How To Sign Illinois Banking Document

How to industry sign banking illinois document later

hey notary nerds it's monica i want to introduce you to somebody who is very special to me mark friedman we have yet to do a deal you guys know i'm a broker and that's my first whatever um and so mark and i met like years and years ago um and i had a client who's gonna do this renovation loan a couple of realtors kept telling me talk to mark friedman he's the expert in that and so we've stayed in touch ever since um mark is at planet home mortgage and he's going to be coming on board notary nerds to teach you guys a little bit more about the loan packet and information in it but um i'll shut up and let mark tell you guys a little bit more about himself i guess i'm live this is prompt for those of you who are watching this um i do work at planet home lending i'm not only a producing loan officer in that respect but i also do run our national platform for renovation financing been in the industry 27 28 years i do love what i do the renovation side became a big deal to me because i love the creativity of it watching people take a house that may be less than livable and make it so much more or um making it something that it's not a handicap equip or updating it just different things that renovation financing can do overall i'm married 38 years i have 4.75 grandchildren healthy love life um other than that i don't know so you told me a story the other day when i was telling you about how like the notaries um some of them they go into a signing and they don't really know uh what to expect and how you had an experience where you know the notary really didn't kind of know could you tell them how you kind of kind of saved him on that so as a notary i guess one of the things i would say is this is your craft so if you are going to be doing closings regularly try to get a hold of the documents in advance which would be helpful so you can review them and see if there's anything that you really don't know or don't understand but i did sit in on closing a notary showed up wasn't a normal closer and actually this notary was strictly a notary i don't even know how many closings he had done started going through the documentation and realized it was more than he understood and i'd go to most of my closings so i sat there and i looked over at him and i said if it's okay with you you couldn't notarize the docs would you be okay with me just doing the closing and he went absolutely so we went through it of course the clients already knew me so they already knew the documentation and paperwork there's things that i'll see in a closing that come out of our closing departments that you don't really know what it is until you're looking at it you have the standard documentation it's all the same all the time pretty much every every mortgage company but then you do have some of the exclusive pieces in today's world there's more than enough in additional legal documents to protect cover yourself as a business and a lot of title companies also have their own documentation things to protect themselves in case of errors etc so knowing knowing your docs is good but yes i did the closing went very very smoothly that way because it was a renovation loan had some additional documents worksheets some things that if they had done a lot of closings they still would have not seen these dots or understood what they were right it went very good i mean the bottom line is the client bottom line is having somebody walk out of that closing and feeling like what they signed they understood the communication was good and and everything ends on that right note so that's what's important to me yeah and so like we have to be careful because it's like we can't really give any advice and so we're taught like just you know to stay in the middle of the road when it comes to the documents but i think it's still helpful for us to at least understand like i understand but i couldn't imagine not having a real estate or a mortgage background and becoming like a signing agent with you know and having this in front of me and you know you don't convey that confidence like you say that the con that that client is going to pick up on and not feel good about you know so it's kind of like uh but um so tell us how many different states you are in doing renovation loans how many stakes can you write loans in so i'm currently i believe i'm licensed i forget 18 to 20 states myself okay the reason i ask is just because it was i was thinking as you were talking that there may be like hopefully i don't know i'll connect the dots but a lot of the notaries need a reason to market to real estate real estate professionals in their network and a lot of agents may or may not be aware of the renovation product for some of their clients especially when you talk about those clients that are needing to change like you know the steps to a ramp or you know remodel a bathroom because there's a lot of that you know aging in place that's happening too so i'm just sitting here thinking about you know creating some kind of a network that way but um what do you think about the the the refi market the um i know i hear a lot of notaries talking about their their pipeline is not as some are busy some are not what's what's happening on your side of the table and and i do read obviously the news in our industry to keep up with that that i think the refinance the refinance boom as such has died down some is it gone no i think there's a lot of people that are still on the fence because they don't know if they really want to sell and move because