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LindaH
Florida
1754 Posts |
 Posted - 04/29/2008 : 06:30:24 AM
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Thanks, Dennis....thanks for clarifying your TPL laws...that's very interesting...
Brings up another question- how about Quit Claim Deeds, Warranty Deeds or Powers of Attorney limited to Real Estate Transactions...do you have to refuse those too? Or is the regulation limited to loan documents?
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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Edited by - LindaH on 04/29/2008 06:32:00 AM |
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dsullivan
Indiana
14 Posts |
Posted - 04/28/2008 : 8:12:15 PM
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Linda,
Sorry, I didn't notice the first line in your post.
But, if you are a notary public in IN and do not have a TPL you can not legally notarize loan documents. You have to pass on that job because you are not licensed. JMHO
Signed, sealed and delivered as promised. |
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LindaH
Florida
1754 Posts |
Posted - 04/28/2008 : 06:52:45 AM
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quote:
Originally posted by dsullivan
LindaH,
I must disagree with your comments about a TPL not being required if...
If your state requires a person to have a TPL to conduct a loan signing, I don't see how a company can get around this requirement by sending the documents directly to the borrower. Whom ever conducts the signing or if they only notarize the mortgage they are a party to the transaction and, if required, must hold a valid TPL. Correct me if I'm wrong, but FL does not require a TPL, here in IN they do. JMHO 
Signed, sealed and delivered as promised.
That's why my post was in the form of a question - it was a hypothetical thrown out there as a possibility...and which is why I began it with "I could be way off base here but I'm going to give it a shot, but have a question first...."
No, FL does not require a TPL
Guess my question was...if someone walks in to you with a loan package and hands you just the mortgage/DOT and says "I need this notarized"...you need a TPL for that?? IMO, wouldn't that then require ALL notaries to carry a TPL to cover this occasional scenario?? - or do you just refuse to notarize a Mortgage/DOT/Deed as beyond the scope of your authority?
Just curious.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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Edited by - LindaH on 04/28/2008 06:59:25 AM |
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dsullivan
Indiana
14 Posts |
Posted - 04/27/2008 : 6:53:04 PM
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LindaH,
I must disagree with your comments about a TPL not being required if...
If your state requires a person to have a TPL to conduct a loan signing, I don't see how a company can get around this requirement by sending the documents directly to the borrower. Whom ever conducts the signing or if they only notarize the mortgage they are a party to the transaction and, if required, must hold a valid TPL. Correct me if I'm wrong, but FL does not require a TPL, here in IN they do. JMHO
Signed, sealed and delivered as promised. |
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edelske
New York
815 Posts |
Posted - 04/14/2008 : 4:38:22 PM
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When the docs are sent directly to the borrower the notary signing agent needs to be very alert. This situation can be very good or very bad for the notary.
I always ask the borrower to call me to confirm that they did indeed receive the docs. ALSO I ask the borrower to review the docs, call the L/O if they have any questions - and call me when they are ready & willing to sign the docs. Thus, the borrower gets the chance to go over the docs with the L/O PRIOR to my arrival - saving ME time.
When accepting a "borrower gets the docs" assignment - I am always a bit concerned about the "suprise" aspect of investing a trip prior to my seeing the package. It could be 187 pages (each copy) for what described by the booking clerk (title, escrow, SS, etc.) as a "tiny little HELOC". Thus when accepting the job I never leave it "open ended" but contract to do a 100page +/- 10% size package. Faxing is extra, after about 10pages.
Worst case is having 25 notarizations to do - on the "second half" of a split signing - and needing to supply "loose acks" for each of them.
Then being asked to fax "all notarized documents" plus, plus, plus..
So, to avoid "adopting a monster" for my base rate - I cover what the fee includes, when it's borrower gets docs. Eg: So I will be processing an approx 125 page package, no faxing, and no prior notary has worked with the package, is that right? And get the name of who you speak to. Make sure they understand the fee goes up as the work goes up, beyond the initial understanding (which I send as an email in reply to the confirmation).
It may seem I am being very cautions, but having been taken advantage of three times with "borrower gets the docs" - I now only accept these (about 5% of my volume) with a very specifc understanding.
Ken |
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BobbiCT
Connecticut
135 Posts |
Posted - 03/17/2008 : 05:24:58 AM
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"We are bank notaries & will continue to do it our way."
