I read an article this morning on InmanNews, written by Ilyce Glink, entitled: 'Don't make this mistake when refinancing'. She gave some very good advice in saying that, no one should ever sign their name to a legal document without understanding exactly what the documents says, and what the transaction is all about.
As a notary signing agent, I see it firsthand: borrowers are so anxious to get the signing over with, or they're so distracted, that they don't take the time to read what they're signing. And very few of them ask questions. If they do ask questions, they are usually not the right types of questions to ask. She suggested to borrowers: "If you don't understand what is on the page, then keep asking questions until you do understand." I agree.
Reading every single word, of every single document, could make for some very long closings. I, for one, am not in favor of sitting through a closing if a borrower wants to take the time to read over 100 pages of loan documents, and try to decipher the meaning of every word they don't understand.
Nevertheless, I think that borrowers should take more time in understanding what it is they are signing. Even though they have a 3-day right to cancel, in most cases, I would venture to say that, very few of them actually take the time to read every single page of their copies.
A few days ago I wrote an article: Deed of Trust: 'Does anybody really read all of this?', in which I suggested that borrowers take the time to read this very important document. I dissected parts of the Deed of Trust and pointed out things they should look for. I have also written articles on other loan documents that the borrowers will encounter.
Which brings me to notary signing agents, and the role that we can and should play. There is a very strong mandate for notary signing agents to become very knowledgeable about all of the loan documents. Borrowers are becoming more and more skeptical (and savvy) as a result of the subprime fiasco, and they will want more time to read and understand what they are signing. And, if they take the advice of Ilyce Glink, they will ask more questions.
As a notary signing agent, I see it firsthand: borrowers are so anxious to get the signing over with, or they're so distracted, that they don't take the time to read what they're signing. And very few of them ask questions. If they do ask questions, they are usually not the right types of questions to ask. She suggested to borrowers: "If you don't understand what is on the page, then keep asking questions until you do understand." I agree.
Reading every single word, of every single document, could make for some very long closings. I, for one, am not in favor of sitting through a closing if a borrower wants to take the time to read over 100 pages of loan documents, and try to decipher the meaning of every word they don't understand.
Nevertheless, I think that borrowers should take more time in understanding what it is they are signing. Even though they have a 3-day right to cancel, in most cases, I would venture to say that, very few of them actually take the time to read every single page of their copies.
A few days ago I wrote an article: Deed of Trust: 'Does anybody really read all of this?', in which I suggested that borrowers take the time to read this very important document. I dissected parts of the Deed of Trust and pointed out things they should look for. I have also written articles on other loan documents that the borrowers will encounter.
Which brings me to notary signing agents, and the role that we can and should play. There is a very strong mandate for notary signing agents to become very knowledgeable about all of the loan documents. Borrowers are becoming more and more skeptical (and savvy) as a result of the subprime fiasco, and they will want more time to read and understand what they are signing. And, if they take the advice of Ilyce Glink, they will ask more questions.
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