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Scripts for signings

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T O P I C R E V I E W
jbelmont	Posted - 12/03/2013 : 12:12:16 AM With the new SPW rules coming out, notaries will be required to have scripts or to at least know how to read scripts. I have no idea how this would be enforced. What do you guys think about scripts and what type of script would you be using?
3 L A T E S T R E P L I E S (Newest First)
jbelmont	Posted - 12/22/2013 : 2:26:05 PM I read on NR that the scripts are "Just a guide" and you don't have to use them. I guess you have to study from them though. What a crazy world we live in.
timgatewood	Posted - 12/03/2013 : 6:40:45 PM I have posted a good bit about this topic on facebook, both on my own pages and in response to the postings by the NNA. As they made the proposed or working draft of the SPW script available a few weeks ago, I got a copy and read through it. The first thing I noticed is it opens with a statement about how long the closing will take. As my closings tend to take longer than that and as they don't have anything in the script about the title docs (which range from 0 to 40 pages), the time is wrong. From there, it just gets more silly. They want us to read (or recite from memory) their explanations of each document in the package -- when every package varies from every other package, especially between and among different lenders & different title companies. The biggest issue here is that there is no way you can tell an Independent Contractor how to fulfill the contract in this much detail without making them an employee. They want to dictate in great detail, but are not offering to hire us and provide benefits. What is driving this is two-fold. 1) There are actual government agencies (the CFPB, the OCC, etc) telling the lenders to tighten up, put in place some reasonable plans to minimize their risk due to contractor error, and otherwise have more control over the people who actually interact with the public (us, the Notaries). So, the lenders have to do something. What they have done is huddle (in clear violation of anti-trust laws, but no one has enforced those laws in any meaningful way since, oh, Reagan was in office, so what the heck) among themselves to come up with a way to satisfy the government by shifting the blame to someone else. You will note that the members of the SPW are mostly the Too Big To Fail lenders who caused the 2008 meltdown and profited hugely from it, the same lenders who are writing off any fines they get as business expenses so the taxpayers wind up eating the cost of their wrong-doing yet again. They are past masters at the art of getting others to pay for their misdeeds, so this plan is just Business As Usual for them. They COULD have included some actual NSAs in their group and gotten solutions that would have a chance of working in the field. Instead, they made the cost to join the SPW so high that no NSAs are members. 2) The NNA is hip-deep in this process. They are acting as voice of the Notaries, even though they have a vested interest in seeing that new annual tests and new annual background checks and new certifications and training are put in place -- each of those new things will earn the NNA money from Notaries who have to pay for them if they (we) want to get work from the Bigs. Sure, there will be some other companies that offer these services, but the NNA will use the Walmart method of undercutting them in price just enough to rake in the lion's share of the profits. Just as with the background check nonsense (which only looks to see what you have DONE, not if you are following any sort of best practices or anything else relevant to current behavior), the NNA has (or so it seems) been one loud voice advocating a particular interpretation of the law, an interpretation that happens to benefit them. What I believe will happen is that a lot of the experienced NSAs will be driven out of business by the new SPW rules and the Bigs will then be able to pay even less than they already do because only newby NSAs who are willing to follow this script will be left doing the work. I hope and pray that I am wrong in this, but that seems to be where it is heading. quote: Originally posted by jbelmont With the new SPW rules coming out, notaries will be required to have scripts or to at least know how to read scripts. I have no idea how this would be enforced. What do you guys think about scripts and what type of script would you be using?
007Notary	Posted - 12/03/2013 : 07:51:50 AM Since no two signings are alike, I can't imagine a one size fits all script. Clearly, the people who think this is a great idea have never performed loan signings. In my area of work, people are very savvy. What they care about the most is: Out of pocket expenses Interest Rate Terms Prepayment Penalty Impounds Yesterday I signed a Dr. and his Dr. wife. He wanted to make sure the application fee from Union Bank was not on his list of charges. When his first payment is, and can they pay bimonthly? This script does not address all the questions that arise in a signing. The NNA is trying to herd a bunch of stray cats in a barnyard, and this is not how to do it. 007Notary