| and I am sure it has to be in some other states as well, to make the notary a party to the loan by implying or stating that we will not be paid if the loan does not fund. Whether the borrower cancels at the table or within the 3 day RTC, or they quit their job, or get killed in the interim has nothing to do with us, we are subcontractors hired to do a job professionally period. By the very definition of our profession, we are impartial witnesses to signatures. It hardly would render us impartial to fret whether the terms are what the borrower expected, and of no concern to us. Often, we we arrive at the table to find the borrower is expecting a fixed rate, and it is indeed an arm with unacceptable terms, shocking the borrower, and we have arrived and printed out over 200 pages, I never even consider that I will not be paid. If I have printed out the documents, and the signing cancels before I leave, I always submit the printing invoice. The signing agencies should accept no less, and never be put in the position of not being able to pay their notaries and loose credibility with the signing agent community. Lenders should have a fund to cover just such times, and many do. THEY then can use it as a loss on their taxes, not ours. I even had one last night of that very nature, and when the lender was called from the table, they said the loan IS fixed, for 2 years. Now, as I have understood mortgages for over 30 years, fixed means for the duration of the loan, not the first 2 years, that is an ARM, and I silently watched as these poor new arrivals to our citizenship were duped into a loan that was completely different than they were told was coming. They may have had an accent, but they werent stupid. Again, our jobs are to witness signatures, and explain the "where" on the documents, not to give any opinion on the terms. I have, however, saved many a loan by telling the folks that they have 3 days to cancel, should they not come to a happy outcome with their lender, and this seems to satisfy them at least until I have completed the signing. We have the legal right to be paid for getting these signed, and I have never in 5 years not been paid, although occassionally I do have to make a pest of myself, unfortunately. |
