Posted by rosieWA on 11/13/09 2:26pm
Msg #310926

New Bank of America Instructions

What is everyone doing with this new Bank of America General Closing Instruction?

D.11 Document Completion.

Signing Agent must examine the Loan Documents and determine that:

a. All Loan Documents are completed (no blanks).
b. No pages, riders, addenda or exhibits are missing.
c. The Property’s legal description on the Title Document matches the legal description on the Survey and all Loan Documents.
d. All corrections have been approved by Lender and initialed by all signatories.

My attorney’s response is this:

"You may need to pay attention to the legal description, however. Unless the lender includes the title report, and the deed as well for a sale transaction, you have no way to comply with that instruction. In that case, I suggest that you send an email to the lender pointing out you do not have the documents required to comply with that instruction, and asking them to confirm that the legal description matches the deed and title report."

When I call lender and title they respond that adding the legal is "added at the back end of the transaction" and I do not need to follow the instruction - Horror of horrors!

Reply by Notarysigner on 11/13/09 2:45pm
Msg #310927

Wow...Thanks for the info

Reply by Linda_H/FL on 11/13/09 2:52pm
Msg #310928

". The Property’s legal description on the Title Document matches the legal description on the Survey and all Loan Documents"

Oh He77 no!!! Absolutely no way will I be comparing and proofing the property description with the survey (which is almost never included, btw)...way over and beyond the scope of my authority.

Reply by ReneeK_MI on 11/13/09 2:53pm
Msg #310929

Are you sure it said "Signing Agent" and not ...

"Settlement" or "Closing" Agent?

Reply by rosieWA on 11/13/09 3:23pm
Msg #310933

Re: Are you sure it said "Signing Agent" and not ...

I copied and pasted the instruction

Reply by BarbaraL_CA on 11/13/09 7:31pm
Msg #310954

Re: Are you sure it said "Signing Agent" and not ...

I think it's a misprint and should read "Closing Agent" ... I would check w/BOA

Reply by JanetK_CA on 11/13/09 10:29pm
Msg #310969

Re: Are you sure it said "Signing Agent" and not ...

I'm with you and Linda, Barbara. I think this has to be an error, as it is completely outside the scope of duties of a signing agent. Sounds like a Closing Agent or Settlement Agent responsibility to me. This gets into areas that we shouldn't have to deal with at the signing table, imo. It's not something that I consider myself knowledgeable about - nor is it anything that ever occurred to me that I should know, as a signing agent. Further, if I WAS the Closing Agent, I'm pretty sure I wouldn't feel comfortable depending on the notary to do this.

Reply by parkerc/ME on 11/13/09 2:53pm
Msg #310930

Sound like this falls in line with a preceding thread about Exhibit A to the Mortgage/DOT often not included in the package and added later. Except for a. and d. these sound like TC responsibility. If they're pawning it off on us, I see an increase in fees for "babysitting" TC/SS. And an increase in the amount of time we need documents to peruse before signing appointment. Definitely no print and run. Ridiculous.

Reply by parkerc/ME on 11/13/09 2:57pm
Msg #310931

" . . lender and title they respond that adding the legal is "added at the back end of the transaction" and I do not need to follow the instruction."

Why do they bother putting this stuff in their instructions in the first place if we don't need to follow them. They just make murky water even muddier. Grrrrr

Reply by jba/fl on 11/13/09 3:06pm
Msg #310932

Save your response from Lender/Title and

attach to your supporting info to bill. CYA above all else.

Reply by rosieWA on 11/13/09 3:33pm
Msg #310934

Re: Save your response from Lender/Title and

Both responses were by phone.

Reply by jba/fl on 11/13/09 5:07pm
Msg #310940

Re: Save your response from Lender/Title and

Then you should email them for written response.

Reply by dickb/wi on 11/13/09 5:01pm
Msg #310938

doesn't fall in to my job description......also the legal is missing on most mortgages [we will do that when it gets back to us ] and it says on page 2.."leal description attached" as addendum A and it isn't, makes the signatures on the document un-notarizable as there is a blank space [missing legal] and you can't notarize the sigs on an incomplete doc [incomplete blanks].....just when will they get it straight just what a notary does......my .02.........

Reply by rosieWA on 11/13/09 9:20pm
Msg #310967

Thanks for all your input. Before I take another BofA job I will do what my atty says: get the lender to put in writing that they have verified the legal with the survey.