Posted by MW/VA on 7/24/09 9:41am
Msg #297226

BOA signings

I heard something interesting from a neighbor last night. She is in the process of a refi with BOA.
They told her she had the option of having a notary come to do the signing or she could do it online.
Has anyone heard that BOA is doing online signings that only involve the borrower???

Reply by Joanne Rezzino on 7/24/09 9:58am
Msg #297231

I beileve that the notary actually going to her home would constitute a refinance, but I know BOA and a lot of other lenders are offering streamlined closings. That does not require a notary to attend, they just complete the streamline process online. If that's what your neighbor was referring to.

Reply by Linda_H/FL on 7/24/09 10:28am
Msg #297237

Then how do they satisfy the presence requirement

for notarization of the security instrument?

Reply by sue_pa on 7/24/09 10:58am
Msg #297239

Re: Then how do they satisfy the presence requirement

borrowers sign a POA and a title company rep signs for them.

I've seen some of these (they were included by mistake) ... oh my, what a dangerous document ... they even give the power to sell the real estate.

Reply by John_NorCal on 7/24/09 11:01am
Msg #297241

Re: Then how do they satisfy the presence requirement

**borrowers sign a POA and a title company rep signs for them**

I think someone would be crazy to sign something like that! I know I wouldn't do that!

Reply by SharonMN on 7/24/09 11:17am
Msg #297243

Re: Then how do they satisfy the presence requirement

I think sometimes the POA power is limited to documents the borrower electronically signed off on or something like that. That would be much safer, although there is still the possibility of someone other than the borrower hacking in and electronically OK'ing stuff.

Of course, you still need a notary at some point to notarize the POA....

Reply by jojo_MN on 7/24/09 11:21am
Msg #297245

Re: Then how do they satisfy the presence requirement

Also, for streamline refinances, if they aren't raising the loan amount (paying closing costs out of pocket), they wouldn't need a new mortgage recorded. The note would be the only change (in interest rate) which isn't a notarized document.

When they finance the closing costs, then usually full doc packages would need to be signed. Most of the refinances I've done in the past few months have been streamline refi's.

Reply by Bob_Chicago on 7/24/09 11:39am
Msg #297251

Have to disagree with you on this one , J

" they wouldn't need a new mortgage recorded. The note would be the only change (in interest rate) which isn't a notarized document. "
If you look at the terms of a standard note and mortgage, Note says something
like " this note is secured by a morgage of even date"
and the morgage says that it secures the obligations as set for in the note
of even date.
In other words, the recorded mortgage secures the obligations of the specific note
executed at the original closing.
If the obligations of the note are later modified, then a new, acknowledged
document needs to be signed , notarized and recorded.
Not legal advice, yada, yada

Reply by Bob_Chicago on 7/24/09 11:44am
Msg #297252

But you do have the second coolest name on NOTROT,

just beaten out by my buddy, Cody Doty.

Reply by jojo_MN on 7/24/09 11:48am
Msg #297255

Thanks :-) n/m

Reply by jojo_MN on 7/24/09 11:47am
Msg #297253

Re: Have to disagree with you on this one , J

I stand corrected. The streamlines I did that did not need new mortgages were note modifications. The borrowers said they were streamlines done directly thru the lender. There was only a notarized document stating that they signed the modification in front of me.

Reply by Bob_Chicago on 7/24/09 11:54am
Msg #297256

Just to clarify, I did not say that you needed a new

mortgage signed.
The notarized modification doc is recorded and puts the public on
notice that the terms of the mortgae, previously recorded , have been modified.

Reply by MW/VA on 7/24/09 12:38pm
Msg #297275

This is not a streamline (streamline refi's are FHA/VA). She was offered the option of doing the closing via computer or a notary coming to the house. She wasn't comfortable with the computer idea.

Reply by Doris_CO on 7/24/09 10:15pm
Msg #297351

This type of signing was discussed a year or more ago. I found one discussion. See message 242625.