Joy Langtry

There are lots of questions on this forum from new NSAs who want to learn how to market themselves, what to charge, what you can earn, etc., etc., etc.  I thought it would be fun to offer my thoughts.

First of all, know your product.  What is your product?  It’s you.  What do you offer that is special and desirable to your customer?  Make a list of your strengths and skills, and all the positive benefits that a company will achieve by using your services.  Then, make a list of all the reasons that you love doing this work, all the elements that you enjoy.

If those 2 lists are very short, or you have a lot of trouble, angst or discomfort trying to create them, maybe this is not your best choice of profession.  Be honest with yourself.

Otherwise, after you’ve filled up your notepaper with all of this info, try to distill it down to a mission statement or a statement of a guiding purpose.

Mine is “to provide value to my clients in all my actions”.  When I ask questions prior to accepting an assignment, it is so I can evaluate my ability to best provide value.  When I set my fees to fairly compensate me for my time, effort and skill, I am then inspired to offer my very best service value.  So while a guiding purpose like this sounds very giving and altruistic, it must be supported by the foundation of resources I need to function appropriately.  And believing that this is a fair exchange strengthens my confidence.

Second idea – expect pay that is commensurate with experience.  I am always fascinated by the rants of NSAs who say that we should all charge the same.  I know for certain that my 20-years of corporate business experience and 5+ years of loan signings make me more valuable than the beginner with a brand new commission and no relevant business experience.  Established, experienced signing agents deserve the fees in the $125 to $200 range, no questions asked.  And they should also offer a 100% satisfaction guarantee.  When the rare error is caught, own it, fix it and learn from it.

Let the brand new notaries (who would sooner post a question asking the URL of a title company than take the initiative to do a Google search themselves) take the $40 to $50 jobs, and let the services that pay these fees get what they pay for.  Natural selection will weed out anyone unsuited for the task, and those who have the aptitude, develop the skills and pursue the training will command greater fees as they progress forward.

Third idea – invest half your marketing time signing up for on-line directories, and then get creative.  Once a week, or for 3 – 4 days during the slower beginning of the month, find 5 new signing services or title companies to sign up with (via Google searches on-line), and then find 5 businesses in the phone book to call.  They could be:

Local mortgage lenders – ask who closes their loans

Local title companies – ditto

Local real estate agencies – ask if there is someone they recommend to their clients for mortgage loans, then loop back to the above

Local lawyers – do they ever need Notary Services on the fly?

Local Real Estate Investment Clubs – RE Investors have to have loan closings, too, A LOT!

I bet you can think of others.  Yes, calling people can be intimidating, but only if you let it.  Get over it!

It’s often surprising to find out where business can come from as a result of these efforts.  If you don’t have an appointment to go to, this activity is well worth doing.

Loan Modifications: ARM to Fixed and Others

ARM to Fixed Loan Modifications are happening more frequently now that we are approaching the 5-year anniversary of many ARM (Adjustable Rate Mortgage) Loans.  Often, these ARM loans have an initial 5-year period for their introductory interest rate.  So, borrowers with these loans may be requesting ARM to Fixed Loan Modifications from their lenders, and as long as they meet credit criteria, obtain approval.  The benefit for them is that they may avoid future interest rate increases.  Rather than a full refinance transaction, the documents specifically relating to the loan terms are needed, and each lender will likely have a few other pages included.

There are other types of modifications as well as the ARM to Fixed, but this is a trend we see lately, due to the financial climate earlier in this decade.  In general, Loan Modifications will typically include anywhere from 8 to 20 pages, requiring at least one notarization.

The particular Loan Modifications I’ve been assigned have been open-ended as far as the appointment date.  I was asked to complete them within 3 to 5 business days, and arrange the time at the mutual convenience of the borrowers and myself.  The fee I received in these cases was $45, and the appointments all took about 10 minutes with the borrowers.  In one case the borrower received the docs, and in others, docs were sent to me.

One flag here – be sure to be as diligent about communication with these as you are with full loans.  It is appropriate to communicate back to the title company when you have set the appointment, and again after it’s completed, and be sure to complete any required invoicing steps.  Don’t let this slip through the cracks because it’s “small”.

These are sometimes opportunities to meet again with clients you liked from earlier signings. They are so fast and flexible, even if the distance is a bit far, you can possibly combine the appointment with another signing or other errand.

