Posted by notarydi/CA on 3/26/13 11:41pm
Msg #463244

hopefully, not another new trend.....

Did a signing last Friday. $1.2 million commercial loan. All went well. Lender calls me this morning. Conversation goes like this:

Lender/Funder: Did you notarize the signatures of John Doe and Jane Doe?
Me: Uh, yes.
Lender/Funder: And, did they both appear before you and sign the documents in your presence?
Me: Uh, yes. That's my job.
Lender/Funder: And, did they provide you with proper photo identification?
Me: Yes. They made copies of their driver's licenses for me when I first got there and I sent copies of driver's licenses back to escrow with docs.
Lender/Funder: Well, thank you very much. This is just part of our new due diligence policies when docs are signed by an outside notary. We have to personally speak with the notary to confirm everything I just asked you.
Me: Well, thank you. I was starting to get concerned. I have been doing this a long time and I have never had anyone question me like you just did.
Lender/Funder: I'm not questioning your integrity or character. We just have to do this on every loan now. I've schedule the loan to fund.

Can you imagine if everyone starts doing this? WTH?

Reply by Mary_in_VA on 3/27/13 1:48am
Msg #463247

The answer to your question (WTH?) is...

This is a result of companies hiring lowball notaries who, apparently, don't know what their jobs are!

Reply by TacomaBoy on 3/27/13 2:31am
Msg #463248

More New Trends?

I accepted an assignment to complete a loan application. The lender insisted on have COLOR COPIES of the applicants driver licenses. Huh?

Reply by JanetK_CA on 3/27/13 4:16am
Msg #463252

Re: More New Trends?

Interesting. I was dropping off some docs in a UPS store the other day and a couple came in to make copies of their IDs. It wasn't my regular drop off spot, so I don't know who was who, but a more senior guy there was advising a young employee that, for future reference, they're not permitted to make color copies of IDs. I thought that was pretty interesting, too!

Reply by F2F/FL on 3/27/13 7:31am
Msg #463268

Re: More New Trends?

Actually Janet that was very good advice (and an important policy to have) that the elderly gentleman gave the younger employee.
I was advised by my ex-employer not to let anyone make a color copy of their ID or even a copy of their SS card when applying for work with a company.

He let me know that all new printers that employers/business'es have now are just like computers with a memory of every copy it makes. These copies can be retreived by anyone in the know. This will be a big issue when it comes to finding out how so much Identity Theft is possible.
Since I am a victim myself, this information is very close to my heart, and is the biggest reason I got into this industry. I want to be a preserver of privecy at least as much as I can.

I feel that if more companies like Banks, UPS, FEDEX, Insurance, even box stores like CVS and Walgreens have copiers available to the public, etc. would inact this policy we could be a small army to help in the reduction of ID theft.

Also remember there has been a lot of talk here lately about SS companies and TC's etc. wanting us to provide them with this type of information about us too. Many people here are asking why do they need it. JMHO but we don't really know who we are working for or with at times.

Reply by jnew on 3/27/13 10:06am
Msg #463291

Re: More New Trends?

This is not surprising. Don' be surprised if this happens again. I always try to keep good records on identifications, just in case I do receive a call. I think it would be a good marketing move, not to question the lender on the call, but give them a helpful positive response. As to ID copies, I use a Magic Wand scanner, which will make a color scan of the id. When I print the copy of the ID it is printed directly from the scanner to my printer and does not become downloaded on to my PC. The id can then be permanently deleted from my scanner without leaving a traceable image on my computer. Many of my signers are shocked when they learn that any commercial copy machine retains an image in its permanent memory and that when the machine is re-sold (many times to foreign companies) the memory is still intact.

Reply by JanetK_CA on 3/27/13 3:26pm
Msg #463367

Re: More New Trends?

Something to also think about when visiting a new doctor or going for a medical test or procedure where they need to identify that they have the right person. I'd never connected the dots on that before, but I sure will going forward. Color copiers have become relatively inexpensive and lots of small businesses are acquiring them in the belief that it will help them be more accurate with their identification.

In the meantime, when asked by a borrower if they should make color or black and white copies, I always recommend B&W. I'm thinking that maybe it would be a good idea to specify B&W when initially asking for a copy to be made.

I guess this is another example of unintended consequences. All the Patriot Act requirements for properly identifying people are potentially increasing their risk of identity theft. Think about the masses of people who have gone through a refi - many of them multiple times - who now have a copy of their IDs stored on the hard drive of some copier or printer somewhere. It's mind boggling...

Reply by Ronnie_WA on 3/27/13 1:06pm
Msg #463345

Re: More New Trends?

TacomaBoy, you must have obtained your loan originators license to be taking apps. How long did it take you to recoup the expense of that process? Just wondering if that might be an avenue to explore. I do get calls for taking apps but I have to turn them away since I am not duly licensed.

Reply by A S Johnson on 3/27/13 11:13am
Msg #463308

IRS rule to prevent I D theift: no color cpoies of the real size of the D L should be made for any purpose.

Reply by VT_Syrup on 3/27/13 12:47pm
Msg #463341

Can you provide a quote for that? I can't imagine how the IRS would have any authority to make rules about copying IDs, unless their agents are not supposed to ask anyone to make certain copies, or maybe that's a rule about using copiers owned by the IRS.

Reply by BrotherOwner on 3/27/13 1:19pm
Msg #463350

Re: Did y'all know about your copiers and printers that..

ALL OF THEM have a unique security ID number/identifier put in by the manufacturer for identifying each and every copier/printer. The identifier is printed on EACH and EVERY page printed. Micro printed if I remember correctly. Not sure which of our BIG BROTHER agencies requested/required this, but it IS a fact. Been around for a number of years, and my overloaded mind does not remember the details. Prob after 9/11 tho. BIG BROTHER is watching (out) for you!?