You should NEVER, EVER, "explain" the loan docs to them. That is against the law. You should make the borrower feel comfortable. First, show them the HUD with all of their charges and what, if anything, they are getting back. Then, I explain the Note, telling them what the amount of the loan is, their interest rate, and the date the first payment is due. I can give them an overview of the docs but not legal advice.
If a lender or title company found out that you did not have any experience in doing a signing, they would not hire you. I rode with a notary at first and watched how they did a closing and used them as a reference to solicit my own clients. I am now in the process of starting my own title company and training a notary to take over the closings for me.
But, she won't complete a closing until I know she is ready.
Good luck. |
