Posted by mtnotary on 9/3/08 10:44am
Msg #263029

way of the future

Had a friend call me up as she knew I was a Notary, she also knows that I am a Signing Agent.
Anyways she needed a Notary for a Citibank package because they had instructed her to fill out all of the forms and get a Notary.
I notarized the form for her but we laughed as I used to get paid for doing these loan modifications.
My question is this...Is this the way of the future? The borrower gets the package and is told to go find their own Notary?

Reply by BarbaraL_CA on 9/3/08 10:54am
Msg #263031

This process has been going on for some time, but not a lot of lenders do it this way.
I have done alot of these for Wells Fargo loans.

Reply by davidK/CA on 9/3/08 11:04am
Msg #263034

The lender must know that companies like LIA that seemed to be doing a lot of mods aren't paying the notary for services rendered and they simply don't want to be involved in any way with the criminal fraud practiced by certain SS.

These loan mods are usually a one signature job, so it's really just general notary services rather than NSA work so it's not really much of a change. There was a time when most banks would do notarizations in their offices, but with increasing potential for fraud the banks (at least here in CA) are refusing to even do that for their customers.

It makes one wonder how does the NSA advertise or market for the one signature fee, and why. In CA at least we can charge $10 which could be considered "big bucks" in some other states. But as we all know, you can't get rich that way so we still have to have real paying NSA jobs on a regular basis.

Reply by ZeeCA on 9/3/08 11:52am
Msg #263047

If you use the orange search button you will see this has

been discussed quite a bit

Reply by aatatusko on 9/3/08 1:13pm
Msg #263063

Re: If you use the orange search button you will see this has

My brother did his purchase this way in Ponde Vedra, FL., he was living in Amelia Island at the time. LO told them to go to any bank to have papers notarized. Unfortunately they had no problems, it was quick and easy for them.

Reply by MW/VA on 9/3/08 2:22pm
Msg #263074

I just had one that was assigned to me, but I was never able to get w/the borrower.
I understand he got his own notary to take care of it. As far as I'm concerned, that is the way it probably should be handled. I have found it very difficult to make appointments for loan mods, and the money isn't worth all the phone calls & follow up. In those cases, you are paid by the borrower. In your case it was a friend, so I assume you didn't charge her.

Reply by mtnotary on 9/3/08 2:47pm
Msg #263081

I didn't charge her since she was a friend and came to my house. Besides here in Montana we can charge $1.00 for signatures. Definetly not a real money maker like in California.

Reply by cdoty_IL on 9/3/08 2:33pm
Msg #263076

in my area this is quite common, even for a refi package. I do not have alot of competition, so when I get a call to drive 3 hours one way for $85 I tell them (in a nice way of course) that this is not worth my time. They then tell me they can not find a notary to go to this area and they will just have the borrowers find thier own notary. In IL the fee a notary can charge per notarization is $1 (no I did not leave off any zeros), So in IL doing normal notary work does not make much sense unless they are paying for a trip fee - that is all you can charge though.

Reply by MistarellaFL on 9/3/08 2:34pm
Msg #263077

way of the past

Mail-away closings have been happening forever.

Reply by MW/VA on 9/3/08 2:46pm
Msg #263079

Re: way of the past

Good point. It is the way of the past, not the way of the future.