Colorado Springs Notary - Leon Austin

Granted, it takes 33 minutes to drive this 14 miles.  That's typical for areas up in the mountains.  But it is still not too long of a drive for a Notary Signing Agent.

I got a call this morning from a title company asking me to do a closing this evening in Manitou Springs, Colorado: 

I know Manitou Springs well and agreed to do it. I might resort to using my GPS, but I'll get there.  When I called the borrower to confirm the appointment, she mentioned that she had previously spoken with a different notary signing agent -- a woman.  The notary signing agent said that Manitou Springs was too far for her to drive and asked if it could be done in a different location so she wouldn't have to drive so far.

I don't know the details of what happened between the signing agent and the title company, but she was taken off of the assignment.

One of the primary reasons why Notary Signing Agents are called upon to do remote closings is to provide a convenience to the borrower.  We make it possible for them to sign their loan documents in the comfort of their home.  Or wherever it's most convenient for them.   Not wherever it's most convenient for the Notary Signing Agent.

This Notary Signing Agent lost a closing assignment.  And possibly many more assignments from this company.  I was asked which counties I cover, and how far I'm willing to drive to do closings.  I was told that I would be called on from now on to do closings in the Colorado Springs area.

Why?  Because in this business you have to be willing to get out of your comfort zone, ... so that the borrowers can stay within their's.

Good luck.

Q: If a soldier is stationed in another country, can his wife conduct real estate transactions, and sign his name to the documents in his absence?

A: Yes. If he has granted her Power of Attorney.

Power of Attorney is, as the name suggests, a powerful instrument. It can be used, or abused.  If used properly it gives a person the authority to act on the behalf of someone else.  Power of Attorney is not limited to real estate transactions. It can be used for many different reasons.

But there are limits to Power of Attorney

Power of Attorney gives a person the authority to sign documents on behalf of someone else.  But it does not give a person the authority to take an oath for someone else.  That is what I have been trying to explain to the people at the signing service for whom I recently did a closing.

This is the document.  It is a Signature/Name Affidavit:

The borrower's name has been changed. But assuming that it is 'John E. Borrower' his wife would sign the document:

However, she cannot sign this document.  If we scroll down the document we see this:

The notary certificate states: "Subscribed and sworn (affirmed) before me ..."  This is a sworn affidavit.

According to notary law, documents requiring an oath must be signed in the presence of the Notary.

His wife is signing in the presence of the Notary. BUT, she cannot take an oath for him.

When a notary notarizes a sworn affidavit, he or she is essentially saying that the signer -- the person whose name appears on the document -- personally appeared before the Notary, was administered an oath, and signed in the presence of the Notary. 

If a person could take an oath for someone else, then, in theory, a person could take the stand at a trial and testify on behalf of someone else. 

Power of Attorney is a convenience. But it also has built in safeguards.  John E. Borrower never actually swore under oath to any of the information in that document.

What is the solution?

The document can be forwarded to the signer and he appears before a notary to have it signed and notarized.  It's not a very convenient solution, and it defeats the purpose of granting Power of Attorney.

Another solution would be if, in the case of a Power of Attorney signing, the lender provided a different type of signature form -- one that wasn't a sworn affidavit:

This is how the notary certificate reads:

This one does not require that an oath be administered to the signer ...

one of the limits of Power of Attorney.

P.S. I presented this problem to the National Notary Association and the Colorado Secretary of State. They concurred -- the Signature Affidavit cannot be signed by the wife.  I faxed an example of the Name/Signature Certification to the signing service and told them, if the title company can get authorization from the lender to substitute it, I will be willing to take it to the wife and have it signed.

At the conclusion of a closing I had last Friday the borrower said: "Interesting process."

It is indeed interesting. Borrowers are often curious to know how all of this works -- how I get access to their loan documents, since I'm in Colorado Springs, and the title company and lender are someplace else.  They wonder how all of it is coordinated. 

It isn't all that difficult -- most of the time.  Normally the loan documents for the closing will be sent to my email as an attachment:

I will download the file and save it to my external hard drive.  Then I print it out.  I'll print out one set of originals to be signed by the borrower.  I'll print out a second set to be retained by the borrower.  It's a pretty good system. And, for the most part, it works very well.

But occasionally a company will do something sadistic like sending the loan documents in several attachments.  The closing documents for today's closing had 17 attachments:

There's not much that I can do except take a deep breath and tell myself, 'We will get through this.'

It is critical that I download every single attachment. If I missed one, I would be omitting one of the loan documents.  I don't think the lender would be too happy about that.  So I print out the email and use it as a checklist. 

As I download a file, I line through the name of the document.

I now have all of the files downloaded:

I use this same system when it comes time to print them, because it's not only important to download all of the documents, I also have to make sure that I get all of them printed.  Using the email checklist, I line through the name of the file with a highlighter when the document has been printed.  When all of the documents have been printed, the checklist will look like this:

Once all of the loan documents have been printed, I spend some time preparing the documents for the closing and familiarizing myself with the loan.

