Posted by IAC on 3/5/12 1:31pm
Msg #413965

Watch for increase in closings...

FYI, mid March gov. is said to be releasing funds to help out the upside down A plus borrowers. This should bring a increase in business for everyone.

Reply by Eve/VA on 3/5/12 1:54pm
Msg #413975

Also being contacted directly by the Borrowers ...

I've heard about the increase in closings, also have heard from loan officers that more borrowers will be asked to find notaries themselves.

This presents a challenge. I think, because the borrower's aren't aware of what goes into a loan signing. I've already been contacted by a couple of BOs who state "oh, it's just a couple of documents that have to be notarized." Thinking, of course, that the whole transaction will be a few bucks, certainly not close to what is usually charged for a loan signing.

It would be helpful if the lenders were to give the Borrower's a head's up as to what they're asking for from the notaries but I don't think that's happening. Some of you may have experience dealing directly/being paid by borrowers. Any suggestions?

Reply by JPH13/MO on 3/5/12 1:59pm
Msg #413978

Re: Also being contacted directly by the Borrowers ...

Another concern is what will show on HUD for closing cost for signing? I have heard they have a normal fee showing there even though you have to have borrower pay you, and that is not right. It should say POC next to it at least (paid outside closing) or the HUD will be wrong. These could cause problems!

Reply by Linda_H/FL on 3/5/12 2:03pm
Msg #413979

Eve, in these situations, you don't do a full

"loan signing" - Signing Agent hat off - all you do is go and notarize the pertinent docs - General Notary Work only...AND you get paid on the spot.

Reply by Jillian Hinrichs on 3/5/12 2:07pm
Msg #413982

Re: Eve, in these situations, you don't do a full

I have heard BOA is having you handle the whole signing, not just the notarizations, and they are not reflecting the cost correctly on the HUD. Not sure about other companies, but be very wary of BOA ones where borrower has to find the notary.

Reply by Eve/VA on 3/5/12 2:28pm
Msg #413987

Re: Eve, in these situations, you don't do a full

I get that we can just put our general notary hat on ... that is what I did with a couple of BOs who contacted me directly. I gave them a def price based on what they told me and it was more. People are always going to minimize the work to try to get a good deal.

It's just going to take some finesse -- guess what I'll do is give a ball park figure but explain I need to actually see what's involved before giving a definite price.

Thank you!

Reply by janCA on 3/5/12 2:38pm
Msg #413989

I would do these all day long....

I first ask the borrower if they want me to go through the loan documents with them or if they just want me to notarize their signatures. And so far it is, just notarize the signature so I tell them to pull the document from the package or mark it in some way, so I don't have to go forging through everything.

There are usually only a few docs that actually need a signature/s notarized. The deed and the sig/name afd. Usually two borrowers, $10/notorized signature and a travel fee. In and out in 15 mintues. No fuss, no muss.

Reply by JanetK_CA on 3/5/12 2:36pm
Msg #413988

Re: Also being contacted directly by the Borrowers ...

I recommend asking lots of questions of the borrowers and making sure that the scope of what you are quoting them is very clear. It might also be a good idea to offer them a choice. For one fee you get X, for another fee, you will also do XXX. You also might want to start out by giving them some perspective about what the title company usually charges a borrower for a loan signing (i.e. $150-$250) so that your numbers don't sound like so much of a shock to them.

BTW, one thing I've noticed lately - and it didn't occur to me until just now that there might be more to it than coincidence - are borrowers saying "but it's just a refi" about the size of the stack of paper. (And these were relatively modest packages by today's standards.) These might have been people who bought since the market bottomed out and they don't know any better. But I've been doing loan signings going on ten years now and I don't remember hearing that said so often. I makes me wonder if they're picking this up from somewhere else or if it truly is just a coincidence.

Has anyone else run into this?

Reply by jnew on 3/5/12 2:45pm
Msg #413991

Re: Also being contacted directly by the Borrowers ...

I guess that whatever hat you are wearing for these would require a bit of planning and pricing. For me, if I am asked to notarize a package and the borrowers have already had their closing fee deducted on the HUD 1, I would limit my work to notarizing any documents which required such and ask the borrowers not to present any document to me which does not require a notarial act. I would also require immediate payment. My fee would be for my trip to their location, my time and statutory notary fees per document. I doubt if I would be able to get more than half of my customary package fee.

Reply by Eve/VA on 3/5/12 4:28pm
Msg #414010

Great input -- thank you!

