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Refi process seems convoluted. Is this legal and safe?

Our refi closing is on Nov 23rd. We are located at VA. Lender is in UT and Title is in CA. Title is arranging a Notary to come home for closing - nice touch. But closing location on docs list CA, not VA. Is this correct?

Lender wants all paymnt to be made to Title; And Title says will pay off our original mortgage a week after our closing. Is this safe and legal? What should we watch for? This is all our lfe's savings. Pls advise.
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November 18 2009 - Oakton
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Can't beat a "Dead Horse" Hamp.

In CA which is an Escrow State, is extremely highly regulated. Notaries are utilized without any repercussions. All my refinances use this service.
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November 18 2009
From the SC Bar Association. And the 'girls" are all notaries. I don't care, but OP does.

On the other hand, we believe that there comes a time in every transaction where a lawyer's advice and presence are essential. "We are convinced that real estate and mortgage loan closings should be conducted only under the supervision of attorneys, who have the ability to furnish their clients legal advice should the need arise and fall under the regulatory rules of this court. Again the protection of the public is of paramount concern." Buyers Service, 292 S.C. 426, 357 S.E.2d 15 (1987).

When a client retains a lawyer for what may be considered a routine
transaction, that client clearly expects to receive more than the mere blank form with instructions on how to complete it. Furthermore, once retained, the lawyer must then provide consultation. Because a lawyer has a duty to supervise a nonlawyer who is working under his or her direction, this supervision should include the period during the execution of documents as well. While it may be permissible for the paralegal alone to gather information, we deem it not permissible for the paralegal alone to assist the client in the execution of the documents outside of the presence of the lawyer. We further opine that once a client has consulted the lawyer or the paralegal, the lawyer's duty to supervise the paralegal (coupled with the lawyer's duty to advise and protect the client) invokes the lawyer's intervention.
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November 18 2009
Hamp,

What you have presented here is about Notaries, not "girls."
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November 18 2009
Anecdote
Five or six years ago attorneys in SC used to have their "girls" do closings. Several lost their licenses to practice. The "girls" don't get to do them anymore.
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November 18 2009
#4

"Be Responsible for Proper Notorization." I think it's OK.
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November 18 2009
Check number 4. I interpret that as "reside over, and or witness" the closing in person. Not that I have a dog in the hunt. It is just my opinion. If it is about saving money, maybe. If it is about protecting yourself from evil lenders, then caveat emptor.
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November 18 2009
I don't see from your list were that excludes a Notary Hamp.

A Notary is Notarizing that the Signatures are those of the parties on all Closing Documents and executed in their presence. Nothing more. Nothing less.

The Attorney would still be the Fiduciary and Responsible Party for the Finalization of all Closing Documents.
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November 18 2009
A notary shouldn't be doing the closing. SC is an attorney closing state, as I believe VA is, and here is what the State Supreme Court has recently said about closings;

In relation to Residential Real Estate Purchases, First Mortgage Loan Closings, and Junior Lien Loan Closings, in South Carolina, only lawyers licensed in the state of South Carolina, or admitted to practice in the state of South Carolina, may do the following:
1.
Certify the title to real estate and issue a title opinion to a client, a lender, a title insurance company, a governmental agency, or anyone else
2.
Prepare deeds
3.
Either draft, oversee the drafting, or review for compliance with the Closing Instructions and applicable laws the loan closing documents to be utilized in a real estate transaction, including the legal description utilized in any document
4.
Be responsible for the actual closing of a real estate transaction to include the explanation of the pertinent issues related to the transaction and review all documents for proper signatures, witnesses, notarization and authorizations, as applicable, even if the closing takes place out of state, or in a location other than the closing attorney's office
5.
Oversee the proper recordation of the pertinent documents
6.
Review and approve the form and execution of any power of attorney used in a real estate transaction for proper authority of the attorney-in-fact as well as the validity of the document
7.
Disburse all funds related to the transaction, except payoffs and fees that can be held by a lender that will be paid to the lender and not to third parties
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November 18 2009
Bob,

You are absolutely correct! You like to keep everything simple, don't you?

I just went to your profile. While I was there I decided to look at a few of your recent quotes.

You definitely use the KISS formulae!

You'll just tell them later about your simplification, right? Certainly don't want to "overload" the borrower with truths!

I omitted the lenders fees, the loan processing fees, title/attorney/escrow fees and I didn't give you the exact amount of the appraisal. It's just a little bit higher than quoted.

Oh, there are a few small dollar items I also forgot to mention. But hey, look at our BBB rating. That counts for something, doesn't it?

I mean we only talking about a few extra thousand dollars more. That's not going to come between us, is it?

Simplicity. What a wonderful way of doing business, when you are trolling for fools. .... Apparently, you are finding your fair share, aren't you?
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November 18 2009
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November 18 2009
I'm impressed Bob! You were able to read my 2,800 responses in such a short period of time and come to such an incorrect conclusion. Job well done (by your standards.)
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November 18 2009
That great Rudi,...then answer questions with as much mind numbing detail as you please. My style is simple so as not to confuse and over load. But don't belittle me on the board with your rambling and corrections. Half of your 2800 posts are banter.
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November 18 2009
Tim,

California Is an Escrow State. A CA Escrow Firm is providing their services on a real estate transaction in a non-escrow state. This does not change the name of their position. Their title is: ESCROW OFFICER. "Title Contact Person" is not.

I'm happy you understood what I meant.
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November 18 2009
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Thanks so much everyone. I really appreciate it. Yes, Title is First American. And I appreciate clarity on the Thanksgiving holiday - I called Lender today and asked why. And they said same thing.

Can you clarify what you mean when you say VA is not an Escrow State? Who should I call for escrow related info, since I do not currently have an Escrow Officer?
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November 18 2009
Bob,

I've responded to over 2,800 questions since May, 2008. You have responded to 300.

Most anyone can provide a simple answer. I try to provide the best answer to my knowledge.

But, Patrick is one step ahead. He counted in the Thanksgiving Holiday. Which may be correct in regards to one week. Although, I would still call escrow if I was the OP.
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November 18 2009
I would advice calling your Escrow Officer.

Virginia isn't an escrow state. Still; it's just semantics, I know what he meant. Call your title company contact person. In Virginia you have either title companies or attorneys handling the closing.
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November 18 2009
Rudi,...c'mon,..I know that. I figured OP was just generalizing when he said a week. I replied back with a few days. Just keeping is simple my friend.
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November 18 2009
Bob,

A owner-occupied refinance 72 hour rescission period, is not a week.
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November 18 2009
The one week later for the payoff after the closing is due to the three business day rescission period on a primary residence refinance.  If you are closing on 11/23 the loan does not fund and disburse until 11/30 due to the Thanksgiving holiday.
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November 18 2009
Chances are your Title Company is First American. They are the largest in the nation. They know their stuff! It' very common for a Notary to come to the borrower's residence to sign Final Closing Documents.

I would advice calling your Escrow Officer. Escrow has the fiduciary responsibility for your real estate transaction. Escrow should pay all items listed to be paid on your HUD-1 immendiately per Final Closing Documents. (I don't understand the one week later part.)

THIS IS NOT LEGAL ADVICE. FOR LEGAL ADVICE CONSULT A REAL ESTATE ATTORNEY.
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November 18 2009
Yes its all legal and safe. It doesn't matter where the parties are located. Everything is done electronically these days. The reason your loan will not fund for a few days after is because law requires we give you a "cooling off" period. Just in case you want to change your mind.
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November 18 2009
 
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