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Posted by MikeC/TX on 1/22/21 6:47pm
I was a NY notary in another life. The only barriers depend on where you are. If you're in the metro NYC area (NYC, LI, and Westchester), it's pretty much just re-fis and HECLs; purchase closings are handled at the table by attorneys with buyer and seller present, and there's a closer representing the Title Company whose job is to verify that the title is still clear, get the payoff amounts on the seller's mortgages, and transmit those funds to the lenders. This title closer is almost always also a notary. Title closing can be lucrative, but it comes with a lot of responsibility and potential liability so you have to know what you're doing.
The rest of the state north of Westchester County doesn't always do it that way - an attorney still draws up the contract, but it's possible for a notary to do purchase closings.
The other thing you should familiarize yourself with for re-fis is the CEMA, something unique to NY, and you WILL eventually see them, especially of you are in the NYC area. NY charges a mortgage recording tax, and some localities in NY (such as NYC and Yonkers) charge an additional tax on top of that. CEMA stands for Consolidated Extension to Mortgage Agreement, and it's a way of lowering the mortgage recording tax, which can be the biggest closing cost. With a CEMA, the borrower is taxed only on the difference between the existing loan and the new loan. The package is big and can be confusing, especially the first time you see one. If I remember correctly, there are two mortgages and a consolidated note plus other paperwork related to the consolidation. Learn as much as you can about them, because no other state does this.
Good luck! |
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