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How to do a Loan Signing as a Notary Public - Notary Signing Agent Training - Loan Signing System - YouTube
Channel: Mark Wills
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Hi, I'm Mark, and I teach Loan Signing
System. Today I'm going to go over a mock
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signing of exactly what occurs when I go
through a loan signing with a borrower.
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This will be from front to end. Once
again, this is exactly what I do at
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every single loan signing appointment I
do.
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Thank you for meeting with me today Mrs.
Wills, can I get an I.D. to get this
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party started?
Sure. Thank you. This is my driver's license.
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Yep, that's perfect. Thank you. Okay, so
what I tell everybody at the start of
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this process is that this is about
two things — at this moment, this is about
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making sure the closing costs are
exactly what you anticipated in the
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monthly payment. If any of the fees are
wrong, we need to call your loan officer.
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If anything with the mortgage
payment wrong, then we need to call your loan
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officer. So let's start with the closing
cost to make sure they're exactly what
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you anticipated, okay? So starting at the top
here, this is what you're borrowing, okay?
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Okay. That's the total loan amount? The
new loan amount, that's correct.
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This here is simply interest through the
end of month. We're looking to fund
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this loan on 3/17, so this is going
interest from 3/17 to 4/01. So once again,
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the April monthly payment you would have
made, you're actually making through
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closing. So your first payment on the
note will be 5/01. Okay. These are the fees
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from your lender so make sure they look
familiar. This is your underwriting fee,
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this is your processing fee, this is your
loan doc fee, this is your appraisal, and
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this is your credit report. Those look
familiarI, hope? Yes. Perfect.
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This loan is going to be impounded, you
understand what that is? I do. Okay so,
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they need money set aside for your
insurance and taxes. So this is a number
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that you're setting aside specifically
for your insurance impound accounts. That's my
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impound account so all money that's
going to go into there is for taxes and
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insurance. That's correct. So once again,
this is the money that you're setting
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aside for insurance. Okay. And this is the
money you're setting so for taxes. So
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those aren't fees, per se, it's just the
money you need to set aside to start
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your escrow account. Okay. So far so
good.
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These two big numbers here are your title
and escrow charges. Escrow specifically,
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title insurance cost specifically. These
are what I call 'admin fees', recording
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costs, and then your notary charge.
Okay, this right here is what you're
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paying off, that look about right? Perfect.
So you still owe interest for the rest
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of this month, so this is simply interest
accrued on that payoff amount here.
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Then the current lender
will need some money for a fax fee and
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the recording cost. So that's what those
are there. Any questions? So it looks
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like your total money going through
closing is short
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by $860 so that's what we need to need
to close and I'm hoping your loan officer
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already went over that with you. He did.
Perfect. Sign here and then I need you to
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sign 'Heather M. Wills' so make sure I see
the 'M' in your signature even if you
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don't sign like that. So a full 'Heather M.
Wills'. Got it. Perfect. So like what I
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stated in the very beginning, there are
only two things that are important in
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this process — that's making sure A.
closing costs are exactly what you were
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told and then B. your monthly payment.
So if that looks right, I'm going to get
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your monthly payment to make sure that
is correct. Here is your note. So
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follow me, this is your note (also
known as your contract) this is what
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you're borrowing, that looks right, which
you just said because we saw that
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on the closing statement, this is the
interest rate, is that correct?
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That is. That's your first payment,
which is May, because April's interest is
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through closing. So your first payment is May
1, okay? Okay. This is your last
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payment here. So 46 minus 16 is how you
know it's a 30-year term. That make sense?
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That's how you specifically know it's
a 30-year fixed. Follow me on
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that? And then that's your principal and
interest. But like we said, we're having
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an impound account, so this is the money
you're setting aside for insurance,
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that's the money you're setting aside
for taxes. So hopefully that's the total
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payment you were expecting today. It was.
Perfect. Okay, so those are right. Sign
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there for me. Middle initial again? Yes.
Everything needs to be full signature. And then
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every bank nowadays is very, very
particular about your date, so slow down
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and make sure dates are extremely neat.
Today is 3/12/16. Okay. It
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That's perfect, that's perfect.
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And then once again, the signature page
on the note: full signature with the
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middle initial. And that requires a date.
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Perfect. So like I said in the beginning, the
two important things are closing costs and the note.
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Both of those you said we're
correct. Everything else in the stack
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kind of is what it is. There are
disclosures. I'll kinda briefly go
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over them. Not quite in as fine detail as I did the note and the closing statement,
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but everything else just kind of
supports the first two documents. So
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with that being said, this is your payoff
statement. We just need a signature
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approving the payoff numbers. These are
the exact numbers that you saw on the
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closing statement. Full signature here.
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Date here? No date, thank you for asking.
So if you see the word 'date' we need date.
