The Right Order of Loan Documents Presentation

The Right Order of Loan Documents Presentation

Whenever a notary signing agent receives the mortgage electronic documents for a closing, the papers aren’t always within the order where they must be provided to the borrower.

One might think it does not matter. Just begin from the roof of the stack of files and massage your way down. Simply get them signed. That is the goal. Right?

Not always.

One thing I do as a notary signing representative is an attempt to place myself within the position on the borrower. When I am showing the documents, I try and picture which documents I’d wish to see first. What is most crucial to me. So I bring some documents and place them in the upper part of the stack. (I’ll work with a yellow piece of paper as being a bookmark so I know where you can set it back when I deliver the files to the named company.)

The initial doc that I show to the borrower is the HUD Settlement Statement. I’ve got a pair of files where it was positioned at the real bottom. It does not matter. It moves towards the top. The document shows the crucial numbers, therefore the borrower should not be saved in suspense. It is as well a document that they’re entitled to watch one business day prior to the closing. Which seldom happens. And so the least the signing representative is able to do is clearly show the borrower the Settlement Statement quickly.

The other doc that I go over will be the Right to Cancel (in case there’s one for that specific transaction). I make this happen for a couple of factors. It’s been my experience the borrower is much more at ease with signing the documents in case they understand that they have that perfect. There is no reason for pretending they do not have a right to stop by putting the document at the bottom part of the stack. Do not care. The borrower won’t stop the mortgage, simply since you showed them that document. In case they cancel, it is since they changed their mind and then decided they did not want the loan.

Another reason that it has among the very first documents that I look at it since they’ll be getting two copies of it to continue. I put those copies within the envelope with the majority of the borrower’s duplicates. The manner the envelope is sealed and out of the way. I typically do not need to open it back in place for the rest of the closing. I desire the flow of files going as smoothly as you can. The fewer the interruptions, the greater. The people from notary public sydney does a straight-forward and direct job that, at the same time, leaves room for clarifications if their client ever needs any. Want a smooth notarization process? Look no further, they will certainly deliver.

You will find some various other key documents that I wish to show the borrower. They’re interesting to learn what their interest rate is going to be, what their payments will be, in case they have an adjustable rate, a prepayment penalty, along with a couple of different important terms of the mortgage. In case these documents aren’t currently at the upper part of the stack, I then am going to present the Truth and Note in Lending. I place a tab on the transaction coupon since it reveals the real transaction amount, when it is due, and where you can send out the transaction.

There are many different documents that I am going to put a tab on. I try and foresee what questions the borrower will have. So I would like to have the ability to place my finger on that doc. It must not get signed instantly. Simply allow them to see it, then set it also in the stack. Anything to fulfill the borrower’s interest and provide them with peace of mind.

The primary factor is, the order where the documents had been obtained through the notary signing representative is not always the order where they must be presented. And transforming the order is able to put the borrower at great ease and help make the closing go easily.