Prohibited Acts for Notaries

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A notary public may not notarize a signature on a document if:

The person who signature is being notarized is not in the presence of the notary at the time of signature is notarized.

The document is incomplete.

The notary public actually knows that the person signing the document has been adjudicated mentally incapacitated.

the person whose signature is to be notarized is the spouse, son, daughter, mother, or father of the notary public.

The notary public has a financial interest in or is a party to the underlying transaction.

TRID – Terms you should know

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This acronym stands for “TILA-RESPA Integrated Disclosures.”

This rule requires two disclosure forms to be combined into a single disclosure (the loan Estimate) when a mortgage application is made – and two additional disclosures to be combined into another form (the Closing Disclosure) when the loan is consummated, or closed.  It applies to most, but not all residential mortgages.  The form that Notary signing agents will encounter is the Closing Disclosure.

All Loan Closing Agents/Notaries will have to become familiar with this HUGE change.

The rule is intended to help borrowers better understand their loan terms better before they reach the closing table.

The rule requires the Closing Disclosure to be received  by the borrower at least three business days before the borrower signs the note.

TRID – TILA-RESPA integrated Disclosure

RESPA – Real Estate Settlement Procedures Act of 1974

HUD-1 Settlement Statement – this itemizes the services provided to the borrower and the fees charged.

TILA – Truth in Lending Act of 1968

TIL Disclosure – It lists costs of a mortgage, including how much the borrower pays over the full term of the loan, the initial mortgage payment and the maximum payment under the loan.

Closing Disclosure – This form combines a clearly presents information that previously was contained in the HUD-1 Settlement Statement and TIL Disclosure.

 

Acceptable Identification when Notarizing

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A notary public may not notarize a signature on a document unless he or she personally knows, or has satisfactory evidence, that the person whose signature is to be notarized is the individual who is described in and who is executing the instrument.  A notary public shall certify in the certificate of acknowledgment or jurat the type of identification, either based on personal knowledge or other form of identification, upon which the notary public is relying.

Personally Known means having an acquaintance, derived from association with the individual, which establishes the individual’s identity with at least a reasonable certainty.

Satisfactory Evidence:

Sworn Written Statement of a Credible Witness

Sworn Written Statement of TWO Credible Witnesses

One of the following forms of identification:

Drivers License, Passport, ID Card by USA or states other than Fl., ID card issued from any branch of the U.S. Armed forces., An Inmate ID Card, A sworn, written statement from a sworn law enforcement officer, an ID card issued by the U.S. Dept of Justice, Immigration and Naturalization Services.