A notary was accused of tricking the borrowers! « Notary Blog – Signing Tips, Marketing Tips, General Notary Advice – 123notary.com
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August 28, 2013

A notary was accused of tricking the borrowers!

Borrowers sometimes just don’t understand. The notary signing agent is not responsible for what is written on any of the documents. They are just “the messenger”. They are just there to see that things are signed properly. But, in 2012, I talked to a notary over the phone who was so upset that they were unfairly accused of tricking the borrower.

There can be any type of additional fees on the HUD. There could be high appraial fees. The appraisal fee might already have been paid, or a different appraisal might have been done recently. Some companies charge $400 for the notary fee and then only pay the actual notary $80 for e-documents. Payment amounts and Escrow fees could go up.

This is up to the Loan Officer and unfortunately loan officers do not always communicate adequately with their borrowers. The result is that the notary can be in the middle of a very uncomfortable situation. But, there is a solution. When you call to confirm the appointment, you can go over the figures in the HUD-1 Settlement Statement BEFORE you get into your car and into hot water.

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7 Comments »

  1. Can we charge the signing company what the HUD says we are paid?

    Comment by Sally Mulder — August 30, 2013 @ 11:39 pm

  2. Don’t you wish? Trouble is that the fee is already agreed on before we get to see the HUD.

    Comment by Paul — August 31, 2013 @ 1:01 am

  3. Along that line, back in the days when certain lenders required that an attorney be present for closings, I got to know an attorney pretty well that I worked with. So, he refinanced his own home, not with an attorney present requirement, and I printed the docs and took them to his house. As we were doing the signing, he glanced at the HUD and noticed that the notary fee was $250. He told me that was more than attorneys were paid. I never saw him again at a closing. I suppose that he was offended by that. Actually, I think I was paid $85 or maybe $100.

    Comment by Paul — August 31, 2013 @ 1:07 am

  4. I DISAGREE WITH THE ABOVE ARTICLE IN THE FIRST PARAGRAPH STATES THAT THE NOTARY RESPONSIUBLE IS TO SEE THAT THINGS ARE SIGNED PROPERLY THE STATEMENT IN THE LAST PARAGRAPH STATES THAT THE NOTARY SHOULD GO OVER THE HUD ONE WITH THE BORROWER OVER THE PHONE , WROMG, FIRST OF ALL THAT IS IN VIOLATION OF NORTARIAL LAW THAT WILL PUT YOU IN HOT WATER IT IS NOT THE RESPONSIBLITY OF THE NOTARY TO DISCUSS OR EXPLAIN IN ANYWAY THE CONTENTS OF A DOCUMENT WITH THE BORROWERS.

    Comment by Michael — August 31, 2013 @ 5:26 pm

  5. I call only to verify the time and date of the appointment. If you start delving too deeply into documents (that you didn’t create)you can spend more time than expected. By showing up, you’re more likely to complete the job and get paid. Remind then of the Right to Cancel (unless investment property) and move on!

    Comment by Venita Peyton — September 1, 2013 @ 1:50 am

  6. the only figure that is up to me to look at on the Hud statement is whether or not I am to collect funds at the signing table and whether or not they have to be certified or personal check. I am there to check identification, and to see that documents are signed and dated correctly and notarized when needed. all to many times, signing agents try to play the part of the attorney, or the loan officer. be careful you are neither one.

    Comment by robin — September 3, 2013 @ 3:09 am

  7. actually since Dodd – Frank Act, notaries may not discuss the content of the closing package, it’s now a violation of Federal Law. The only ones that may discuss are an attorney, title escrow officer or a licensed mortgage professional. Don’t discuss unless you are looking for possible legal trouble. However I am required to discuss since I am a notary and hold mortgage licenses. I only discuss the facts stated in the documents and not about the transaction itself.

    Comment by Paul — September 3, 2013 @ 3:52 pm

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