Saturday, October 20, 2007

this still floors me

Read this:

"I did a loan app for them the first of October and the lady wouldn't sign the docs. They told me NOT under any circumstances, to contact the borrower but to just show up. That should have been a red flag then - but since it was just a loan app I didn't think too much about it. When I arrived, in pouring down rain, she answered the door and said she didn't know I was coming then she said that she forgot I was coming - she was in the middle of dinner with some of her friends and family. She invited me in, we sat down and she looked at the first page and said that was not what she wanted. We called the L/O and they talked about five minutes then she stated again she wasn't going to sign."; and

then answer this question for me:

Does Ohio have a licensing law for mortgage lenders? Is this it?

"A person wishing to register under the Ohio Mortgage Loan Act must submit an application, a fingerprint card, a registration fee and a nonrefundable investigation fee. The Division must investigate the financial condition, responsibility, experience character and general fitness of the applicant, including requesting a criminal background check. The applicant must have assets of at least fifty thousand dollars per branch office readily available for use in the business and a net worth of fifty thousand dollars."

How, pray tell, does an unlicensed notary public fit into the mortgage origination scenario?

Shouldn't this citizen of Ohio be protected against having their home invaded unannounced by an unlicensed individual attempting to take their very personal information and perhaps attempting to coerce them into signing mortgage application documents?

I just don't get it. Am I missing something here?

Oh, the lender is in Ohio but the property is in Florida. OK.

Doesn't Florida have a licensing law to protect its citizens? Is this it?

An individual person who acts as an associate for either a licensed mortgage broker business or any lender licensed under Chapter 494, F.S. A licensed mortgage broker is authorized to solicit mortgage loans on behalf of a borrower, to accept an application, and to negotiate terms and conditions of a mortgage loan on behalf of a lender.

I just don't get it. Am I missing something here?

Where does a notary fit into the licensing structure for originating mortgage loans in Florida?

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