Itās a Texas Constitution thing. Texas goes above and beyond to make sure that homeowners are able to hang on to their properties, even after they take out loans against their equity. The lawyer I use gives a 3-minute history lesson to the borrowers prior to the signing ceremony, just so they understand why these kind of refinance loans must be done in a title office, lawyerās office, or at a bank. The third option, the bank, is never mentioned as a location to cash out, because it is really uncommon for a bank to allow another lending institutionās closing to take place in their office.
Thereās a document thatās found in these packages called āNotice of Right to Rescindā, and the borrowers have to execute the document on the acknowledgement line the day of the closing. They are given a copy of the executed document with instructions to sign the accompanying document, called something like āNotice of Right to Not Rescindā, the day after the recession period ends, and fax it to their lender. All of this is outlined in the Texas Real Estate Code and Sec. 50, Article XVI of the Texas Constitution.
Disclosure: I am NOT an attorney licensed to practice law in the State of Texas and I do not give legal advice or collect fees for giving legal advice.
I am new to this but I think it is a Texas thing. But I think itās also good to have that connection to an attorney. They may get busy with other things and need you for possible GNW and Iām not opposed to that.
Whatās really frustrating is that some of the signing services send out an $85 bid for a Refi , some poor notary snags it, and then they find out the hard way that itās one of THOSE kinds of refinance. That wonāt even cover a room rental fee in Downtown Austin.
Be ready with a cash out location in the event you get one of these. Not many notaries have a cash out location, and Iāve gotten 4 of these simply because someone else couldnāt handle it. One signing service has me on speed dial for these kinds of closing, because they told me that Iām a bit of a unicorn.
I get $200 for those kinds of signings, and thatās because those kinds of signings are complicated, and because I have a room rental fee. The only way youāre going to get experience is to do one.
Thatās part of my beef with the NNA training. Itās a generalization, and not state-specific. Iād never heard of these ācash outsā before I got a call about one. It would have been nice to know that something like this exists, ya know.
Iāve never gotten a straight answer on that. I just call them HELOCs, because I donāt know what else to call it. āCash Out Refinanceā was not discussed in training.
Not just HELOC but also reverse mortgages have to be signed at a bank, attorney or title company office here in Texas. When you say ācash outā are you referring to a reverse mortgage?
So happy to see you point this out, Sue; you are so right and this is a great heads-up to anyone considering trainingā¦another thing they do not pay any attention to is those states that are attorney-only states - theyāll certify you no matter where you areā¦even if you canāt do closings in that state. smh
There are a couple of really good NSA trainings available in Texas. I have not been able to attend any meetings since Covid. Carol Ray who owns Notary2Pro (general NSA trainings with mentoring) will provide you with some great state specific training specialist for Texas (and she, Carol, is moving to Texas this month). There are also a few NSA Facebook trainers who will answer questions that are located in Texas. I hope this helps. I am almost 2 years oldā¦ learned a lot of things the hard way, until Notary2Pro training/mentoring just in the past 4 months. I hope this helps.
Yes to Notary2Pro. Read that sentence again. Yes to Notary2Pro.
Rather than asking what the Title company can do for you, how about approaching them with what you can do for them. Introduce yourself and let them know when they need a hand you are willing to jump in. They may need a loan signed after hours, etc. Help them.
Some total refinances, ārefisā are case out. So are some 2nd mortgages as well as reverse mortgages. The HELOC is a Home Equity Line of Credit. You may want to talk to a loan officer to find out the difference. We used to call that ātake you lender to lunchā class. Even though you cannot give any advice or legal advice or really answer questions, it helps to know.
Thank you for your input on this. Iāve done a couple of cash outs; however, I tend to avoid them because I donāt like having to locate a specific place for the signing. Because of what youāve explained, I am going to do further research to enhance my understanding. Thankfully, the majority of the notifications I get do identify when itās a cash out.
You only need to find a person who works in the field of law, not specifically in real estate. For a lawyer to help you do what you want, you have to become friends with him. The more time you know each other, the better chance he will fulfil your request. I know a personal injury attorney greensboro; I first met him when I was injured at work through the fault of my employer. He turned out to be a very kind man, and now every time I need legal help, I turn to him.
@zennahraineJust an FYI, we recently lost Carol when she left our plane of existence (sometime in February 2022) & moved onto the greater beyond . . . See this thread: Carol Ray, Notary2Pro - #2 by cNsa5
As I understand it, her children are going to carry onward & upward with Notary2Pro.
When I initially started in this business I paid for & underwent every training regimen available (including ALL Notary2Pro training courses & mentoring) absorbing every bit of wisdom at my disposal. After completing all those courses, hands-down the training & mentoring that Carol Ray provided directly to me was State-of-the-Art from all aspects. Why - one might query? Because Carol trained her students to be an Excellent Business Owner (not just a Professional Signing Agent). Carolās direct mentoring with me assisted greatly in reducing the learning curve and eliminated potential pitfalls in the path ahead.
At this juncture, Iām uncertain who will be providing the mentoring services. These will be difficult āshoesā to fill!
NOTE:For explicit details about the training journey I undertook, reference this thread =>
this month). There are also a few NSA Facebook trainers who will answer questions that are located in Texas. I hope this helps. I am almost 2 years oldā¦ learned a lot of things the hard way, until Notary2Pro training/mentoring just in the past 4 months. I hope this helps.
(including ALL Notary2Pro training courses & mentoring) absorbing every bit of wisdom at my disposal. After completing all those courses, hands-down the training & mentoring that Carol Ray provided directly to me was State-of-the-Art from all aspects. 
Why - one might query? Because Carol trained her students to be an Excellent Business Owner (not just a Professional Signing Agent). Carolās direct mentoring with me assisted greatly in reducing the learning curve and eliminated potential pitfalls in the path ahead. 
