Detroit Mobile Notary Signing Agent Blog - Signing Tips & Notary News

Another Problem With E-Signings

2009-07-06T00:01:00.002-04:00

I completed an e-sign on Friday. At first, the borrower's spouse thought an e-sign sounded kind of cool. By the end of it, she was not so impressed. Trying to read their note on a laptop wasn't very easy. The county was wrong on a few docs but we couldn't make the corrections. She wanted a hard copy of the online docs, which meant she'd have to print them out herself after the signing. But near the end of the signing she asked me a very interesting question. "What real proof is there that my husband and I are really here doing the e-sign and clicking through all these documents? You could just sit at home and click through all of this without us being here, couldn't you." Umm, good point. I hope most borrowers would realize when they signed the hard copy docs that certain docs were missing, such as the note. But how do you prove anything? Will e-signs stand up in court?

A few months ago, I did an e-sign where the lender omitted the spouses name on several e-docs. When I called from the signing, my instructions were to proceed as is and that they would make the corrections themselves later. I finished the closing and informed the borrower that the lender would make the needed corrections. As I was leaving, the title company called back and said the lender decided they needed to correct the docs and have the e-sign redone. So later that day I had to drive 30 minutes back to the borrower to e-sign the same docs. What if I'd been lazy? What if I'd thought, "what's the point in driving all the way back just to redo the same docs?" I could have just sat in my office, logged on, and clicked through all the docs to re-sign them electronically. Who'd have known? The borrower already saw all their docs, already e-signed once, and were told the corrections would be made. Really, what proof is there that this was or wasn't done in front of the borrower? There's none.

Reason number 41 why e-signs are flawed.

Happy 4th Of July

2009-07-05T13:18:00.009-04:00

Addison Oaks fireworks by Erin Rosebrugh of Anthrophotology.

Housing Market Poised To Return To Normal!!

2009-06-24T02:37:00.002-04:00

By 2012 according to BusinessWeek. Yippee.

Why Are We Building New Homes?

2009-06-17T10:00:00.001-04:00

According to CNBC, new home and apartment construction rose 17.2% in May, another positive sign that the housing market may be stabilizing. I dunno, shouldn't we be selling the backlog of unsold homes first before building new ones? Just a thought.

Nice Pants?

2009-06-16T20:51:00.003-04:00

I've had some strange requests for notarizations over the years, but how about being asked to notarize a document swearing to the length of a 200 foot pair of pants? Hey, we've got a giant Paul Bunyan statue in Michigan, maybe he'd like a new pair of pants.

World's Longest Trousers

Expert Tips For Becoming A Successful Notary Signing Agent

2009-06-07T22:35:00.002-04:00

Texas signing agent Brenda Stone has been a leader and mentor in this industry for many years. Much of my marketing has been based on her example. This includes developing a visible web presence and networking with other experienced signing agents. I've talked about the wonderful reverse mortgage e-book that Brenda developed; I believe it's a must read if you're getting started with reverse mortgages. Well, Brenda has now begun sharing her knowledge as a writer for The American Association of Notaries. In addition to a print publication that you can purchase for $19 a year, the AAN provides a FREE monthly e-newsletter. You can sign up for the newsletter here. This month's articles by Brenda (which can be accessed after signing up) include great tips for obtaining notary and document experience. If you're just starting out or still feeling some apprehension about loan signings, I encourage you to sign up.

FBI Prepares For Financial Fraud

2009-06-02T23:57:00.004-04:00

With a large amount of money available from government mortgage bailout plans, the FBI is anticipating a wave of fraud and corruption as nefarious scammers look to take advantage of unsuspecting homeowners. Many of us have already seen this, with so called loan modification or foreclosure rescue companies that require thousands of dollars from homeowners hoping to stave off foreclosure. These rescue companies require certified nonrefundable funds up front, with absolutely no promise or commitment to do anything. The FTC has already filed lawsuits against five mortgage modification and foreclosure rescue companies, and also sent warning letters to 71 others "that are marketing potentially deceptive mortgage modification and foreclosure assistance programs."

One legitimate place to find help is through the federal government's Hope Now program at http://hopenow.com.

Credit Card Reform

2009-05-21T21:21:00.005-04:00

Despite credit card reforms that are scheduled to take place in 2010, Congress has passed a new reform bill that addresses many unfair and deceptive practices perpetrated by credit card companies. Some of the key components:

Creditors cannot increase the annual percentage rate (APR) during the first 12 months of opening up an account.

Creditors are required to provide consumers with a 45-day advance notice of changes in rates and significant contract changes.

Credit card issuers are prohibited from charging a finance charge based on double billing cycle methods.

Creditors are required to provide a grace period for payments.

Creditors are prohibited from opening a credit card account for any college student who does not have any verifiable annual gross income or already maintains a credit card account with that creditor.

Not surprisingly, credit card companies are not happy with having to show some accountability. They much prefer their current carte blanche status. But don't cry for them. They've already laid out their new plans for going after those with great credit by adding or increasing annual fees, cutting or eliminating cash back and reward programs, and charging interest immediately on a purchase instead of allowing a grace period. I mean, why should credit card companies have to take a hit after decades of abusive practices?

Notarizing Documents In A Foreign Language

2009-05-12T21:16:00.002-04:00

I recently received a troubling phone call from an individual who was trying to get a notarization done. The document was written in Spanish. She went to UPS and was told that they could not notarize a document in another language. She went to her bank and was told the same thing. Unfortunately, neither UPS nor her bank have even a basic understanding of a notarization. You don't notarize a document, you notarize a signature. A notary's duty is to identify the signer and witness the signature. The contents of the document is irrelevant as is the language of the document. The notary has no responsibility to understand the contents and there's nothing in the Michigan Statute (I'd guess nothing in any state's statute) that indicates that a document must be in English. For all we care, the document could be written in Klingon. Does the signer understand the document? Great, don't play lawyer. Add the appropriate loose certificate, jurat or acknowledgment, identify the signer, witness the signature, and you've done your job.