Actually, just going to notarize a few docs will be great. No copies, no shipping drop-offs. I'll just remind myself I'm not there to make sure they've signed all the other docs properly, just the ones I'm notarizing.

It will just take a certain mindset.

Reply by Ilene C. Seidel on 3/5/12 4:27pm
Msg #414009

Re: Also being contacted directly by the Borrowers ...

They better be careful since some states are license states/attorney states.

Reply by Eve/VA on 3/5/12 4:30pm
Msg #414011

You're right. n/m

Reply by ToniK on 3/5/12 4:52pm
Msg #414013

Re: Also being contacted directly by the Borrowers ...

Ive had this happen 3 times this year. They all gasp at the fee I tell them for loan documents.

Reply by ToniK on 3/5/12 4:56pm
Msg #414014

Re: Also being contacted directly by the Borrowers ...

And its not the usual fee I charge of xxx for companies. They want to come to my home and do the notarization. Sorry I dont let random strangers come into my home.

Reply by MistarellaFL on 3/6/12 6:08am
Msg #414037

<<<dont let random strangers come into my home>>>

I don't like strangers coming to my home, either.
I've set up an alternate location close to my home, where I don't charge a travel fee.
When it's open, the library is my alternate location, when it is not, the local Burger King or McDonalds suffices.

Reply by Linda_H/FL on 3/6/12 6:20am
Msg #414039

My county doesn't allow it...so I'm covered

I let anyone asking that my zoning doesn't permit that and we move on to discussion of alternate meeting locations.

I use BusyBee, S&S, Bank parking lot or Hungry Howie's...

Reply by Eve/VA on 3/6/12 7:47am
Msg #414045

Re: Also being contacted directly by the Borrowers ...

I can't help but think that if enough messy docs go back to the lender improperly signed, etc. that they'll reconsider and go back to hiring NSAs directly rather than leaving it up to the BOs.

We shall see ...

Reply by BobbiCT on 3/6/12 7:21am
Msg #414041

Eliminate the "Signing Agent" and the signing services costs

I've seen this for many years.

The borrowers does NOT get a "signing agent" service; borrower DIY non-notarized documents.

Borrowers take the documents that require notarization to a Notary Public, signs and has notarizations performed - pays notary direct (in CASH! Love these). The borrower then puts the document package in a FedEx or UPS envelope and sends it back themselves.

In CT, many borrowers take advance of the FREE notary public services offered by their employer, bank branch, neighbor, accountant, etc. Over 50,000 notaries public in CT, plenty to choose from in additional to the Notary Signing Agent.

Don't shoot the messenger: Theory that the borrowers on their own can't mess up signing the documents any worse than a $45 Notary Signing Agent and that a Notary Public who is performing simple notarizations can't mess up any worse for their limited services. In fact, since that is all the notary is doing, it may even be better. Eliminates the signing service expense, too - more profit margin to the lender.

Reply by Lee/AR on 3/6/12 7:26am
Msg #414043

Re: Eliminate the "Signing Agent" and the signing services costs

Why not! They're eliminating good title searches already.

Reply by Eve/VA on 3/6/12 7:39am
Msg #414044

Banks cutting back on notary services to their acct. holders

In my area, I'm hearing that the banks are cutting back on their notary services. I had one client who came to me because her bank, Wells Fargo, said they don't notarize any documents relating to a mortgage loan transaction. She had one form, and as I recall it wasn't one of the biggies, DOT or Note, etc.

Just food for thought ...

Reply by MonicaFL on 3/6/12 9:41am
Msg #414065

Re: Banks cutting back on notary services to their acct. holders

I personally will no longer go to the bank to have something notarized. When my brother died I was the executor to his will and the attorney sent me a document that had to be witnessed and notarized. My brother-in-law went with me to the bank. When I asked for notary services, the lady at the front desk said I can notarize something for you. Wellllllllllllllllllll, the document did NOT have the correct county on it and I told the lady that she needed to change that and initial it - she was shocked that I was telling her what to do. She said oh I can't do that - and I said why not -she said no, nothing can be changed on the document. I told her she was wrong and asked her where she got her training - this is what she said: Oh the bank gets us our commissions and we don't take any training!!!!!! I just about flipped out. I told her that I had been a notary in this State for over 35 years and she NEEDS to change the county because I was NOT in Broward County nor was she. She finally did what I told her to do but didn't like it. Don't know if all banks get notary commissions this way, but I will NEVER have anything notarized in a bank unless everything is filled out properly! (P.S. she also did NOT ask for identification)