Posted by mtnotary on 6/25/09 9:12pm
Msg #293634

True Story

I had 6 signings today...ok would have if they had the papers ready. Instead only got papers for 2. Still waiting for the papers for the other 4 signings of course that will never happen as they were at 11:00 a.m., 2:00 p.m., 6:00 p.m. and 9:00 p.m.. The 9:00 p.m. one was sent by Title Company as a corupt file can't get it open can't get ahold of anyone. This was pushed back from Monday this week for tonight. AGGH
Then when I was at the 5:00 signing the borrowers had a little 3 year old that threw a ball it hit the lady's soda on the signing table it fell over and narrowly missed my almost done signing packet.

I swear I just don't get why the papers can't be ready if I knew about these jobs on Tuesday of this week. Hopefully the new rules that go into effect on July 31st will eliminate this problem.
Is it my imagination or was June really bad for last minute docs. It seems like it is the worst that I have seen and can remember in the past 4 years. For example I don't mean I get them 2 hours in advance I mean the job is at 12:00 and I need to travel for 30 minutes to get there and I get the docs at 11:45.

Reply by Linda_H/FL on 6/25/09 9:30pm
Msg #293635

Okay...I'll tip my hand...I'm clueless..

"Hopefully the new rules that go into effect on July 31st will eliminate this problem"

What new rules?

Reply by notaryinmo on 6/25/09 9:36pm
Msg #293637

Re: Okay...I'll tip my hand...I'm clueless..

That's what I was thinking too - I've not heard anything about new rules and I was just on the MO SOS site today.

Reply by Linda_H/FL on 6/25/09 9:37pm
Msg #293639

Re: Okay...I'll tip my hand...I'm clueless..

LOL...I don't feel so bad now..

Reply by brass/LA on 6/25/09 10:50pm
Msg #293646

Rule #1

No liquids on the closing table. None, never, ever!

Reply by parkerc/ME on 6/25/09 11:04pm
Msg #293648

Re: What new rules for July 31st? n/m

Reply by bahama on 6/25/09 11:35pm
Msg #293653

Re: What new rules for July 31st?

I am waiting for an answer also.

Reply by YourNotaryCA on 6/26/09 1:02am
Msg #293658

No one seemed to check Peggy's profile, she is from Montanta. From my research the only new legislation for 2009 in her home state is the following:
Senate Bill 299 establishes both a journal and an education requirement for Montana Notaries. It requires that all first-time applicants for a Notary commission, and all existing Notaries seeking reappointment against whom a complaint has been filed or evidence of improperly notarized documents has been submitted to the Secretary of State, take a training course. The new law also requires use of an inking seal alone as the official seal. It shortens the residency requirement for commission applicants from 1 year to 30 days. (Journal requirement takes effect October 1, 2009. Education and residency requirements take effect July 1, 2010).

However, if you read Peggy's profile it also states she is a paralegal. The rules she might be referring to could be relating to another party involved in the loan process.

Reply by Linda_H/FL on 6/26/09 7:20am
Msg #293668

She could also be referring to some new

federal legislation related to RESPA or fair lending practices....based on her statements about late docs and "new rules" I didn't expect to find the answer in her profile.

Reply by sjp on 6/26/09 7:49am
Msg #293674

July 30, 2009 changes

I rec'd the email below from Wells Fargo:

On July 30, 2009, the new Housing and Economic Recovery Act (HERA) Mortgage Disclosure Improvement Act requirements will go into effect. Certain provisions of the Act require all mortgage lenders and mortgage brokers to help prevent deceptive lending practices and protect consumers by helping them become more informed. We're proud to say these goals align with the responsible lending practices for which Wells Fargo Home Mortgage - the nation's #1 residential mortgage lender* - has long been recognized.

Most of the changes will be transparent to the consumer and real estate agent. However, as a settlement agent, it is imperative you have a strong understanding of the requirements of the Act and how they impact the closing process for consumers. In particular, the areas where you can be of most help include:

--Ensuring all fees impacting the APR are accurately communicated to the lender as soon as fees are identified. Any increase in the APR of more than .125% will require a re-disclosure of the Truth in Lending (TIL) and could delay closing. The re-disclosure requires the consumer be given an additional three (3)-business-day review period prior to closing, after receipt.

--Providing a preliminary settlement statement with accurate fees to the lender, allowing the lender sufficient time to issue a revised TIL disclosure (if necessary) seven (7) business days prior to the scheduled closing date.

--Scheduling signing/closing dates as accurately as possible in order to best estimate prepaid interest and avoid TIL re-disclosures.

Reply by Linda_H/FL on 6/26/09 7:59am
Msg #293675

Re: July 30, 2009 changes

So reading this, the changes just impact any "change" requiring a new TIL....reading this, I don't see how this is going to avoid late docs...the 3-day review is only for "re-disclosure"...

Maybe I'm missing something...but thanks for the info, sjp..

Reply by mtnotary on 6/26/09 9:58am
Msg #293690

Regarding the new Montana legislation it was sponsored by NNA I know this because they called my office and my home wanting me to write my congressmen to get it passed. So it is no surprise that they also put into the bill that we would have to take classes ... I bet they have to be NNA sponsored classes like the one I took in CA many many years ago.

Being a rebel at heart I didn't feel that we needed a law to do this as any Notary with half a brain at all already was using a book, looking at id and doing everything normal to cover themselves from fraud.

Kind of like the seat belt law. Hey a smart person wears a seatbelt because they never know when a deer, moose or elk might cross the road and kabam.

Reply by MW/VA on 6/26/09 4:48pm
Msg #293739

I'm sorry to hear that the XYZ has got their agenda into Montana. I see the need for a class requirement for notaries, just not at the profit of that organization.

Reply by mtnotary on 6/26/09 9:51am
Msg #293687

Wells Fargo

Yes I was referring to the Wells Fargo letter that I received yesterday and also to the conversation that I had yesterday at a loan signing in a Wells Fargo's V.P. Loan Officer's home.
She told me that this new law would mean that they would have to have everything ready to go 3 days in advance of the signing. Now if they have everything ready 3 days in advance we might actually get the loan docs on time....Just a thought.

However, I bet they put a waiver in the packet just like they have a waiver now for the rule about the borrower seeing the Appraisal 3 days in advance that the borrower now has to sign cluelessly at the signing table.

Yes you are right they did just pass a law about the Notary Public book here in Montana. I have been a Notary in this state for a long time and you have never needed a book which I thought was always ludicrous. It is definetly a great CYA tool.