Posted by Six Elements Process Service on 9/12/09 7:44pm
Msg #303666

HELP!

I need some immediate assistance on the process for notarizing docs for a reverse mortgage. Please email me at [e-mail address]. Thank you!

Natalyn Jeffries

Reply by ChristineHI on 9/12/09 9:17pm
Msg #303682

What is your question? Is there a reason you only want to use email? Perhaps you can put your question out there and if you want responses via email let us know.

Reply by Linda_H/FL on 9/12/09 9:20pm
Msg #303683

Same as a refi though packages sometimes a bit bigger - 2 Notes, 2 Mortgages - maybe broker docs too....allow additional time for the elderly...

Other than that, don't analyze, notarize...

Since these are usually cash out can you do these in TX? Just curious

Reply by ChristineHI on 9/12/09 9:23pm
Msg #303684

Love that...don't analyze..notarize....:-) Can I use that? :-)

Reply by Linda_H/FL on 9/12/09 9:26pm
Msg #303685

LOL Christine....not mine...I learned it here...from one of our many gurus...

Reply by ChristineHI on 9/12/09 9:37pm
Msg #303688

It applies to me now though. I think some of that has to do with the fact I have been doing this since the beginning of time, so I don't analyze and worry anymore. I also processed and underwrote loans for 16 years, so I think that makes me more relaxed as well in my abilities and I am very clear on what my responsibilities are as a notary.
I think that says it all though. Thanks for sharing and hopefully the poster will post the question so we can all learn from it as well. :-)

Reply by MW/VA on 9/12/09 9:44pm
Msg #303689

It struck me when I saw that advice from PAW. It's so true & applies to all of us. We take our official duties as notary seriously, as well we should. There are so many posts that could simply be answered with "don't analyze--just notarize". It's a great mantra.

Reply by EastTxNotary on 9/13/09 8:04am
Msg #303715

Yes, we can do these in TX. We can do Cash Outs also, but they must be done in an attorney's office, a title company office or an office of THE lender. So far...and bite my tongue for saying this, the cash out signing venue rules haven't been applied to reverse mortgages.

Reply by A S Johnson on 9/14/09 10:00am
Msg #303797

This is for Texas signing agents, Only-
All Reverse Mortgages can be done at the "kitchen table". They do not need to be done at a title company/att'y office.

Was recently told by a SS, Wells Fargo just found this out. They were under the impression Reverse Mortgages, in Texas, fell under the same rules as regular re-fi, money to the home owner needed to be done in an office. If this were the case then all Reverse Mortgages would need to be done in a office as they are a way for the home owner to get money out of thier property.
A think this misconseption was created serveral years ago when Texas rules were changed to allow HELOC Reverse Mortgages. When this change occured, rule was they needed to be done in a office. Within a year that rule change to allow Reverse Mortgage HELOC to be done at the "kitchen table".
Texas Notaries need to remember, Texas has many unique rules for legal documents.

Reply by BrendaTx on 9/14/09 11:58am
Msg #303804

**were under the impression Reverse Mortgages, in Texas, fell under the same rules as regular re-fi, money to the home owner needed to be done in an office. **

I don't think the laws changed, just the interpretation. (Please correct me if I'm wrong!!!) To my knowledge no official ruling was made one way or the other...just people deciding to have their lawyers interpret it for them.

Many title companies are still operating under the impression that an RM must be treated like a HELOC and will not back off it...they are the ones who have to insure title...I understand their stance on it.

To my knowledge, it's not been taken up as an issue to explore by the legislatures just yet.

My contacts at Wells Fargo never let this hold them up. They always continued closing at the kitchen table.