Many originators out there may have experienced something like this: You schedule a loan to close. The notary is dispatched to the location, arrives on time with the package printed out, and greets the borrowers. As the notary enters the borrower’s home, he asks, “And who will be your additional witness to the closing?” The borrowers look confused. Their loan officer did not indicate they would need an additional witness at the closing. So the closing is rescheduled for the next day when their friend will be available.
It’s not the biggest problem one can have at the closing, but it’s certainly inconvenient. Especially when you consider that it’s highly preventable. Here’s how Avenue 365 can help you avoid this and better prepare your borrower, and an additional tip to remember.
1. Use our online scheduling form. It’s a “smart form” that brings up additional questions when you select certain states. In the states of Georgia, Connecticut, and South Carolina, an additional witness is always required at the closing. Our form will remind you of that when you go to schedule a closing in one of those states. We can provide that additional witness, however, there is a charge associated with it. So it’s always best to just call your borrower and find out if they can provide one of their own.
2. In the state of Florida, if your borrower is doing any kind of deed, an additional witness is needed. The notary will act as one witness, but another person (over 18 and not a party to the transaction) will be needed.