Needless to say, it would be a lot simpler if all of the loan documents were contained in one file.  But life isn't perfect, and 'stuff happens'. 

I entitled this post, 'Dealing with complex printing jobs' because that's about all you can do -- deal with it. And as the Nike motto states: 'Just do it.'

Good luck.

I received an email this morning that can be interpreted as an increase in closing assignments for Notary Signing Agents who do Reverse Mortgage closings:

It states that Reverse Mortgage originations rose 4.2% in 2008, and that there are market signs for continued growth in 2009.

Notary Signing Agents play a key role in the Reverse Mortgage process.  In addition to assisting with the Reverse Mortgage application, we provide an added convenience to the borrower when it comes time to sign the Reverse Mortgage loan documents by enabling the borrower to sign their documents wherever it is most convenient for them -- usually in the comfort and privacy of their own home.

A valuable resource for Notary Signing Agents is: The Complete Handbook of Loan Documents and Transactions -- The Notary Signing Agent's Illustrated Guide to Common and Uncommon Forms and How to Notarize Them, published by the National Notary Association.

I have provided some information on how to do Reverse Mortgage closings in:

Reverse Mortgage training for notary signing agents

And there are more resources on Reverse Mortgages for Notary Signing Agents on my website.

See also:

Reverse Mortgages Show Growth in 2008

President Signs Housing Bill, Reverse Mortgages Receive New Loan Limit and More

Housing and Economic Recovery Act of 2008

'You mean, I have a choice?'

Well, it's not exactly like 'having it your way' at a fast food restaurant. 

But if you ask a notary to 'notarize a document', you should be prepared to give the notary instructions on how you want it notarized.  Because the notary is not permitted to make the choices for you.

One of the problems facing notaries is that, many people don't know what we are, what we do, and why we do it.  We are not a substitute for an attorney, or a low-cost legal alternative.  If we place a notary stamp on a document, it doesn't necessarily mean that that document is now 'legal', and that it can be upheld in a court of law.

But more importantly, unless the document already has a notary certificate on it, the notary cannot choose how to notarize it.  If an agency tells you to prepare a document and have it notarized, then they should also tell you what they require of the notary.  Will it be required that you be put under oath?  This is not a determination that the notary makes.

I just received a call from someone who has a Last Will & Testament.  His question was, 'Do I have to have it notarized?'  This is bordering on giving legal advice, which I'm not permitted to do.  I simply asked him if it has a section on it for a notary.  He said that it didn't.  I told him that I would not notarize it. I went on to explain why I wouldn't.

Colorado Notary Law is very specific about this.  A notary should not notarize a Last Will & Testament unless a notarial certificate is provided.  If he brought the Will to me, expecting me to notarize it so that it is now 'legal', I would be engaging in the unauthorized practice of law.

Moreover, not all documents -- including Wills -- need to be notarized, or should be notarized.  A notary can actually negate the validity of a document by notarizing it.  People don't realize this.

Yesterday I received a call from someone wanting me to notarize a letter stating how 3 siblings would split money from an insurance policy.  I declined to do it because I told the person that this sounds like a probate matter -- something that is best handled by an attorney.  And if it isn't, at least the insurance company should provide the necessary document.  If it requires notarization, then they should attach a notary certificate to it.  The insurance company shouldn't simply tell someone to write a letter and 'have it notarized', and expect the notary to choose the notary certificate.

Which brings us back to square one: 'How do you want this notarized?'

Good luck.

Q: 'Why is my interest rate so high?' 

A: 'Sir, that's the Annual Percentage Rate. The reason it's expressed that way is because ...'

With so many numbers involved at closing, it's understandable that the borrower will have many questions and concerns.  As the Notary Signing Agent it is not my role to explain the terms of the loan to the borrower.  In many cases I have just learned about the loan a few hours before the closing.  And I sometimes don't receive the loan documents until an hour before the closing.  So my knowledge of the loan is very limited.

But I can anticipate what questions the borrower will have, and be able to provide answers to those questions. 

Preparing for a closing

I begin by reading through the entire set of loan documents and finding the key elements of the loan -- what type of loan it is, the interest rate, the payment amount and when it's due, ... etc.

There are usually 100 pages (more or less) in a set of loan documents.  To help find key bits of information in anticipation of a borrower's questions I'll use red tags:

For example, on the Note they see what their monthly payment will be -- minus taxes and insurance: 

But what will the total monthly payment be, including taxes, insurance, ... etc.?  I put my finger on the tab on the payment information sheet that shows the breakdown of the total monthly payment.

There are a lot of other questions the borrower may have, the answer to which can be found by putting my finger on a red tab.  Otherwise I recommend that the borrower contact their loan officer.

But for the most part, anticipating the questions that the borrower may have, and preparing the loan documents so that I can quickly provide the answer, helps to save time, gives the borrower peace of mind, and makes for a smoother closing.

