Posted by pat/WA on 12/1/11 4:35pm
Msg #405501

Reverse mortgages

Have you been to a reverse mortgage signing where the loan officer stated that it was the responsibility to explain the loan documents?

Reply by MW/VA on 12/1/11 4:43pm
Msg #405502

We "review" the documents with the borrowers, but do

not "explain" them. Some notaries take the "do not explain" too literally, and do not go over the docs.

Reply by pat/WA on 12/1/11 5:31pm
Msg #405508

Re: We "review" the documents with the borrowers, but do

No, this loan officer was quite emphatic. She wanted me to explain each document to the borrower.
I never did figure out what her job description was or why she was at the signing

Reply by C. Rivera Chicago Notary Services on 12/1/11 5:34pm
Msg #405511

Wha? You "never figured out what her job description was...

or why she was the closing?"....you just said she was the loan officer, was she not? And if she is the loan officer, then you do know what her role is right?

Reply by HisHughness on 12/1/11 6:18pm
Msg #405523

Re: We "review" the documents with the borrowers, but do

Marilyn, would you define for me what "review" and "explain" mean? I know when I get into the unauthorized practice of law, but I don't think that is covered by some sort of distinction between those two words.

Reply by MW/VA on 12/1/11 8:23pm
Msg #405536

LOL. Well, at least I know what I meant. I think

Lee said it best--"what" but not "why".

Reply by HisHughness on 12/2/11 12:29am
Msg #405552

Re: LOL. Well, at least I know what I meant. I think

For my part, I am quite comfortable providing explanations of documents and what they are intended to achieve. When the borrower starts asking me "what if?" questions, or questions based upon a specific set of facts, I draw the line. That is UPL.

Reply by ReneeK_MI on 12/2/11 9:01am
Msg #405573

Agree, Hugh.

"What if ..." is generalized, but this is a forum - not a book. That's really where the 'What, but not Why' generalization comes from.

UPL = the Unlicensed Practice of Law. The practice of law is in the interpretation of laws as they relate to a specific person or situation, the potential consequences of that legal interpretation, and the advise relative to those consequences. The practice of law includes the presumption that the person practicing presents themselves as licensed and/or capable and intentionally providing the advice or opinion under the guise of 'legal advice'.

As we know, defining what is and isn't UPL is just as difficult for the Bar Assoc.'s as it is for everyone else - which is why not all state jurisdictions agree with each other.

I do wish people (all people, consumers and NSA's and everyone else) had a better understanding of how this UPL fear mongering primarily aids those who wish to churn out vast numbers of NSA's as quickly as possible, at the ultimate 'expense' of the consumer. So much easier to pass out duct tape than to fully train & adequately prepare a bona-fide closer.

Reply by Lee/AR on 12/2/11 10:40am
Msg #405594

Agree! n/m

Reply by Lee/AR on 12/1/11 5:34pm
Msg #405510

we do the 'what'--we don't do the 'why'

Sounds like she was clueless.

Reply by C. Rivera Chicago Notary Services on 12/1/11 5:41pm
Msg #405513

who's on first....lol n/m

Reply by pat/WA on 12/1/11 6:24pm
Msg #405525

Sorry

Sorry, I see no point in a loan officer attending a signing if she is only going to watch.

Reply by Linda_H/FL on 12/2/11 5:55am
Msg #405559

IMO and IME, when the LO attends but just sits and

watches, he/she is letting the notary do their job but is readily available to answer borrowers questions, eliminating the need for a phone call that may not be answered. I love it when the LO attends - I then get to do my job and the LO does theirs and together we can exhibit teamwork in action.

I've never had problems with LO's at my signings - well, except the one where the LO couldn't answer his borrowers' questions and had to step outside every time and make a phone call to get the answer for them - that was just downright embarassing!!

Reply by NJDiva on 12/1/11 6:30pm
Msg #405527

Good one Lee!!! n/m

Reply by GOLDGIRL/CA on 12/1/11 8:03pm
Msg #405535

Usually I can't get a word in edgewise when an LO is present at the signing - which is fine with me. But I have been at a few where they just more or less sit there - so I carry on like they're not there, and then when/if the borrower has a question that is totally out of a notary's realm, I look to the LO who then actually has to respond....

Reply by MonicaFL on 12/2/11 5:56am
Msg #405560

well, personally I like it when the L/O is present - at least most of the time. When they have done their job and the people are comfortable with them, that's makes my job a whole lot easier and gets me in and out quicker. I especially like the "local" Wells Fargo L/O's. If a question comes up, they take it and run with it, resolve it and we get on with the closing in a flash. This however is just the experience I have had when a L/O is present. Most of the time though, the L/O is no where to be found (and sometimes can't even been found by phone). We all hve a good moments and our bad ones. That's life.