loan documents: Using staffed locations when delivering loan documents - 02/15/09 10:46 PM
I learned some valuable lessons when I was in the Army.  One of them was: 'CYA'.  I didn't think much of it at the time.  My thoughts were, just do what you're told and you won't have any problems.
Well, there are times when it's not enough to do what you're told. A notary signing agent can do everything they're supposed to do, and they can still be blamed if something went wrong with the closing.  So I always keep in mind that lesson I learned: 'CYA'.
I had a closing on Saturday evening in Canon City, Colorado -- 50 miles … (0 comments)

loan documents: When is a good time to receive the loan documents? - 01/20/09 11:04 PM
The sooner the better, of course.
But it's not a perfect world. And in this business 'stuff' happens.  Getting lender approval on the HUD Settlement Statement is usually the culprit.
In theory, a title company can send the loan documents to a notary signing agent in just enough time to print out the documents and make it to the closing on time.  That means, if the closing is scheduled for 5 p.m., and it takes the signing agent 20 minutes to drive to the closing (they have to depart at 4:40), and it takes 10 minutes to download and print the … (1 comments)

loan documents: Making a second trip to the borrowers after a closing - 01/13/09 08:46 PM
It's something that any notary signing agent would dread: having to go back out to the borrowers for some reason.
There are several reasons why a notary signing agent will have to go back to the borrowers after a closing.  A document might be missing a signature or initials, is one reason.
Not only will the signing agent have to go back, but they will have to do it at their expense, if it was an error on their part.  And they have to fit it into their schedule.  Then they have to track down the borrower, and hope that the … (0 comments)

loan documents: The next frontier in loan closings - 01/04/09 10:06 PM
I have witnessed many closings as a notary signing agent, and seen many changes.  One of the biggest changes in loan closings is merely the fact that a borrower can do their closing in their own home, or wherever they choose.  I'm often told by borrowers that they are amazed that this is possible.  They really appreciate it.
What they don't appreciate is the amount of paper.
Admittedly there are very many documents that the borrower has to sign.  I don't mince words when they ask me how long it should take.  I tell them to expect to spend around an … (4 comments)

loan documents: Forging an electronic signature: eSigning - 01/01/09 04:09 AM
E-closings (eSignings) provide a way for the borrower to sign their loan documents electronically.  With the click of a mouse they can sign one, or even several documents at once.
 
 
 
The borrower is not the only one who can sign these documents.  A flaw in the system?  Computer hackers?

Not exactly.  The loan documents are stored on a secured website.  A person would need the password for the borrower's account to gain access to the documents.  One of the persons who has access to those loan documents is the notary signing agent who will conduct the e-Signing.  … (3 comments)

loan documents: Preventing costly errors at closing - 12/22/08 06:12 AM
I was reading on one of the notary message boards about a notary signing agent who was asked to backdate documents because the Deed of Trust was initially left out of the loan documents at closing.
 
First of all, backdating is illegal.  It is never permissable under any circumstances.  So there is no way for the notary to resolve the problem by notarizing the Deed of Trust using the original date of the closing.  The company that hired her can plead all they want.  It's illegal.
But I couldn't help thinking that the problem could have somehow been avoided.
One … (1 comments)

loan documents: Signed, Sealed & Delivered: loan documents - 12/22/08 12:51 AM
You've just completed all of your closings for the day, and you're ready to deliver the documents to be shipped.  The packages look nice and neat when you drop them off. 
But will they look that way when they reach their destination?
 
Packages of loan documents take a beating en route to their destination.  This is what the package looked like from a closing I did recently.  The loan documents were sent to the borrower. 
Not only was the package damaged, the loan documents were damaged as well.
 
A lot of the closings that I do involve stacks of … (0 comments)

loan documents: eSignings: getting the BIG picture - 12/21/08 11:23 PM
I have done many closings for borrowers who are visually impaired.  I recall one woman who had to use a magnifying glass just to see where the signature line was on the document.  Reading the print on the documents was even more difficult.  It was a very frustrating experience for her.
Unfortunately lenders are not going to increase the size of the fonts they use on the loan documents.  So a magnifying glass is something that I carry, just in case the borrower has trouble reading the loan documents.
But what about an eSign (eClosing)?
If it's hard to read loan … (3 comments)

loan documents: Dealing with complex printing jobs - 10/22/08 09:47 AM
At the conclusion of a closing I had last Friday the borrower said: "Interesting process."
It is indeed interesting. Borrowers are often curious to know how all of this works -- how I get access to their loan documents, since I'm in Colorado Springs, and the title company and lender are someplace else.  They wonder how all of it is coordinated. 
It isn't all that difficult -- most of the time.  Normally the loan documents for the closing will be sent to my email as an attachment:

