If you are a title company, mortgage company, escrow service, an
individual, or a business in need of a qualified NSA (notary signing
agent) for mobile loan signings and mobile notary public services in the
San Francisco, Bay area, we offer knowledgeable, courteous service.
We will represent your company in a professional, friendly manner & can
handle all types of loan signings including reverse mortgages,
purchases, REO loans, loan modifications, and more As a Notary Signing
Agent: I will meet with the borrower at a designated location, will
ensure that the borrower signs, initials and dates the loan documents in
all appropriate places and then notarize the borrower's signature where
necessary. Once this is completed, I will make sure that the signed and
notarized loan documents are delivered to the closing agent or other
designated office.
How does this benefit the borrower?
By meeting the borrower at home, office or another convenient location
for the signing, I will eliminate the need for a time-consuming trip by
the borrower to close the loan. This is more convenient for both the
closing agent and the borrower. I will also provide assurance that the
signed and notarized documents will be delivered by the pertinent
deadline. As a Notary and a Loan Signing Agent, will display a high
level of honesty and integrity in doing this job.
*Tip for the signers: Don't take time off work! Get your lender's loan documents, real estate deeds, powers of
attorney, living trusts & other legal papers notarized at your home or office in San Francisco or Bay Area.
I am available: 24 hours a day, 7 days a week signing services I offer:
Mobile notary service for customer convenience Faxed document capability
Electronic document capability
I specialize in: Same day service. For same day service, please call
(415) 994-4121
To expedite the signing of any document, Clients/Borrowers will need:
1. Any one of the following Valid Identifications (providing they are
current) are acceptable:
•California Driver's License •California Identification Card •Two
credible witness's (for a person who does not have current ID) Mexico
Driver's license •US Passport •US Military ID Card •Inmate ID Card
•Other State Driver's License, Other State Identification card •Canada
Driver's License Foreign Passports stamped by USCIS. 2. Any required
stipulations for signing, (check with lender, example: W-2, Pay stub).
3. Closing cost check if applicable, (check with Lender or Escrow Co.).
4. Have lender's phone number handy in case you have questions during
the signing.
5. Please complete all forms except signatures and notarized areas.
Discuss blank spaces with your lender as to N/A or a "Line" drawn
through it.
6. Please review all documents for the correct spelling of names and
correct dates.
FEES: Most loan signings are $125.00 or less.E-docs extra fee of $25.00
(for printing).In case of any delays, or no signing the fee will be paid
in full to the Notary.
Mortgage Terms
Abstract of Title - a historical summary provided by a title insurance
company, of the successive conveyances affecting the title to a
property.
Acceleration Clause -a provision in a mortgage enabling the lender to
declare the entire outstanding balance of a loan immediately due and
payable in the event the borrower violates any condition of the mortgage
or note (such as missing payments).
Adjustable-Rate Mortgage (ARM) -a mortgage with an interest rate that
changes periodically, according to an index that is selected when the
mortgage is issued, plus a margin that remains constant. Although the
initial interest rate may be lower than that of a fixed-rate mortgage,
the monthly payments can go up or down when the rate is adjusted.
Alienation Clause -a provision stating that a mortgage loan must be paid
in full if the ownership is transferred.
Amortization -the gradual repayment of a mortgage loan by regular
installments including both interest and principal. The timetable
covering this process is called an amortization schedule.
Annual Percentage Rate (APR) -a stated rate that reflects the entire
cost of your mortgage, including interest, points, origination fees,
etc.
Appraisal -a written estimate of the value of a property, made by a
licensed real estate appraiser.
Appreciation -an increase in the value of a property, due to changes in
the market and/or improvements to the property.
Assessed Valuation -a value placed on property for the purpose of
levying property taxes. This is not necessarily the same as the
appraised or market value of the property.
Assumable Mortgage -a mortgage that can be taken over by the buyer of a
property. FHA and VA loans are fully assumable loans.
Balloon Payment Mortgage -usually a short-term mortgage with regular
monthly payments that are insufficient to pay off the loan at the end of
the term. A lump sum payment (balloon payment) is then required at the
maturity date.
Beneficiary -the lender named on the mortgage note.
Bi-weekly Mortgage -a type of mortgage in which payments equal to
one-half of the regular monthly payment are scheduled every two weeks,
rather than monthly. This arrangment results in the equivalent of 13
months of payments in a year, substantially less paid in interest, and a
much quicker payoff on the loan.
