I am very curious.

by diane cipa on 09. Dec, 2007 in Mortgage News

Until recently, I hadn’t thought about the practice of mortgage brokers acting as notary signing agents on their own transactions.

I know Lenderama is a mortgage lender facing blog. Is this a comom practice?

Chris Johnson 09. Dec, 2007 at 2:10 pm #

It’s not uncommon. . Less uncommon and more shady is Loan originators going out for title agents and stealing deals. That’s the funniest one I’ve heard of with these low level title places.
Paul 09. Dec, 2007 at 3:58 pm #

“Is this a comom practice?”

This only occurs when Mom is the notary and broker. lol

OK, wasn’t funny.

On a serious side, my company doesn’t allow the broker to be the notary on the same deal.
Diane Cipa 09. Dec, 2007 at 6:12 pm #

Whew. Glad to hear it, Paul.

Chris: What’s your opinion on the new UCI restriction that would prohibit lenders,mortgage brokers, real estate brokers/agents or their employees from being the signing agent?
Trace 09. Dec, 2007 at 11:28 pm #

I don’t think it’s common. I don’t know any LO’s that are notaries on their own deals. Many deals are out of state and most LO’s I know simply don’t have the time… Time spent running around town as a notary is time spent not selling…
Todd Carpenter 09. Dec, 2007 at 11:41 pm #

I don’t see why an LO needs to be a notary. I just had a notary stamp everything when I got back to the office.
Diane Cipa 10. Dec, 2007 at 5:52 am #

Trace: Well, that’s what I thought but apparently it is common for some folks. Glad to see the UCI dealing with the conflict of interest.

Todd: haha – I’ll pick myself up off the floor and remind the gullible that you’re kidding.