I love doing loans signings, and have done them for ten years. I have been in Real Estate for 30 years, but I like the loan signings better. I’ve met all kinds of people, and the NSA has a chance to help them all.
RE new NSAs: Notaries have to know when to keep their mouth shut. If there is something on the loan docs the borrower wants to know about, always give them a general answer– but if you say the wrong thing, forget it!
For instance, a notary could say “I can get you a better interest rate!” But we don’t know why those figures are there– why the person has the rate he/ she has. Don’t comment! That particular loan can fold. But the notary may not know the workings of the escrow to get it to that point. ALWAYS have the borrowers contact the Loan Officer. I am old enough to know that if that borrower is so upset, I can handle it.
You can look around the home and know how to handle the signing. For example, at Christmas, I went to a home where the borrower was disgusted. They were packing to go on a trip, and a lot of things were set up to go. They had a baby. That tells me “Say some reassuring things.” I mother them. The loan had taken 7 months, and it was Christmas eve day. It had taken so long! I told her I understood, and that I could leave if she wanted me to. She saw I was experienced and that I cared, and she calmed down and signed. She might not have signed for another notary.
One time a borrower did not show for about 30 mins– there was a girlfriend living in the house, and there was a wife– the man was buying her out! I had to tell them to stop the bad language, and she was also afraid that he was going to take all the money. I said “I’m out of here”— but then they calmed down and signed. A new notary would have panicked and left. But I got them to sign: their marriage was over, and they needed the money. I did a reverse mortgage for a man who sold Fuller Brush. The man wanted to read it all– three hours! I looked around the house, and he had nothing there! He didn’t even have enough income to support himself and his disabled son. I knew he needed the loan and I let him read. I asked him “Do you know what I just read?” He didn’t. I had to make him understand what the APR is (briefly; a generic answer–like you have on 123notary–in the Ninja book.) After the signing, he came to the house and handed my daughter a $50 gift certificate. He was so grateful. This was years ago.
Every situation is different. You need to adapt to that situation. You are doing the borrower a disservice if you just point and sign.
You should also never backdate. There is always someone who will talk if you do something wrong. The only person who is not going to talk is me. But you can never trust the company not to come back to blame you in the future–so don’t backdate!
These borrowers are real people– not just numbers. Be sure you know about the documents!
Instead of taking low-ball offers — take a course and study the loan documents! This will give you a lot of business. You do not need to take low offers to start out. Your printer and computer, phone, car insurance, gas– all these come out of what you make. You can’t print and do all this and do a loan for $60.
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