GREAT news for the plaintiff if the document and notarization are ever put to the test. Under existing case law throughout the United States, the employer BANK is 100% financially liable for the actions of its employee-notary ... even if the notarization has nothing to do with bank business or a bank customer. Notarize a document on employer time, on employer premises, and a good lawyer can make the employer's insurance and assets take the hit (particularly good in states where employee-notaries have commission because employer required it, employer paid fees, and employee received no training or bad training). |
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Lee-AR
Arkansas
678 Posts |
Posted - 03/17/2008 : 05:08:56 AM
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What I find quite frightening about this is that most bank notaries
(in this area, anyway, but frankly, I think it happens everywhere) are quite quick with the stamp, but do NOT ID people!
I have had my signature notarized on quite a few very important financial instruments--including a couple mortgages & Deeds...
and not a single one of 'em wanted to see ID, nor did they 'know me personally'.
Our SOS is trying to correct this by holding seminars across the state. I went to one & saw a group of bank new hire/new notaries in attendance--along with a long-time (supervising?)employee/notary. I was behind this group while walking to the parking lot and heard one of them say (I kid you not) "We are bank notaries & will continue to do it our way." Oh, joy. Good luck to all those 'find your own notary' lenders. |
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joanbergst
California
360 Posts |
Posted - 03/16/2008 : 11:21:30 PM
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I did many of these Wells Fargo/Washington Mutual type loans in 2003-2004 when these loans would keep the borrower in Wells Fargo/Wash Mutual loam so the borrower would not refinace with a new lender.
I don't know if this is the same type of loan in 2008 because I haven't been hired to do one?
Joan Bergstrom
24/7 To Riverside & San Bernardino Counties.
State Notary exam teacher for www.notaryclasses.com
www.joanbergstromnotarypublic.com
joan.bergstrom@yahoo.com
Cell: 951-522-4919
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BobbiCT
Connecticut
135 Posts |
Posted - 03/16/2008 : 1:40:25 PM
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"...how can the company get around that when they send the docs to the BO and tell them to find a notary?"
I see these on a regular basis and for many years. The documents that require notarization are clipped with instructions on a colored sheet of paper. The notary is ONLY performing notarizations; nothing more.
The borrowers complete the rest of the package on their own. Notarizing a document in CT is $5 per notarization. Borrower signs mortgage deed and a title affidavit; I perform notarization, collect $10; they're done with me. Many of these are "free" notarizations by co-workers, friends or family who are notaries.
It looks like many more lenders have decided leaving the borrowers on their own to figure it out can't be worse than a "bad" signing agent. It costs the lender and title company less and, if the document package isn't "correct," only the borrowers are to blame |
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LindaH
Florida
1754 Posts |
Posted - 03/16/2008 : 08:14:13 AM
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quote:
Originally posted by kcg
I know this has been going on for a while by some companies like Wells Fargo...however my question is this. If the notary is in a state that requires a Title Producer's License be held, how can the company get around that when they send the docs to the BO and tell them to find a notary?
I was only called by one BO looking for a notary to notarize his loan docs...I gave him a fair price and we made the appt. He then called me back to cancel saying that there was a notary at his bank who would do it for free. Now, I'm sure the bank's notary does not hold a TPL - are the docs legal in this state? And if this is just peachy-keen, why am I required to obtain that license and do all the CE classes to keep it?
Anyone know the answer? Thanks, Trina
I could be way off base here but I'm going to give it a shot, but have a question first....
Isn't a TPL required only for conducting loan signings and not for general notary work? If that's the case, in the scenario you cited, the notary is only notarizing signatures on the pertinent docs in the loan package...they're not conducting a loan signing...so no TPL required, IMO.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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Edited by - LindaH on 03/16/2008 08:20:58 AM |
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kcg
Indiana
33 Posts |
Posted - 03/16/2008 : 07:46:35 AM
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I know this has been going on for a while by some companies like Wells Fargo...however my question is this. If the notary is in a state that requires a Title Producer's License be held, how can the company get around that when they send the docs to the BO and tell them to find a notary?
I was only called by one BO looking for a notary to notarize his loan docs...I gave him a fair price and we made the appt. He then called me back to cancel saying that there was a notary at his bank who would do it for free. Now, I'm sure the bank's notary does not hold a TPL - are the docs legal in this state? And if this is just peachy-keen, why am I required to obtain that license and do all the CE classes to keep it?
Anyone know the answer? Thanks, Trina |
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