How to do a Loan Signing as a Notary Public - Notary Signing Agent Training - Loan Signing System

Hi, I'm Mark and I teach the loan signing system. Today I'm going to go over a mock signing of exactly what occurs when I go through a loan signing with a borrower. This will be from front to end. Once again, this is exactly what I do in every single loan signing appointment I do. Thank you for meeting with me today, Mrs. Wills. Can I get an idea to get this party started?

Sure.

Thank you.

Just my driver's license.

Yeah, it's perfect. Thank you. Okay, so what I tell everybody at the start of this process is this is about two things at this moment. This is about making sure the closing costs are exactly what you anticipated in the monthly payment. If any of the fees are wrong, we need to call your loan officer. If any of the thing with the mortgage payments wrong, we need to call your loan officer. So let's start with the closing costs and make sure they're exactly what you anticipated. Okay, so starting up top here, this is what you're borrowing. Okay.

Okay.

That's the total loan amount, the new loan amount. That's correct. This here is simply interest through the end of month. So we're looking to fund this loan on 317. So this is going interest from 317 to 4100. So once again, the April monthly payment you would have made you're actually making through closing. So your first payment on the Note will be 5, 1.

Okay.

These are the fees from your lender. So make sure they look familiar. This is your underwriting fee. This is your processing fee. This is your loan doc fee. This is your appraisal. And this is your credit report. Does look familiar, I hope.

Yes.

Perfect. This loan is going to be impounded. You understand what that is?

I do.

Okay. So they need money set aside for your insurance and taxes. So this is a number that you're setting aside specifically for your insurance impound account.

My impound account. So all money, it's going to go.

Into there for taxes and insurance. That's correct. So once again, this is the money that you're setting aside for insurance. And this is the money you're setting, sir, for taxes. So those aren't fees per se, it's just your money you need to set aside to start your escrow account.

Okay.

Okay. So far so good. These two big numbers here, your title and escrow charges. Escrow specifically, title insurance costs. Specifically. These are what I call admin fees, recording costs, and then your notary charge.

Okay.

Okay. This right here is what you're paying off. That look about right. Perfect. So you still owe interest for the rest of this month. So this is simply interest accrued on that payoff amount here. Okay. And then the current lender is paying. We'll need some money for a fax fee and a recording cost. So that's what those are there.

Okay.

Any questions? So it looks like your total money going through closing is short by $860. So that's what we need to need to close. Hopefully your loan officer already went over that with you.

He did.

Perfect. Sign here and then I need you to sign Heather M. Will. So make sure I see the M in your signature even if you don't sign like that. So a full Heather M. Wills.

Got it. Perfect.

So like what I just stated in the very beginning, there's only two things that are important in this process. That's making sure a closing costs are exactly what you're told and then be your monthly payment. So if that looks right, I'm going to get your monthly payment out to make sure that is correct. So here is your note here. So follow me. So this is your note, also known as your contract. This is what you're borrowing. That looks right, what you already just said because we saw that on the closing statement. This is the interest rate, is that correct?

That is.

Okay. That's your first payment, which is May because April's interest is through closings. Your first payment is May 1st.

Okay.

Okay. This is your last payment here. So 46 minus 16 is how you know it's a 30 year term. Does that make sense? That's how you specifically know it's a 30 year fixed. That make. Follow me on that. And then that's your principal and interest. But like we said, we're having an impound account. So this is the money you're setting aside for insurance, that's the money you're setting aside for taxes. So hopefully that's the total payment you are expecting today. It was perfect. Okay, since those are right, sign there for me.

Middle initial again.

Yes. Everything's before signature. And then every bank nowadays are very, very particular about your dates. So slow down and make sure your dates are extremely neat. Today is 3:12, 16.

Okay. It doesn't have to be filled out?

No, that's perfect. That's perfect. And once again, the signature page on the notes, full signature with the middle initial and that requires a date. Perfect. So like I said in the beginning, the two important things are closing cost of notes. Both of those you said were correct. Everything else in the stack kind of is what it is. They're Disclosures, I mean, I'll kind of briefly go over them. Not quite as fine detail as I did the note and the closing statement, but everything else just kind of supports the first two documents. So with that being said, this is your payoff statement. We just need a signature approving the payoff numbers. These are the exact numbers that you saw on the closing statement. Full signature here.

Date here.

No date. Thank you for asking. So if you see the word date, we need date. If you do not see the word date, no, do not put a date.

Okay.

