Posted by GOLDGIRL/CA on 2/23/12 2:53pm
Msg #412777

Annoying, unnecessary jurats

Fidelity National Title has taken to including a Borrwer's Affidavit (not to be recorded) that requires the borrowers to take an oath and the notary to complete a jurat that the borrowers received 2 copies each of the RTC. This is just the latest in a slew of docs that TCs are requiring jurats for, including: Yes, I swear this is my correct mailing address, and Yes, I swear I will be sending a funds-due check and Yes, I swear I know you're closing my line of crecit. This is just nonsense. Requiring a notary to administer an oath and a borrower to swear or affirm that they are telling the truth should be reserved for subjects of at least some importance and not willy-nilly imposed. I wonder if these TCs even know what they're asking? Why not just have borrowers sign a doc that says this is my mailing address, etc. It's really difficult to take these fluff seriously and jurats should be taken seriously.

Reply by jba/fl on 2/23/12 3:03pm
Msg #412780

I had all those the other day, including mailing address, bank account (different jurats) - You know: I swear I'm getting money back, I sear this is my bank and I swear I want it sent to me at my mailing address. What a waste of my time. Also, I swear the notary gave me a copy of the docs and 2 RTC's each

If you think I was irritated, the BO after 186 pages could barely revive himself for the final signature, which usually everyone celebrates.

Reply by Buddy Young on 2/23/12 5:00pm
Msg #412786

Re: I agree, it's pretty stupid n/m

Reply by Bear900/CA on 2/23/12 5:44pm
Msg #412795

These may be directives from Lenders who are now being, or expect to be audited by the CFPB (Consumer Financial Protection Bureau), or the title companies themselves who are coming under scrutiny. It will be interesting to see additional affects this will have on title companies and loan signers going forward.

Consider the overwhelming guidelines that lenders and brokers are under to guarantee that customers understand what they are getting into when signing a loan. Everybody in the chain will at some point be required to do more for less, or won’t be able to do it at all. The CFPB has a major role to play in protecting consumers. It’s a double-edged sword however, that in our industry (mortgages) creates a lot of heartburn. It’s best to understand the who is shaking the tree though (CFPB).

In the meantime here’s a must see about the CFPB to lighten your day. (Agency has been changed to Bureau.)

http://useconomy.about.com/gi/o.htm?zi=1/XJ&zTi=1&sdn=useconomy&cdn=newsissues&tm=69&gps=176_45_1366_531&f=10&tt=8&bt=0&bts=0&zu=http%3A//www.funnyordie.com/videos/f5a57185bd/funny-or-die-s-presidential-reunion%3Frel%3Dprog_related%26rel_pos%3D2

Cheers!

Reply by Belinda/CA on 2/23/12 6:17pm
Msg #412804

I had one the other day that required a Jurat that they had

to swear they wanted to go forward with the refi...

Reply by Karla/OR on 2/23/12 6:21pm
Msg #412805

That's a good one! n/m

Reply by SheilaSJCA on 2/23/12 10:33pm
Msg #412838

Re: I had one the other day that required a Jurat that they had

I had one tonight. The 2nd to last doc in package had them state that it was their intention to proceed with the loan. Couldn't they have put it at the top of the package? Rather pointless after wading thru 140 pages, like they want to back out now, after all that!

Reply by Bob_Chicago on 2/23/12 11:46pm
Msg #412842

One title co used to have no less tha 16 notarized

title dox, Including a jurat for a PRIVACY POLICY.
In many cases they use a jurat when an ack would be the proper notarization.
Some do not understand that a jurat is only to be used when the a signer is sworn to state that a certain statement is , in fact, correct as to past or current circumstances.
When the signer is agreeing to do somehing in the future or is having a NP state that the NP either saw the doc executed or heard the signer acknowledge that they signed a certain doc, is when a ack is appropriate.