More Well Spent Bailout Money

2009-04-22T06:55:00.002-04:00

Bailout recipients have once again found an interesting way to spend our money. Over $10 million was spent in the first three months of this year on political lobbyists aimed at blocking executive pay limits and tougher financial regulations. Is that really how our taxpayer money should be spent? The poor decisions and arrogance of these companies just continues to amaze.

Just A Sign Of What We Deal With In Detroit

2009-04-20T16:36:00.003-04:00

Even the great leaders (cough cough) of Detroit can't meet their mortgage responsibilities. And this guy's running for mayor:

Detroit Councilman packs up and walks away from mortgage

We Bid Farewell To Another Tax Season

2009-04-15T21:19:00.001-04:00

Can We Finally Put Winter Behind Us?

2009-04-13T19:39:00.004-04:00

Bank Stocks Continue To Rebound

2009-04-09T18:37:00.004-04:00

Another strong day for the stock market, again led by Wells Fargo and other lenders. Wells Fargo expects record 1st quarter profits, and Bank of America, JP Morgan Chase, and Citigroup all saw strong gains.

The New York Times also reported that federal officials examining the banking industry believe the industry is in better shape than many people believe. Great. When do we get our bailout money back?

There's No Limit To What The Bottomfeeders Will Do

2009-04-06T12:40:00.002-04:00

I suppose it was inevitable. The attorney general has announced that it's investigating thousands of loan modification scams. Many of the cases involve companies that mislead borrowers into thinking they are taking advantage of the government loan modification plans when in actuality they are not.

The FTC has sent warning letters to 71 companies running suspicious advertisements.

My Life, My Card?

2009-04-03T21:21:00.006-04:00

Despite recent advertising from credit card companies telling us how helpful they are, many consumers have been blindsided by some of their nasty tactics. This includes:

Arbitrarily raising interest & fees regardless of credit worthiness or standing

Canceling cards without explanation

Reducing customers' credit limits without warning

Canceling cards that haven't been recently used

Penalizing customers who asked for lower interest rates by lowering their credit limits or freezing accounts (how evil is THAT?)

The new credit card law addresses much of this, but the law won't take effect until July of 2010.

Read more: The Credit Card Companies Are Not Your Friend

A Little More Good News

2009-04-01T12:48:00.005-04:00

Pending home sales took a surprising jump in February of 2.1%. Though only a modest increase, the positive news was unexpected and was led by a 14.5% increase in the Midwest.

Congress Is Outraged! Outraged I Tell You!

2009-03-27T17:41:00.003-04:00

But while our politicians trot out one by one to voice their disdain over bonuses paid to executives of firms that took bailout money, they apparently have no problem taking campaign contributions from these same firms. Hypocrisy? You betcha.

MSN Report

2009-03-27T01:10:00.000-04:00

Home Prices Rise In January

2009-03-25T08:00:00.002-04:00

More good news this week as average home prices rose by 1.7% in January, the first monthly increase in a year. Great Lakes states led the way with a 3.9% price increase.

Stock Market Has Its Best Day This Year

2009-03-23T16:46:00.006-04:00

The Dow rose by almost 500 points today on the strength of financial stocks. Today's strong showing came on the heels of an unexpected rise in existing home sales and Treasury Secretary Geithner's announcement in the Wall Street Journal that the government will offer a plan to encourage private investors to help buy banks' toxic assets. JP Morgan Chase, Bank of America, and Citigroup all saw strong gains.

2009-03-18T02:40:00.000-04:00

Detroit Rent City

2009-03-16T00:01:00.001-04:00

Got a buck in your piggy bank? Then you can buy a home in Detroit. Investors worldwide have been scooping up Detroit homes in bulk for a fraction of their value; many under $10,000 and some for as low as a dollar. Detroit has been targeted due to a large volume of single home dwellings and home values that have plummeted much more than other areas in the country. The effect of these large scale investor purchases is that Detroit now has the lowest home ownership rate of the 20 largest cities in the country. The positive of all of this is that many previously run down homes have been repaired and neighborhoods have been revitalized. The negative is that non-foreclosed homes can't sell and owners have seen their home values sink.

In Like A Lion Out Like A Lion

2009-03-11T20:36:00.013-04:00

Old Man Winter isn't ready to leave quite yet. He's just creating havoc in a different way. The snow, sleet, and ice has been replaced by the constant pounding of rain, wind, and flooding. I snapped these photos today near a city appropriately called Luna Pier. Only this isn't the pier.

Congratulations PennyMac

2009-03-10T00:10:00.000-04:00

Things have been great for PennyMac. PennyMac was formed by former Countrywide president Leo Gerald and several ex-Countrywide executives. Their business model: buy foreclosures for pennies on the dollar and then resell them. Nice gig if you can get it. Never mind that most analysts believe it was Mr. Gerald and company that in large part contributed to the subprime mess and that many of these homes were lost due to this crew. In fact John Lawrence, head of loan servicing for PennyMac is practically gloating. Business has been "off the charts good" he gleefully declares. Others are not so gleeful. As Gail Collins of the New York Times notes in her column, “It’s like Jeffrey Dahmer selling body parts to a clinic.”

So congratulations on your Huffington Post "Creep of the Week" award. Momma must be so proud.