Once you finish the signing and send the documents back, your obligatons are over. It is ridiculous to blame the notary for something that is clearly between the borrower and the lender.
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I agree steves11. I was just out-right shocked to receive the phone call from the signer.
I agree with steves11 as well. Itâs the lender who should have told the borrower to cancel their auto pay because that is exactly what happened. Their old loan had not been paid off yet and they didnât cancel their auto pay so that payment was taken. In escrow, I would tell the borrower or seller to stop their autopay as a courtesy but it was not my job.
Whatâs likely to happen is if the new and old lender are different, they will get it refunded after the payoff is done, from the old lender.
That makes perfect sense tlwmomof3. Thanks for your reply.
bob4realty, youâre welcome! But you are oh, so right. You are absolutely not responsible for telling them any of that and they should not have blamed you.
You the Notary have nothing to do with the borrowers payment. Over paids happen all the time and Freedom must refund the borrowers. I donât even get this lame scenario. Notaries have no responsibility in monies changing hands.
Thank you cnelson. The thing is the Signer believed it. Loan officers win the trust of the Signer/Borrower or they wouldnât do business together thus this loan officer put me and my company in a bad light. When friends of the Signer ask how the loan went he is going to tell them about that horrible notary that coast him a months premium even though we know that is ridicules.
Hi, Bob4. I do a lot of Freedom Mortgage signings. Sounds like your borrower had an automatic payment set up on their old loan (the one being paid off) and did not think to cancel that payment prior to the âpullâ date (example: the 5th of the month, the 7th of the month, etc.).
As the payoff statement would have been issued roughly 10 days prior to the closing, and the payoff amount will therefore make that final payment moot, the borrowers will receive a refund from Freedom for any amount paid to the old loan in excess of the amount due on the payoff statement. Of course, (sigh), there may be a fee charged to do that, but it will happen.
Do not worry about your lender/escrow/loan officer clients holding this story against you. They have all been blamed for things that were not their fault. They all know the responsibilities of the NSA. They all know that you have nothing to do with collecting monthly payments or with issuing refunds.
One more thing: In over 1,000 signings with Freedom Mortgage, they have never blamed âthe notaryâ for anything. While the company can be slow and cumbersome at times, they are also consistent in their documentation and protocols, professional in their communications, and⊠best of all⊠they always pay promptly every week.
I would say that this is a case of the borrower trying to get you to resolve this issue for them by âfiring you upâ.
Not your circus, not your monkeys.
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I agree judikidd. I could tell by the signers voice and attitude (questioning) that he didnât feel the info he was given was correct but he just wanted to hear it from me.
judikidd, I to have done many signings for Freedom Mortgage however my attitude is that they are a big lender and most likely go through many employees just like any other big company. Not every LO is a saint and this one may have been ill trained or, heaven forbid, an ass.
No way freedom.mortgage took the money out. It was your old mortgage company. It is up to you to stop money from coming out of your account. You have to call your bank and the old lender to get it stopped. The money will be returned when the loan is payed off or they call there old lender and ask for it back! I am pretty sure they wonât return it until old lender has the check. Sorry!