Posted by Carol Graff on 6/30/09 8:32pm
Msg #294130

docs sent from BofA directly to borrowers home

Very unusual situation--would like to know how you would have handled it. I got a call from a lady in my neighborhood who I have notarized for (her husband is dying). I get there and see it is an entire loan pkg. I was not sure about this but I decided to go through each page as I normally would to see if everything was signed and initialed (which she did before I got there). I told her this was a loan signing and normally she would be charged over $100. She said that there was only one form to notarize the DOT. Then she showed me the note from BofA which explained there was just one sheet to notarize and she was to sign and fill out the rest of the forms. I went over RTC with her, etc. and spent about 35 min. with her, which I was happy to do as she is so nice and the caretaker of her husband. I only charged her $10 for the one signature. Have you ever heard of anything like this before? I've heard of docs being mailed directly to borrower but notary was arranged by title co or SS. Is this the wave of the future to save money on notaries? I realize now that I did not have to go through any of the docs, just notarize the DOT and will do this in the future.

Reply by chucke/fl on 6/30/09 8:43pm
Msg #294131

I had a closing that was for BofA last week in which the documents went directly to the borrower. It was a complete loan package. They sent the Hud to me and a few title documents. I had to review the docs there in front of the client. They paid my overnite doc fee. It was a small package.

Reply by Shoshana Roller on 6/30/09 8:56pm
Msg #294133

That was a very popular Wells Fargo thing when I lived in CA. That was more than 3 1/2 years ago.

Reply by Glenn Strickler on 6/30/09 9:08pm
Msg #294135

It's a common practice.

I give them two prices. One price if they just want me to notarize their signatures on the applicable documents, and one if the want me to act as a signing agent. I explain the difference and let them choose. Most of the time, they want me to act as a signing agent. Give them the advantages of you going over each and every document to ensure it is properly signed and no signatures were missed. Most of the time, they will opt to pay you as a signing agent.

Reply by Carol Graff on 6/30/09 9:11pm
Msg #294137

Glenn, do you mean give BofA two prices or borrower? I had no contact with BofA.

Reply by trnsa_IL on 6/30/09 9:14pm
Msg #294139

I did exactly as Glenn did. I gave the borrower two prices and explained the difference then let them choose. They chose the SA price, and I was paid in cash after the signing. I would do it again.

Reply by Glenn Strickler on 7/1/09 5:42pm
Msg #294238

The borrower .....

You don't have any contact with the lender in cases like this.

Reply by BrendaTx on 6/30/09 9:10pm
Msg #294136

Carol, I think you got it figured out in the long run.

Next time you'll tell the caller to pull out everything that needs notarizing and you'll do it at a notary fee rate set by the state. And, hopefully, you'll be able to charge a travel fee next time.

These packages float around everywhere. It is a cost containment method for the lender/title company. The borrower pays you...they don't.

So this time you "gave back" to your community. Next time you'll have a better idea on what you need to do.

Reply by Carol Graff on 6/30/09 9:13pm
Msg #294138

thanks for that info, Brenda. Helped me out alot.

Reply by BrendaTx on 6/30/09 9:33pm
Msg #294140

Any time. I think we've all made pricing errors

as we have learned over jobs like this. You'll know next time.

I quote mobile fees to callers and they are like, "well, what if I come to you?" and a lot of the time I tell them that's not an option. If it's convenient for me that particular day, no problem, I have a method for doing work at home, but if not, I have to have a mobile appointment.

You did this woman a kindness. Maybe she needed it. Next time you'll be wiser.

Reply by OR on 6/30/09 9:58pm
Msg #294141

Re: I just think at my age my....

I just think at my age these darn old fingers just my need glasses too.

Reply by Becca_FL on 7/1/09 9:16am
Msg #294165

Believe it or not, these are BofA streamline refis and they only require that the mortgage be notarized...simple pgks with about 70 pages. I've done three in the last week and I give the brws the option of a full closing for my overnight fee or a trip fee plus $10 for notarizing the mortgage only.

Reply by LynnNC on 7/1/09 9:41am
Msg #294168

I had one last week - the B of A docs were sent to the borrowers by NREIS. The docs arrived at 3 PM and had to be executed that day!

Reply by Carol Graff on 7/1/09 10:30am
Msg #294174

thanks to all of you for your help. This forum has been a godsend to me.

Reply by Mae/TX on 7/1/09 11:40am
Msg #294183

I ditto that! Great info!

Reply by Cari on 7/1/09 10:41am
Msg #294175

sending docs to BO is not unusual for BOA, and most

larger lenders (Wells Fargo, etc.,) do currently send the BO their loan docs (primarily refi's) and advise them to find ANY notary. I have such a problem with this process for so many reasons, but primarily because these lenders are not looking out for their customers, and see them as $$$.

Carol, you are the best for helping her out in her time of need!

Reply by Yowheelz on 7/1/09 1:05pm
Msg #294203

They never tell the borrowers they need a Notary with a TPL

When I owned my business and we offered notary services we often had borrowers walk in with Wells Fargo packages. They were clueless as to looking for any specific notary. Wells Fargo never told any of them to find a Notary with a Title Producers License.

Reply by Linda_H/FL on 7/1/09 2:54pm
Msg #294223

Re: They never tell the borrowers they need a Notary with a TPL

If they walk in they're looking for a notary - period. Why would you need a TPL to just notarize a few documents? You're not doing a closing. Or do you need a TPL to notarize real estate docs?...Just curious.

Reply by Art_PA on 7/1/09 1:26pm
Msg #294212

My practice is to quote the notary fee & tell them to have their licenses and everything which has to be notarized ready when we meet. Usually there are only a few notarizations, and I don't want to make a production of going over loan docs, reviewing to be sure that they have not left any docs out, etc. This takes a few minutes.

I know nothing about their loan, have no relationship to the lender, and will not take responsibility to "review" the loan docs. Remember in this setting, you are a notary, not a signing agent.

Reply by JanetK_CA on 7/1/09 6:20pm
Msg #294249

I imagine that when people here are saying "review" the loan documents, they're talking about the signing part, not the document preparation and content that an attorney would do. If we don't do that in a signing where we're hired by a tc or ss, why would be do that for someone who called us directly?

Some borrowers just want a reassurance that they've signed properly. Also, if they have some questions, we should be able to steer them to the document that has the answers they're looking for while they may have no idea where to begin to find it. That's signing agent expertise, not notary expertise, and many are willing to pay extra for that.