Good luck.

With so many notary signing agents to choose from, companies are finding it increasingly difficult to find closers who are qualified for the particular closing assignment that they have.

For example, the company may have a Reverse Mortgage closing.  They find a notary signing agent who is just 3 miles from the borrower.  But that signing agent has no experience with Reverse Mortgages.  Another company has an eSigning.  They locate a notary signing agent.  But that signing agent doesn't have a laptop computer and wireless card.  It can get frustrating.

To help companies find qualified closers, notary sites are adding filters to show what qualifications the notary signing agent has.  It's a good idea.  But it will only work if the signing agents update their profiles to show what qualifications they have.

I recently posted that SigningAgent.com has added filters to show which signing agents have a laptop computer and wireless card. 

Another site, 123notary.com has added a filter to show which signing agents do Reverse Mortgages.  They also have filters to show if the signing agent has a wireless card, how much E&O insurance the signing agent has, ... and several more.  Some companies will not hire a signing agent unless that agent has at least $100,000 E&O insurance.

Imagine that you are a title company looking for a qualified notary signing agent to do a Reverse Mortgage.  You find 2 notary signing agents in the same vicinity of the borrower. 

Notary Signing Agent # 1:

Notary Signing Agent # 2:

The title company doesn't have a lot of time to spend making numerous calls. All other things being equal, which one do you think they will call?  You're right.

But it's up to the notary signing agents.  It's not enough to just be listed.  You have to complete your profile to show all of the qualifications that you have.  It's your best chance of getting closing assignments and making your notary signing agent business flourish.

Good luck.

One of the drawbacks of eSignings is that, although it's supposed to eliminate paper loan documents, there are still paper documents to sign.  Ideally the borrower would be able to sign all of the documents with the click of a mouse.

But there are documents that require notarization.  Those documents still have to be signed the old-fashioned way.  And until a system is set up so that notaries can seal the documents electronically, eSignings will continue to rely on paper documents.

I foresee a day when these documents will be notarized electronically.  In preparation for that day, I applied for and, pleased to announce that, I have been approved by the Colorado Department of State to notarize documents electronically:

I have also been issued Document Authentication Numbers.  I would like to show you what one looks like, but these are numbers that I have to safeguard, just as I would my notary stamp.

Now that I have been approved to notarize electronically, the next step is to continue to educate myself on eNotarization. 

And if eSignings ever become totally electronic, I hope to be ready for that day.

What is difficult about being a Notary Signing Agent?

a) late loan documents
b) reaching a loan officer during a closing
c) getting paid
d) all of the above

If you chose d), you are correct.  There are a lot of other things that make this job difficult, but this was a multiple choice question, not an essay question.

In all fairness, there are many companies that send the loan documents soon enough that we can get them printed, prepare for the closing, and get to the closing on time.  And there are loan officers who do make themselves available during the closing.  And there are companies who pay in a timely manner.

Nevertheless, if I were to put those choices in a different order, I would put 'getting paid' at the top of the list. 

Notary Signing Agents are asked to jump through hoops to get the closing done.  Then we sometimes have to wait several weeks to get paid.  If we get paid at all.  There are companies that have gone out of business, have poor accounting methods, no accounting methods, ... and some who flat out refuse to pay us.  If you ask them about getting paid, they reply: 'The check is in the mail.'

Sometimes the check is indeed in the mail.  But it got sent to the wrong address. 

That's what I discovered when I checked my mail this morning.  I finally received payment for a closing I did 50 days ago!  But there were 2 envelopes stuck together.  Are they sending me a bonus check for taking so long to pay me?  No, they sent me someone else's check!  The person is a Notary Signing Agent in Florida!!

There is no telling how long this person has waited to receive payment. And they'll have to wait a little longer. 

I took the check to the post office this morning and had them forward it to her in Florida.  So Lillian, the check really is in the mail.  You should receive it soon.

Good luck.

P.S.  LSI, I took the package of loan documents from yesterday's closing to FedEx this morning.  You should receive them on Monday.

I learned a long time ago to read through the entire file of loan documents before printing them.  One reason is that each borrower is entitled to receive 2 copies of the Right to Cancel.  If I see that there is only 1 in the file, then I'll print the extra copies before printing the entire loan package.

But there is an even more important reason: the closing instructions to the notary signing agent are not always the first document.

It doesn't annoy me when I see this because I have seen it so many times.  And I always catch it because I read the entire file before going to a closing.

But what if I didn't?

I have a closing on Monday morning.  As I was reading through the file I came across this document:
__________________________________

A lot of times we use BLUE ink.  And if I hadn't seen this page, that's no doubt the color I would have used.  And then on page 59 I would have discovered that we signed almost the entire set of loan documents with the wrong color ink!!

I'll make a note to use BLACK ink for this closing.  But I sure wish they would put these instructions on the first page of the loan package.  It sure would make life easier.

Good luck.