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June 2, 2018

Situations where you can ruin a loan out of stupidity

Filed under: Ken Edelstein — admin @ 11:25 am

What I am trying to do is to work in situations where you could ruin a loan out of stupidity into questions that would weed out bad notaries. The question about dropping the fedex or waiting for Chad to call back is a good one. Notaries are tempted to wait even though there is no reason to do so. I don’t see a way to work these scenarios into questions. If you can think of a few really good questions to add to my list that would be great.

NUDISTS
The borrower family consists of adult and teen age nudists. They request you UN-dress for the signing.

1. You comply and try to keep your eyes on the paperwork.
2. Too weird, it’s bail out time
3. You decline citing “it’s not your way” but permit them to remain naked.
4. You insist everyone dress, and return in a half hour.

258 PAGES
Both borrowers signed and initialed (correctly in all the right places) all pages of the 258 page double refinance package; prior to your arrival.

1. They must resign all signatures as you did not witness any of them.
2. Only the Acknowledgements must be resigned as they include the wording “subscribed before me”.
3. The Title Company notary must do the notarizations, as they are the only ones authorized to notarize unwitnessed signatures.
4. Only the Jurats need to be resigned.

NO RTC
At the end of the package the borrower asks where the 3 day RTC form is. It’s not in the package. They insist that it should be there. You cannot reach anyone by phone.

1. You allow the borrower to hand write their RTC form and you notarize it.
2. Fortunately you have a different loan package with a RTC form with you. You duplicate it and change all entries to match the current loan.
3. You find the loan on the table is for vacation property, you don’t count Saturday when the missing form (via either 1. Or 2. Above) is created.
4. You find the loan on the table is for investment property, thus the RTC is not applicable.

FORGOT TO DOUBLE CHECK
You realize at the shipping depot that you forgot to double check the loan package. Upon inspection you notice that the borrower did not initial the signed signature page of the Note.

1. You make a copy of the page, email it to the borrower, requesting they initial it and FAX it to your employer, then you ship.
2. Knowing you will miss the drop off, you return to the borrower for the missing initials, and ship the next day, happy that the package is now complete.
3. Initials are not required on signed pages, so you ship with a post-it at the top of the package noting the missing initials.
4. You add the missing initials with a different color pen so they will know it was a notary correction then ship.

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