Were any of you witness closing loans between 2004 and 2010?

How did Dodd/Frank affect you? Are we now witnessing the full effects of those regulations?

Hi Joe, not sure what you are asking.

I closed a ton of subprime loans in the run-up to the last mortgage crash. Nearly all those loans were to pay off credit card debt. Right now there are trillions of dollars in credit card debt owed that cannot be settled with a bad credit debt consolidation loan like before D/F. Are we notaries ready for the new challenges that are starting to happen and what are you seeing out there?

Sure, why not. Work volumes may fluctuate but the job itself does not. In Washington state, I still need to identify signers; confirm their competence, knowledge, and voluntariness to sign; and then perform the notarial acts.

What new challenges are YOU experiencing or expecting, since you posed the question, Joe?

Carman there are no notaries in my area that could possibly be doing this for a living. This explains why retired MBA’s are taking $60 signings. The signing services know that and proceed accordingly. I know that each region is different and the opportunity’s will always happen.

In many States notarial acts aren’t required, but lenders can request Notarizations of the barrows signature. These notary actions can be completed without the expense of a mobile notary.

Individuals can still secure consolidation loans at high interest rates, +35%. I’ve included a link to lending tree to show current rates.

Sometimes the lender will require security in form of an automobile title, home, or other similar asset. When assets are needed to secure the loan, notarizations would be required. What I’m seeing with these engagements is the use of a RON carried out my the lender’s inhouse notary.

Jo, I do not accept lowball offers. But I don’t see the connection between your original post about Frank/Dodd and the rate a signing agent ultimately accepts to do their job. I am missing something. Have a great day.

WWhoosh! Right over your heads. How many of you (Veteran loan signers) had to explain the “Truth in Lending” at every loan signing. Back when most signers were unsophisticated and immediately pushed back on signing the loan. After D/F it’s almost impossible to locate the figure. Before D/F appraisers were able to inflate property values to boost cash-out mortgages. Before D/F prepayment penalties were commissionable, try explaining that to a signer.

Our job is much easier now then before D/F.

Ah, yes… the good ol’ APR brief explanation. A few got it; most didn’t care…just get the credit cards paid off so we can do it again in 6 months. Lot of repeat customers back then (that worried me). Yeah, it’s easier now, but there’s hardly any business and a whole lot more newbs.