Posted by Karla/OR on 6/16/13 2:44pm
Msg #473565

Phone Closing . . .

I closed a re-fi yesterday for (SS) Notary Direct / WFG Lender Services via a "phone closing" scenario. It was news to me that such a thing existed in the NSA world!!

The SS was very kind to walk me through the process upon my acceptance of the closing:

1) the docs are overnighted to the BO's

2) the phone closer "consultant" calls the BO's at a predetermined time on closing day (usually an hour before the notary is due to arrive) to explain each page of the package (that does not need to be notarized) and has them sign accordingly.

3) The consultant has the BO's set aside the docs that need to be notarized. After the consultant's part is done, she hangs up, and I then take control of the docs that need to be signed and notarized.

ALL docs were reviewed for accuracy before I left the closing.

I am putting this info on forum in hopes it will help others who, like me, have never heard of this type of closing. Maybe these are rare or maybe I have just not been privy to have one before now.

P.S. The only issue that came with this closing was because someone forgot to put "Saturday Delivery" on the delivery package, so the docs never made it to the BO's!!! I ended up having to print and take the docs to them. Because of this, I had to sit and wait for the Consultant to do her part with the BO's, where the norm is to have me arrive after she is done!!! Oh well, best laid plans, right?!!

And YES, I did get compensated for a a full re-fi fee.

Reply by Linda Juenger on 6/16/13 4:06pm
Msg #473574

My 2 experiences with phone closings.

1. The first one I had to sit through the entire process and it drove me nuts. The woman on the phone told the borrowers that she is "just a notary" also just like who is sitting there with them. She didn't explain a thing to them, just told them where to sign. I was pointing to the name of the doc as she was talking. I didn't interrupt. After the phone part was done, I went back and showed them a few things like their int rate, payment, escrow. I think the lady on the phone was horrible. I felt so sorry for the borrowers.

2. The 2nd one, I got there about an hour and they were done and ready for me. Everything seemed fine at the very beginning until I looked at Mrs. borrower ID and she asked me why the docs had her middle name and not her first name. She said "I am "Jane" not "Marie". She told me that she mentioned that to the lady on the phone and she said it was fine, just sign. The borrower clearly wasn't happy. I also could not notarize "Marie", her ID was "Jane". Signing stopped, called and had to redone.

I dont' think I will do anymore phone closings. The 1st one was through ND and was offered $40. I did not accept that and they met my fee without printing docs. The 2nd one I was initially called by ND but they would not meet my fee so I declined. An hour later title called and not only met my fee, but topped it.

I would rather do the entire closing. Seems so silly to me to hire 2 notaries to do the same job. It would make sense if the person was from the lender's office, but they are not. They can't answer any more questions about anything than we can sitting at the table.

Reply by Yoli/CA on 6/16/13 4:58pm
Msg #473576

This sounds redundantly ridiculous as Linda Juenger describes it!!!

Why bother having someone call the borrowers if they cannot explain the docs to the borrowers but rather only instruct them to sign. AND, from that same post, gives erroneous instruction: << Everything seemed fine at the very beginning until I looked at Mrs. borrower ID and she asked me why the docs had her middle name and not her first name. She said "I am "Jane" not "Marie". She told me that she mentioned that to the lady on the phone and she said it was fine, just sign. The borrower clearly wasn't happy. I also could not notarize "Marie", her ID was "Jane". Signing stopped, called and had to redone.>>

Reply by desktopfull on 6/16/13 5:05pm
Msg #473577

The only ones that I have done in Florida are for people whose properties are located in Attorney Only states. The attorney is on the phone explaining the docs as they sign and I notarize the docs as necessary. I've never done anything like what you have described and don't believe I want to either.

Reply by Jack/AL on 6/16/13 7:42pm
Msg #473596

I had two of them, weeks apart, about two years ago. I don't recall the name of the lender(s) or TC(s) involved. All went well. When I arrived, the explainer was just finishing his part. All I did was ask the borrowers whether they understood what had been explained, and then explained and notarized a few docs. I had some concerns before the meetings, mostly about whether the phone conversations would begin on time and be adequate to make the borrowers comfortable with the transactions. Both were simple and without problems. I spent perhaps 20 minutes with the borrowers. I've not heard of such signings since then.

Reply by Karla/OR on 6/17/13 2:34am
Msg #473611

Jack, my experience was a positive one such as yours. The "consultant" on the phone explained 99% of the docs to the BO's as well as instruct them where on each page to sign and/or initial and date or not date. She did not rush the BO's at any time during the process. She asked them at the end if there were any questions or concerns and profusely thanked me for my patience and for being a part of the process.

I actually picked up bits and pieces of her explanations to use on future closings!! The only thing I didn't like is that she (at times) sounded as if she was reading instructions to the BO's in a monotone voice.

The BO's had no complaints with the entire closing procedure. They appreciated that the consultant was there to cover questions that arose during the signing.

All in all it was a good experience and I wouldn't hesitate to do it again.

Reply by Darlin_AL on 6/17/13 8:30am
Msg #473624

my 2 cents.. Phone Closing . . .

I've done a few. One was shorter, one was much longer as we had screeching toddler aka "life!" The part that bugged me was the "explainer on the phone" described the TIL as a "marketing tool" used by (the lender). Cripes! But, I did not correct the truth after the fact, as I felt it would possibly damage the brws confidence in the transaction. Actually, I felt my doc intro/descriptions work better as many docs fall into a few catagories, aside from the actual Mtg & Note: gov't required docs to inform consumer, gov't required docs re fraud, lender docs to protect lender's part of transaction from fraud & goofy lawsuits (septic tank caves in, we are not paying for it). So by the time we get to the p/o/a's, they get the scenario that if they don't want to cooperate, their refi will not happen. A brief intro also seems to put all parties at ease for their transaction & there are not many questions because I also let them know there's a contact # for the lender available to answer any specific questions (fingers crossed) and the look of the stack a paperwork to get through.

Reply by NVLSlady/VA on 6/17/13 10:43am
Msg #473644

The better deal

NSA Deal = "2 for 1." Doesn't the lender know we routinely summarize loan docs in addition to witnessing signatures?

(Wonder if we could get paid more if we branded ourselves as "consultants"!)

Reply by ikando on 6/17/13 12:59pm
Msg #473654

Re: The better deal

Michelle, I like it. Consultants seem to always be valued.