Posted by Malbrough_LA on 9/30/13 11:03am
Msg #486446

I just got back from the Louisiana Notary Association's

annual convention. Among the topics discussed were how loan closings are about to become really hard due to ALTA directives. (Apparently there's 7 currently available, but they're working on 9 total before they're pushed out and go into effect.) At any rate, the primary issue discussed was client confidentiality and the inability going forward to email docs. Anyone know anything about this? Where I could find information, etc? It sounds to me, and I may have completely misunderstood, like the purpose is to eliminate the number of hands that loan docs have to go through thereby minimizing the exposure of the client's information. It was stressed that there's about to be a shake up in the industry aimed at signing services and those who farm work out.

Reply by Lee/AR on 9/30/13 11:11am
Msg #486449

Thing is, with SS, docs still usually come from TC direct.

Notaries farming stuff out to other notaries...could be a problem. To answer your question: Not a clue~~

Reply by 101livescan on 9/30/13 11:18am
Msg #486450

It's about time there are some controls over who gets to see borrowers' personal and private information in a refinance or purchase loan transaction.

If I knew that my documents were shared with someone who has a criminal background for forgery and ID theft, I'd be jumping up and down like a wild Amazon woman. Not to mention all the notaries who have unknowingly handed over their own SSN's to these people with no scruples.

At least one notary who is owed $1000+ for her hard work in May and June with Accurate National Signings is planning to meet with the top dogs at Title365 in Newport Beach and Bank of America in Chandler, AZ to find out why they haven't vetted their vendor relationship with the owners of Accurate National Signings. Imagine a title company being in cahoots with a known criminal.

Reply by Linda_H/FL on 9/30/13 11:27am
Msg #486452

Not for nothing, Cheryl, but sounds like that notary

didn't do a whole lot of her own vetting or she wouldn't be out $1,000.

I received a p/m the other day from a SS owner - my response to that pm, in addition to other comments, was along the lines of "I wish you luck in this business - it would not surprise me to see title companies eliminating SS's, thereby the middleman, and going directly to notaries"

With privacy matters and new regulations, we may well see the end of the SS - I don't for a minute believe any title company worth their salt can't handle their own loan scheduling. And it sure would eliminate the "too many hands in the pie" mentality.

JMO

Reply by GOLDGIRL/CA on 9/30/13 12:02pm
Msg #486456

Actually, Linda .....

I can see how that notary got herself in her current fix .... been there, done that. You do a whole lotta business with a SS/whatever; they always pay (more or less); then you have another month or two of jobs under your belt with them.... and all of a sudden the checks stop. Phones are disconnected. "Bankruptcy" is declared. And there you are.

In any case, I agree with everything you wrote about SSs -- although it seems to good to be true to get rid of many of these scoundrels. But somebody, somewhere must have noticed that tons of borrower privacy is completely unprotected through these middlemen ... and Amanda whatsherface is hardly the first convicted criminal to own a SS. I suspect that TCs will just turn to their adjunct SSs (like FASS) to deal with any privacy rules.

Reply by desktopfull on 9/30/13 2:31pm
Msg #486500

Re: Actually, Linda .....

It isn't just SS's that pull that on you either. Do you remember Bridgespan or Lender's First Choice? TC's will have you do two or three closings for them the day before they close and file bankruptcy, knowing full well that you won't even get .10 on the dollar.

Reply by 101livescan on 9/30/13 12:11pm
Msg #486459

Re: Not for nothing, Cheryl, but sounds like that notary

I heard the entire story that led up to not getting paid, suddenly. This CA licensed professional and notary in good standing was completely duped. ANS had been paying her all along, suddenly, however in May then into June, the payments stopped. She began calling and emailing, and then of course, ANS disconnected phones, took down their godaddy.com website and now both owners are under flat rocks living it up in their new digs. It will be interesting for notaries who will visit them on their way to the DA's office to see just how the Kirkish's are spending the notaries' hard earned fees on their luxurious lifestyle. In July,Valuamerica pulled the plug on them, the Kirkish's closed up shop, took a nice vacation, while spending lots of money on home furnishings and all kinds of foofoo you wouldn't believe.

It couldn't be more blatantly insulting to our profession. The Kirkish's have certainly barked up the wrong tree with notaries nationally who are actively pursuing payment. These owners cannot declare bankruptcy because there was no "real company", just a shell game, even though more than seven years has lapsed since the last time they filed BK (2002).

I'm completely amazed that ANS's owners think we're all that stupid to let them get away with their scam. They made a lot of money in 2012/2013, during the 10 months they "misrepresented" themselves to Valuamerica, Bank of America and Title365. Hundreds of thousands of dollars have run through their fingers. Easy come, easy go.

Whether notaries who are owed money for work in May and June are ever paid, the crime has been committed. Many of us are wondering what their next scam will be.

The vetting is coming, that's for sure. Isn't it time? We're all vetted to the 9s.

Did you all know that every time a loan closes, the "fraud guard" software is run prior to loan funding, and our backgrounds are often rechecked by the loan funding examiners? But somehow, the middle man, the signing services, are completely out of the picture...no one checks their backgrounds. Hence many run amok not vetted.

Reply by PA_Notary_II on 9/30/13 12:12pm
Msg #486461

Maybe....

SS will be eliminated and maybe....we go back to getting docs o/n again....YAHOO !

Reply by Christine/OK on 9/30/13 12:25pm
Msg #486465

LIKE!! :D n/m

Reply by Yoli/CA on 9/30/13 12:46pm
Msg #486468

Re: Maybe....

Wouldn't that be wonderful!!???!!

Reply by Malbrough_LA on 9/30/13 1:19pm
Msg #486476

Re: Maybe....

This is an awful lot what it sounded like to me too. Elimination of the middle man to make certain confidentiality was maintained between title and a public official. Now, having said that, what intrigues me is that there was mention of a $3500 fee for those handling the paperwork. Not those originating, but those that were handling. This sounds like trouble waiting to happen imo. Please, keep the info coming, I'm still trying to find out and research myself. If I find anything, I'll let you all know!

Reply by BobbiCT on 9/30/13 2:00pm
Msg #486488

State-by-State and Lender-by-Lender

As we all know, ALTA "directives" are not law. Each party involved in a loan will probably come up with its own interpretation. I doubt any of it means higher fees for the NSA.

A perfect example. Not quite buried in Massachusetts law is that a MA residents' "private" information not readily available from "public" sources, such as a Social Security Number, cannot be sent via e-mail over the internet ... and it does NOT matter if the e-transfer is from say a CA business to a MA resident who happens to be outside MA at the time. LOL and how many are paying attention to that law. ROFLOL and is it even being enforced?

Reply by desktopfull on 9/30/13 2:39pm
Msg #486503

Re: Maybe....

Almost all of the docs I get anymore are at a secured website and password protected. Rarely ever get them emailed directly to me, the companies provide the link and then I have to call to get the password. Best thing about getting the docs this way is that I get the docs well before the time the closing and I'm not sitting around and making calls to find out when I'm getting the docs.