As always, it’s a great idea to include Loan Modifications on your list of service offerings on Notary databases on-line or on your business card.  The more services we offer, the better our ultimate earning potential!

Closing in a Nursing Home

A mortgage closing in a nursing home is not a situation that I expected to encounter.  I was recently asked to complete a closing in a county nursing home.  My first thought was that we would be meeting at the work site of one of the borrowers – that’s occurred many times.

Upon calling to confirm the appointment, I learned that the wife was a resident of the nursing home.  The couple was quite elderly, and I began to feel bad about the situation, in a couple of ways.  I was apprehensive about their understanding of the terms of the loan, and I was concerned about the issue of competency.  I also had thoughts about the challenge of living on a fixed income late in life, and felt badly that a couple in their 80s needed to refinance their mortgage.

The most important thing I needed to do was to work on my attitude.  In feeling concern about their finances and age, I was making judgments that were not appropriate for me to make.  Even though I was feeling sympathy, I needed to maintain impartiality.

So, I focused on believing that I would provide my best effort, and only they could decide if the transaction was in their best interest.  I acknowledged that if I didn’t perform the closing myself, someone else would, and I could be helpful by being clear and patient with them.

When I arrived, I learned that the wife had turned in her driver’s license and had no ID.  Her husband had an old expired license of hers along with all her other personal info at his home, so I agreed to follow him home to view it.  I was going to have them sign first, then complete my notarizations after seeing the ID.

Upon seeing the HUD, Mr. Borrower became very upset.  He was surprised about the closing costs involved, and had been unaware of the prepayment penalty that was being charged with the payoff of the prior loan.  He said that he would not sign anything.  We called the title company, and were not able to reach anyone from the lender’s office at the time, and he said that he would not consider the loan based on those terms.  He was very sharp and clearly knew what he wanted.

On the other hand, the setting was very difficult.  The nursing home staff had no real respect or courtesy for the fact that we were attempting to complete a business transaction, and there were constant interruptions.  Upon the 4^th intrusion, this time by a physical therapist who wanted to take Mrs. Borrower, I said, “We are trying to sign some papers.  Is it possible for Mr. & Mrs. Borrower to have some privacy?”  This was all in the first 5 minutes while we were attempting to get set up to begin.  So the therapist apologized, and said that they thought it was only Mr. Borrower who was involved, and she shut the door.

But then, as mentioned, we adjourned.

I confess that I was relieved and hoped that this was over.  I had not actually gotten to the point of asking Mrs. Borrower to sign anything, but her condition seemed very weak and I really wondered how that would have worked out.

A week later, the Title Company called me again, and wanted to reschedule.  I really wanted to turn it down, but this is a wonderful, fairly local lawyer’s office that does a lot of title work for a lender who I won’t name, but they are quite prevalent in this area.  I am their preferred notary in this area, and they are excellent to deal with, pay well and quickly, and I felt obligated to do it for them.  I also was remembering the need for impartiality, and really felt that I could not refuse based only on my personal concerns.  This closing in a nursing home was not my preferred venue, but I could not refuse out of prejudice or distaste.

I again called Mr. Borrower, to remind him to bring his wife’s ID.  I couldn’t reach him and he had no answering machine.  I guessed that he might be at the nursing home already, so called there.

The nurses said he wasn’t there, so I asked to speak with Mrs. Borrower.  They woke her up and gave her the phone, and she was completely confused.  She didn’t understand who I was, what I wanted, and gave the phone back to the nurse.

I figured that I would let the nurse know that we had this second appointment, and see if I could at least prevent some interruptions. I explained my reason for calling, and asked the nurse if she believed that Mrs. Borrower would be able to sign some forms later on.  The nurse said, “Maybe later, but not now – she just woke up and has taken her meds.”  I was concerned about having to ascertain her competence.

Next I called the NNA member hotline to refresh my memory on the details of identification by a credible witness, and also specific guidelines as to my establishing competency in my signers.  This information is specific to the state of NH – here is what I learned.

To establish ID based on a credible witness, I would need to actually know the witness.  So, even though all the nursing home staff members knew this person and could identify who she is, I could only accept them as a witness if I already knew them.  That would not work in this case, as I was not personally acquainted with anyone there.

I asked about the expired driver’s license, and was told that there were no qualifications in the NH state requirements that a government-issued ID needed to be current and unexpired.  So, I had confirmation that I would be able to accept the expired license, assuming Mr. Borrower remembered it.