Blanket Mortgage -a mortgage covering multiple properties.
Bridge Financing -an interim loan, made when a borrower needs additional
time before obtaining permanent financing. A bridge loan is often
required between the purchase of a new home, and the sale of the
borrower's current home.
Broker -see Mortgage Broker.
Buydown -a temporary reduction in an interest rate made by paying a lump
sum or discount points up front.
Caps -limits on the amount of interest or payments on an adjustable-rate
mortgage.
Certificate of Eligibility -a certificate obtained by a veteran from a
Veteran's Administration office which states that the borrower is
eligible for a VA insured loan.
Certificate of Reasonable Value (CRV) -an appraisal of property required
for a VA mortgage.
Chattel -personal property.
Closing -also known as settlement. The meeting at which the sale of a
property is finalized, closing costs and escrow amounts are paid, and
the buyer and seller sign documents to transfer ownership of the
property.
Closing Agent -a neutral third party, usually an escrow company, title
company or attorney, that facilities the closing of a real estate
transaction.
Closing Costs -expenses related to obtaining a loan. These normally
include an origination fee, taxes, points, escrow payments, insurance,
etc.
Cloud on Title -any fact or condition that could negatively impact upon
the title of a property.
Commission -a fee paid to a broker or salesperson for facilitating a
real estate tranaction. Commissions are usually expressed as a
percentage of the loan amount or sale amount.
Comparables -also known as "comps." Properties of similar size,
location, and feature that are used as comparisons to determine the
value of a specified property.
Conditional Commitment -a lender's promise to issue a loan subject to
certain conditions. The loan will not be funded until these conditions
have been met.
Conditional Offer -purchase offer in which the buyer proposes to
purchase property only after certain events occur, such as the sale of
the current home, or obtaining financing.
Conforming Loan -a mortgage that conforms to rules established by
Freddie Mac or Fannie Mae.
Construction Loan -short-term financing obtained for construction of a
property.
Debt-to-Income Ratio -the ratio of a borrower's monthly payment
obligation, divided by his or her monthly income. The ratio is expressed
as a percentage and is used by lenders as a measure of eligibility for a
loan. A front-end ratio compares all monthly housing expenses to the
gross income. A back-end ratio also figures in other debts, such as auto
loans and credit cards.
Deed -the legal document conveying title to a property.
Deed of Trust -a document, used in some states, given by the borrower to
a third party (trustee) vesting title to the property in the trustee as
security for the borrower's repayment of the mortgage loan.
Default -failure to make mortgage payments or violations other
provisions of the mortgage note.
Discount Points -a type of point paid by the borrower that reduces the
interest rate of the loan.
Down Payment -the lump sum paid to the seller when the property is
purchased. This is usually 10 to 20 percent of the purchase price,
although some loans may allow a lower down payment.
Earnest Money -a cash deposit paid by the buyer during negotiations to
demonstrate serious interest in purchasing the property.
Equity -the difference between the fair market value of the property and
the homeowner's mortgage debt. Equity increases as a mortgage is paid
and/or the property appreciates.
Escrow -usually refers to an account set up by the lender in which money
is held to pay taxes and insurance.
Escrow Payment -the portion homeowner's monthly payment held in trust by
the lender to pay for taxes and insurance. Also known as "impounds" in
some states.
Fannie Mae -nickname for the Federal National Mortgage Association
(FNMA). FNMA is the largest of the secondary market investors that
purchase loans from mortgage companies. The company is a private
corporation and is listed on the New York Stock Exchange.
Federal Housing Administration (FHA) -an agency of the U.S. Department
of Housing and Urban Development (HUD) that insures first mortgages and
can enable lenders to lend a very high percentage of the purchase price.
The FHA does not actually lend money.
Federal Reserve Bank -the regulatory agency that sets monetary policy
for the country and provides liquidity for supervised financial
institutions.
Fiduciary -an entity, such as a real estate broker or mortgage broker,
designated to act in the best interest of a client.
First Mortgage -a mortgage that is the primary lien against a property.
Not necessarily the first mortgage obtained chronologically.
Foreclosure -a legal process in which a homeowner in default on a
mortgage is deprived of interest in the property, so that it may be sold
to satisfy the debt.
