Posted by Diann/MI on 12/22/10 7:54am
Msg #365689

Provident Funding

I did a closing for them on Friday. There was a form in the package entitled the Closing Agent Certification. There were two places for me to sign. I was to sign Section 1 indicating that I was an employee of XYZ signing service (which I refused to sign) because I am not their employee. Section 2 was a Warehouse Lender Acknowledgement which wanted me to acknowledge on behalf of the title company that "I will be holding closing funds until such time as funds are disbursed in accordance with the Lender's instructions." I refused to sign this section also. Today I received a call from the title company indicating that Provident is holding the loan hostage and will not fund until I sign this form. Your thoughts please.

Reply by nccltnotary on 12/22/10 8:01am
Msg #365690

Does not seem that the form is worded correct for you to sign. I agree with your position.

Reply by Linda_H/FL on 12/22/10 8:02am
Msg #365691

You are not the Closing Agent - you are not an employee of the signing service - you are not holding or handling funds...this is for title/escrow company to sign, not you.

Reply by CopperheadVA on 12/22/10 8:06am
Msg #365692

I do Provident for a TC here in Virginia, and they told me when I first started with them that I do not sign that form - they said that they (the TC) sign it. How they complete that form in regards to using my notary services, I don't know.. I'm with you - I definitely would not sign saying that I am holding funds, as it's not true.

Reply by LisaWI on 12/22/10 8:07am
Msg #365693

I have one particular title company I do these loans for. We both agreed that form wasnt for me to sign. They signed it and all was well. Maybe the title company you are referring to didnt read it too carefully, or.......other SA's have signed it giving this title comp the impression others SA's will sign it with no hassle.
IMO, its clearly not a form for us to sign.

Reply by MichiganAl on 12/22/10 8:15am
Msg #365694

I did a closing for them 10 days ago. First one in a long while. I read that form and it seemed like it was clearly not for me. As you said, not an employee, not holding funds. There was only one place to sign. The other section was to be filled in as either an employee of the closing agent or an employee of the signing service. I left it blank as I am neither and I did not sign as I am not holding closing funds. Never heard a word about it. If they threatened to hold the loan hostage, that's on them. I'm not signing a form that says I'm holding funds and disbursing.

Reply by melissa/pa on 12/22/10 8:37am
Msg #365695

I have done several provident loans and I have never signed that form. The wording, as others have stated, is for title and not for the notary.

Reply by GOLDGIRL/CA on 12/22/10 11:10am
Msg #365719

I've done many Provident loans (unfortunately) and have always filled out Part 1 of the form (on instructions from the SS) but never Part 2. (Actually, there's nothing to fill out in Part 2, just a signature, but that's for the TC). I have a sample filled-out form from a SS that shows you print your name as an employee (I know, it's stupid, but harmless) of the SS that hired you and the name of the SS and that's it. If the TC hired you, then they fill out the entire form and sign. The notary signs nothing in either case. Where it says: "The undersigned acknowledges sections 1 and 2 above" is obviously/clearly for the escrow officer to sign and date. Whether Provident holds up the loan over this is their problem I guess. The TC needs to know they sign the form at the bottom - and they can fill in the rest on their own, too, at this point.

Reply by JanetK_CA on 12/24/10 3:27am
Msg #365960

I've done a good many Provident Funding loans for a variety of companies. Some have instructions for the notary to not sign that form, others have instructions that the notary must sign that form. Personally, I don't feel right about it either. It's simply not true - and with a company as anal as Provident, I'm not going to flat out lie on one of their forms. (I wouldn't want to sign it even if they weren't so particular.)

Anymore, if I get a Provident loan for the first time from a client, I'll let them know up front that I'm not comfortable signing that page. If they're that set on having me sign it, I'd rather they find someone else. Usually, though, they tell me to not worry about it. I just went through that drill again today.