123Notary
Enter Zip, City, or County... i.e. orange,NY or 90019
Search Method:    regular time edocs
Mobile Notary / Signing Agent Discussion ForumDear Signing Agents,
You need to REGISTER and have a password to post or reply to discussion topics. Please remember, your password for your listing on 123notary.com is NOT RELATED to and is different from your password on the forum. Your password on the forum can be whatever you want it to be.
Lookup a specific signing company, word, or phrase
Mobile Notary / Signing Agent Discussion Forum
Register | String Format | Index Format | Active Topics | Hot Topics | Preview Topics | Advanced Search | Members | Profile | Tutorial | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 The 123notary.com Forum for Signing Agents
 Newbie & Mentoring Section
 Medalion Signature
 New Topic  Reply to Topic
 Printer Friendly
1 -1 1 person liked this post.
Author Previous Topic Topic Next Topic  

PWinFL

Florida
469 Posts

Posted - 01/31/2010 :  05:15:19 AM  Show Profile  Visit PWinFL's Homepage  Reply with Quote
No, not any Tom, Dick or Harry is allowed to sign the transaction. The way it works, as far as I know, is the request is made to the institution. The institution has a committee or authorized persons that are allowed to make the decision to provide the necessary guarantee. Then that individual or another authorized individual, the Medallion Notary, properly identifies the individual signing the documents (notarizing their signature) and places their signature and the medallion seal on the executed document.

It works very much like loans, in that the loan officer/broker gathers the necessary documentation, submits it for approval and, if approved, sends it to the organization authorized to handle the execution of the program. The person notarizing the signature of the requester is not necessarily the same person authorized to approve the transaction.

One of the problems is the word "notary", "notarize" and "notarization". This is all to often confused with the role and responsibility of a "Notary Public", which in the case of a Medallion Notary is not the same in roles or responsibilities other than the Medallion Notary validates the signature and identity of the signer.


Never drive any faster than your guardian angel can fly.

I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.


Visit us online at http://www.PAWnotary.com
Go to Top of Page

Lisa T.

California
391 Posts

Posted - 01/30/2010 :  9:02:01 PM  Show Profile  Visit Lisa T.'s Homepage  Reply with Quote
According the article I read, the person approved to issue the guarantee and use the medallion stamp is an underwriter - in other words, just because one is an underwriter does not automatically grant them authorization. It's that the individual who is authorized, happens to be an underwriter. And it makes sense that an underwriter would be one to be the best judge of risk. Another article said the person authorized is the financial institution employee without stating their title.

Maybe they are not all underwriters, but I doubt any Joe of an employee is authorized to use the medallion stamp and make the guarantee. The financial institution is guaranteeing against loss if the signatures are forgery - no Joe of any employee will be given that authorization - makes sense that an underwriter would.
Go to Top of Page

PWinFL

Florida
469 Posts

Posted - 01/30/2010 :  05:46:32 AM  Show Profile  Visit PWinFL's Homepage  Reply with Quote
The Medallion Notary is a term that is often used within a bank or securities firm as the designation of the person (or persons) with signatory authority to administer (execute) the program.


Never drive any faster than your guardian angel can fly.

I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.


Visit us online at http://www.PAWnotary.com
Go to Top of Page

dspencer

Arkansas
28 Posts

Posted - 01/30/2010 :  05:09:02 AM  Show Profile  Visit dspencer's Homepage  Reply with Quote
Thanks for all the information. I did not know what a medallion signature was but after getting calls for this type of signature I needed to know what is was and how it worked. Always looking for ways to improve my knowledge of our industry.

Go to Top of Page

Renee

Michigan
549 Posts

Posted - 01/30/2010 :  02:45:28 AM  Show Profile  Visit Renee's Homepage  Reply with Quote
All "Medallion" signature guarantees are provided by financial institutions that are members of one of the 3 recognized Medallion guarantee programs. These Medallion programs guarantee the financial performance of their members - who, in turn, issue Medallion Signature Guarantees. The Medallion programs do not guarantee the actual Signature Guarantees issued by their members.

The Medallion programs provide either authorization or certification to those individuals selected by the financial institution as being authorized to issue the Medallion Signature Guarantee. This authorization is judiciously given, typically to officers/managers of the financial institute (i.e. not usually everyone working there).

The financial institution obtains bonding & insurance of its own accord, to cover the liability of issuing Medallion Signature Guarantees. The actual Medallion stamp is owned by the institution - not any one 'person' - and those so authorized use that stamp.

So - no, they are not notaries, but they are not underwriters either. The person is authorized/certified to issue the guarantee & use the Medallion stamp, the entity's insurance & bond covers the liability (i.e. underwrites the action).

Individuals can not become members of a Medallion program - only corporations, financial institutions, etc.
Go to Top of Page

Lisa T.

California
391 Posts

Posted - 01/29/2010 :  9:02:16 PM  Show Profile  Visit Lisa T.'s Homepage  Reply with Quote
Paul, medallion signature guarantors (the persons) are underwriters of the financial institution authorized to provide the signature guarantee. They are not medallion notaries.
Go to Top of Page

Doris_CO

Colorado
110 Posts

Posted - 01/18/2010 :  8:36:48 PM  Show Profile  Reply with Quote
Paul, I'm always amazed at the amount of knowledge you have. Thanks for that explanation. I've learned something new today.

Doris
Go to Top of Page

CopperheadVA

Virginia
420 Posts

Posted - 01/18/2010 :  6:05:38 PM  Show Profile  Reply with Quote
I agree - a regular notary should say no to these appointments.

CopperheadVA

Go to Top of Page

PWinFL

Florida
469 Posts

Posted - 01/18/2010 :  5:23:29 PM  Show Profile  Visit PWinFL's Homepage  Reply with Quote
Medallion notaries are special. You only find them in banks and securities offices since their job is to guarantee the financial security transaction. The signature guarantee program involves securities and securities accounts. Transfers and securities instructions requiring owners' signatures must have those signatures guaranteed by a bank or broker. The guarantee is backed up by an insurance policy. The program protects issuers and others from losses as a result of fraudulent securities transfers. This is not something a normal notary public can or should do.


Never drive any faster than your guardian angel can fly.

I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.


Visit us online at http://www.PAWnotary.com
Go to Top of Page

dspencer

Arkansas
28 Posts

Posted - 01/18/2010 :  2:30:26 PM  Show Profile  Visit dspencer's Homepage  Reply with Quote
Does anyone know the requirements for a medelion signature? I have received 2 phone calls recently asking me if i do medalion signatures

  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
 Printer Friendly
Jump To:


Mobile Notary / Signing Agent Discussion Forum © 123notary.com Go To Top Of Page

Tips for using the forum
The most important feature on the forum is the search box. You can look up a particular word, phrase, name of a company, and see a potentially large list of search results with which you can obtain data. Filters are also valuable. If you want to find popular posts, you can use the number of views filter. You can also see whats new with the active topics link. Email us at info@123notary.com if you need any help using the notary forum.

Resources
The notary public resource page is valuable as it has links to all of the free information pages for notaries. Pages linked to the resource page include a page that teaches you everything you need to know to get the most out of your listing. Another page teaches you all the secrets of getting paid. There is a link to our free list of signing companies. There is also a glossary, learning tools, and much more. If you are a notary, the free tips we give are invaluable.

Popular pages
If you visit 123notary.com often, you might want to visit some of our most popular pages such as the California notary, Texas notary, Florida notary, and New York notary pages to browse the site. We also have valuable pages for notaries such as the free list of signing companies, and the resource page. Please also visit our get notarized and notarized letter page.