Posted by pat/WA on 1/7/09 5:41pm
Msg #273778

web site a book

I need the web site for the book explaining reverse mortgage documents. I think it would be wise to have it in our briefcase in case I run into another smart_ _ _ loan orginator that thinks I should explain each document line by line to the borrower.

Reply by Marian_in_CA on 1/7/09 6:07pm
Msg #273781

Well, there are two that are decent enough to read.

The first is Reverse Mortgages for Dummies, which you can find just about anywhere. The other are Brenda Stone's notes. I'll PM the link to you for that.

Reply by sue_pa on 1/7/09 8:20pm
Msg #273789

I would appreciate it if you don't use the word "our" meaning all of us (especially me) colectively in something like this. What exactly do you intend to do with this book? Hand it to the LO and tell him to explain away? Surely you are not going to locate the proper page in the book and then attempt to give a line by line explaination of any document, especially one that you don't understand. Have you been reading this board the past week?

Reply by Claudine Osborne on 1/7/09 8:24pm
Msg #273791

Please lighten up..

Reply by sue_pa on 1/8/09 6:21am
Msg #273814

Why? So she can screw up? EVERY person that screws up in the field messes with my job, whether or not they're in Washington or PA. EVERY time an error is made is reflects on ALL of us. She clearly doesn't know what she's doing so she wants a book for use at the table. I asked what she intends to do with it since she mentions line by line. she hasn't responded so maybe as someone else suggested she just intends to lob it at the LO.

Reply by pat/WA on 1/8/09 1:32pm
Msg #273857

Sue

Our does not mean you, there are several people in our company. Therefore, our is appropriate.

Also, it is always a treat to hear your sarcasm. It gets my heart starting again.

You know their is a wonderful course on How to Win Friends and Influence People that you could benefit from. I learned a long time ago that people skills can be one of your greatest assets.

Reply by Philip Johnson on 1/7/09 8:36pm
Msg #273794

Pat why would you want to explain line by line?

First what if what you say contradicts what the person understood from his/her kids, LO and or lender and they decide to skip it? I can't imagine how hard that call will be to tell the TC that Gramps/Granny are not going to sign, because of something you said.

Secondly, you may run into a bit of trouble doing the work of a LO without the benefit of having a license here in Washington.

Lastly I hope that if you plow ahead with this that you are billing for the 3 hours plus it could take to go into meaningful detail. As for me I'm going to continue to to run these closings as my others, with the thought that they have researched this and are prepared to go forward.

Reply by Linda_H/FL on 1/7/09 9:28pm
Msg #273800

Philip, see Msg #273617 - the LO told her she should n/m

Reply by MW/VA on 1/7/09 8:52pm
Msg #273796

IMHO you'd be better off to let the LO know that you are limited by law on how much you can explain. Remind them that the LO is responsible for the borrowers understanding the loan they are entering into, not you. It's about setting boundaries. It's not a lot different than when we're ask to backdate or something, and some companies will try to tell you that others are willing to do it.

Reply by Linda_H/FL on 1/7/09 9:22pm
Msg #273799

Pat, in addition to everything that's been said

those books, especially Brenda's, will give you a wonderful understanding of the product along with HER PERSONAL NOTES AND EXPERIENCES on closing reverse mortgages, they are just that - her personal notes and experiences. IMO the writings of a Texas notary aren't something you can use to back up your arguments on Washington State notary practice and procedure and the scope of your authority.

IMO you should maybe discuss this with your SOS and get direct guidance from them as to your responsibilities with regard to the contents of a document. Perhaps they can direct you to the statute that covers that and you can print THAT out and carry it with you for those times when someone tries to push you to overstep your bounds.

JMHO

Reply by BrendaTx on 1/8/09 9:36am
Msg #273835

Amen, Linda.

**they are just that - her personal notes and experiences. IMO the writings of a Texas notary aren't something you can use to back up your arguments on Washington State notary practice and procedure and the scope of your authority. **

A $9.95 ebook has zero authority…if it did, it certainly wouldn’t be $9.95.

Reply by Marian_in_CA on 1/8/09 12:39pm
Msg #273854

Re: Amen, Linda.

That's all very true. I pointed out Brenda's notes and the Dummies for the reading purposes only, btw, not for her to use at the table.

I can't even imagine pulling out a Dummies book at the signing table. Heh.

Brenda's notes are great. I'd had the opportunity to look at them in the past and this thread reminded me that I needed to buy my own copy. I would certainly never pull them out at a signing, though. I mean, that's like trying to pull out a car manual to figure out how to operate the windshield wipers while you're doing 65 on a freeway.

As far as going over something line by line? I just hope that Pat did not believe that loan officer who said she should be doing that. (For those that missed it, it is Msg #273617). I don't think it is wise to pull out ANY book at a signing unless it is one that is legally authoritative, such as a state notary handbook, state code, or some other official publication solely to use as a reference as a means of backing up your word.

Reply by MikeC/NY on 1/7/09 9:35pm
Msg #273801

I'm not sure what good a book is going to do you, unless you plan on throwing it at the LO

It's not ever your job to explain anything, unless a) you're qualified to do so (depends on your state's requirements), and b) you're hired specifically to do so. If the LO is hiring you directly, you establish those ground rules up front. If someone else hires you and the LO insists you're going to be doing his job, you need to either straighten him out very quickly or hand the job back to the hiring entity.

That doesn't mean you shouldn't learn about each of the documents just to satisfy your own curiosity, but you're never there to explain to the borrowers what the documents mean. The legal implications of doing that could be quite painful...

Reply by sue_pa on 1/8/09 6:25am
Msg #273815

to John T

whoever you are. I could care less if you feel I am arrogant or rude. You are correct, I am experienced while many are not. So, should those of us with experience say nothing while those without experience are making HUGE errors that reflect on all of us.

As for my comparrison to Becca, she is one of the most knowledgeable people on this board (whether or not you like her attitude is none of my concern) so I take that as a compliment. Listen to the message ... not the delivery ... with her and with me and perhaps you will learn a lot. If you are experienced, why didn't you assist this lady ... perhaps with flowery words ... letting her know she is wrong.