I also asked about more detail on establishing competence.  All the NNA Rep could tell me is that I had to believe that the signer was competent.  I expressed concerns that I am not medically trained and uncertain of my ability to evaluate this.  Ultimately, this is the appropriate time for judgment call on my part, and I had to feel as though the signer understood the purpose of the signature and could comprehend the nature of the documents being signed.

When I arrived, fortunately Mrs. Borrower was awake, eating supper, and probably at her best.  Mr. Borrower was ready to go, and I asked Mrs. Borrower if she was ready to sign the loan documents I brought.  She said, “yes, I’ll try”, and when she saw the pile of pages, she expressed concern at the volume of documents.  I said that as long as she was willing to sign and initial them, I would help her steady the pages.  She agreed and her husband assisted her.

She was very weak and shaky.  As I write this, I’m waiting for feedback from the Title Lawyer’s office as to the acceptability of the signatures, since some of them were so shaky as to be illegible.  There was a moment when Mr. Borrower wanted to guide her hand, and I told him that she needed to sign under her own power, and to let her do the best she could.  We took numerous breaks so she could rest, as it was very difficult for her.

Mr. Borrower was very good about assisting her understanding.  He said several times, “remember that we are signing these papers to lower our payment?”, and she replied, “oh, yes”.

The experience brought back many memories of my own grandparents and other family members who had to spend time in nursing homes or assisted living facilities.  It was one of the more challenging assignments I have completed, and was a valuable exercise in focusing on my duties and obligations.

A recap of lessons learned during this closing in a nursing home:

I cannot apply my emotional judgments regarding the borrowers and their age, health or financial status in accepting and/or completing assignments.  I am required to remain impartial.  I can, however, direct the energy of this concern into my efforts to be as clear, helpful and effective in my role as possible.

I must apply my independent, intuitive judgment in evaluating competency.  I need to feel in my gut that the person is lucid and understands my questions, and is signing willingly.  If I have doubts about these things, I cannot notarize the signature.

I can focus on the best interests of my borrowers and contribute to creating the most effective venue for the signing by calling ahead to a facility of this nature, and asking a few questions in advance.

Always remember that the most challenging and difficult situations can turn out to be our very best teachers.

Mortgage Closings with Champagne & Chocolate
Mortgage Closings are typically associated with lawyers’ offices, reams of papers to sign and some level of anxiety.  Just the element of signing in a borrower’s home is new and, to some, revolutionary.  Well, how about the notion of celebrating your mortgage closing with champagne and chocolate?!

Upper Valley Mortgage, LLC in Lebanon, NH has embraced this idea.  I was first introduced to this company of mortgage brokers last year, at which time the office manager explained to me that their main focus is on total customer satisfaction.  Every mortgage closing for a loan brokered by these folks is done in their cozy, inviting offices located in an old converted brick mill office building.

If you’re one of their lucky customers, you’ll get to meet Skippy the Bearded Lizard, who dons a bow tie for his appearances.  And you’ll be given the kind of personalized service that assures no surprises at the signing table (other than the presence of a reptile, that is).  The broker is present to answer any questions, and they strive to present a bottom line on the Settlement Statement that is exactly what the borrower expects, or better.

My first visit to this wonderful business was a delight, with a smiling, happy, relaxed couple who breezed through the signing with confidence and cheer.  As I was packing up my briefcase, they were nibbling fine chocolates and the champagne bottle popped!  It was impressive & fun, and I didn’t even imbibe!

Recently I was assigned another mortgage closing there, and I was delighted.  It turned out that they wanted to begin offering another very big-name lender’s loan products.  The borrower was not a customer, but one of the owners of the company.  He wanted to experience the paperwork, processing and service offered by this lender.  Why?  Quality Control!  They wanted to be sure they could count on a positive experience with this lender prior to subjecting any of their customers to the process.

This, to me, is an example of a highly customer-focused business, and one that offers win/win/win situations to all.  I sincerely hope they add this new lender to their list, and that I am called back again and again.  I always feel that mortgage closings are fun, but it’s much better when my borrowers feel that way, too!

Notary Scripts: Introductions

Notary Scripts: Introductions will be the first in a series of articles I intend to write, in an effort to assist new Notary Signing Agents to speak easily, confidently and competently to their clients.  Following Notary Scripts: Introductions, I intend to include segments about discussing the most common loan documents, Wrapping up the Signing and Other Miscellaneous Topics.

