Posted by Suzibelle01 on 9/27/13 12:12pm
Msg #486249

Re-Finance Request

Got a call from a borrower. He said that he is refinancing a home out of state and needs a couple of docs notarized. The mortgage company has sent him the docs. This is the first time I have received a call like this directly from the borrower. Has anyone else been contacted directly by a borrower to notarize mortgage docs? I have always worked through a title or ss company for this type of work. A little learly but maybe I shouldn't be. Your thoughts please.

Reply by Yoli/CA on 9/27/13 12:19pm
Msg #486252

Yes. Sometimes, lender will send docs directly to borrower and have them find their own notary.

When contacted, ask borrower if they need your services as a notary or as a signing agent. As a notary, you're there to simply notarize the docs requiring it. You will not go over entire package with borrower. In that case, you would charge for travel/accommodation and whatever your State allows for notarizing.

If, however, borrower requests you as a signing agent to go over package and be sure everything is signed, dated and initialed as required, then you would charge accordingly.

Whichever hat is decided, discuss it ahead of time and establish your fee up front. Just a suggestion.

All this, of course, JMO.

Reply by MW/VA on 9/27/13 12:22pm
Msg #486255

Agree with Yoli. There are some companies that do

mail away pkgs. directly to the borrower & tell them to find a notary. They haven't included a fee, so you need to offer it both ways, like Yoli said.

Reply by BobbiCT on 9/27/13 12:21pm
Msg #486254

DIY refi documents ...

Many times aka "general notary public" work. Borrower gets package direct and has X days to sign and return to lender or title insurance company.

Borrowers come to my home office and it is strickly "notary public services" at State-law mandated $5 per notarization fee. The "to be notarized" documents are generally clipped together (you do not see or review the loan package). Very quick and no questions asked on either side.

Hmmm .... I used to have quite a few of these pre-NSA nationwide marketing to use signing agents rather than DIY sign the documents and take a few to your local notary public.

Reply by Suzibelle01 on 9/27/13 12:26pm
Msg #486257

THANK YOU EVERYONE !!! Appreciate your thoughts/advice.

Reply by Roger_OH on 9/27/13 12:37pm
Msg #486260

I treat this as just another GNW request, and give them two options:

I can do just the notarizable documents and charge per document and my travel fee, or I can add the Signing Agent hat and go thru the whole package for them, and charge my usual closing fee, less printing.

Reply by sanjqnvly on 9/27/13 1:04pm
Msg #486265

Once fee has been agreed to request payment in CASH!

Reply by Suzibelle01 on 9/27/13 1:12pm
Msg #486266

Right on.

Reply by JPH13/MO on 9/27/13 3:24pm
Msg #486288

And if just notarizing make sure to only see those docs n/m

Reply by JanetK_CA on 9/27/13 6:03pm
Msg #486302

Another perspective - and hopefully a new trend!

I did a purchase signing this morning where I was originally contacted by the buyer (about three days ago). It was for a title co in another state that probably does most of it's business locally (although I did find some positive comments on them somewhere here). This title co got a list of four notaries in my area from the approved list of another major national title co that wasn't involved in this transaction in any way, sent those names and phone numbers to the buyer (vacationing here), and asked her to find a notary from that list who was available. I was lucky enough to get the call. I coordinated with the LOs asst. and the EO, they asked my fee (including doc printing) so they could include it in the HUD - which they did, without trying to negotiate with me - and all went like clockwork, even though it looked like an unconventional situation in the beginning.

This sounds to me like a **very** sensible way for a title/escrow company to be able to deal directly with notaries without having to be the ones to sit on the phone making a bunch of calls. Please keep your minds open to this possibility when receiving calls directly from borrowers! If we're too hasty about saying that we can notarize only vs doing a full signing as an NSA, we may cut ourselves off from what may be the absolute best option for us.

If those who try this approach don't have success, it won't catch on. Of course, we need to adhere to state laws, but as long as the title company is involved, I see no problems. This, of course, may be different from receiving a call from a borrower who already has the documents in hand. But if you ask enough questions before offering the caller choices, you never know what might result.

I'd be ready to do cartwheels (well, mentally, at least) if this becomes the wave of the future!

Reply by mauigirl/HI on 9/27/13 10:21pm
Msg #486337

Re: Another perspective - and hopefully a new trend!

Aloha, I get calls quite often from tourists needing their loan docs or buyer/seller docs notarized. Wouldn't you know, the minute they go on vacation their deal closes! They find me on Google or are referred to me by their hotel concierge or the banks.

If the client doesn't have the documents, I get a hold of their contact person and we make arrangements for e-docs, return shipping and payment. Some will pay me directly, but in many cases the client will pay. These types of transactions are not handled by signing companies, but directly by the lender or title company, so there's generally not the fear they're closing up shop any day! They do not haggle on my fee.

If they have the documents, the client always pays me directly. I let them know I am a Certified Notary Signing Agent and what my fee would be to proceed as such. We make these arrangements before I meet the client at their hotel, resort or condo. I do accept credit cards and in some cases I have accepted a check. This is a gut call. Cash of course, is preferable! I've offered "notary only" but have had no takers. Everyone wants their deal to close without a glitch and they like the peace of mind a NSA brings to the table.

The folks I've done this for are very appreciative, as they don't have to go find a place to print their package and find a notary at a bank or a postal place that actually has one (not so easy here on Maui). If they do find a bank with a notary, they're not a customer, so they get turned away. There are no mainland banks here on Maui, only Hawaii banks. The client is more than happy to meet my fee.

So yes, do consider doing this direct business. It's a win/win! The title companies and lenders get their packages back without silly mistakes like missing signatures or initials, missing notary stamps, etc. that can happen without guidance or use of a notary familiar with these types of packages. I do hope this is the wave of the future! It certainly works here! Aloha!

Reply by Christine/OK on 9/27/13 6:04pm
Msg #486303

Yes, I received two calls this week like that; first one a

seller package [in-state] and the other a purchase [out-of-state].

The first one was a self-referral as I have notarized their loan docs previously. I simply LOVE it when people remember my service and call me again! YIPPEE

Reply by mauigirl/HI on 9/27/13 10:51pm
Msg #486341

Re: Yes, I received two calls this week like that; first one a

Me too! I just had one of those last week and it made me feel great that the seller and the title company both contacted me again. I love the fact they pay my fee without any questions or haggling and they pay in 10 days or less! Wow! Wouldn't it be nice if the industry as a whole would do that?