Posted by JimAZ on 2/10/11 7:47pm
Msg #372289

Reverse Mortgage

I'm doing a RM application (no notarizations) tomorrow and elderly borrower doesn't know where her photo ID is. SS says since no notarizations there should be no problem. I'm not sure since I think I'm also witnessing signatures. AZ handbook is not very clear. Any input will be helpful.

Reply by Linda_H/FL on 2/10/11 7:51pm
Msg #372290

The answer to this won't be in your handbook

It's not a "notarial" thing - it's a Signing Agent thing....if no notarizations then you're just there to make sure the application and all addenda and disclosures get signed correctly.

I'd suggest you ask your hiring party how they want you to handle this - one of the most important things you have to collect from the borrower is a copy of two forms of ID - their photo ID and social security card. Not sure how they'll want to proceed without the photo ID.

Good Luck

Reply by JimAZ on 2/10/11 8:05pm
Msg #372298

Re: The answer to this won't be in your handbook

Thanks Linda,

I already contacted the SS and they just want me to take pictures of whatever the 84 yo borrower can provide.

Thanks for the "not a notarial thing". with no notarizations. I feel better about this.

Thanks again

Jim

Reply by JimAZ on 2/10/11 8:49pm
Msg #372308

Re: The answer to this won't be in your handbook

But, the 84 yo borrower didn't seem very lucid over the phone. I asked her what time she wanted to sign and she responded that she couldn't play golf because she is in a wheelchair. Not sure what I'm going into and will abort quickly. This will probably be my last reverse mortgage. Question is, even if it isn't a notarization can I determine the borrower is not capable of understanding what they are signing and terminate.

Reply by Linda_H/FL on 2/10/11 9:21pm
Msg #372313

Under these circumstances I'd be very careful

Did she possibly misunderstand you - hard of hearing maybe? Is it possible a family member will be there to help her along (help her, not push her...)

I'd contact hiring party and let them know - discuss with LO if necessary...

This may be just me but if I were to walk in to meet with someone who had to sign financial papers I'd want to know this person knew exactly what they were doing, regardless of whether they need notarization or not. And they'd need to realize I'm not there for tee time....But that's just me...

Reply by JandB on 2/10/11 9:27pm
Msg #372315

Re: The answer to this won't be in your handbook

You'll probably know after you spend a little time with her. If you are not comfortable and don't want to come back in a few weeks to close the loan with her because you don't think she is lucid, make an excuse and leave. The company that hired you will not be happy but, beyond that, what would stop you from making that call?

Reply by JimAZ on 2/10/11 9:34pm
Msg #372317

Re: The answer to this won't be in your handbook

thanks everyone,,,,,gave me food for thought

Reply by JandB on 2/10/11 8:24pm
Msg #372301

I had a similar situation. I took the application, gathered the required docs and advised the wife that she would need a photo ID when I came back to close the loan. Several weeks later when I returned to close the loan, she still did not have any ID so the loan did not close that day. She didn't see why she needed it and didn't think I really meant it. She taped a picture to her library card and thought that would work. It was had not to laugh because she was dead serious. We closed a few days later with a state issued photo ID.

Reply by LKT/CA on 2/10/11 11:01pm
Msg #372320

<<<She taped a picture to her library card and thought that would work. >>>

Now I've heard everything! LOL

This appointment will also be an opportunity for Jim to let the borrower know that she will definitely need a DL or State ID card for the final loan signing. Make it clear that the Notary cannot notarize her signature without it. Hopefully she will take these coming weeks to either find her ID or get a duplicate.

Reply by GOLDGIRL/CA on 2/10/11 11:31pm
Msg #372321

<<She taped a picture to her library card and thought that would work.>>

Too funny!

Reply by CopperheadVA on 2/11/11 7:38am
Msg #372333

<< She taped a picture to her library card and thought that would work. >>

The LO probably told her that was fine!