A Online Notarization Success Story You'll Never Believe

1. Presenting the loan documents does not mean placing the blank documents in front of your borrower and saying sign and date here. Many new notaries and title closers are told my uninformed trainers that they should not have to explain nor provide any answers to the borrowers. This is false. The Notary Signing Agent and title closer does need to provide some direction and factual data to the borrowers in order to guide them through the signing process. ™ The closer who can do this most effectively will soon realize that appointments are smoother and take less time. The key to success here is to set the stage. Step 1. Explain to the borrowers your role as a closer or signing agent. You cannot provide LEGAL advice or opinions on the loan product. You can only provide factual and general information about the signing and the loan documents. Step 2. Explain that you are an independent contractor and as such are not familiar with their specific terms. You work for many lenders and your job is to verify their identity and ensure that they indeed are the true owners of the property and have the authority to sign as the individuals named on the loan documents. Step 3. Verify that the loan does have a Right of Recession period and explain this to the borrowers at the onset so that they feel comfortable about signing the documents with you. I would say something like this: " Mr. and Mrs. Borrower, with this refinance transaction your will have a full three business day review period during which you can review and read the specific details of your loan. I will leave a full set of loan documents with you once we have completed the signing and notarization process. During the review period you may discuss the details of the loan with your lender or loan officer." Typically the owner occupied homes have a recession period. In another article we will discuss which loans have a recession period and which do not. More details on this topic is available in the Advanced Mortgage Notary Signing Agent Manual by Gerrie Pierre-Fleurimond. Step 4. Present the key documents first. Select the HUD 1 Settlement Statement, Notice of Right Electronic Notarization to Cancel, First Payment Letter, Promissory Note and Mortgage or Deed of Trust to present as your first key items. Next, complete all the documents which require notarization. Follow up with the remaining documents reading the title and providing a 1 to 2 sentence synopsis of the document followed by please sign and date. The Truth in Lending (TIL) Should be presented last side by side with the Note to highlight the differences in Interest Rate vs. the Annual Percentage Rate which is typically higher. Step 5. Retain the borrower's copies at you side as the last item presented. Never provide the borrowers with the second set of loan documents before they have signed and dated the set to be notarized and returned to the lender. After all the documents have been signed, review, notarize and make any corrections. Congratulate the borrowers on the loan and present the loan documents which they will retain as a copy. Make them smile by saying " Now this is your weekend assignment, to read every document in this package." Smile, relax, have fun and enjoy this and other articles for Mortgage Notary Signing Agents from Gerrie Pierre-

2. Fleurimond of . Part I In the midst of a firestorm over fraudulent foreclosures, Congress passed the "Interstate Recognition of Notarizations Act of 2010" and sent it to the president for his signature. Many believe the Act would whitewash the fraudulent foreclosures that have been in the news lately and which (apparently) have thrown tens of thousands of homeowners out of their homes illegally. The House had already passed the bill, and the Senate passed the bill unanimously by voice vote with almost no, or perhaps absolutely no, debate (the record isn't clear). The president, in a move hailed by some as "courageous" and all that, "sent the bill back" for further study. He didn't veto it, (the maneuver is known as a "pocket veto"), but he did at least send it back, requesting more study on its intended, and possible unintended, consequences. This is definitely one to watch, as it could still be revived and become law. Section 3 contains the language of greatest interest to me-relating to the state courts, where foreclosures occur- and I'll note that Section 2 says exactly the same thing regarding the federal courts,, where the bill is likely to have no impact at all. Whatever else may be said, the bill is designed to "occupy the entire field" of notarizations. Here is Section 3 in its entirety, entitled "Recognition of Notarizations in State Courts." It sounds pretty innocent, doesn't it? But the bill's congressional sponsors refused to answer reporters' questions about the constituents who "wanted" the bill, and specifically they refused to answer whether the banks and other lending institutions wanted it. Some regard it as suspicious that the bill went through congress without debate during the very week when what may be a vast conspiracy to create illegal affidavits and railroad the foreclosure process was beginning to be exposed (See my article on the subject). Count me as one of those.