I would love advice

Hello, I am a newer notary…in fact, I did signing #25 this morning :slight_smile: In regards to instructions that get sent with the document package…I read them carefully and this mornings signing, for example, according the instructions…I was to collect any amount due at the closing and send back. I was told who to have the check made out to, etc. At the signing the signer called the lender to verify the amount as he had questioned it…due to a tax payment recently made. The lender gave the amount to the signer and the signer then told me, per the lender, I do not need to collect this. I would never question this. especially since it came from the lender…but what I am unsure of is this…had the signer not called the lender for the question on the amount, would I have been wrong to collect this in the form of a check? Or are we not expected to collect…even if the closing disclosure reads due at signing FROM Borrower? Thank you…sorry so long :frowning:

I’m not going to say you’d be wrong to collect, but I would have been on the phone with title/hiring party because, as a result of this revelation, the CD needs to be changed. The CD you had was incorrect…and I would want to verify with title exactly what my instructions are in light of this new information. Cover yourself and make sure title/hiring party is on board with you NOT collecting the money - unfortunately, I would not have taken the word of just the signer here.

That’s JMO

P.S. Also what state are you in? Some states prohibit the notary from collecting funds.

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Thank you for responding, I am in Michigan. And, yes I had reached out to both the title company and the signing agency with no response and then tried the lender myself the night before. They were to provide me with an updated CD….but unfortunately that did not happen. When I got to the signing the lender had provided an updated CD to the signer and they had been E-signed….this was somewhat of a frustrating assignment, I have to admit.

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Texas Cash Out (A6) does anyone know what type of signing this is? and if so any special tricks of the trade or specifics to look out for? Thanks

As this was the case (‘lender had provided an updated CD to the signer’) that should suffice to confirm the new amount for funds due at the signing table. Why? Because the Lender & the Title/Escrow Company BOTH reconcile the numbers to reach a balance for the amount due prior to providing an updated Closing Disclosure to the Borrowers.

Sometimes things just turn out this way & yes, it can be frustrating. :woman_shrugging::sparkles:

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It’s a typical refi where signers are getting money out of the loan (as opposed to owing money or breaking even) - You need to do these in an attorney’s office or title company office - further, you need to provide them with a complete copy of the “signed” package - both per Texas law.

Hey what I do is I collect whatever amount is said on the closing disclosure with a cashier’s check. If the signers question the amount or provide a personal check, then I would get with the lender to make sure and go based off whatever they tell me. I don’t think you did anything wrong. Let’s say that same situation happened only the signer never called. When title re runs the numbers they will see that the signer over paid and will issue a refund.

Thank you for the response. I really appreciate the advice🙂

Always contact your contracting company or have the signers call their lender while you are there. Have them put the speaker on so you can hear what is being relayed. Get the person’s name and notate what has been said so you can put it in your closing notes.

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I would share my opinion here: in general, collecting the money is far from our business and is causing an additional work and stress to us. Even collecting a void check is not our business. Every time I do it, I feel like giving a favor to the title company and other parties who are participating in the deal, but not to me.

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Yeah the funds collecting can be frustrating part to the job. I literally collected a 70k cashiers check and felt nervous about FedEx of such amount. I wonder why didn’t they just have them wire it! On top of that, the amount was short by almost 1500, luckily it was right under the personal check cutoff and I had to call for approval to take a personal check along with the cashiers check to make sure the collected funds matched funds due on the CD.

Another annoyance is when I collect a check for under a dollar, like really you couldn’t roll the cents somewhere, jeez. I’ve also had one owe a couple dollars but no form of check was acceptable. I’m sure her wire was expensive, not sure if they’d authorize a wire for a couple dollars; what a waste of resources and precious time.