Posted by Shoshana/AZ on 9/6/13 4:30pm
Msg #483503

I need an opinion on this

This RM loan app package has a place where they ask the notary to comment on the condition of the home in case it is in such a condition as might make it challenging for client to qualify. What would you do?

Reply by ME/NJ on 9/6/13 4:39pm
Msg #483505

I would not touch that with a ten foot pole. What makes us a expert on home conditions, where did we get certified nope nope.. lawyers would eat us alive on that one if called into court.

Reply by Darlin_AL on 9/6/13 4:42pm
Msg #483506

That is one of the many reasons I don't do RM's anymore. The standards are really crummy, but appear to be improving with the new regulations. As to what I'd do, I noted cracked plaster, exterior problems I could see by casually looking-- whatever I could note minimally to give the idea the house has not been kept up-- that's what they are looking for.

Reply by HSH/WA on 9/6/13 4:48pm
Msg #483509

Re: An inspection is beyond our scope.

If they want to phrase it "what conditions did you observe while doing the closing" and add a fee for this - well maybe.

Reply by bagger on 9/6/13 4:52pm
Msg #483511

OH He11 NO.

If we got paid, that makes us a pro. UH UH, no way, nada, zip I ain't doing it.
Did I make myself clear?

Reply by bagger on 9/6/13 4:53pm
Msg #483512

PS

I am not a lawyer, and I am not a home inspector nor a contractor. Call Mike Holmes.

Reply by Notarysigner on 9/6/13 5:35pm
Msg #483520

All of the houses in my neighborhood have cracked plaster. All our homes are least 100 years old and we live on an earthquake fault. What do you think appraisers say? They don't even see it because it's so common. That's just crazy!

Reply by desktopfull on 9/6/13 5:22pm
Msg #483515

Let the loan originator do their job and hire an appraiser.

I'm not a Licensed Title Producer, licensed mortgage broker, real estate agent, licensed appraiser, or licensed home inspector, the answer is an absolute NO! My attorney advised me against doing any of the applications RM's or RESPA's with the new rules they just passed. Only did a few, but they took usually twice as long as any closing and the borrower's never had the paperwork together that the companies wanted.

Reply by HisHughness on 9/6/13 5:45pm
Msg #483524

1. In Texas, the new rules would prohibit me from doing RM applications, since I am no longer a loan officer. The same may apply to you in your state.

2. The application is not looking for the judgment of an engineer, a home inspector or an appraiser with regard to the condition of the home; it is seeking only the opinion of a layman. It should (at least it used to) list the things to look for: Cracks in the concrete driveway, trees limbs growing onto the roof, appliances that don't work.

3. The issue is not whether you are qualified to do the inspection; if you can dress yourself, you can do an RM inspection. The issue is that the additional time it takes that should be compensated.

4. Sometimes, I get the impression many of the posts on this board are simply outrage looking for a home -- any home.

Reply by LKT/CA on 9/7/13 12:20pm
Msg #483610

An informative post ruined by #4

<<<4. Sometimes, I get the impression many of the posts on this board are simply outrage looking for a home -- any home.>>>

A difference of opinion has to be an "outrage looking for a home".......ridiculous!!

Reply by HisHughness on 9/7/13 12:44pm
Msg #483614

Re: An informative post ruined by #4

Often on this forum, it is best just to sit back, pour a glass of mellow red, and relax: Someone's comments are sure to make your point far more forcefully than anything you can say.

Reply by LKT/CA on 9/7/13 12:50pm
Msg #483615

I agree, Hugh

Thank you.........for making MY point.

Reply by Lee/AR on 9/6/13 6:39pm
Msg #483530

Nope. Just a liability that I won't take on...

Nor am I about to turn on their range to be sure all burners work, check for a leaky faucet, whatever... C'mon...way over the scope of what we do.

Sure, it's just an 'opinion'...we all have 'em. But it's what Appraisers are supposed to do. I notarize; they appraise. Also what if the lender just sorta dropped the RM and 'said' it was because of what 'the notary' reported to them. I don't know what might happen and surely don't want to find out. If you've been in this business for a year, you KNOW everything that goes wrong is the notary's fault.

Reply by Lee/AR on 9/6/13 6:41pm
Msg #483531

.. n/m

Reply by Lee/AR on 9/6/13 6:42pm
Msg #483534

Ooops...just want to add

that I have seen this request on several RM appl. and have just written 'not qualified' and sent it back with no repercussions. Still get work from 'em.

