Posted by Bud
on March 26, 2008, 8:03 pm, in reply to "Re: Realtor at signing"
71.29.227.49
Just a thought. Maybe instead of you explaining to them what they are signing you could ask them if they understand what they are signing? Then if they don't know what they're signing... hmmmmm, well that's a delima any way you slice it, isn't it? lol
One of the companies I do signing for wants the Notary to explain their documents in detail. I once got audited by a head office Manager and was written up by her for not explaining in detail their documents.. I was suspended temporarily until they could send me a signing agent exam and I could show that I could pass it. It was a typical Signing Agent exam and I took it the same day and passed it and was re-instated immediately. So the closings I do for them I do their way... Otherwise I only briefly identify the documents and answer their questions without crossing that invisible iine. Now.. anyone care to venture a guess as to who that company is that want's their docs fully explained? Hint, they're not a small outfit.
--Previous Message--
: 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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