NSA's can help prevent mortgage fraud

By
Services for Real Estate Pros with Scanlon Signing Services

With all of the mortgage fraud cases surfacing latley, some of these could have been prevented if an experienced Notary Signing Agent was used. I have heard of several cases where the borrowers were not informed of all of there loan terms. It is my job as a Certified Signing Agent to make sure that the borrowers understand there loan documents and if there are any questions I can not answer the loan oficer is called. 

When I arrive at a signing one of the first steps I take is to go over all the important terms to make sure it is what the borrower has agreed to. We check the loan amount, funds I am to collect, the interest rate, whether it is a fixed rate loan or an adjustable rate, any prepayment penalties, payment amount and any escrowed items. If everything is correct then we proceed with the signing.

I  heard that some states have tried to bar notary's from performing loan signings, but I think this would be a terrible mistake. I get paid whether the borrowers sign the documents or not so I would not loose hundreds or thousands of dollars just because the loan fell through.I One of my primary roles is to make sure the borrowers understand there loan terms.

I think Certified Signing Agents should be used for all loan transactions. Most of us take pride in the role we have and I know I take it seriously.



Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
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Comments (3)

Terry Lynch
LAR Notary and Closing Services - Saint Clair Shores, MI

Lisa

There are several "attorney states" that require and attorney to conduct a closing. I'm not sure of all of them but I know Georgia is one.

Jun 17, 2009 03:24 PM
Anonymous
Lisa Scanlon

Yes that is correct there are some attorney only states, I think that is a big mistake and some of the states that are attorney only have the biggest mortgage fraud rates.

 

 

Jun 17, 2009 10:17 PM
#2
Terry Lynch
LAR Notary and Closing Services - Saint Clair Shores, MI

I agree, for a couple reasons.

1. I'm sure that the attorneys doing these closings are new, an established lawyer would probably not be doing them for what they pay.

2. This just adds an extra cost to the closing without adding any value to the consumer, since as you say, a good closing agent will professionally conduct a closing.

Jun 19, 2009 06:48 AM