Posted by Eric Andrist on 2/28/13 11:06am
Msg #458432
SettlementPrep—More info
I wanted to offer some more information I found out about SettlementPrep. I responded to a message from 2/15 (#456086), with some confusion on my part, so I followed up.
I'm still a little bewildered by their response.
They sent me their agreement to sign and it basically says you are to collect all the documentation that normally a loan officer would collect either by fax, email or overnight: Photo ID's, W2s, Tax Returns, Bank Statements, Mortgage statements, etc. You do all this for $75.
I had never heard of a loan signer doing this, so I wrote back to them with some questions.
She very nicely replied.
"Our client would gather all of the information, and then there would be a signing. Our company offers 2 primary products (a direct settlement and a loan) . For a Direct Settlement, we would send you a pdf to print-out, that is approximately 20 pages. We would then ask you to take the print out to the signing, have them sign on those 20 pages, gather back their documents (taxes, paystubs, etc.) and fax back their documents to us.
For a loan, all you would be doing is making sure there are signatures on all the highlighted pages, and make sure they have all their required documents and take the documents and mail them after the signing (no printing or notarization needed, and the label is all ready to go at the borrower’s house). I’ll go ahead and send you the 2 different set-up emails (for your reference), so you can get more of an idea of how our company works with notaries."
Example 1:
"Hi Eric,
(This is just an example for a direct settlement)
I am in need of a mobile notary to meet with our client in Los Angeles. Our company will be negotiating a settlement with the client’s bank on their second mortgage. We have a 20-page document to be printed and taken to the client; about 10 of those pages require signatures and no notarization is needed. Additionally, they are gathering income documentation to give to the notary such as 2 years’ tax returns, recent bank statements and paystubs, etc. So the total package to send back averages 50-75 pages, which will need to be either faxed or emailed back to us (we do not need originals mailed back to us, upon receiving a complete file via fax or email, we will ask you to shred the documents). The $75 fee will be paid upon completion of receiving a file (if a borrower cancels, there will be no added fees for calling a client or printing of pages). Would you be interested in this assignment?
The date is somewhat flexible, we’d just ask that you call the borrower within the next few hours and set the appointment within the next three days or as soon as the client has gathered their documents."
Example 2:
Hi Eric,
(This is an example for a loan)
I am in need of a mobile notary to meet with our client in Los Angeles. Our company will be processing a loan for our client.
We will be sending a package of approximately 50 pages—no printing or notarization will be needed. Documents will be mailed to our client. We request that you make sure all of the signatures are on the correct pages and answer any questions pertaining to the loan documents. Additionally, they are gathering income documentation to give to the notary such as 2 years’ tax returns, recent bank statements and paystubs, etc. So the total package to send back averages 70-100 pages, which will need to be mailed back to Settlement Prep. A return envelope will be all ready to go at the borrower’s house; we request that you take the documents and mail them upon completion of the signing. The fee we usually pay is $75. The $75 fee will be paid upon completion of receiving a file (if a borrower cancels, there will be no added fees for calling a client). Would you be interested in this assignment?
So example one is what I mentioned at the top. Example 2 sounds like a loan signing, but without notarization??
Is anyone familiar with this?
Eric
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