Filed under: Notaries, Mortgage Closing, Loan Officers — Thomas Mayfield @ 10:52 am

The Minnesota Legislature passed changes that will have major impact on Brokers in Minnesota-

Here is a brief explaination-

A borrower’s reasonable ability to repay a loan must now be documented. The statute now requires a a Residential Mortgage Loan file to contain income and verification resources through… tax returns,payroll receipts,bank records, to support and underwriting decision if resources other than income were relied upon to repay the loan.

Lender fees are now capped at 5% INCULDING YIELD SPREAD PREMIUMS.

Residential Mortgage Originators will need to be licensed, meet continuing educational requirements, have a minimum required Net Worth or Surety Bond.( Please see specific requirements.)

Employers of originators must now perform background checks,assure compliance with Federal and State Laws. Assure that minimum continuing educational requirements are met.

Filed under: Notaries, Mortgage Closing — Thomas Mayfield @ 10:32 am

Filed under: Loan Officers — Thomas Mayfield @ 10:11 am

A-1 Signing Services is please to announce Fortress Next Day Appraisal Group is teaming up with A-1 and North Oaks Title to provide the Finest in Quality Vendor Managed Services.

For more info on Fortress Next Day or to order an appraisal or one of their many services available, please visit their website www.fortressnextday.com

 

Filed under: Notaries — Thomas Mayfield @ 8:49 pm

Recently we have heard stories of notaries that do not understand what a Signing Company expects from them.

Here are some thoughts for a notary who wants to be a “Signing Agent” .

1.You are contracted by the Signing Company who contacted you to represent them.

2. You do not answer to the Loan Officer or take instructions from him or her concerning changing items on loan documents. YOU MUST CALL THE SIGNING COMPANY or Title Company if corrections to the documents need to be made!

3.Borrowers Can Not Cross out  document wording they do not like or agree with!

4.You must update the Signing Company after the closing with the status of the closing and follow their procedures concerning faxing back signature pages, notary pages or other requirements.

5. NEVER, EVER pass out your business card or discuss your business with the borrower. YOU ARE THERE TO REPRESENT THE SIGNING COMPANY!

6.Dress appropriately !

7. Shut off your cellphone or put it on vibrate.

8.Drop the package in a FedEx or UPS box that same day!

9. NEVER, invoice the Signing Company in the return closing package!

10. Chose an email address and company name for yourself that is Professional and appropriate!

REMEMBER- The Signing Company chose you.

It is a priviledge when someone requests your services!

Hopefully, this clears up some confusion for the notary community.

 We hope Signing Companies will start to see some improvement in the quality of notary signings.

 

Filed under: Loan Officers — Thomas Mayfield @ 4:56 am

One of  the many benefits of working with A-1 Signing Services as your Title and Closing Vendor are the vast number of Professionals we have established relationships with to assist you in your business.

J.B. Anderson and Associates is a highly respected company offering Professional Quality Inspections and Sound Recommendations to both Buyers and Sellers.

For further details, please view their website.www.jbandersoninspections.com

Tell them you were recommended by A-1.

 

 

 

 

Filed under: Mortgage Closing — Thomas Mayfield @ 8:57 pm

The Industry is going through major changes and more to come. Notaries that have never been in a slow market or understand our Industry are learning some quick and hard lessons.

When you are contacted by a Title Company or Lender, make sure you understand their Terms or Payment.

Right now,many companies are taking a Minimum 45 or more days to pay. Be prepared to wait that long for a payment.

Be flexible in your fee schedule, so that you can be awarded work. Too many Notaries have outpriced themselves for This Market and can’t figure out why they don’t get calls.

Avoid falling into the Trap of NEW Notary Directories popping up and making promises of increased volume. Take the time to ask these companies about their ownership, experience,personnel, length of time in business, length of time in the Industry and HOW MANY HITS DAILY ON THEIR SITE!!

Remember also, Please be curtious when you call an inquire about available work. Check out their hiring requirements and experience requirements before making the call. AVOID blasting out EMails advertising your services and sending it Numerous Times to the same company. That will only iritates them and MAKES YOU LOOK UNPROFESSIONAL.