Posted by TacomaBoy on 11/4/13 3:18pm
Msg #491218

SPW - REGULATORY HYSTERIA!

I am in agreement with the content of Marion's discussion (msg 491100) concerning proposed SPW regulatory suggestions. SPW is reaching too far and assuming too much control of our business models.

Alarmingly, I've seen nothing in any of the Threads addressing the SPW of how compliance to the new rules will be conducted. Q. Who exactly will be monitoring us at a signing job to be certain their "script" will be followed during the signing job? Q. What sort of sanctions will be applied when non-compliance is discovered? Q. Will there be a jury of our peers judging us? Q. Will there be an appeal process for the signing agents? etc., etc., Ad nauseam!

It seems to me that the SPW is proposal is a matter of REGULATORY HYSTERIA fomented by escrow and mortgage employees NOT DOING THEIR JOBS OF ADEQUATELY EDUCATING AND PREPARING THEIR CUSTOMERS prior to the signing of their documents before a Notary Public.

Our jobs as signing agents should be simplified for the borrowers' sake, not further complicated by a morass regulatory or third party oversight! Send the doc's to the borrowers for their review ahead of the notary, SO THE LENDERS AND ESCROW EMPLOYEES CAN THEN ADDRESS ANY BORROWER CONCERNS AND ASSUAGE THEIR FEARS OF NOTARY INCOMPETENCE QUEERING THEIR LUCRATIVE DEALS. PROBLEM SOLVED!

Reply by FGX/NJ on 11/4/13 4:46pm
Msg #491223

EMPLOYEES CAN THEN ADDRESS ANY BORROWER CONCERNS AND ASSUAGE THEIR FEARS OF NOTARY INCOMPETENCE QUEERING THEIR LUCRATIVE DEALS. PROBLEM SOLVED!

I have done some where escrow sends docs and does telephone signing of non notarized docs and I went after and Notarized docs that were in separate envelope. Easy but reduced fee.
Also have done some for borrowers who had docs and were told to find Notary but I lose most of these because brw. goes to Notary or finds a friend or coworker or relative do do it a lot cheaper or for free ( there are more than 120,000 Notaries in NJ.)
Back in the good old days had a few clients who sent docs to bwr. and had me contact them to go over package and notarize. Paid full fee.
The only monitoring might be phone call to bwr. The sanction will be no assignments from the members.
No trial, no jury no more business.
Remember these standards are VOLUNTARY you do not have to follow them

Reply by Linda Juenger on 11/4/13 4:53pm
Msg #491226

>>I have done some where escrow sends docs and does telephone signing of non notarized docs and I went after and Notarized docs that were in separate envelope. Easy but reduced fee.>>

I have done 2 of these and both of them were not a good experience for borrower at all. Keep in mind that the 2 I did, the person on the other end of the phone was a "notary". Not a rep from lender or title. The 1st one, after the initial phone part was finished, the borrower asked me to go back and look at a couple docs. I ended up doing the entire pkg again with them. I owed them that much.

The 2nd one I did, the borrower's ID did not match docs (enough that I could not notarize) and Mrs. borrower kept telling them on the phone that it is not her name. The person on the phone didn't care and told her to just sign like its written on docs. She was furious but did what she was told.. that is until I came and asked to see ID. We promptly got them back on the phone and it was a no go.

Reduced fee, yes on both of these, but NEVER again. Full fee all the way. Both times it took just as long as a full signing.

Reply by FGX/NJ on 11/4/13 5:07pm
Msg #491230

Linda
Were you there during non Notarized docs phone call ?
The ones I did. I made it clear to borrower I would be ther one and a half hours latter unless they called me to say it was off, Also made it clear I had nothing to do with un nnotarized docs and was only ther as a Notary. Need ID and sign docs period goodby.

Reply by Linda Juenger on 11/4/13 5:24pm
Msg #491234

I was there on 1 of them, the one that I had to go back and do the pkg with the borrowers again. I was instructed to turn the pages for the borrower. LOL It was a point and sign phone call. NO brief explanation of what the doc was... not even the RTC dates were gone over with them. I hated every bit of that signing, but kept my mouth shut the entire time. lol If I had to do that one all over again, I would have stopped the person on the phone and did the brief exp for each doc. Would have really pi*** her off, I'm sure. I'm NOT a point and sign person and it really bothered me.

The 2nd one, I came after the phone part was done.

Reply by jba/fl on 11/4/13 8:05pm
Msg #491262

How weird. (or is it wierd? that i before e thing) n/m

Reply by Solutions - Business on 11/5/13 9:36am
Msg #491340

“Signing Professionals Workshop” or SPW

Follow The Link Caroly Ray owner of Notary2pro provides detailed info regarding the new SPW's

http://www.notary2pro.com/blog.html