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She is at it again!!!
Posted by Tess of PA on 9/3/07 10:09pm
Msg #209217
Monday, September 03, 2007 Which outsourcing option makes more sense? India or notary signing agents or both?
Why not both?
Let's call India the brain and notary signing agents the feet.
Now, how far do we go with this plan? Should we use the outsourcing brains and feet for appraisals? Why not? Indians can search available data from multi-list and courthouse indices and tax assessment, right? Notaries can go out to the property and take the pictures and measure the rooms. Sounds like a great CHEAP alternative to professional licensed appraisers, don't you think?
Why outsource? It's cheaper, not better.
Remember that. Outsourcing is the CHEAP alternative to quality.
Title underwriters have already embraced the CHEAP brain and the CHEAP feet.
Now mortgage bankers are embracing the CHEAP feet in lieu of professional loan originators. Have they already discovered the new great way to appraise real estate?
How about default and foreclosure management? Hey, bet there's a cheap outsourcing opportunity here, too, don't you think?
Hey! How about real estate sales? All you really need are feet to show houses, right? Consumers select properties on the web and notary signing agents show them! Heck, they can even print out the listing contracts and sales agreements and EXPLAIN them.
They are "certified" notary signing agents. They can do ANYTHING. They are magically infused with all kinds of authority, didn't you know that?
Are Indians and notaries who provide the CHEAP outsourcing to blame?
Well, I love India and couldn't blame these folks for taking advantage of capitalism. They don't understand that their product is less than adequate because the title underwriters told them it was good. They don't live in this country and may not understand the intricacies of title examination or perhaps they really just don't give a damn.
Notaries? I blame the notary trade associations who have led these folks along promising riches and glory. I blame the Departments of State all over the land who stand silently in the face of a wave of inappropriate actions by their appointed multitudes who use the appointment as a facade for qualifications that don't exist.
I'd like to blame the notaries and have in other posts but now that I think about.....they are feet and though many may be nice feet, they haven't been able to qualify for the minimal licensing requirements that exist in these 50 states to engage in title insurance, the practice of law, or mortgage origination, soooooooo......... maybe they just don't understand that what they are doing is wrong.
Posted by Diane Cipa, The Closing Specialists® at 7:57 AM 0 comments Links to this post
Sunday, September 02, 2007 notary signing agents eating their young Well not really, but look at this thread. Here's a taste:
"She can do other things as a notary, you are right, but the point just went right over your head. She admitted to do closings without a license.
Parker, I am not bored, a signing agent is just one hat I wear. I have owned my own abstracting company for 11 years. This young lady is breaking Maryland law and every other licensed title producer in Maryland feels the same way I do, comply with the law and we don't have a problem with free enterprise.
Please, link your profile to your name when you start throwing stones, so I can get an idea of who I am talking to. And use a capital letter when you start a sentence."
I wonder if she would fight so hard for attorneys in Georgia who are losing work to notary signing agents operating outside of the law?
Just think of all the states in which these folks are engaged in the unauthorized practice of law?
Notice when you read the thread that the discussion point gets nailed when they compare notarizing a document vs. CLOSING or EXPLAINING DOCUMENTS.
Geez Louise, guys, the PA Dept. of Insurance was absolutely assured that none of you were actually CLOSING or EXPLAINING DOCUMENTS.
Posted by Diane Cipa, The Closing Specialists® at 10:54 PM 0 comments Links to this post
goddam lazy bums So now I see that some mortgage lenders are sending notary signing agents to the consumer's home in lieu of a mortgage loan originator. Read this:
"It's a "RESPA Signing" and it's the initial application for the loan - you deliver and have signed all the initial disclosures/documents required to initiate the loan process. There usually are no notarizations involved (except one I had where an A/K/A Affidavit would be needed if applicable) - they're usually about 50 pages, as stated, and you're also usually required to collect the supporting documentation required by the lender/mortgage broker (i.e. bank statements, pay stubs, tax returns, homeowners' insurance) - usually a 30-45 minute process if the borrowers have been consulted and have everything ready for you when you get there. This is where, if you don't have a mobile setup, a small portable copier is a Godsend...IMO
Hope this answers your questions."
So I have to ask.......when exactly does the consumer get to talk with an experienced qualified professional?????
PLEASE LET'S NOT START ANOTHER STUPID TREND.
Pretty please, WITH SUGAR ON TOP, can we PLEASE embrace quality standards of expertise.
For heavens sake, these documents don't even call for a notary.
I think the consumer would be better served by just sending the documents to them in the mail. That way they'd know they have to read them and won't rely upon an unqualified "witness" who might want to look like an expert.
I think the consumer would prefer to pay for a stamp than the services of a completely unneeded "witness", wouldn't you?????????
HMMMMMM......do you think it's possible that mortgage lenders are using notary signing agents for FHA mortgages??
Oh, and BTW, are there security issues here? What business is it of a notary signing agent to have access to paystubs and bank statements and other sensitive information?
How are these people chosen? Does the consumer KNOW that they are handing personal and sensitive data to someone who is NOT EVEN EMPLOYED BY THE LENDER?
What rules of liability cover situations like this? I am flabbergasted by the gall