Freddie Mac -nickname for the Federal Home Loan Mortgage Corporation
(FHLMC). Another major secondary market purchaser of loans. FHLMC is a
government-sponsored agency that is also publicly traded on the NYSE.
Ginnie Mae -nickname for the Government National Mortgage Association
(GNMA). An agency that acts as a secondary market conduit for FHA and VA
loans, guaranteeing payment to investors.
Good Faith Estimate -a written disclosure of costs provided by a lender
to a prospective borrower.
Hazard Insurance -insurance on a property against fire and other natural
disasters. Areas prone to flood, hurricanes, or earthquakes may require
special policies.
Homeowner's Fees (Association Fees) -payments made by the owners of a
condominium or a unit in a PUD to the homeowners' association for
administrative expenses, and cost incurred in upkeep of the common
areas.
Homeowner's Insurance -a policy that combines personal liability
insurance and hazard insurance for a home and its contents. Such a
policy is generally required to obtain a loan.
Housing and Urban Development (HUD) -the federal government agency that
oversees the FHA.
HUD 1 -a closing document required by HUD that outlines the settlement
cost of a loan. It contains an itemized list of closing costs and is
signed by the buyer and the seller. Also called a settlement statement.
Hybrid Mortgage -a mortgage with a one-time rate adjustment after a
specified number of years.I
Impound Account -an account held by a lender for payment of taxes,
insurance or other related expenses.
Index -a public measure of current interest rate levels used by lenders
to calculate the rate on an adjustable rate mortgage.
Insured Mortgage -a mortgage insured against loss to the mortgagee in
the event of default.
Interest Rate -the percentage added to a loan that covers the lenders'
costs for supplying money. This amount is part of an APR.
Interest Payment Notification (1098) -a federal tax form (1098) used to
notify borrowers of the interest that they paid on their mortgage over
the course of the year.
Joint Tenancy -an interest in property taken by two or more joint
tenants.
Jumbo Mortgage -a mortgage that does not conform to the limits set forth
by Fannie Mae and Freddie Mac.
Junior Mortgage -a mortgage subordinate to another mortgage. An example
would be a second mortgage or home equity line, which is subordinate to
a first mortgage.
Land Contract - an installment plan for buying a house, used as an
alternative to obtaining a traditional mortgage loan.
Late Charge -a penalty assessed for failure to make a payment on time.
Lease with Option to Purchase -a lease in which the monthly rent payment
applies to a first mortgage, plus an amount set aside to accumulate for
a down payment.
Lien -a legal claim by one party on the property of another party. In a
mortgage, it is used as security for repayment of the loan.
Lis Pendens -a notice that a legal dispute exists over a property.
Listing Agreement -an agreement between a property owner and a real
estate broker, authorizing the broker to find a buyer for the property.
If the sale is consummated, the listing broker will be paid a fee.
Loan Officer -a qualified individual who helps borrowers through the
selection, processing and closing of mortgage loan. The loan officer may
be an employee of a mortgage broker, mortgage banker, or other lending
institution.
Loan-to-Value Ratio (LTV) -the ratio of the mortgage loan amount to the
property's appraised value or selling price, whichever is less. For
example, a property appraised at $100,000 with a mortgage amount of
$75,000 is said to have a 75% LTV.
Margin -the number of percentage points the lender adds to the index
rate to calculate an ARM interest rate.
Maturity -the date on which the principal balance of a loan becomes due
and payable.
Mortgage -a lien or claim against real property given as security for a
loan.
Mortgage Banker -financial intermediaries that orginate mortgage loans
through loan officers or independent mortgage brokers and sell the
mortgages into the secondary mortgage market.
Mortgage Broker -a company or individual who assists borrowers in
obtaining a loan, usually through a variety of lenders and programs.
Mortgage Insurance -insurance that may be required by the lender for a
high loan-to-value ratio. The policy insures the lender against loss in
the event of a default, and is generally added to the monthly mortgage
payment. Mortgage insurance may be issued by a government agency such as
FHA, or by a private company (PMI) and can usually be eliminated once
20% of the principal is paid off.
Negative Amortization -a gradual increase in a mortgage debt that occurs
when the monthly payment does not cover the entire principal and
interest due. Can create a condition known as being "upside down" in a
mortgage.
Note -the document outlining the amount of the debt, the terms and
payments, the interest rate, margins and caps (if applicable), the name
of the lender and the borrower, and any other material item required by
the lender.
