Skip to content
BOL Conferences
Thread Options
#2270237 - 05/10/22 12:45 PM Notary Fee on Providers List?
Luv2run Offline
Platinum Poster
Joined: Jan 2015
Posts: 610
I have an unusual situation with a home equity loan closing with a Notary. Since we usually conduct settlement in one of our branch offices, there are no "Settlement Services" to shop for, thus no list provided with the LE. Suddenly we are in a situation where I have a third party providing the Notary services. Do we need to provide the Settlement Services Provider List to this borrower listing a Notary from their area?
_________________________
If at first you do succeed....try something harder
-fortune cookie

Return to Top
TRID - TILA/RESPA Integrated Disclosures Rule
#2270241 - 05/10/22 01:28 PM Re: Notary Fee on Providers List? Luv2run
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Yes. Get a revised loan estimate out within the three-business-day deadline, counting from the day you learned this won't be an in-house closing. If you select (and don't allow the borrower to shop) the notary, put the estimated cost of the notary's services in block B. If you will allow the borrower to select a notary, put the estimated cost in section C and include a SSPL identifying at least one notary public available to provide the service to the borrower near the borrower's (or property's) location.

If you have a closing date and need to get the closing disclosure out, you can use the closing disclosure rather than a revised loan estimate to disclose the notary's fees. Just make sure you provide it within 3 business days of learning of the change and at lest three business days before the closing. Include the SSPL with it.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#2270246 - 05/10/22 02:08 PM Re: Notary Fee on Providers List? Luv2run
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
Or, you could take another approach. If this is the choice of the borrower to use a notary of their own to sign the documents, then that is a optional service that is not required by the lender and it could be placed in Section H. A notary is not going to act as a settlement/closing agent, they are going to notarize the documents that require notarization and that likely is all they would be allowed to do under State law in their notary capacity.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2270268 - 05/10/22 05:22 PM Re: Notary Fee on Providers List? Luv2run
Luv2run Offline
Platinum Poster
Joined: Jan 2015
Posts: 610
Well now.....I have to think about these two different perspectives. Since the borrower has chosen to not come into the office, we would require the documents to be notarized. He picked the Notary. So, I am not sure which way to go on this based on the two responses. I am thinking RL is indicating that this might not really be a "settlement charge" and might fit under "other"? I was thinking more along the lines of John's response when I posted the question thinking this would be considered a "settlement charge" for a service we require.

Hmmmmmm
_________________________
If at first you do succeed....try something harder
-fortune cookie

Return to Top
#2270271 - 05/10/22 05:59 PM Re: Notary Fee on Providers List? Luv2run
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
You could handle it either way that makes you most comfortable. Signing the closing documents remotely however is totally an optional choice made by the borrower. They could come to the bank and close the loan without the fee.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2270290 - 05/10/22 08:55 PM Re: Notary Fee on Providers List? Luv2run
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Let me help you get off the fence. Randy Carey's answer is the way to go. It's an optional service the customer wants to use. Put it in Section H and forget about the provider list.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top