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If you do not see the word 'date' no do
not put a date. Okay. So this is your
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insurance information page. I need you to
put your insurance information here. So
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put your insurance agent and your policy
number and then your phone number. If you
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don't know the policy number just put
your insurance agent's name and their
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phone number. Okay. Let me look up the number.
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And I do not know the policy number. No worries
we have the phone which is perfect. Print
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your name, sign your name, put your phone
number. Okay.
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So they need your loan information. The
best part is we already have that here
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because you just signed off on the
payoff. So lender name. What I'd like you
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to do is print the name of your current
payoff company, which is 'Sunwest Mortgage'.
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Put 'Sunwest Mortgage' right there. Okay. Approximate balance, put the $291,616.
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Does it need the change?
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No, just the approximate balance is
all we're looking for there. Okay. The
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loan number, we have the loan number here
so follow me, it's 0503279510.
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And then they
need a phone number which we also have
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right here, which is 232 573 4291. Sign your
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name here. Full signature. Put your social
security number and make sure that
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everything is legible. So don't be in too
big of a hurry.
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Then the forwarding address — the forwarding
addresses specifically is where you would
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like all the escrow documents mailed to.
Put that address here please. Okay.
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So this is the proceeds of
disbursement page. The escrow company
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needs to know where to send the check.
There's a little bit of money that
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you're going to get cash in out of this
deal. So you have four options. You
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can pick up the check at the escrow
office, you can wire it, you can mail the
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check, or you can FedEx it. Which one
would you like to choose? I'll just go
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ahead and pick it up. Perfect, check that box there, and then full signature on the
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bottom please. Do they notify me when
it's ready? That's correct.
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Someone will call you from the escrow
office. Okay.
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So this is saying that you have a
three-day rescission period, so initial
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here saying you understand there's three
days to cancel a loan if you need to. So
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initial here. And when you initial, I need
'H.M.W.', so you need to initial all three.
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That's correct. And then full signature
here please.
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And then once again, the address you want everything mailed to.
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print it there. Not the check, the other paperwork?
That's correct, if it's all going to the
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same address just put whatever your
mailing address is.
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So at some point you should have said it's okay for the escrow company to
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be your escrow company. So these are what
they call 'generic general provisions' so
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that the escrow company just
has to let you know what their
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responsibilities are throughout the
course of this process. This kind of
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highlights what they do and do not do in
a refinance transaction. So sign here for
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me. And that's all in this document?
That's correct, and it's not in theory
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you could have picked your own escrow
company but they're just saying that
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these are the regulations' that they
have to abide by when closing out your
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escrow. Okay. So you'll keep this loan for 30
years, that's how much interest you'll pay
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over the life of the loan.
Full signature here please.
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And make sure the dates are legible: 3/12/16. Perfect. Okay the threes getting a
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little bit sloppy here,
they're really particular so what I'm
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gonna do actually is take a copy out of
here and make you re-sign that because you
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know, it's really easier to err on the
side of caution. Wow. Yeah, they're very
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particular. No, don't cross that
out. Do you have whiteout? No, we cannot
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white them out, we have to re-sign. So I
usually like to switch it out — so sign
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here for me. Slow down, make sure your
dates are very perfect. So I've learned
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the hard way not to determine whether
these duplicates are on accident or
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purpose. So this is the exact same thing that
we just signed so if it's in the stack I always
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get it signed. Once again, that's the
total amount of interest accrued over 30
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years if you keep this loan. Full
signature, make sure your dates are very
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neat please. Lenders are very
particular these days, so yeah slow
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down.
Perfect, perfect. This is what they call
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an 'errors and omissions agreement' — saying that if
there are any typographical errors and we
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need to resign anything, you'll cooperate
with the lender. Sign here and once again,
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make sure dates are very legible.
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This is what they call an 'occupancy statement' —
saying that your 'owner-occupied' as you
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can see by the box that is marked.
Full signature and date. Once again,
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make sure you date very neat. This is what
they call a 'signature affidavit' — just
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saying your signature is true and
correct. Sign here, date here.
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Like I said, I've learned the hard way
not to determine whether these
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duplicates are on purpose or accident,
so I want to make sure everything gets
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signed that is required. Sign there and date.
Also another 'signature affidavit'.
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So there's a three-day decision period
but because we're
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signing over the weekend, you actually
have four days because Sunday does not
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count as a rescission date. So I had to
change the dates here to reflect the
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accurate dates. So initial here next to
today's date, which is the 12th. Full
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initials? Thank you for asking,
all three initials is correct. Initial
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right here next to the 16th. So today is
the 12th. You have until the 16th to
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cancel this loan. Okay. that's what you're
initialing. Sign there. Once again, put
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today's date very neat — 3/12/16. So once
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again if it's in this stack, I get it signed.
So if it looks like it's a duplicate that's
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because it is, but once again today is
the 12th. You have until the 16th to
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cancel. Initial by the 12. Okay. Once
again, I changed the date so I have to get
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an initial. Initial there and in full
signature there.
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