Origination Fee -a fee paid to a lender for processing a loan
application.
Owner Financing -a note carried all or in part by an owner selling a
property.
Owner's Interest -see Equity.
PITI -Principal, Interest, Taxes, and Insurance. These are the four
components that typically make up a homeowner's total mortgage payment.
Planned Unit Development (PUD) -a type of real estate development that
includes common areas and rules governed by an owners' association.
Points -prepaid interest equal to one percent of a mortgage loan.
Lenders generally offer loans with several combinations of interest
rates and points. Generally, the more points paid, the lower the
interest rate. The best choice of interest rate/points may depend on how
often you refinance.
Principal -the amount of debt, not including interest, on a loan.
Pre-Qualification -an initial evaluation by a lender of a borrower's
credit and financial situation to determine eligibility for a loan.
Private Mortgage Insurance (PMI) -usually required by a lender if the
down payment is less than 20% of the sale price. PMI protects the lender
in the event of a default, and is usually terminated when the homeowner
has built up 20% equity.
Quit-Claim Deed -a legal document by which a claim on property is
denied. May be used to clear a cloud on title.
Rate Lock -also known as a lock-in. A guarantee from a lender that a
borrower will receive the interest rate in effect for a specific amount
of time.
Real Estate -also known as real property. Land and anything permanently
affixed to the land, such as a building.
Real Estate Agent -a licensed individual, designated to act on the
behalf of either the buyer, or the property owner, in a real estate
transaction. Also known as a realtor.
Recourse -the right of the holder of a note secured by a mortgage or
deed of trust to look personally to the borrower or endorser for
payment.
Redlining -the practice of refusing to provide loans or insurance in a
certain neighborhood.
Refinancing -securing a new loan that pays off the current mortgage(s),
using the same property as security. Often done to obtain a lower
interest rate, or to gain access to equity for cash back.
Release -an instrument releasing property from the lien of the mortgage,
judgment, etc.
RESPA (Real Estate Settlement Procedures Act) -federal regulations that
require lenders and mortgage brokers to disclose to borrowers, in
advance, the fees required to obtain a mortgage loan.
Restrictive Covenant -a clause in a deed that restricts the use of
property for some period of time.
Reverse Mortgage -a special program for the elderly that provides income
until death. Payment requirements are arranged through the increase in
the principal amount of the loan.
Rural Housing Service (RHS) -an agency of the U.S. Department of
Agriculture that provides financing to farmers and other borrowers in
rural areas who are otherwise unable to obtain a loan.
Second Mortgage -a mortgage that has a lien position behind (is
subordinate to) the first mortgage.
Secondary Market -the buying and selling of existing mortgages by
entities such as commercial banks, pension funds, and Wall Street firms.
Secondary Market Investor -an entity, such as FNMA or FHLMC, that buys
mortgage loans for investment or sells them again to another secondary
market investor. Secondary market investors do not actually service
loans and do not collect payments from borrowers.
Servicer -the entity that collects payments and manages escrow accounts
of a loan. Often designated when a loan has been purchased by a
secondary market investor.
Settlement -see closing.
Subprime -credit that is less-than-perfect. This may include late or
missed payments, past bankruptcies, or judgements. A borrower whose
credit is considered subprime may still be eligible for a loan, but will
generally be subject to higher interest rates.
Tax Lien -lien imposed for non-payment of taxes.
Time is of the Essence -legal phrase in a contract meaning that punctual
performance is required in meeting obligations.
Title -a legal document designating ownership of a property.
Title Binder -written evidence of temporary title insurance coverage.
Title Insurance -an insurance policy that protects the insured
(purchaser and/or lender) against loss arising from disputes over
ownership.
Treasury Index -see index.
Truth-in-Lending -a federal law that requires lenders to disclose, in
writing, the complete terms and conditions of a mortgage.
Underwriter -the person or company that actually decides whether or not
to release funds for a mortgage. Underwriters make a final analysis of a
borrower's credit worthiness, and may request additional information
before issuing the loan.
VA Mortgage -a loan guaranteed by the Department of Veterans Affairs.
These mortgages have low or no down payments, less stringent
requirements for qualification, and are only available to active members
of the armed forces, veterans, and their spouses.
Wrap-Around Mortgage -a mortgage that includes the remaining balance
from an old mortgage, plus a new amount.