I will download the file and save it to my external hard drive.  … (4 comments)

loan documents: Getting the numbers straight at closing - 10/20/08 11:18 PM
Q: 'Why is my interest rate so high?' 
A: 'Sir, that's the Annual Percentage Rate. The reason it's expressed that way is because ...'
With so many numbers involved at closing, it's understandable that the borrower will have many questions and concerns.  As the Notary Signing Agent it is not my role to explain the terms of the loan to the borrower.  In many cases I have just learned about the loan a few hours before the closing.  And I sometimes don't receive the loan documents until an hour before the closing.  So my knowledge of the loan is very limited.
… (5 comments)

loan documents: Reading the entire file before printing the loan documents - 10/17/08 12:51 PM
I learned a long time ago to read through the entire file of loan documents before printing them.  One reason is that each borrower is entitled to receive 2 copies of the Right to Cancel.  If I see that there is only 1 in the file, then I'll print the extra copies before printing the entire loan package.
But there is an even more important reason: the closing instructions to the notary signing agent are not always the first document.
It doesn't annoy me when I see this because I have seen it so many times.  And I always catch it because … (1 comments)

loan documents: Following instructions can get you in trouble. - 08/21/08 08:16 AM
Notary signing agents are supposed to be experienced with loan documents. It's what distinguishes us from someone who is 'just a notary'.  And we're supposed to be knowledgeable about which documents should be signed, how they should be signed, ... etc. 
Notary signing agents are also supposed to follow instructions -- to the letter.
But there are times when the instructions have to be questioned.  That is the situation I found myself in this afternoon.  In my instructions for the closing I have this evening, it gives instructions as to which documents the non-borrowing spouse is supposed to sign.
The title … (2 comments)

loan documents: Delivering loan documents on a Saturday - 04/19/08 09:01 AM
What is the likelihood that you will have 3 signings (2 Refinances and 1 Timeshare), on a Friday, with two of them late in the evening, and with each company using a different overnight delivery service for receiving the loan documents? 
"It could happen."
 
It's Saturday morning and I have to drop off the documents from those signings. The simple thing to do would be to take them to the 'Atrium' on Fountain Blvd. It's just a mile from where I live.
As you can see, there is a drop box for each of the packages: FedEx, DHL, and UPS.
 
 
 
 
 
The problem is that, … (4 comments)

loan documents: Printing multiple attachments of loan documents - 03/18/08 07:48 AM
There are various ways in which the notary signing agent receives the loan documents for a closing.  One of the most common is to receive them as an email attachment.
Here is an attachment of loan documents. This one file contains all of the loan documents in PDF format. 
I simply download it to my computer, open it up, then print it out.  I think most notary signing agents prefer to receive the loan documents this way. Especially when we're in a rush.
But occasionally the loan documents will come in multiple emails and multiple attachments. Extra care has to be taken to … (1 comments)

loan documents: Order of importance in presenting loan documents - 01/21/08 02:48 AM
When a notary signing agent receives the loan documents for a closing, the documents are not necessarily in the order in which they should be presented to the borrower.
One might think that it doesn't matter. Just start from the top of the stack of documents and work your way down. Just get them signed. That's the objective. Right?
Not necessarily.
One of the things I do as a notary signing agent is try to put myself in the position of the borrower. When I'm presenting the documents, I try to imagine which documents I would want to see first. What would be … (8 comments)

loan documents: Keeping the borrower informed - 11/26/07 03:07 AM
Closings that are delayed because of late loan documents are something that notary signing agents have come to accept. It's frustrating. Yes. But it's a situation that is, for the most part, out of our control.  Nevertheless, there is something that we can control -- the amount of information that we give to the borrowers.
Although it's frustrating for the notary signing agent, not knowing exactly when the loan documents will arrive, I try to imagine what it must be like for the borrower. They have absolutely no idea what is going on. They don't know if their closing will be delayed … (3 comments)

loan documents: Waiting for approval to drop off loan documents - 11/04/07 11:47 PM
It has to be one of the worst policies in this business: signing services whose policy it is to require certain loan documents to be faxed to them, then make the notary signing agent wait for approval before the loan package can be dropped off.  It wastes precious time.
I did a closing for a company last Friday at 4pm.  I completed the closing, drove back to my office, and had the required documents faxed to the signing company shortly after 5pm.  I could have dropped them off at UPS in time to be picked up that evening. However, I could not … (9 comments)

loan documents: Restaurant closings - 11/01/07 01:56 AM
Despite the downturn in the housing market, this is not, as the title seems to suggest, about restaurants that are going out of business. The restaurants in Colorado Springs, at least, are doing very well. 
No, this is about mortgage loan closings.
One of the conveniences of having the closing done by a notary signing agent is that the borrower can choose where they want to do the closing. For many of the closings that I have done, the borrower chose to do it at a restaurant.
This can be for many reasons. They are doing the signing of their loan documents during … (5 comments)

loan documents: Waiting for approval to ship loan documents - 10/14/07 12:49 PM
Sometimes I think that the measures that signing companies take to ensure that signing agents do their job properly actually hurt the business.  A lot of the things that are required are in conflict with what is the most expedient way of doing things.  Waiting for approval before shipping the documents is one of those things.
I did a closing for a company last year that required me to hold the documents pending approval from the signing company. I could have had the documents shipped the same day of the signing and delivered the next day.  I called the signing company and … (0 comments)

loan documents: Is there ever an excuse for negligence as a notary signing agent? - 10/09/07 06:36 AM
I think so.
I did a closing yesterday at 5 p.m.  Because it started at that time, there was probably no expectation from anyone that the documents would go out that evening and be delivered the next day. FedEx makes its last pick up at 6 p.m. I would have to complete the closing and rush to deliver the documents to FedEx Kinkos -- all in less than one hour.  I had a plan though.
I didn't rush the borrower, but rather tried to do everything as efficiently as possible so that I could complete the closing as quickly as possible. When the … (0 comments)