So, without further ado, let’s get started.

Notary Scripts: Introductions

The first introduction is on the phone, when we call to confirm the appointment.  I always call the home number first, unless it’s a last-minute appointment and I’m instructed to use the work number.  Here is what I say, when speaking directly to the person:

“Hello, this is Joy Langtry, and I’m a Notary Public & Loan Signing Agent.  I’m calling to confirm a 7 pm appointment on Monday, March 16, with Sam and Sally Smith, to sign the papers for a CitiMortgage loan.”

(If I get a family member or answering machine and need to leave a message, I only give my name, number, and that I am confirming an appointment on the date and time, with borrower names.  For privacy reasons, I do not mention a refinance or loan in the message, as I can’t control who may hear the message.  Once the borrower returns my call, I resume the conversation as follows.)

I always reference the lender if I know it.  People generally don’t understand my relationship with the lender, but if I name the lender, the topic clicks in their understanding much more quickly.  If I have no clue who the lender is, I say, “…to sign the papers for a refinance loan”.

So, the borrower then says, “yes, we are expecting you at 7 on Monday”.  At that point, I say the following:

“These are the names (or This is the name) that I have been given: Sam S. Smith and Sally S. Smith.  Are they correct, and are they the only people involved with this transaction?”

At this point, hopefully I will learn if there is any unusual element to the situation… The borrower can tell me if the mother-in-law is on title but planning to sign a Quit-claim deed…. Or the borrower can let me know there is a spouse un-mentioned in the Loan Signing Order.  They can tell me that those middle initials are incorrect, or that the name I have is an old version that one of the signers no longer uses.   Or, they may say nothing useful and let me be surprised when I arrive.  At least it’s an attempt.

Next:

“Has your loan officer asked you to make copies of your photo ID to give to me?”

If yes, I move on.  If no, I then say, “I will need to view your ID and document it for the lender, and they often require a photocopy to be sent back with the documents.  If they need a copy, is that something you can provide?”  They’ll tell me if they have a scanner/copier or not, and if there is enough lead-time, they may say that they can get them done at work.  If they indicate it is not possible to obtain copies between my call and the signing appointment, I’ll suggest that if this is a requirement, I can likely get a fax number for them to use to fax copies the next day.

Next, I obtain directions including landmarks and signs, and what color & type of vehicle to look for in the driveway.  Being in rural, mountainous NH, I ask two additional questions:

“I drive a VW Beetle.  How are your road conditions – do you need a 4-wheel drive vehicle to reach your home?”  and “Is there cell phone service near your area, in case I have any difficulty finding you?”

Maybe, if the appointment is in an urban or suburban area, you can ask how the traffic is normally at that time of day.  Or, where is the best place to park.  Try to anticipate concerns that might create last minute delays in your travel to the appointment.  This may need to come with some experience, but do think ahead.  Preparation will help you avoid delays and arrive relaxed.

In cases in which the docs are to be sent directly to the borrowers, I mention this and ask that if they don’t have them by a certain time, to please call me.

And finally, if I am going to receive the docs by email, I always mention this, and say, “The only thing that is outside my control is when the documents will be available for me to print.  If they are delayed at all, will this create a problem with your schedule?”  They can let me know, and I can act accordingly.  So I say, “If there is any delay, I will call you prior to our appointment time so you’ll know, otherwise I’ll see you at 7:00 on Monday.  Thank you very much.”

When I arrive at the home, as I enter, I introduce myself and extend my hand for a handshake, unless it isn’t physically convenient (i.e. the borrower is doing dishes and yelled “Come In”).  I always smile and act as pleasant as possible.  Usually the borrowers are friendly, cordial, and engage in conversation as we are sitting down and I don’t need to create small talk.  But if there is a silence you need to fill, say something nice and/or positive about the following:

“Your directions were great – I had no problems finding the place.”

“What a lovely/unique/interesting home/view/garden you have!”

“Wasn’t the weather nice today?”

“How about those Patriots/Red Sox/name a local sports team!”

Or come up with your own personal favorite.

This should get you comfortably to the signing table.  If you have any comments or suggestions to add to my Notary Scripts: Introductions segment, please use the comments form to share your thoughts!