National City was sent directly with instructions to find a notary. There is no real sense of urgency, no rate lock issues. It's a line of credit like a credit card. THe only differnce is that it is secured by property.

For most HELOCS, title insurance is not necessary (may be different in your locale). So the lender is saving closing costs even if they need to resend the documents for correction. I think it's a good guess that most of the lenders mentioned in this thread enjoy pretty substantial volume discounts with FedEx.

If this is being done with refinances, I think the lenders are placing their loans in peril. Are they doing this with refinances?

Reply by Doris_CO on 2/17/08 12:10am
Msg #235665

Re: On The Other Hand

There seems to be pro's and con's on this. I was called by the borrower to notarize documents on a Capital One loan, which was sent directly to him. He had signed everything except those pages that needed to be notarized. I didn't make as much as I would as a signing agent but I did charge a travel fee plus the fee for each notarization and I was paid right away instead of waiting for 30 plus days for payment.

Reply by Viola Cunningham on 2/17/08 1:11am
Msg #235670

Re: On The Other Hand/ Mad Borrower

I had a signing last Thursday , the title company was Title Resource group .They had the borrower to find a notary .She (borrower) expressed to me that she waited and hour to get someone at her bank to notarize her doc. They refuse her, because it was not their loan. She also when to two other banks and was turned down. So, I was surprised when she expressed her anger to me how she had to run around all day. The first questions she asked me was where was my services earlier I could have save her time and fustration. After,The signing , I called title company to let them know that the Borrower was very mad that she had to find her own notary and was wondering why I wasn't call earlier for my services to assist her. Also, the title company didn't call me until 6:30 pm their back was against the wall the doc dated for that day,the borrower was very angry. I just fill they're trying to save as much money as possible by cutting the signing agent out of the loan signing process.

Reply by Cari on 2/17/08 6:33am
Msg #235676

Re: On The Other Hand/ Mad Borrower

The only real advantage of the this type of signing, is that you (notary) have the advantage and get paid on the spot.

Reply by CARID on 2/17/08 10:53am
Msg #235687

When I did my refinance, my local bank was happy to notorize

a few documents for free. Per Bank of America they advised that is were I should go. I was not glad to see how easy it was to get it taken care of on my own. It just takes business out of our pockets. I do hope Bank of America does not use this process when it takes over Countrywide in early 2009 !!!!

Reply by JaneCA on 2/17/08 1:43pm
Msg #235690

Re: When I did my refinance, my local bank was happy to notorize

This is exactly what I am afraid of, that the banks, loan companies and title companies will not use Signing Agents/Signing Agent Companies. Countrywide is my largest percentage of loans, and I fear that when BofA takes over it will be curtains. Going to put an add in the local newspaper.
Thanks for all your responses.

Reply by BobbiCT on 2/17/08 3:20pm
Msg #235691

My local bank was happy to

Bank of America in CT often uses attorneys, who close the loan in their well-staffed law office.

Reply by Viola Cunningham on 2/17/08 8:04pm
Msg #235723

Re: My local bank was happy to

She (borrower) wasn't lying about being help,I know of other people who also said that their
banks didn't notarize for them. Remember ,they (bank) told her because she didn't generate the loan with their bank they didn't offer the service to her.I'm sure that there are some banks that will notarize doc for their customers. But, there are other banks that will not.My original point was that some Title / Escrow companies are trying to get around paying notary,by having the borrower to seek their own notary at their local bank. Personally, for service that we offer I feel very good that we are providing a needed service ,plus the borrowers are also happy that this service fit so well into their schedule. Let just wait and see what happens