Posted by Notarysigner on 6/22/13 10:56pm
Msg #474367
W.W.Y.D. ....A Question
Had a signing with a very nice couple. 30 minutes into the signing, everything going along nicely, borrower says, " I didn't even know about "harp" loans. I am so glad the bank called me and told me I could qualify for one."
Moving right along, we get to the Doc Titled "anti predatory lender disclosure."
They are asked to sign this statement saying the bank did NOT contact them but rather they contacted the bank. This obviously was not true (to me). It's not a Doc that has to be notarized so basically it's not a big deal? Or is it!
Then later on in the loan you run across a Doc from the federal gov't that must be signed saying that you understand that mortgage fraud is a crime. And they sign.
You know what the borrower told you, you watch them sign a Doc (doesn't have to be notarized) saying the weren't contacted but they were and they signed the FBI Doc saying they understand what mortgage fraud is!
My brain is burning, and I'm getting sick. I know what I'm going to do about it but W W Y D?
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Reply by 101livescan on 6/22/13 11:08pm
Msg #474368
I wish I qualified for a HARP loan...I'd sign up!
Weird how they can break their own laws, but when you're a GIANT, you can bend them!
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Reply by LKT/CA on 6/23/13 2:55am
Msg #474379
<<<.....borrower says, " I didn't even know about "harp" loans. I am so glad the bank called me and told me I could qualify for one.......They are asked to sign this statement saying the bank did NOT contact them but rather they contacted the bank. " >>>
That may have been a conversation well into the process of the loan - where the borrower did, in fact, contact the bank 1st to get the loan. If the borrowers lie, that's on them - as long as I don't have to notarize it. I would not have thought twice about it and completed the signing.
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Reply by Notarysigner on 6/23/13 8:09am
Msg #474384
>>>> That may have been a conversation well into the process of the loan - where the borrower did, in fact, contact the bank 1st to get the loan.<<<<
Lisa, they were contacted by a lender initially I was told. They had no reason the lie.
I guess I have a problem with anybody who lies.
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Reply by Les_CO on 6/23/13 11:00am
Msg #474389
It’s not my business as a NSA or Notary to morally judge others. It they understand the document they are signing and sign it of their own free will, I have nothing to say. If they question a document or its meaning, I tell them what I believe it says. On some documents I remind them that by signing they are swearing that the information contained therein is factual. I believe that all politicians, most bureaucrats, used car salesmen, LO’s, bankers, and many people lie every day, it’s now in our culture. Lying today is only lying if you get caught, and then depending on who you are and what you do, still not a lie (even under oath). One may have only “misstated” or “misspoken” or not been “totally factually correct”. Just turn on the TV any day, you’ll see. JMO
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Reply by Notarysigner on 6/23/13 3:05pm
Msg #474432
yep, can't argue with that! n/m
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Reply by LKT/CA on 6/23/13 11:43am
Msg #474390
Oops.....I had it backwards - BO contacted by lender but asked to sign something saying they were NOT contacted by lender. Still, we don't know the "dealings" between the BOs and the lender so we don't know that the lender lied. We are there one time at the end of the process. My answer would remain the same as to what I'd do - I'd proceed and not give it a second thought. It's easy to make assumptions based only on what you're hearing from one side.
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Reply by Linda_H/FL on 6/23/13 12:26pm
Msg #474396
I'm seeing forms in some of my most recent signings
where the borrowers sign of that they understand the lender will never contact them to offer new products UNLESS that new product would result in a lower interest rate for them - in which case they allow the lender to contact them.
Maybe same scenario?
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Reply by Luckydog on 6/23/13 12:21pm
Msg #474394
My opinion you do not interject or put in your 2 cents in. You are there to close the loan, make them sign correctly, not to explain or decide what is right or wrong, or who to believe. Any questions they need to contact their LO or title or lender. Don't get involved in those decisions.
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Reply by Notarysigner on 6/23/13 3:07pm
Msg #474436
I agree 100% thanks n/m
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Reply by ReneeK_MI on 6/23/13 5:10am
Msg #474381
Puzzled as to why ...
...the statement regarding the lender not initiating contact with the borrower is on the disclosure? Is it possible there were qualifying details (ifs, ands or buts) in the statement?
Lenders are allowed to initiate contact, though there are restrictions. Here are Fannie's rules for marketing HARP loans, just to cite something:
https://www.fanniemae.com/content/faq/harp-du-refi-plus-faqs.pdf
With the unprecedented refinancing opportunities being offered by Home Affordable Refinance,
is this also a good opportunity for lenders to target market to borrowers with existing Fannie
Mae loans?
At the direction of the FHFA, Fannie Mae is modifying the policies by which lenders can solicit
borrowers for a Refi Plus or DU Refi Plus refinance with LTV ratios above 80%:
 Lenders may solicit mortgages owned or securitized by a particular GSE, provided that the
lender simultaneously applies the same advertising and solicitation activities with respect to
loans with LTV ratios of >80% owned or securitized by the other GSE.
 Lenders must apply the same advertising and solicitation activities to all loans with LTV ratios
of >80% serviced for a particular GSE, regardless of whether the lender or a third-party owns
the associated Fannie Mae MBS pools or Freddie Mac PC pools.
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Reply by Notarysigner on 6/23/13 10:00am
Msg #474385
Re: Puzzled as to why ...
I don't dispute what you posted, sound good to me! thanks
I just don't think there is a right or wrong answer I posted this to see how others felt.
We all know people to like to have their cake and eat it to. It just says something about us when borrowers are showing incomes of $25,000.00 per month and getting HARP loans. I don't understand that.
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Reply by HSH/WA on 6/23/13 12:54pm
Msg #474411
Re: I'm with LuckyDog on this one. n/m
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Reply by jba/fl on 6/23/13 12:28pm
Msg #474399
There is an old saying in the sales world: buyers are liars.
In a RE transaction, the BO is the buyer (of product). They may have received a notice that they may be eligible for reduced rates, call this number. These type ads go out with the bills, or are online when one goes to pay their bill. People forget things also - they forget where they heard about whatever; consequently, they are now liars by default. Not that they meant to lie, they just forgot.
It is commonplace....let. it. go. Not your business, any more than it is your business to ask them how they got this product, or their shoe size.
Life is full of mysteries and we all love those little mysteries too.
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Reply by Notarysigner on 6/23/13 3:09pm
Msg #474439
O.K. Then, just wait until you see my next W.W.Y.D. n/m
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Reply by BrotherOwner on 6/25/13 1:13am
Msg #474591
Re: What would YODA do? It IS late! n/m
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