Notary Signing Agents are an essential part of mortgage and loan closings, ensuring the validity of the documents being signed as well as the people signing them.
Lending institutions typically employ a Notary Signing Agent to ensure that a mortgage closing is completed properly and that all required paperwork is in order.
For more specific information, keep reading.
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What Does A Notary Signing Agent Do?
For the execution of real estate-related documents, a notary signing agent is more involved. This person reviews the entire loan package with potential borrowers who are applying for a mortgage, making sure that all signatures are on the correct documents and notarized as needed. The steps to becoming a notary signing agent vary by state and must be completed by a notary public who already holds a state-issued commission.
Notary Signing Agents Should Never Do
- Offer advice about the loan
- Give the signer(s) an opinion on any of the information contained in the documents to be signed
- Notarize a signing for which they have a vested financial interest (other than the payment received for performing the duty)
- Notarize their own signature
Though it is not required in all states, it is also a good idea to record the date, time, people involved and anything else of note about the signing in the Notary Notebook.
Why Work As A Notarial Signing Agent?
One of the ways a notary can earn more money is by becoming a Notary Signing Agent. While the loan signing process is more involved and time-consuming than a standard notarial ceremony, a notary who performs this service can expect to see significant revenue growth. The number of assignments that Notary Signing Agents want to accept each day can be decided by their own schedule.
Consider becoming a Notary Signing Agent if you’re a commissioned notary looking for more freedom, adaptability, and financial independence. See more about What Is A Podcast Host?
Wages Of A Notary Signing Agent
The maximum fee a notary may charge a client for a typical notarization is limited. A simple jurat or acknowledgment that only needs one stamp may cost $2 to $10, but handling loan documents can result in a flat fee of $75 to $250.
Salary.com estimates that a notary signing agent makes a median yearly income of $38,153. Some notaries claim to earn six figures from only handling real estate transactions.
The most effective Notary Signing Agents collaborate closely with escrow agents, real estate lawyers, title companies, and other experts who have influence over the real estate transaction’s outcome. They not only know how to do their jobs well, but they also know how to market themselves to the appropriate audience.
How To Be A Notary Signing Agent?
You must first be appointed as a Notary Public in order to work as a notary signing agent. State governments set the rules governing real estate, and some of them forbid non-attorney Notaries from performing mortgage loan closings. Others might demand a title insurance license, the presence of an attorney, or limitations on the kinds of loan packages a Notary Signing Agent can handle.
Requirements Of A Notary Signing Agent
State laws may limit the types of work that notaries can perform, but there isn’t much information available regarding the qualifications needed for notary signing agents. More scrutiny was directed at the loan application process and the outside service providers used by financial institutions, such as notary signing agents, after the 2008 housing crisis and the establishment of the Consumer Financial Protection Bureau.
In response, the National Notary Association (NNA) and experts in lending and title management established the Signing Professionals Workgroup (SPW), a special committee to establish guidelines and best practices for notaries in charge of loan signings.
The SPW has established various industry standards, some of which are:
- Annual background screening
- Pass an SPW compliant exam
- Proof of errors and omissions insurance
It is not required by law to obtain certification from a vendor that complies with SPW, such as the NNA. However, title, mortgage, and other real estate professionals will require certified signing agents to be in compliance with the CFPB.
Tips Before Getting Your NNA Certification
Before enrolling in the NNA course and certification program, you should get ready if you are a newly commissioned notary or someone who isn’t a notary yet. The certification is necessary because it will prove you are competent handling mortgage documents, but it is not intended for beginners, so you must eventually obtain it. Before you sign up, consider the following:
- Get commissioned as a notary
- Get comfortable with performing notarial ceremonies
- Learn as much as you can about loan signings and mortgage documents
- Enhance your knowledge with additional loan signing training courses
- Prepare for and take the NNA Certification Exam
- Work with a Loan Signing Service
- Learn to market yourself as an Independent Notary Signing Agent
It can be difficult to know where to begin, particularly because many guidelines differ depending on the business or professionals hiring you. She mentions contracting with a Signing Service before going it alone and starting her own business in an interview with a loan signing agent about becoming RON certified. Although you won’t get paid as much, it’s a great way to gain more knowledge about the closing procedure, network with the experts involved in planning the closing, and increase your confidence in your capacity to carry out the signing properly.
How Do I Pick The Right Profession?
It’s crucial to choose the right expert for the job if you decide to use a notary signing agent in connection with your mortgage documents. To name a few, there are the following:
- Location: For your convenience, choose a notary signing agent who is situated close to the location where you will be reading and signing loan documents.
- Credentials: Consistently confirm that your notary signing agent has the correct commission, as stipulated by your state. Just a notary signing agent has the extra training required to walk you through the mortgage process; a notary public’s commission is different.
- Fees: Notary signing agents do have a cost associated with their services, so be sure to inquire about fees up front.
The End
The situation will determine whether you need a notary signing agent, but the most important lesson is to make sure you pick the right person to handle your transaction. To ensure that pertinent documents are executed correctly, you must hire a notary service that offers excellent customer service and professionalism.
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