Posted by JulieD/KS
(Taxlady120) on March 20, 2008, 3:39 pm, in reply to "Re: Realtor at signing"
64.136.195.174
Corinne -
I kinda figured it was semantics, which is why I gave an example of what I meant by 'explain'. I can't and wont' just shove a piece a paper at the borrower and demand he sign it. I have to tell him what it is he's signing.
Thanks!
Julie
--Previous Message--
: Maybe the disagreement is in defining
: the word "explain". Stating
: what the document is is part of our
: job. If you areonly willing to say
: "sign here" you are doing a
: disservice to the borrowers. By the
: way, Julie - I use almost the
: identical language you do in
: "explaining" or
: "identifying" or
: "reviewing" the Occ Aff with
: the borrowers. I think the question of
: UPL has gotten far afield of what is
: really practicing law. We can tell a
: borrower "what", but not
: "why" - what they are paying
: in points, but not why they have to
: pay points. I worked as a paralegal
: for many years, trained at UCLA, and
: do know what the line is I cannot
: cross. I don't think you can cross
: that line regardless of the state you
: are in. I seems to come down to
: semantics.
:
: --Previous Message--
: Wendy - I'm not in California. I'm
: not
: telling you what you can do in
: California. I'm just telling you how
: I do it. Are you saying that in
: Calfornia, when you pull out the
: Occupancy and Financial Status
: Affidavit, you can't say "This is
: just stating that this is your primary
: residence and that your financial
: status hasn't changed since you filled
: out the loan app."?
: To me, that's just 'pointing the
: highight" although I call it
: 'explaining'.
: Julie
:
: --Previous Message--
: a notary in California CANNOT explain
: the loan papers. Maybe you can in
: Kansas, but not here. We are only here
: to identify the signers and to make
: sure that our portions of the
: paperwork are correct. Any questions
: must be directed to the loan officer
: or title company.
:
: --Previous Message--
: Amy -
: I disagree. I explain to the
: borrowers WHAT the nature the document
: is. Yes, I point out the main
: points...but I also explain what the
: document is. Recently, I had a
: borrower say to me at the end of the
: signing that this is the first time
: she felt like she knew what she was
: signing because I explained so well.
: I guess I'll do it my way, and you do
: yours.
: Julie/KS
: P.S. I have taken loan officer
: training, real estate classes and, as
: of this week, insurance classes.
:
: --Previous Message--
:
: Julie,
: Loan Signing Agents are NOT to explain
: the loan document. We are to
: "point out" the important
: parts, though.
: In California, you CAN explain the
: documents if you have been trained in
: that field.
: So, if you were not trained Loan
: Agent, Loan Signing Agent just get the
: borrowers to sign and notarize.
:
: Dan, realtors cannot explain the loan
: documents either because they are not
: loan agents. All questions about the
: loan documents should be forwarded to
: the loan agent or broker.
: --Previous Message--
: Hmmm? As the signing agent, you are
: the one to tell the borrower what he
: is signing. The realtor sometimes
: sits in and yes, does have a fiduciary
: duty to the borrower, but you are the
: one hired to do the signing. Part of
: the signing is to explain to the
: bororwers what they are signing.
:
: --Previous Message--
: tells the borrower that I came to
: explain the docs. I pointed out the
: realtors commission to the borrower
: and told them both that the realtor is
: the one who has the fiduciary
: relationship with the borrower and
: that HE will be doing all the
: explaining. I wanted to ask him if he
: was smoking crack.
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