Posted by Art_PA on 1/7/09 12:54pm
Msg #273737

Mega-Production

The discussion relating to the 2009 calendar again brings out the way this job is viewed by notaries. Most notaries see their jobs as getting the documents signed properly in the shortest possible time. Others appear to have expanded their role to involve themselves more in the loan process, even days after the loan closed.

In this period of declining fees, it is interesting that some notaries still spend more time than necessary at the table. We are not getting paid by the hour, and in some cases, not getting paid at all.

In my view the main function at a witness only closing is to identify the signers and be sure that the documents are signed properly. Of course the notary is to know when to contact the title company or LO when necessary, and to be able to identify each document. It is apparent that some notaries say more than necessary, and I suspect that many problems which arise at the table are caused by the notary saying something which disturbs or confuses the borrower.

A close friend who did closings for several years often called complaining that some of his closings took over an hour, and even over 2 hours. He insisted that it was necessary and that he felt it his obligation to explain the purpose of each document and to also show the borrowers each page of their copy so they would know they had a complete copy. He also complained that there were times when he was not paid for some closings because the borrowers canceled. I wasn't there and do not know exactly what he said, or which switches he flipped to turn the borrowers off, but I do know that he has impeccable manners, and that he certainly said too much.

Since the notary was not privy to the discussions with the LO, it is the best practice to say as little as possible at the table. Some of you do reverse mortgages, and there is a real possibility that you could be called as a witness years later. You will be in a much better position if your policy is to say nothing, rather than trying to remember what you said in each case, or trying to explain that you did not say what the poor person who really did not understand the loan and is now losing her house says you told her to convince her to sing the papers.

Reply by CaliNotary on 1/7/09 1:25pm
Msg #273743

I don't totally agree

I think one of our responsibilities is to make sure that the borrower has a good, basic understanding of everything they just signed, not to just get it signed and notarized. Emphasis on BASIC. "The Deed of trust explains the rights that the bank has to the property while you have a loan with them". "The compliance agreement says that you'll cooperate in correcting any errors or provide any additional information if they need it"

But I definitely agree that a lot of signing agents are creating way too much additional time and expense for themselves. It's very easy to do a thorough, yet efficient job.

Any successful business needs to strike the right balance between quality and cost, and too many people on this board seem to think that the more crap they add to each signing somehow means they're giving higher quality service.

The bottom line is that the title company wants to get back a completely signed, error free, loan package. They don't care if you spent 10 minutes before the signing reviewing it, 10 minutes after the signing reviewing it, 15 minutes driving to and waiting in line at Fed Ex to get a receipt showing you dropped it off, 20 minutes showing the borrower that their copy is identical to what they're signing, 20 extra bucks on a case of extra bright paper because you think that looks more professional, and so on.

They only care about what you didn't do when there's a problem, and it's WAY WAY WAY cheaper to just deal with the problems on the VERY rare occasions that they arise than it is to CYA in every way possible on every signing "just in case". After all, having a Fed Ex receipt showing you handed the package over the counter doesn't fix the problem if they haven't received the package. Reviewing the docs prior to the signing doesn't solve the problem of their not including an interspousal transfer deed that you didn't know was supposed to be there in the first place (and yes, this only applies to states where it's not mandated by law).

It's all about streamlining. I can make more profit on a $100 signing than other people make on a $150 signing because I've trimmed all the bloat from my process.

Reply by Bob_Chicago on 1/7/09 2:13pm
Msg #273760

Agree, Cali, tell tlhem what they NEED to know , get it

signed and move on the the next signing.
Pointing to the section on the TIL showing no prepayment penalty
is NOT UPL and much more efficient than calling lender and listening
to tape telling you how important your call is to them, is not a good use
of anyone's time.
I did a section a few years ago at the NNA convention in LasVegas, teaching
NSAs how to get through a signing quickly and effeciently. From what I heard, it
was well received.
Show them the HUD, be prepared to answer typical ??, (eg. "pre paid interest"
Aggregate adjustment, etc), show them the important terms of note, rate, term
first pmt date, P & I pmt, fixed/adjustable, point out significant issues on TIL,
tell them about right to cancel, and get the dox signed , BRIEFLY identifiying dox
( this is your application, this verifies your SS #, this says you live here, etc, etc. )

Reply by ReneeK_MI on 1/7/09 1:38pm
Msg #273747

Wise words, Art ...

If we think for a moment about the fact that we can not 'see' ourselves the way others do (google "Johari window" for interesting stuff on that), then we can better appreciate how much we can learn from how people around us behave.

Putting this into context here - there are certain behaviors we don't readily see in ourselves, particularly if we're not extremely intuitive, and not everyone is. Those of us who tend to be 'chatters' might truly believe we're just "being friendly" when actually we might be annoying. We might tell a joke, hear everyone around the table laugh, and truly believe we've delighted them when we may actually have offended someone who is just being polite.

Reading the posts illustrating table issues often can paint an entirely different scenario to the reader than the poster believes truly happened.

So ... my point, yes I'm heading there ... my point is that it behooves us all, in all facets of business and life, to HEED THE CROWDED ROOM. Realize that there is no single reality - that what you may intend or what you might believe of yourself may be in complete contrast to how those around you experience you. THAT weighs far more heavily than your intention (which is what paves a road to somewhere ...)

** If you post about a situation and a lot of responses give similar opinions, pay HEED to the crowded room's voice, and you will undoubtedly learn something. Particularly valuable is this forum, where there is a tendancy for folks to be blunt, direct & honest and if it's interesting enough, you'll get a pretty good number of opinions.

** Watch body language - if you talk to much, chat too much, digress too much, you will see people withhold eye-contact, they'll stop 'feeding' the conversation, they'll look around, clear their throat, fidget. HEED the crowded room, no matter HOW 'friendly' you believe you're being.

** I think I might have had a loan rescind a couple years ago, not sure. I'm not saying I'm 'special', I'm saying it doesn't happen often. If it happens a lot to YOU - maybe it's not you, but maybe it IS. HEED the crowded room and really think about how you MIGHT be affecting this.

Reply by sue_pa on 1/7/09 8:25pm
Msg #273792

I think that knowing your part in the process and sticking to your part goes a long way for a smooth career. Understanding the entire process from beginning to end and understanding everyone else's role in the process goes a long way for a smooth closing.

I've said it before. Because of the posts I read on these boards, I would never, ever allow a "certified signing agent" touch any paperwork that pertained to me.