Posted by Negrete on 1/11/08 3:51pm
Msg #230285

Just say NO to Notary Express

What kind of policy is it that if the loan does not fund you don't pay the notary.

Never at my company will that ever happen.

Anthony J Negrete
Negrete's Notary Service Inc.

Reply by Negrete on 1/11/08 3:55pm
Msg #230286

Re: Just say NO to Notaries Express (OPPS TYPO) n/m

Reply by SReis on 1/11/08 4:12pm
Msg #230290

In total agreement re: pay if not fund

This has been discussed MANY times in the last few weeks, so I'm not going to reiterate my opinion BUT I do think this practice borders on unethical behavior for the notary.

Reply by Shane_OH on 1/11/08 4:11pm
Msg #230289

My 2 sided experience....(long)

My only problem with you Tony, is that as a Loan Officer, the company I was working for used you to schedule a closing for one of my loans.

You agreed, set it up.... the closing got pushed back (as they often do), and you flat out told the manager and myself (not knowing it was me of course), that "we should just schedule it another day....it can wait until tomorrow."

As a Loan officer, that doesn't cut it, and thus we no longer used your company.

That being said.... What you were arguing for was great from a Notary side. You were standing up for your notaries, and didn't want them working late or tying them up waiting for a closing that you didn't think was going to happen, and more closing companies should be standing up for their notaries like that. I applaud you for it, and let noone on this board think that you don't stand up for your closers. I will vouch for you.

However; as a Loan Officer, I was pissed and couldn't believe you were telling me and the company how we should be doing business..........As a notary, I would have been thrilled.
....

Now, before any thinks I'm flaming Tony I'm not. There are 2 sides to every story. The side Tony didn't know, was this borrower was flying out of the country for 2 weeks the following morning, and was willing to close as late as need be. If we waited for them to get back, the rate lock would have expired, and they would have been charged an additional half point on a $650,000 loan. As the LO, I was looking at a couple thousand dollar commission for a file I had fought tooth and nail for 60 days, overcoming appraisal issues, proof of income issues (I think he owned a business, but didn't draw a salary, paid everything thru the company), and I had fought with about 4 collectors to settle accounts in collections for between 40-60% of what was owed, just so we could close the loan.

Oh I was angry.... but if I had been the closer.....hell, I'd have been happy to know he went to bat for me.

The company (The Lending Center), wasn't a normal client of Tony's, and while he probably could have picked up the account (about 40-60 units a month), he chose not to, instead focusing on his current clientele. He made a business decision, that he felt protected his notaries....

But, the loan closed, thanks to another notary I knew, he got paid $250 for it for last minute and late signing..... the world is at peace. Glad to not be a LO anymore though. I missed the sales aspect, but too much stress.

Reply by SReis on 1/11/08 4:14pm
Msg #230291

Re: My experience as a closing agent...

Has been nothing but great with Tony. I only wish I heard from him more ;-)

Reply by Burton Georgia Loan Closers.com on 1/11/08 6:05pm
Msg #230302

Re: My 2 sided experience....(long)

Dear Shane, you make some points that deserve iteration: See >>>>>>>>below.

My only problem with you Tony, is that as a Loan Officer, the company I was working for used you to schedule a closing for one of my loans.

You agreed, set it up.... the closing got pushed back (as they often do), and you flat out told the manager and myself (not knowing it was me of course), that "we should just schedule it another day....it can wait until tomorrow."

As a Loan officer, that doesn't cut it, and thus we no longer used your company.

>>>>>>>>I myself have engaged in actions that were not constructive. This board is more animated than any I have ever joined. Apparently that is the culture for this board. All of us should take a deep breath and be slower to pull the trigger before lambasting others on this board. I emphasize **all of us**. There are stresses that everyone experiences in this industry. I, for one, will try to avoid name calling and will seek to be slower to pull the trigger privately or in a public forum. By the way, Google picks up all of our names on this board.


That being said.... What you were arguing for was great from a Notary side. You were standing up for your notaries, and didn't want them working late or tying them up waiting for a closing that you didn't think was going to happen, and more closing companies should be standing up for their notaries like that. I applaud you for it, and let noone on this board think that you don't stand up for your closers. I will vouch for you.

>>>>>>>>As a closing company, I am in a service business and I will be available almost anytime of the day or night. I do not enjoy last minute assignments, but that is part of the business we are in. I'm here to help those who help me...and when I forget that I am making a mistake. Same for others....

However; as a Loan Officer, I was pissed and couldn't believe you were telling me and the company how we should be doing business..........As a notary, I would have been thrilled.
....

>>>>>>>>Emotions do tend to run high when folks are under stress or their character and integrity is denigrated. I am trying to learn to BREATHE more. Just BREATHE deeply and avoid name calling for less stress and a longer life.

Now, before any thinks I'm flaming Tony I'm not. There are 2 sides to every story.

>>>>>>>Amen! Everyone needs to remember that there are "2 sides to every story." There are similar but different stresses and perspectives all up and down the food chain.


The side Tony didn't know, was this borrower was flying out of the country for 2 weeks the following morning, and was willing to close as late as need be. If we waited for them to get back, the rate lock would have expired, and they would have been charged an additional half point on a $650,000 loan. As the LO, I was looking at a couple thousand dollar commission for a file I had fought tooth and nail for 60 days, overcoming appraisal issues, proof of income issues (I think he owned a business, but didn't draw a salary, paid everything thru the company), and I had fought with about 4 collectors to settle accounts in collections for between 40-60% of what was owed, just so we could close the loan.