Reply by Marian_in_CA on 9/6/13 6:43pm
Msg #483535

Unless the notary also has a real estate license or appraisal training, what point is there in asking for that kind of thing? I wouldn't do it.

Reply by LKT/CA on 9/6/13 6:45pm
Msg #483537

I have a real estate license and still wouldn't as that's not under my purvue as a *notary*.

Reply by Sandra G Holland on 9/6/13 9:10pm
Msg #483558

My personal opinion should not reflect in any way, shape or form on the outcome. I am a notary. I sometimes get hired to do business inspections, but that's an entirely different matter. There are rules and instructions for that.

Reply by jba/fl on 9/6/13 9:28pm
Msg #483561

Always people wanting to make a mountain out of a molehill. The key word is Comment. Not inspection.

I comment: Neat, tidy, well-kept and the neighborhood overall is the same. Sometimes: pleasing appearance. Sometimes I just skip the comment as I don't feel I can find positives. Mostly though: Neat, tidy, shows pride of ownership. Most do. I don't do roofs, foundations, walls, walkways or windows.

3 words or so is enough to convey a feeling. I have never had the question go further than "comment on the condition of the home." No 'in case of' verbiage - I could not comment then....how would I know?

Reply by Blueink_TN on 9/6/13 10:09pm
Msg #483565

All RM's have an appraisal, so unless you're in a home that's been recently burned up or flooded or blown away, you probably don't need to comment.

Reply by Darlin_AL on 9/7/13 9:23am
Msg #483587

Julie--payment for the appraisal is the big scam

for the folks who are at their financial wit's end; bad credit, no income--etc. I read an appraisers' forum site & they either don't do them for rm's lately and concerned about the homeowner having to shell out $$ for something that either will not come out good for them or get an offer from a predatory/sleazy lender. NOW, perhaps w/the new upgrades for the RM arena, there will be less RM's but at least the applicants (thus the condition of the home) will be better screened before a notary is called-in.

Reply by Shoshana/AZ on 9/6/13 11:00pm
Msg #483568

Thank you to Julie and Hugh for putting this in perspective for me, while everyone over-reacted.

Reply by LKT/CA on 9/7/13 11:55am
Msg #483603

Overreaction?!?! Then don't bother asking

Shoshana, you asked, "What would you do?" and people responded based on the info <& lack thereof> YOU provided. Hugh chimed in with additional details, then made a stupid comment along the line of anger or outrage "looking for a home."

Lee's post was spot on....layperson's opinion or not, Lee says he does his job as a notary and the appraisers can do their job and make the assessment the TCs want. I and several others agree with that. There's no "overreaction" or "anger looking for a home". If you value some poster's opinions over others, just PM or email them. If you ask a "What would you do?" question here, - based on the details you provide - EXPECT different opinions. There is NO point to b**c***g about the replies.

Reply by desktopfull on 9/7/13 2:54pm
Msg #483629

I agree Lisa,

if she doesn't want the response don't ask the question. Notaries are being asked to do many things that require special state licensing and as my attorney put it: Don't walk away from those requests, RUN! Or when in doubt, say NO! The person making the request isn't the one that will suffer the consequences for your complying with a request that may cross the line, you will.

Reply by HisHughness on 9/7/13 3:11pm
Msg #483630

You are speaking from a well of ignorance ...

... that has polluted much of this discussion. Thus my comment about the misplaced outrage.

Evaluations of property condition have been a part of reverse mortgage applications since the beginning. They come with a sheet, listing the specific items to be checked, and what condition they are in. The evaluations require no special expertise, and they impose no special liability. I did them when I was a reverse mortgage officer, and so did every other reverse mortgage loan officer -- or anyone else -- who took the applications. The horrified reaction here to that standard part of the application apparently comes from signing agents who have never taken RM apps. The reaction would be amusing, were it not so misleading.

What the original poster needs to be concerned about is not whether she should respond to a questionnaire about whether the house's toilets are in place, but whether she should be doing <anything> pertaining to a reverse mortgage application. My guess is that under the SAFE Act, Part 1008, Appendix C, she should not be.

Reply by desktopfull on 9/7/13 6:44pm
Msg #483662

Personal insults aren't really necessary.

Since my only other response in this thread included the fact that my attorney told me not to do ANY RESPA or RM applications and you are stating the same thing, my response wasn't so polluted or ignorant after all.