Posted by MagicLadyCA on 1/15/10 2:00pm
Msg #318145

Something newat Wells Fargo?

As with many of us, I do not have enough notary work, so work part time in an office as well. One of my co-workers came to me with a home loan package to see if I knew what documents had to be notarized. She and her husband have their home financed with Wells Fargo, no deliquencies, no problems. Wells Fargo contacted them about a month ago and offered to refinance their mortgage and lower their rate, no fees or points. They went ahead and now Wells Fargo has sent them a full blown package. Nothing is highlighted, nor are there any post-its to guide them, just a letter that told them to sign all documents before January 25th and to have a notary public notarize any documents that need notarization!!! That's it...! Anyone else heard of this????

Reply by Linda_H/FL on 1/15/10 2:05pm
Msg #318148

Yes...not unusual at all - Wells Fargo many times sends the packages directly to the borrowers and just tells them "find a notary" -

Is she asking for your help and expertise as a signing agent (do you do that type of work?) - if not, just notarize where required and charge accordingly per your state law.

Reply by John Sandherr on 1/15/10 2:05pm
Msg #318149

Lenders are doing their best to make money and they are not doing any favors. To have your friends sign loan documents with no help from a professional is to say the least/ mind blowing. I would not allow your friends to sign anything unless a rep from wells is at the table. Just doesnt sound right to me. Did they add any fees and is the rate what was quoted ?

Reply by MagicLadyCA on 1/15/10 2:10pm
Msg #318150

I suggested she make an appointment with our local Wells Fargo Bank. She was comfortable with that.

Reply by John Sandherr on 1/15/10 2:15pm
Msg #318151

Good Idea.

Reply by Joe/NYC on 1/15/10 2:18pm
Msg #318152

I had the same thing on my personal refi with Wells. It's for thier no fee refi's. Guess they figure if they aren't making money why spend any on a notary.

I just pulled the signature pages, went to another notary, and had them do it for me.

Reply by Art_PA on 1/15/10 2:19pm
Msg #318153

WF sends the docs as a bound tablet. Only the mortgage & an affidavit need to be notarized. It takes a few minutes & borrowers don't expect you to do anything else. No song, no dance, no chit chat. The only issue is that borrowers are not always together and there is no way to notarize them separately.

These are a quick, 4 notarization job, more profitable than the $85 download, print, copies, travel, (faxback), & mail.

Reply by MagicLadyCA on 1/15/10 3:25pm
Msg #318162

This would not have been that quick by any means. My co-worker, her partner and her partners mother will have the opportunity to ask endless questions about everything from the strategy behind APR formulas to why certain items are listed on the real estate app and what is being reported on their credit report!!! Better to let WFB do that.... :O)

Reply by Linda_H/FL on 1/15/10 3:27pm
Msg #318163

If that's the way they're going to be the LO absolutely needs to be present....I was initially going to suggest you could do the notarizations and pick up some quick pocket change for yourself, but I think it's a good thing you got rid of it - co-worker, her partner and her partner's mother, huh? oy...

Good Luck..

Reply by MagicLadyCA on 1/15/10 3:37pm
Msg #318164

Yea, and I am thinking the questions would have gone on and on, even after the closing....

Reply by John/CT on 1/16/10 9:43am
Msg #318233

Re: "$85 download, print, copies, travel, (faxback), & mail"

Is that all you charge, Art?!?!

Reply by Art_PA on 1/16/10 10:19am
Msg #318248

Re: "$85 download, print, copies, travel, (faxback), & mail"

No, but many notaries do signings for less. Just making the point that these Wells Fargo refis are profitable if you confine your services to notarizing, and restrain yourself from trying to inflate this into a signing by discussing the documents.

Reply by MW/VA on 1/15/10 3:55pm
Msg #318168

Wells Fargo has been doing "mail-away" packages for quite a while, instructing the borrowers to find their own notary. I've gotten calls for a few of those. Often times, the borrower's are going to places like the UPS store for a notary. We're losing business on these as notary signing agents. The public is not necessarily aware of what we do or to contact us. IMO I think it is a dis-service to the borrower to handle it that way. They also have to pay a notary out of pocket instead of our fees being included in the closing costs. Of course, we all know that the lender can do whatever they want to do.

Reply by RickG/CA on 1/15/10 4:15pm
Msg #318175

Magic, if you're anywhere near Sacramento

I'll do it for a modest fee!!!

Reply by Jessica Ward on 1/15/10 4:20pm
Msg #318178

I've seen a bunch of these. WF is marketing them as the "convenient Close at Home" option. Sounds like a PITA (here take these papers and YOU run around town to find a notary).

On the plus side, the only WF packages I've seen (a half dozen maybe) were all very well marked by the bank where to sign, etc. Usually they're just told to walk in to a Kinko's or UPS store to take care of the notary part.

If your co-worker came in with something unmarked, I'm guessing it was an error by WF--it missed the markup step or something because all of the others that I've seen were identical and completely fool-proof. Very well marked.

Reply by Roger_OH on 1/15/10 4:37pm
Msg #318181

Re: Something new at Wells Fargo?

These have been around for quite some time. I just do the few notarizations and ensure they know about their RTC.

Yeah, I do wish WF would at least include in their instructions a website like NotRot so people could find someone in their area.

FedEx/Kinko's is no longer an option for notary services, and after that court case, I see some of the UPS stores bailing out as well. I'm happy to pick up their slack (and the liability exposure they don't want), and they're happy to have someone to refer their notary customers to.

Reply by Linda_H/FL on 1/15/10 4:43pm
Msg #318184

Not necessarily...

The package I got for my personal refi last year was as previously posted - sign papers, get notarized and return by XX date...that's it - no markups, nothing. I'm familiar with packages so knew what to do - anyone with no idea what they're looking at could be a bit confused.

Reply by LndWelch/CA on 1/15/10 8:40pm
Msg #318205

Re: Not necessarily...

I had a borrower call me about one just a while ago. I told them I could either just do the notarizing and charge the standard notary fee, or , if they wanted me to explain the documents and assist them in where to sign, I would charge them a signing fee. They agreed on my signing fee. The closing was fast and easy, and the best part - I was paid right there before I left. I would definitely do more of these.

Reply by Cari on 1/16/10 8:18am
Msg #318217

nothing new..typical behavior for WF and other lenders....

with their current customers....the LO probably figures that the BO is already familiarized with loan docs so why go out of their way to explain over the phone, or highlight areas where they need to sign...they just want that commission....

In fact, I closed on a 5th/3rd refi Thursday night, and it was the same thing...the BO was a bit bothered that his lender sent him the docs and didn't even bother to explain anything...I did what I could as far explaining (legally) and hoped that he was somewhat relieved that someone helped him.