Posted by Leona Greenlow-Turner on 3/1/13 2:10am
Msg #458659

Long and crazy signing. Vent.

It started out as a simple refinance. Firstly, neither one knew any information about their trust including the name. The trust documents were at the bank in the safe. They didn't know how to complete the Preliminary Change of Ownership Report. We finally got through those two documents (30 minutes) and the husbands signs all the docs and then it was the wifes turn.
She scrutized every single page of the loan package. She even refused to sign more than one copy of the Notice of Right to Cancel because she felt it was redundant. She spent 10 minutes reading the notary instructions. Two hours and some change later we were finally done. Then the wife says "Normally I am not so flustered and I know you want to go home but these documents were so confusing." I was thinking, it wasn't the documents it was your trust.

How can you have a trust and not know the name?

Reply by Linda_H/FL on 3/1/13 7:58am
Msg #458671

Re: Long and crazy signing - should not have been long

IMO

"...and the husbands signs all the docs and then it was the wifes turn..."

Why are you going through the package twice? If they're both sitting at that table, or both even in the same building - I go through the package once - he signs, she signs, notarize if necesssary, doc done.

"She scrutized every single page of the loan package"

Time to take control, remind them of their 3 days and if she's going to read every word you'll have to reschedule.

"She spent 10 minutes reading the notary instructions"

She never should have had the notary instructions in her hand to be able to read them to begin with...

All JMO but you could have shaved probably 3/4 to an hour off the actual signing time just by going through the package only once. As for the trust question - how can you have a trust and not know the name - they may have had an idea what the name was but figured the actual name of the trust was required and that's what they were unsure of.

JMO

Reply by Leona Greenlow-Turner on 3/1/13 9:35am
Msg #458690

Re: Long and crazy signing - should not have been long

This was an awful signing. Most of my signings are 45 mins or less even with or without a trust. Normally they sign at the same time but she was taking so long with each doc the husband just signed the remaining docs. We both kept telling her they had a 3 day right of recission. They had no idea what the name of the trust was. I looked at the deed of trust to give them the name and date. The trust issue was the trustees and settlors. I didn't see their trust so I had to assume the trustees and settlers were them. I suggested they keep at copy of their trust at home with them just in case. I'm glad its over.

Reply by CinOH on 3/1/13 9:02am
Msg #458680

"How can you have a trust and not know the name?"

I'm not surprised they didn't know. Their LO or the title co should have instructed them to have a copy of their trust on hand to answer those questions.

I once had a lady with a trust ask me what a trust was.

Reply by Bob_Chicago on 3/1/13 9:39am
Msg #458693

Just about all of the necessary info re: the trust should

be on the first page of the mortgage/TD
It should show the owner of the property as "the Suzy and billy Jones trust dated june 2, 2005"
The signature lines will show who theh lender has determined needs to sign the mtg, and in what capacity.
That should be all of the info that the signers need. Just point it out to them

Reply by Kathy Fletcher on 3/1/13 10:09am
Msg #458704

My policy is that when I receive the documents and I am aware a trust is involved, I call the borrowers and inform them that they will need their trust documents available. Arizona does not allow notaries to determine capacity so if the notarial certificates state Trustee, we cannot notarize the document with this verbiage unless we see the trust.

I also tell borrowers that it would be a good idea to contact their loan officer for a copy of the Certification of Trust so that they can prepare the answers prior to the signing table. This can be a great time saver at the table. It is so nice they know the answers ahead of time.

Reply by Barb25 on 3/1/13 2:00pm
Msg #458772

To add insult to injury

" They didn't know how to complete the Preliminary Change of Ownership Report. We finally got through those two documents"

Were these legal docuents? If so you probably should not have been helping...at all. At least in FL. I see you are in CA...