Additional Sellers Signatures Required for Buyers with FHA/VA Loan



When signing “Sellers” documents please keep an eye out for any loan documents that the “Sellers” must also sign. This is the case when the buyer is getting a VA or FHA Loan. The “Seller” will have to sign three or four loan documents for the buyers lender. For an FHA Loan, the “Seller” must sign loan documents such as the Addendum to Hud 1 Settlement Statement, the Hud 1 Certification, the Receipt of the Hud 1. If the buyer is getting a VA Loan, the “Seller” will have to sign the VA Escape Clause, the Appliance Statement, and the Certification Addendum to Hud 1 Settlement Statement. These are standard, required government loan forms and will not have the actual sellers names printed below the signature lines, only the words “Seller”. Be sure your sellers signs these documents to avoid costly delays.

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Short Sale Documents to be Notarized



When signing Short Sale Documents with a seller, extra care must be taken as these documents vary from lender to lender. Always check the signature page for verbiage which would indicate the documents need to be notarized and have extra Acknowledgements and Jurats on hand at all times.  

For Example: The Affidavit of Arm’s Length Transaction must be notarized. If there is no certificate attached, please attach the applicable acknowledgment of jurat which meets the guidelines of the state in which you are commissioned.

 

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Signing Short Sale Documents …. The Seller = The Borrower



Take care when signing sellers involved in a short sale transaction. Some of the documents ask for the “borrower” signature. This in fact is the seller, the party you are signing in the current transaction …. however, in relationship to the loan that is being paid off, the seller is actually the original borrower.

For Example: Bank of America Short Sale documents include an Assignment of Unearned Insurance Premium which requests the borrowers signatures on the signature lines. This is BofA’s borrower, which is actually the seller in the transaction.

Confusing I agree, but think about it, the “seller” is doing a short sale, paying any proceeds of the sale of their home to BofA for the loan they owe on the house.  The “seller” is BofA’s “borrower” and must sign BofA’s short sale documents

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Returning Signed Loan Documents – It’s a Priority !!!



We need to make every effort to get documents out the same day, especially if the appointment is before 3PM.  Signings completed on Friday and Saturday should be dropped for Monday delivery. If it’s after hours on Friday, please be sure to drop in a location that will pick up on Saturday for a Monday delivery. If this cannot happen for any reason, please call our office for further instructions 

Priority Overnight: Unless otherwise requested, ALL packages should be sent Priority overnight to be delivered the next business day by 10:30AM.

NO Early AM:  Unless specifically requested, please do not mark the box for early AM delivery. Not only does this cause an additional charge, it also causes a delay because often times the delivery arrives before the office is even open.

NO Standard Overnight: Unless specificalyy requested, please do not mark the box standard overnight as this causes a delay in processing the file once it is returned.

Remember that our assignment is not completed until the client has recieved the signed and notarized documents. If there are ever any questions or concerns regarding returning documents, please always call our office so we can assist you. If after hours or weekends, you may contact our after hours support. Our Contact information can be found at http://www.initialhere.com/contact.php

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To sign Trustee or not to sign Trustee, that is the Notary question of today!



You’re sitting with your borrower signing loan documents and you discover that your borrower holds Title in their Trust…how do they sign?

This question seems to arise regularly during a document signing service and the answer varies from Lender to Lender. If you come across this during regular business hours, please contact Central Signing Service to ensure all loan documents are signed properly. In the event you are at a loan document signing afterhours and have exhausted all attempts to reach Central Signing Service, Lisa on her cell, the Escrow Officer and the Loan Officer or Real Estate Agent, we would like to use this as a blanket rule of thumb: When in doubt, sign without!

The exception being you have two signature lines on the document: one signature line has their name as an individual and the second signature line has their name, followed by the word trustee or trustee verbiage. This is done intentionally and is not to be assumed repetitious. The intent is to have the borrowers sign twice: once with their name only and once with their names, followed by trustee, or the variation as the signature line indicates.

After conducting a quick survey to select Escrow Officers at different Title and Escrow Companies, we’ve discovered that it is best to sign without Trustee if there are no instructions noted in the loan document package, with the exception as listed above and when the Signing Agent is unable to reach anyone for instruction.  It is much easier to add Trustee later, than to remove it.  

When in Doubt, Sign Without!

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As a Signing Agent, you can detect fraud using a black light!



Did you know there are hidden holograms in most government issued ID cards that can only be seen under UV lighting?  In 2009, States started making changes on ID cards, including these holograms to help minimize identity theft. As you may have already noticed, some states have already changed the appearance of their ID cards and added hidden, additional security features that can be seen under a black light to increase difficulty in copying the new card.  However, don’t forget anything made by man, can be duplicated by man. With today’s technology, it won’t be long before visibly believable copies of the new ID cards begin circulating.

It’s a great idea to carry a small UV black light when performing a document signing service as a way to detect counterfeit government issued ID cards, Driver’s Licenses, Passports or even Resident Alien/Green Cards. Over ten million American’s per year fall victim to Identity Theft. At this rate, owning a black light seems like a small price to pay to ensure security of not only your customer, but yourself as a Notary. You could become a hero! As a representative of your state and a Notary Public, do your part to fight fraud and decrease Identity theft by carrying a black light to your loan signings.

Read more about how UV lighting fights fraud.

Click here to see examples and read about holograms in different types of government issued ID’s.

Click here to check out this pocket sized UV flashlight on Amazon! What a steal!

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Attorney’s now required to conduct all closings in Massachusetts



Posted by The Boston Globe at boston.com

Richard D. Vetstein discusses the long awaited ruling from the Massachusetts Supreme Judicial Court in case of Real Estate Bar Association (REBA) v. National Estate Information Services (NREIS) that came down yesterday.

The net effect of the Court’s ruling is to reaffirm Massachusetts attorneys’ long-standing involvement with all residential real estate transactions.

This case pits Massachusetts real estate closing attorneys vs. out of state non-attorney settlement service providers which are attempting to perform “witness or notary” closings here in Massachusetts. At stake is the billion dollar Massachusetts real estate closing industry. This entire article can be read here.

The ruling can be read here.

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Can a Notary Public Notarize a Minor?



Yes, a Notary Public can notarize a minor as long as all the requirements for the notarization are met.

Here’s the problem: A Minor cannot enter into a contract. They cannot sign a Grant Deed, Deed of Trust or any other contractual agreements; therefore they can not execute loan or real estate documents.

What do you do? Always check the birth date on the parties identification to first verify that the age description matched the party appearing before you. If they are under the age of 18, immediately adjourn the signing and contact the appropriate parties.

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No ID Numbers in Journals for Oregon Notary Publics



Personal identifying numbers may not be recorded in the Notary Journal: “If the notary public indentified (a) person by seeing indentification documents, then the (journal) descrition shall consist of, in the following order,

  • the name of the organization that issued the document
  • the type of document
  • the document’s expiration date

For example: State of Oregon Drivers License 8-8-2008″ (OAC 160-100-0210[7][c]).

* published in the 2010-2011 Supplement to the U.S. Notary Reference Manual by the National Notary Association.

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Fighting Fraud with the Red Flags Rule



On December 18, 2010, President Obama signed into law the Red Flag Program Clarification Act. The new law limits the circumstances in which creditors are covered by the Red Flags Rule.

Visit the Federal Trade Commission website for more updates and information.

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