Oh I was angry.... but if I had been the closer.....hell, I'd have been happy to know he went to bat for me.

The company (The Lending Center), wasn't a normal client of Tony's, and while he probably could have picked up the account (about 40-60 units a month), he chose not to, instead focusing on his current clientele. He made a business decision, that he felt protected his notaries....

But, the loan closed, thanks to another notary I knew, he got paid $250 for it for last minute and late signing..... the world is at peace. Glad to not be a LO anymore though. I missed the sales aspect, but too much stress.

>>>>>>>Bless you for your post and the opportunity to share thoughts for the benefit of all on this forum. Burton F.

Reply by Becca_FL on 1/11/08 6:33pm
Msg #230306

Nice to see you back, Shane.

ML-Implode imploded The Lending Center today. It's sad...so many in the industry out of work.

Welcome back!

>>>Okay... it's official. Here's an announcement from CNNmoney.com:

"FBR Group's mortgage origination subsidiary, will liquidate its assets as a result of the continued deterioration of the non-prime market. To effectuate its orderly liquidation, First NLC will file a voluntary petition for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code. FNLC's senior secured lender supports the orderly wind-down of FNLC's business."

Update to Ailing - 2008-01-07: Late evening we received the following email:

"First NLC (The Lending Center) cut off computer access on Monday night at 7pm EST for all employees. There is no compensation plan in place for 2008. It looks like Tuesday is going to be the day they close up shop. Keep an eye on it early Tuesday, it is probably all over".<<<

Reply by Glenn Strickler on 1/11/08 6:37pm
Msg #230307

Re: My 2 sided experience....(long)

Well, I usually stay out of these exchanges, but I can say two things as a notary.

1. When I have worked for Tony, it has been great without any problems. Perhaps he does screen loans because he knows how a loan such as this can screw up our daily schedule. I will work for him anytime.

2. When a loan that I am assigned to is cancelled at the table by the BO, late in getting the docs to me or does not fund, the problem can almost always be traced back to the loan officer. Some of the reasons are not being honest with the BO's on the terms, LO not communicating properly before the loan, the LO not being available to answer the BO's questions at the table and just not completeing the paperwork in a timely manner. I had one LO even lie to the borrower and tell the borrower that the reason we were running late was that I could not print the documents. Unkonwn to the LO was that the BO was a neighbor who was having a beer in my home office while we were waiting for the docs. Imagine the LO's surprise when the BO's handed me his cell phone so I could talk to him. My neighbor cancelled the loan on the spot and went to someone else (This happened last week).

So excuse me right now if I don't feel the love for loan officers right now ...

Reply by Burton Georgia Loan Closers.com on 1/11/08 6:46pm
Msg #230308

Re: My 2 sided experience....(long)

Glenn, one experience that I do not enjoy is when the LO lies and delivers documents VERY late.

Even with efforts to keep the borrower thoroughly informed, I then arrive late, through no fault of my own, with an angry borrower who is hypercritical and who files a complaint against me with the lender who then cuts my fee by half with a take-it-or-leave-it presentation. Grin and bear it!

Though untrue, the borrower has been informed that I had the documents hours earlier.

When a borrower is told by the LO that the closing will occur at 3:00 p.m. and you arrive at 8:30 p.m., you can understand why the borrower is upset.

Being on the receiving end of misplaced anger and unjust criticism is not enjoyable.... Truly, life is not always fair!

Burton F.

Reply by Glenn Strickler on 1/11/08 7:33pm
Msg #230311

Re: My 2 sided experience....(long)

Well, I eliminated most of the problem of late docs by not scheduling the appointment until I get the docs. I keep the BO in the loop on what is happening and tell them I will call and schedule as soon as I get the docs. ....

Reply by Negrete on 1/11/08 7:53pm
Msg #230313

How did this Subject change from just Say NO

to Notaries express to what it is now ?

Anthony J Negrete
Negrete's Notary Service Inc.

www.chasenotary.com

Reply by Shane_OH on 1/11/08 8:12pm
Msg #230315

Because I posted a comment about my experiences with you...

and how you look out for your notaries, at the possible cost of losing business.

duh....

Reply by Glenn Strickler on 1/11/08 9:08pm
Msg #230320

Re: And it's been one of those weeks and I went off the deep

end ....... sorry ........

Reply by CaliNotary on 1/12/08 12:10am
Msg #230343

So.......how about that Nicole Richie baby? n/m

Reply by jba/fl on 1/12/08 6:16pm
Msg #230376

Boy or Girl? n/m

Reply by jba/fl on 1/12/08 6:16pm
Msg #230377

Oh, forgot, does it eat? n/m

Reply by christiSocal on 1/13/08 1:24am
Msg #230394

Wanna bet she weighs more than Mom by 6 months old? n/m

Reply by Sylvia_FL on 1/12/08 9:48pm
Msg #230382

Re: Boy or Girl?

Girl!
Harlow Winter Kate Madden

Reply by C_in_OKC on 1/12/08 12:55am
Msg #230344

Hey, thanks Tony!

I appreciate the heads up on Notaries Express payment policy.

Chris