So this is your insurance information page. I need you to put your insurance information here. So put your insurance agent and your policy number, then your phone number. If you don't know the policy number, just put your insurance agent's name and their phone number.

Okay, let me look up the number. And I do not know the policy.

No worries. We have the phone, which is perfect. Print your name, sign your name, put your phone number.

Okay.

So they need your loan information. The best part is we already have that here because you just signed off on the payoff. So, lender name. What I'd like you to do is print the name of your current payoff company, which is Sunwest Mortgage. So put Sunwest Mortgage right there.

Okay?

Okay, Approximate balance, put the 291,616, 29161 6.

Does it need the change?

No, it's just approximate balance is all we're looking for there. Okay, the loan number, we have the null number here, so follow me. It's 050327-9510. And then they need a phone number, which we also have right here, which is 232-573-4291. Okay, perfect. Sign your name here, full signature. Put your Social Security number and make sure that everything is legible. So don't be in too big of a hurry. And then the forwarding address, the forwarding address is specifically where would you like all the escrow documents mailed to? Put that address here, please.

Okay.

So this is a proceeds of disbursement page. The escrow company needs to know where to send the check. There's a little bit of money that you're going to get cash out on this deal. So you have four options. You have you can pick up the check at the escrow office, you can wire it, you can mail a check, or you can FedEx it. Which one would you like to choose?

I'll just go ahead and pick it up.

Perfect. Check that box there. And then full signature on the bottom, please.

Did they notify me when it's ready.

That's correct. Someone will call you from the escrow office. Okay, so this is saying that you have a three day rescission period. So initial here. So you understand there's three days to cancel this loan if you need to. So initial here. And when you initial, I need hmw. So you need to initial all three. That's correct. And then full signature here please. And then once again, the address they want, you want everything mailed to print it there.

Not the check, the other.

That's correct. If it's all going to the same address, just put whatever your mailing address is. Okay, so at some point you should have said like it's okay for the escrow company to be your escrow company. So these are what they call generic general provisions. So the blend, the escrow company, excuse me, just has to let you know what their responsibilities are throughout this course of this process. This kind of highlights what they do and do not do in a refinance transaction. Okay, so sign here for me.

And that's all in this document?

That's correct and it's not. In theory you could have picked your own escrow company. But they're just saying that these are the regulations that they have to abide by when closing out your escrow.

Okay.

So you kept this loan for 30 years. That's how much interest you pay over the life of a loan. Full signature here please. And make sure the dates are legible. 3, 12, 16. Perfect. Okay, the 3 is getting a little bit sloppy here. So they got, they're really particular. So what I'm going to do actually is take a copy out of here and make you re sign that because you know, it's really easier just to err on the side of caution.

Wow.

Yeah, they're very particular. So don't cross. No, don't cross that out.

Do you have white out?

No, we cannot white them out with the resign. So I usually like to switch it out. So sign here for me. So slow down. Make sure your dates are very perfect. So I've learned the hard way not to determine whether these duplicates are on accident or purpose. So this is an exact thing that we just signed. So it's in the stack. I always get it. So sign once again. That's the total amount of interest accrued over 30 years if you keep this loan. Full signature. Make sure your dates are very neat, please. Lenders are very particular these days. So yes, slow down. Perfect. Perfect. This is what they call it errors and omissions. Agreement. Just saying if there's any typographical errors, if you need to re sign anything, you'll cooperate with the lender. Sign here and once again make sure your dates are very legible.

Okay.

This is what they call an occupancy statement. Saying that your owner occupied as you can see by the marked box that is marked full signature date. Once again, make sure you date very neat.

Okay.

This is what they call a signature affidavit. Just saying your signature is true and correct. Sign here, date here. Like I said, I've learned the hard way not to determine whether these duplicates are on purpose or on accident. So want to make sure everything gets signed that to require sign there and dates also another signature affidavit. So there's a three day rescission period. But because they were. But because we're signing over the weekend, you actually have four days because Sunday does not count as a rescission date. So I had to change the dates here to reflect the accurate dates. So initial here next to today's date which is the 12th full initials. Thank you for asking. All three initials is correct. Initial right here to the 16th. So today is the 12th. You have until the 16th to cancel the loan.

Okay.

That's what you're initially. Sign there. Once again put Today's date very neat. 3, 12, 16. So once again, if it's in this stack, I get it signed. So if it looks like it's a duplicates because it is. But once again, Today is the 12th. You have until the 16th to cancel. Initial by the 12. Okay, once again I change the date. So I have to get it initial, initial, initial there and then full signature there.