Posted by PAW/FL on May 3, 2008, 5:17 am, in reply to "Proposed RESPA Rules Threaten Notary Signing Agents " This post is strictly the opinion of the author and may not reflect the opinion of the management nor of any other user of this forum.
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There's a lot of controversy over this proposal throughout the mortgage and title industry. The part that has notaries in an uproar is the proposed requirement that a document explaining the details of the loan and the GFE must be read, verbatim, to the borrower. Additionally, the terms, if questioned, must be explained. That's no different than it is done today, except for the reading aloud, the closing script that will be provided by the lender and title companies to both the closing agent (and ultimately to the signing agent) and the borrowers. The questionable part is the "explaining" of the details. Signing Agents can't explain any particulars about a loan for many reasons, including possibly UPL. However, if there are any specific detail questions, the borrowers can call the loan officer. (Sound familiar?)
There are many questions about the RESPA proposal that needs to be answered, and many that need to be asked.
I invite everyone to read Laura Pringle's article on the Compliance Headquarter's website.
Be sure to also click on the proposal links embedded in her article.
Visit us online at http://www.PAWnotary.com
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
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