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Posted by  dbl of RI on 5/13/06 3:16pm Msg #119694
Wait until you all here this one.....

I went to my local bank today to apply for a HELOC. Awesome deal....rate cap of 8.39% on a HELOC, I just couldn't pass it up.

So as I am sitting there giving my information, another rep comes over and asks my rep the following: "Who is going to notarize these?" and in her hands were file folders of mortgages that had closed in the branch today. It didn't take a rocket scientist to figure it out, since the file folders said loan documents. BTW, I have conducted in-home closings for this bank so I know the docs.

Anyway, my rep says "Oh, just leave them for the manager. I can't because my thingy ran out." (thingy = commission) Apparently, they have regular reps completing the closings in the branch and leave the files on someone's desk for notarization. My jaw must have hit the desk.

At this point, I couldn't keep my mouth shut. I told my rep that what they were doing was illegal. That the docs needed to be signed in front of the notary - not left for someone else to notarize when the person didn't even appear before them. She said to me "Oh really, we do it all the time. As a matter of fact, we were audited the other day by the FDIC and I closed a loan in front of them. They didn't say anything to me when I too the docs to the manager for notarization."

I basically told her that what they were doing was illegal, that I am a notary and these are the laws. I also told her that they could even be accused of mortgage fraud.

What is this industry coming to?

I'll tell you, it makes me wonder if I should do business with them (even though the rate is great). What other business practices do they engage in that are illegal?
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Messages in this Thread
 Disgusted -  dbl on 5/13/06 3:16pm
 SCARY!!! Is there a journal requirement in RI? n/m - AngelinaAZ on 5/13/06 4:15pm
 Re: SCARY!!! Is there a journal requirement in RI? -  dbl on 5/13/06 4:42pm
 Re: SCARY!!! Is there a journal requirement in RI? -  John_NorCal on 5/13/06 6:04pm
 Re: SCARY!!! I have a "scary" one too... - Tess/ME on 5/14/06 8:22am
 Re: SCARY!!! I have a "scary" one too... -  lulu on 5/14/06 7:17pm

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