Notary Signing Agents (NSAs) facilitate loan closings for the mortgage finance industry. Before starting the NSA certification process, you must be commissioned as a Notary Public. Please be aware that opportunities to conduct loan signings may be limited or restricted in 18 states.
Becoming a loan signing agent can be a great way to earn extra income in Maryland. Loan signings involve witnessing borrowers sign mortgage documents and being the notary that notarizes the loan paperwork.
It’s an important role that’s always in demand, especially when real estate markets are hot. But how exactly does one get started as a loan signing agent in Maryland?
In this comprehensive guide, we’ll break down the step-by-step process to become certified and qualified to handle loan signings in the state
Overview of Loan Signing Agents
Also called notary signing agents (NSAs), loan signing agents serve as impartial third-party witnesses and notaries during mortgage closings. Their main responsibilities include:
- Meeting with borrowers to review all loan documents
- Explaining the purpose and contents of the paperwork
- Ensuring documents are fully completed and signed
- Notarizing signatures on the mortgage paperwork
Loan signings usually take 1-2 hours and signing agents can make $75-$200 per assignment. It provides nice supplemental income for notaries willing to take the extra training to specialize in mortgage closings.
Step 1: Become a Notary Public in Maryland
To get started on the path to becoming a loan signing agent, you first need an active notary commission in Maryland. Each state has its own requirements to become a notary:
Maryland Notary Requirements:
- Be at least 18 years old
- Be a MD resident or commute there for work
- Have a high school diploma or GED
- Pass a background check
- Complete a notary training course
- Pass the notary exam
- Obtain a $10,000 surety bond
Maryland notaries must renew their commission every 4 years. You’ll also need to get an official notary stamp or seal.
Step 2: Take a Loan Signing Agent Training Course
Although not legally required, taking a loan signing agent training course is highly recommended. These courses cover topics like:
- The loan closing process
- Key documents in a mortgage closing
- Proper procedures for conducting loan signings
- How to properly notarize closing documents
You’ll gain the knowledge needed to confidently handle loan signing assignments Look for courses that also prepare you for the loan signing agent exam
Step 3: Obtain a Title Producer License
Maryland regulations require loan signing agents to hold a Title Producer License from the state Insurance Administration. To qualify for the license you must
- Submit an application with $200 fee
- Pass a criminal background check
- Pass the Title Insurance exam
- Provide proof of surety bond coverage
The license must be renewed annually for $200. This extra step is unique to Maryland NSAs compared to other states.
Step 4: Become SPW Compliant
To meet industry standards, you’ll want to become Signing Professionals Workgroup (SPW) certified. This involves:
- Passing a SPW-approved exam from a trusted training provider
- Undergoing a SPW-compliant background screening
- Renewing your NSA certification annually
Being SPW certified shows signing services and lenders you’re properly trained and screened.
Step 5: Obtain E&O Insurance
Although optional, having Notary Errors & Omissions insurance protects you against liability from potential mistakes. Most signing services require E&O coverage of at least $25,000.
Step 6: Get Supplies for Signings
As a signing agent, you’ll need:
- Multiple notary stamps/seals
- Notary journal
- Scanner to electronically deliver documents
- Signing agent resource guides
- Reliable transportation
Some loan signing kits also include nice extras like signing tables and document folders.
Finding Signing Work in Maryland
Once certified, you have a few options to find signing gigs:
- Enroll with signing services like Snapdocs, SigningSavvy, Notary.net, and SignX.
- Check online job boards like NotaryRotary and 123Notary.
- Market yourself through sites like Thumbtack and Fiverr.
- Build relationships with local title companies and lenders.
- Join NSA trade groups on social media.
Be prepared to start slowly, gain experience, and build up your signing workflow. Consistently deliver quality work to get positive reviews that will lead to more assignments.
Maintaining Your Maryland NSA Certification
To stay active and qualified, be sure to:
- Renew your notary commission every 4 years
- Renew your Title Producer License annually
- Refresh your NSA exam and background check yearly
- Maintain your E&O insurance policy
Follow Maryland regulations and industry best practices, while providing excellent customer service during loan signings. This will help grow your professional reputation over time.
Is Becoming a Loan Signing Agent in Maryland Right for You?
If you love working with legal documents, have strong attention to detail, and want flexible extra income as a notary, a loan signing agent career can be highly rewarding.
It takes diligence to earn the proper certifications, but doing so allows you to fill a crucial role in the mortgage industry. Your specialized services will be in demand among lenders, title companies, and signing services in the busy Maryland real estate market.
Follow the steps above to launch your lucrative and fulfilling new career as a loan signing agent!
How much can I charge for a loan signing?
There is no set fee schedule for Notary Signing Agents who perform loan document signing assignments. Each Signing Agent must negotiate their own fees based on their business expenses, the companies they work with, travel and time required for assignments, and the demand for services in their area.
Be aware that the federal government strictly prohibits collaboration to set fixed fees for loan document signings, including price-fixing agreements, boycotts or attempting to persuade other Signing Agents to agree to charge an established minimum fee.
What does a Notary Signing Agent do?
A Notary Signing Agent is a Notary who is specially trained to handle and notarize loan documents. For lenders, Notary Signing Agents are the critical final link to complete the loan. A Notary Signing Agent is hired as an independent contractor to ensure that real estate loan documents are executed by the borrower, notarized and returned for processing on time. Completing this critical part of the loan process enables the loan to be funded.
How To Become A Notary Loan Signing Agent In Maryland – Notary Signing Agent Requirements Maryland
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