refinancing if you're going to sell and move is probably not the wisest financial thing to do and then some people are weighing do i refinance because the rates are so great or do i refinance because the rates are so great and i can get some cash at an interest rate that i can't possibly touch anytime in the future from a bank loan so refinances have multiple reasons and i do a lot of renovation refinances i don't want to go back to renault necessarily but somebody's been in a house three or four years and there's a lot of things they want to do the house and they don't have a lot of equity so renovation refi is a big deal as far as as far as the typical refinance itself i think you're already starting to see some layoffs from companies that went out and just hired processors and underwriters to handle the overload the overloads program is pretty much gone our process our internal process has gone back to a norm we never got as excessive because there were companies out there that were 90 to 120 days for closing all refinances we we never got to that point i don't i don't know that we really exceeded 45 days but we're back to a very very very very normal process uh the rates are expected from the feds um projections that we'll we'll see these rates through 2021 so i think you're going to see a motivation to refinance if you decide to okay i'm also seeing the you know the purchase market needs to come up that's that's realtors that's where realtors make their income to so i think you'll you'll see a little bit of both but the refinance the heavy part of the refinance boom i think is is going to slow down quite a bit okay i was wondering i think there's a lot that's going to happen there's going to be a lot of opportunity on the um once these moratoriums are lifted on the um evictions and the foreclosures because there's a lot of pent up um loans that are delinquent and so for buyers in the market in 2021 i think there's going to be opportunity to get things that are um below market that's just my opinion i don't i thought maybe the rates would go up but hearing you talk it makes sense that that not get jarred right now they probably kind of leave it kind of level and we'll probably like you say still keep seeing people doing some refi when it makes sense um but i think that coupled with the fact that you're going to have all of this and who knows when the moratoriums will be lifted they are not going to be able to keep those moratoriums in place for forever um so that's that's going to have to that's going to have everybody's got to be aware of that but um so yes i wanted to just talk real quick about maybe you coming and telling them what you'd be teaching them and we know we don't get documents always in advance of the closing that's a big issue with a lot of the notaries and a lot of them understand that the title companies don't get them until when they get them because maybe the lender had some last minute changes and whatnot but um can you tell them about some of the things that you see coming on the 1003 and some of the other documents that you're going to come and teach them about at notary nerds so for all of you who may be paying attention right now february 1 is the new is the new erla so the new application changes to that multi-page i don't i don't really know that it'll make any difference to you as a notary it's still the application they're still reading it to make sure that their name their social their date of birth the basic information in there is correct that's that's all they're doing and honestly if a loan has gotten to that point of closing and there's anything wrong on it you have a lender that's not doing their job very well there's too many there's too many stop points along the way so that should never happen what i would like to do i think monica and i discuss is making sure what i would like to do is have at least a a typical closing package put something together black out all the basic information that's uh too personalized and to be able at least view what a most typical package looks like you're going to have differences obviously from conventional to fha to va to usda to your state bond programs but for the most part the core of every closing is probably the same documentation the difference will be additional specific documents that address only those loans that particular parameter so that would help i would say as you do closings let's say you sit down as a notary and you do the closing and you work your way through it you don't know everything but people can read and you can read after the closing before you submit that package back to the title company sit down and go back through the documents sit back and read what did i not know what did this really say maybe make some notes call the title company and say okay i did the closing i'm really not sure what these forms mean and why can you explain them to me it's just going to make you better at your craft i love that you are such a great teacher you have anyone like get my notepad and pen out thank you so much mark i'm not going to keep you thank you so much for your time i'm looking forward to collaborating with you i think you're an awesome human being and um yeah that's it i'll follow up with you awesome well you have a great day i appreciate the call it was fun oh and i'm gonna make sure you guys in this video in the description below you'll be able to get more contact information so i'll put that in the description below if you have you know some referral business you'd like to send his way i would love for you to do that okay talk to y'all later bye