Title or Law Offices for Cash Outs

My office use for cash outs has moved and is no longer in my area. I can start calling Title Companies and Attorney offices, but am not sure what to offer them. I used to pay $25 for the use, but that was someone I know…Suggestions on how to go about this? I would like to find 3 or 4 so I can cover a large area.

Make calls to the offices in the areas that you have the need. I ask like this "Hello I am a notary in your area and at times I am in need of a office to close for Cash Out closings. Do you allow courtesy closings in your office? If yes, is there a fee? (typically if they agree the fee is $50). Good luck. This will be a project that will take a while. You may get a lot of NO’s but don’t give up. Email me if you need some locations I may be able to assist you.

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Have you thought about asking for support from your local libraries? Many have quiet rooms, sometimes also referred to as study rooms, that are available on appointment basis. Something to consider…

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Pat, I’m going to guess the OP is located in TX based on her post - and no, libraries don’t work. Cashout refis and Helocs must be done in a brick-n-mortgage title office or attorney’s office, per TX law.

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Thanks Jessie, that’s simple advice, but worth hearing. I figured it would require some time with phone calls and visits.
On libraries, that’s a place I hadn’t thought of for other signings.

We have a lot of graduates from the State of Texas and they all have a difficult time getting local attorneys or title offices to allow them to use their facilities for cash out loans or Helocs. The thing you need to emphasize when negotiating with them is that they will have absolutely NO responsibility with regard to the signings. It is only the facility that you need to use, none of their staff or equipment. This is a difficult task and I certainly wish you all good luck!

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I secured an attorney office a few weeks ago and it has paid off with several/week. The problem with the HELOCS are that they are over 200pgs, so its hard to do within an hour. Ended up paying the office for an hour and a half one time. Keep that in mind.

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Ginam - and all TX notaries/nsa’s, did you also know that, per TX law…for cash outs and HELOCs you are REQUIRED to provide the borrowers a copy of their signed docs at the time of signing?

Brenda/TX quoted that law on NotRot some time ago. Per Chapter 16 of the TX Constitution…Section 50, #5

http://www.statutes.legis.state.tx.us/Docs/CN/htm/CN.16.htm

"(5) PROVIDE THAT YOU RECEIVE A COPY OF YOUR FINAL LOAN APPLICATION AND ALL EXECUTED DOCUMENTS YOU SIGN AT CLOSING;

**Please note this says a copy of all executed documents - not just the blank package.

This could also be why many title companies and law firms are reluctant to extend space to notaries - because they know use of their resources is going to be required. …

Are you sure about this? Because I just found an office to do cashout signing at. It only took me two mouths to find it.

I am in California and so therefore I do not know what a Cash Out signing is. Could someone pease explain it to me? Is this just a Texas thing?

A cash-out signing is when the borrower refinances their mortgage and gets money back.

Godo afternoon. Do you think you might be able to help me? I am new to the business and trying to get started. Thank you!!

I would suggest you find more than one source. If you have an order at the end of the month, they might not have an available office for you.

What locations do you have that you can share with me for cash out closings.

Bill Deal
D & D Mobile Notary
danddmobilenotary@gmail.com

Linda, you had me concerned for this copying of executed docs. I’ve understood that the loan is not closed until after the 3 days, so I didn’t think that we needed to give executed copies at the signing. W/O all signatures from the Title, Lender and whomever else, I wouldn’t condsider it closed and executed. Anyone able to explain further?

I can only provide the link that was provided by another TX notary - and a copy of the regulations. The notary that provided this information is extremely knowledgeable and trustworthy.

The quoted portion was not a quote of what this notary said - the quote is from your own TX laws. How you handle it or interpret it is up to you. You may want to take it up with the TX Bar Association, or perhaps a Texas based title company who should know the particular laws of your state.

Not trying to scare you and I’m sorry if it upset you.

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I don’t Execute a contract in Real Estate, as a Realtor, until I have all signatures on the documents. That’s why I am questioning this. Certainly worth knowing and appreciate bringing it up. Its never a bad idea to review

Yes, for a HELOC in Texas we must provide the borrowers a copy of the signed documents before they leave. They are signing a document in the package acknowledging receipt of the copy.

I stopped doing Texas home equity loans, it just wasn’t worth the trouble of securing a location, having to call and reserve the room and then half the time having to call back when the signing time changes / gets rescheduled and then being out several hundred dollars a month since I had to pay the attorney office but the signing companies take 30+ days to pay you. It just wasn’t worth the hassle and I did not have any drop in income, I just got more signings that weren’t home equity loans that made up the difference.

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So if this is true we need to make another copy for the signer/signers that being the case how much do you charge to do these types of closings or how much do they pay. Great info…