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ntarybj04
Virginia
4 Posts |
 Posted - 12/08/2011 : 11:43:07 AM
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I received a signing from Indiana Surplus Fund Inc,d/b/a Indiana Benefits Recovery ("IBR"). Has anyone done any business with them ? What they requested was the signing and Notary Sealed Limted P.O.A.
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CopperheadVA
Virginia
420 Posts |
Posted - 11/16/2011 : 7:27:58 PM
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| odessit771, yes it's totally common to see the RTC - just once in a while the loan is for a property that the borrower rents out, or is a vacation home, and the 3 day RTC does not apply to those loans. So once they sign those docs there is no going back if they have an issue. But yes most of the loans I see are for primary residence, so yes the RTC applies to most home loan refinaces. |
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edelske
New York
815 Posts |
Posted - 11/16/2011 : 4:59:38 PM
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When citing "rules" it's a good idea to include, as a minimum - which state law is under discussion. Better is to include that law directly.
Here in New York State:
§303. Requisites of acknowledgments.
An acknowledgment must not be taken by any officer unless he knows or has satisfactory evidence, that the person making it is the person described in and who executed such instrument.
Thus it really is at the individual notaries discretion. I generally go by the rule of "Govt issued photo ID". That (for me) can range from the "gold standard" of a Passport; to the lowly "MetroCard" - issued to senior citizens (with photo) by the Metropolitan Transit Authority (a quasi governmental agency). But having the card; I know that real proof is required to have it issued; proof of both age and ID and photo.
I kinda wish there was a published list of what qualifies as ID. It's just so vague the term "satisfactory evidence". It does not even demand a photo!
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
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odessit771
12 Posts |
Posted - 11/16/2011 : 2:18:06 PM
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Thank you for all of your help!!!!
Yes, I was able to browse forums and study some publication and it looks like the foreign passport indeed needs to be stamped by Customs & Border Officer at Port of Entry.
Well, now very stupid question - YES I AM NEW - LOL
I think I made a mistake of pronouncing HUD-1 incorreclty at signing. I spelled it out and said H-U-D (by letters) instead of just saying HUD. Don't know if it matters......Feel bad....
Thanks
P.S. So it is not common to see Right-To-Cancel 3 day cooling-off anymore? How often do loans have that in %? |
Edited by - odessit771 on 11/16/2011 2:19:47 PM |
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LindaH
Florida
1754 Posts |
Posted - 11/16/2011 : 1:39:22 PM
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quote:
Originally posted by edelske
I agree totally with all of the prior answers and will not repeat the same issues. However, Saul adds a new dimension to the notary function; that of determining "proper" arrival of someone presenting a foreign passport. I would not do that. My role, IMHO, is to confirm the identity of the signer. I do not concern myself with their boarder crossing "stamp". If I had the responsibility of determining "legal in this country status" - I would not notarize at all. I accept a foreign drivers license; that has no indication of being in the US properly. But, each must follow their own state's laws and their conscience.
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com
In FL, one form of acceptable ID is, specifically, "Passport issued by a foreign government, if stamped by the U.S. Department of Justice, Immigration and Naturalization Service."
Linda
http://www.columbiacountynotary.webs.com |
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edelske
New York
815 Posts |
Posted - 11/16/2011 : 12:44:23 PM
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I agree totally with all of the prior answers and will not repeat the same issues. However, Saul adds a new dimension to the notary function; that of determining "proper" arrival of someone presenting a foreign passport. I would not do that. My role, IMHO, is to confirm the identity of the signer. I do not concern myself with their boarder crossing "stamp". If I had the responsibility of determining "legal in this country status" - I would not notarize at all. I accept a foreign drivers license; that has no indication of being in the US properly. But, each must follow their own state's laws and their conscience.
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
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Saul
Illinois
46 Posts |
Posted - 11/16/2011 : 09:59:48 AM
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COPPERHEAD, as usual, is right. A caveat on the foreign passport issue. I would like to see and would copy the page showing it stamped on the party's entrance into the U.S. that would make me happy here in Illinois.
Saul |
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CopperheadVA
Virginia
420 Posts |
Posted - 11/16/2011 : 08:47:18 AM
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You will probably already know what the borrower's concern is just from conversation about a particular document, but if you are unclear then yes ask. You as NSA must be prepared to be familiar with each document and what the purpose of it is. I personally would not mention 3 day RTC period at the first mention of an issue. I would ask borrower to contact loan officer to get questions answered. If loan officer cannot be reached, then I begin making calls to TC. If borrower is hemming and hawing about what to do or whether to sign, I inform of 3 day RTC period at that time. Be mindful that there is no RTC period for purchase or second home/investment property closings. RTC only applies if borrower lives in the property as primary residence.
Yes you are correct - notary sends docs to title company. Title company does what they need to do with the docs and then sends to lender. If there are any instructions within the body of the package to send docs to the lender, those instructions are probably meant for the TC - not the notary. |
Edited by - CopperheadVA on 11/16/2011 08:51:15 AM |
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odessit771
12 Posts |
Posted - 11/16/2011 : 08:28:53 AM
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Thank you for your answers!!!!!
So, regarding # 4 - would that be a good practice to do the following:
- Ask what borrower's concern is
- Inform of NSA role and 3 day cooling-off period
- Contact Title/Mortgage Co for further assistance
And let me get this straight:
Docs get returned to Title Company and then Title Company sends them to the Lender. Did I get that correctly?
Thanks again! |
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CopperheadVA
Virginia
420 Posts |
Posted - 11/16/2011 : 08:17:36 AM
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1) Depends on what your state allows. In my state of VA, a foreign passport is allowed if it is current.
2) Anywhere from 100-150 pages
3) No, I personally don't see many subprime loans right now - others may have a difference experience
4) Any problems with the loan terms or figures, you ask the borrower to call his loan officer right then and there. You should also be provided with numbers to call if there is an issue at the table (you call the signing service or the title company, or sometimes they will provide the loan officer's contact info). You never ever leave the signing table without attempting to call your client (signing service or title company) to advise there is an issue. You get your instructions from the title company or signing service, not the loan officer. I have had loan officers tell borrower "Oh, you don't have to sign that" - wrong!)
5) Docs always go back to the title company (sometimes called escrow company). Docs never get sent to the signing service or lender (the title company will send docs to lender). Once in a great while there may be special instructions to send certain docs to the lender (aka split package), but there would be specific instructions telling you to do so and I have not seen that in years. Otherwise, all docs go back to the TC and there should be a shipping label provided or the shipping address and account number for billing. The notary should never pay the shipping fees.
6)Yes there are nationwide signing services and title companies |
Edited by - CopperheadVA on 11/16/2011 08:21:04 AM |
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odessit771
12 Posts |
Posted - 11/16/2011 : 07:03:10 AM
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| Also, I wanted to ask if there are signing companies that work nationwide. In other words, can a co. be based in CA but dispatch NSAs in NY? Thanks! |
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odessit771
12 Posts |
Posted - 11/16/2011 : 06:49:54 AM
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Hello! I am new NSA and have a few question. I greatly appreciate all of your help!
1. Is foreign passport an acceptable form of ID during signing?
2. How many pages are in the average convention package? (1 copy)
3. Do you see a lot of sub-primes nowadays?
4. If the borrower won't sign for any reason, what would your action be? What would your 1st response be - a question or statement?
5. If working with signing co, do you usually return docs to the signing co or directly to the lender?
Thanks!!!!!!!!! |
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