Posted by CA notary on August 1, 2009, 1:19 pm
74.37.151.97
of lenders sending out incomplete loan documents, expecting the borrowers to just willy-nilly sign - while glaring at us notaries across the signing table like somebody's trying to pull a fastie - not realizing it's just laziness/incompetence/arrogance (pick one) on the part of their lender. I've yet to see a completely filled out Net Tangible Benefit document - if there's anything at all, it's a recap of the loan they're getting - the same figures available on any number of other docs on the loan package. But never the loan they currently have so that they can compare. Now the Broker Fee Agreement is starting to show up - which is supposed to clearly disclose (Finally!) broker compensation and fees and how they're calculated - this form has been totally blank up on every loan I've done up to this point. This was particularly sticky on my last signing because the borrowers couldn't get a direct lender loan, so their RE agent hooked them up with a broker, whom they never saw or talked to but were paying a fee to but they had no idea how much .. and then they were expected to sign a blank broker fee disclosure doc. And don't even get me started on the new appraisal ack. form, which less than half of the lenders are in compliance with. From now on, if there are any of these in a loan package I'm going to start out by saying there are so and so many docs in here that have not been filled out, but your lender expects you to sign anyway (that's why they're in here with signature lines). To not sign these blank documents may jeopardize timely funding of your loan ... but I don't really know that for sure. So, it's up to you if you want to sign. Any other ideas?
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