A Notary Signing Agent is a Notary who has been trained to handle loan documents. Lenders and title companies hire Signing Agents as independent contractors to assist in the last step of the loan process.
Have you ever wondered what a notary public loan signing agent is and how you can become one? This comprehensive guide will explain everything you need to know about this unique career path,
What is a Notary Public Loan Signing Agent?
A notary public loan signing agent, also referred to as just a loan signing agent or signing agent, is a notary public who has specialized training to facilitate mortgage closings and notarize loan documents
While all notaries public are authorized by the state to perform notarial acts like verifying identities and witnessing signatures, a signing agent has additional expertise in handling real estate and mortgage paperwork
Why are Loan Signing Agents Needed?
For lenders, notary signing agents play a critical role in finalizing loans and enabling them to be funded. The signing agent ensures all documents are complete, properly executed by the borrower, and returned to the lender on time.
Signing agents provide convenience for borrowers by meeting them at a location of their choosing to review and sign loan paperwork. This saves the borrower from having to go to a title company or bank.
So in short, signing agents act as mobile notaries who help facilitate the closing of real estate loans for all parties involved.
Responsibilities of a Loan Signing Agent
The main responsibilities of a notary public signing agent during a loan closing include:
- Verifying identities of the borrower and other signers
- Explaining documents to the signers
- Witnessing signatures
- Ensuring loan documents are completed accurately with all required signatures, dates and initials
- Notarizing documents after they are signed
- Assembling the full loan package
- Printing, scanning or faxing the executed loan documents to return to the hiring company
It’s critical that loan signing agents follow the proper procedures and their state’s notary laws to avoid legal liability.
Loan Signing Agent Certification and Training
Formal certification is not required by law to be a signing agent in most states. However, many lenders and signing services prefer agents who are certified to meet industry standards.
The loan signing agent certification process typically includes:
- Completing a signing agent training course
- Passing an exam
- Undergoing a background check
- Obtaining signing agent supplies like a journal and stamp
- Getting a $25,000 errors and omissions insurance policy
Taking a course helps prepare you for the exam and job by covering processes for different types of loan closings. Proper training and testing demonstrates you have the required knowledge and expertise expected by companies who hire signing agents.
Getting Work as a Loan Signing Agent
Once certified, here are some tips for finding signing agent jobs:
- Sign up with signing agent directories like the NNA directory to get contacted for assignments
- Network locally with real estate agents, title companies, UPS stores
- Build relationships with other signing agents who can refer you jobs
- Reach out to banks and mortgage companies directly to offer your signing services
Many new agents start by working with signing services who contract them out to handle closings. As you gain experience, you can try to get higher paying jobs hired directly by lenders and title companies.
Benefits of Becoming a Signing Agent
There are many advantages to becoming a notary public loan signing agent:
- Earn income working as an independent contractor
- Flexible schedule – work part-time or full-time
- Mobile job allows you to work close to home
- Gain expertise in real estate transactions
- Opportunity to start your own business
- Ability to help people finalize their home loans
If you’d enjoy facilitating mortgage closings, meeting new people, and earning money with a flexible schedule, a signing agent career may be right for you.
Loan Signing Agent Fees and Income
There is no set fee schedule for loan signing services. Rates are negotiated independently based on:
- Your location
- Number of loan documents
- Distance required to travel to appointments
- Time spent at each signing
- Whether you work for a signing service, lender, or title company
Signing agents in high demand areas can earn $75 – $200 per assignment. Part-time agents average $25,000 annually, while full-time agents earn approximately $50,000.
Loan Signing Agent Risks and Limitations
While being a signing agent offers many perks, it’s important to be aware of the downsides too:
- No guaranteed income or need to market services
- Can’t explain loan terms or give legal advice
- Must follow complex industry procedures precisely
- Exposed to legal liability without proper errors and omissions insurance
- Some states prohibit or limit signing agent activities
Make sure you learn your state’s laws and carry adequate insurance to protect yourself from liability claims. Also realize you can’t give guidance on loans – only facilitate signings.
Becoming a Remote Online Notary Signing Agent
A growing option is providing remote online notarization (RON) services as a signing agent. This allows borrowers to get documents notarized digitally through a live audio-video call instead of requiring an in-person meeting.
Many states now permit online notarization, allowing signing agents to conduct closings entirely remotely. This provides more convenience for borrowers and expands a signing agent’s geographic availability.
To become a remote online notary signing agent, you must meet your state’s RON requirements such as undergoing additional training and using approved identity verification technology.
Loan Signing Agent Business Tips
If you want loan signing to be your full-time career, here are tips for growing your signing business:
- Create a website to market your signing services
- Focus on providing excellent customer service
- Be reliable – avoid cancelling appointments
- Go above and beyond to accommodate borrowers
- Send follow-up thank you notes after signings
- Ask clients to leave online reviews
- Stay up-to-date on industry standards and technology
- Join professional associations like the National Notary Association
Building a reputation for dependability and professionalism will help attract more clients and referrals.
Is a Loan Signing Agent Career Right for You?
Becoming a notary public signing agent can be a rewarding and lucrative career if you:
- Enjoy face-to-face customer service
- Are organized and pay attention to details
- Can learn and follow complex rules and laws
- Are flexible to accommodate short notice appointment requests
- Have strong communication skills
- Can remain impartial during transactions
Make sure to research your state’s requirements and understand the risks and limitations involved with this career path. But for the right individual, being a signing agent can be a great way to earn income in the real estate industry!
How do Signing Agents make money?
Notary Signing Agents are independent contractors and decide how much they charge for their signing services. As contractors, Signing Agents typically charge per assignment, ranging from below $100 to a couple of hundred dollars. The amount you make will be based on how many assignments you can complete in a day.
Other factors that affect the cost of an assignment is the contracting company, whether youre working for a lender or an escrow office, and their budget. In addition to the notarization fees set by state law, Signing Agents can also charge for courier services, which includes printing and delivering completed loan packages to the contracting company. All fees should be agreed to before the signing.
What do Notary Signing Agents do?
The responsibilities of a Notary Signing Agent generally include printing loan documents, meeting the signer and notarizing their signature, and quickly returning the documents for processing. NSAs are also responsible for following any additional instructions from the lender, title company or signing service that hires them for loan closing work. For example, an NSA may be asked to fax back documents right away or use a specific mailing service to return the paperwork safely.
Since Notary Signing Agents have access to private financial information about borrowers and are sent into their clients home, the mortgage finance industry requires all Signing Agents to undergo a background screening on an annual basis. This helps prevent mortgage fraud and ensures the consumers information is secure.
How to do a Loan Signing as a Notary Public – Notary Signing Agent Training – Loan Signing System
What happens if a notary signs a mortgage loan?
As such, the NSA credential brings added pressure; notary signing agents perform a vital role in deals worth hundreds of thousands of dollars. If something goes wrong during a loan signing and an NSA’s error causes a mortgage loan to go unfunded, the signing agent can be held responsible.
Can a Notary Public sign a loan?
Before starting the Notary Signing Agent (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. Many state laws do not address additional qualifications or requirements for Notaries who work as Notary Signing Agents.
What is a Notary Signing Agent?
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.
What is a Notary Signing Agent course?
A Notary Signing Agent course teaches you the fundamentals of loan signings and explains key documents. It prepares you to perform loan signings in a way that protects the borrower’s privacy and security. Some Notary Signing Agent courses, such as those provided by the NNA, even cover what companies are looking for when hiring NSAs.