Describing Loan Documents and Answering Borrower’s Questions as a Notary Loan Signing Agent: What You Can and Can’t Say
One of the most common questions I’m asked is, “what can I say during a signing agent appointment... can I answer the borrower’s questions and how much detail can I go into?”
This is one of the most debated topics for notary signing agents.
The reason this is such a hot topic is, first and foremost, most state laws prohibit notary publics from giving advice or performing any duties that may be construed as the practice of law, particularly as it relates to legal documents such as a set of loan documents.
And federal regulations do not want people crossing the line into giving financial advice as a mortgage originator unless they are licensed as such.
So many people try to abide by those laws by never describing anything in a set of loan documents ever.
That’s why you may frequently see well-intentioned people say things like, “by law an NSA should not be providing a description of any closing documents other than where they should be signing.”
But is that comment really true? This blog will help shed some light.
I'm frequently asked, "how much do part-time loan signing agents and full-time signing agents make on a monthly basis?"
We all know that becoming a loan signing agent is one of the best side-hustles. Start part-time with no experience, work your own hours, and make great money! But how much can you make per month as a part-time loan signing agent? And if you wanted to go full-time, what is your income potential? This blog will answer those questions for you.
The income numbers vary significantly depending on how you get your loan signing appointments. I have another blog that explains the difference but loan signing agents that primarily get loan signings fed to them automatically through loan signing services are paid between $75 and $125 per appointment.
While signing agents that primarily get loan signing appointments directly from escrow offices get paid between $125 and $200 per appointment.
Read my blog on the differences between the two ways of getting business.
But to understand the income potential of being a loan signing agent, let’s assume that the average fee to be a loan signing agent is $100 if you get business from loan signing services and $150 if you get business directly from escrow offices.
Watch the first half of my mock signing. I show you exactly what occurs when I go through a loan signing with a borrower from front to end. This full video is available as a Bonus item in my Perfect Signing step-by-step video course.
The full video includes the rest of the walk through where I reveal my 3 secrets to guarantee you a more accurate loan signing in less time.
Click the button below to get started!
I want to talk about education today. We all know that education is the key to success in any business.
I know I’m not saying anything that’s ground breaking here. So why I am bringing this up?
Because a common email I get is..."I'm already NNA certified," or "I've been a notary loan signing agent for 10 years," or my favorite one is "I've done over 500 loan signings so I don't need your course."
It is well documented that Bill Gates, the richest man in the world, reads on average 50 books a year… every year.
Saying you don't need my signing agent course just because you’ve taken another course would be like Bill Gates saying he doesn’t need to read another book because he’s already read a few.
That is like a doctor saying that once she graduates medical school, she should never take continuing medical education classes. Or an athlete that has been coached all through high school say he doesn't need any more coaching in college.
That doesn't make a lot of sense, does it?
Nothing bugs me more than loan signing agents saying there is no loan signing business out there for them.
The first thing you need to understand is that notary loan signings are booked around the borrower's schedule NOT the notary public loan signing agent's schedule. Because of this, multiple requests for loan signings come in all the time. And even the best notary in the world can only be at one signing at one time!
Here's a perfect example:
I'm often asked, “What is the difference between an escrow state and an attorney state as it relates to notary signing agents?”
But before I can answer that, let’s first define the difference between an escrow state and attorney state or also known as a no-escrow state.
Frankly, there are probably more complex answers than the one you're about to receive, but I'm going to make it simple as it relates to being a notary loan signing agent.
In an escrow state, an escrow company directs the closing of a real estate transaction. Whether that be between a buyer and seller or a lender and borrower, the escrow company is the third neutral party playing quarterback to the transaction. Since the escrow company controls many factors of the closing, the escrow company chooses who they outsource various aspects of the closing process (including the loan document signing process and which notary signing agent to use).
In an attorney state, an attorney facilitates the closing and either acts as the third neutral party or represents the buyer or seller. However what really differentiates the attorney from the escrow company is that a large portion of the closing process is handled in-house.
So what does that mean for notary signing agents?
I am frequently asked how come notary loan signing agents make anywhere between $75 and $200 per hour-long appointment.
But first, if you're unaware of what a loan signing agent is, here's the answer:
A loan signing agent is a notary public who walks a borrower through a set of loan documents when they purchase or refinance their home. A loan signing agent ensures that the borrower has filled out the forms properly, signed, and dated the documents accurately. Then the loan signing agent notarizes the document.
The notary loan signing agent doesn't get paid an annual, monthly, or hourly salary... they are paid per appointment.
The loan signing agent is typically paid $75 to $200 for that appointment, which typically takes about an hour with the right training.
Escrow Officer Interview: How to Get Calls for Loan Signing Appointments and Make More Money as a Notary Signing Agent
Would you like to get more loan signings directly from escrow officers? Today I interview escrow officer Joanne with First American Title where she tells her secrets of the type of notary loan signing agents she hires.
Watch the video interview by clicking below:
To watch the full interview and learn how to get a steady stream of the highest paying loan signings directly from escrow officers, click on the button below and get my Six Figure Loan Signing Agent Monthly Mentorship and Business Coaching today.
I frequently hear people say, “I want to become a loan signing agent but I'm not a notary public.”
And to that I say, “So? What are you waiting for?”
It’s so easy to become a notary public. In most states (and by most states I mean 38 out of 50 states, it’s as easy as applying to become one. Just like you would apply for a credit card or a new job, you apply to be a notary public.
No test, nothing to study, and no course to pay for. You just submit an application. That is it.
I’m frequently asked, “what are the exact supplies you need to be a loan signing agent and where can I get them?”
It should be no surprise that the answer is Amazon! I mean, what don't they sell!?
I buy almost all of my supplies from Amazon. Paper, ink, and even my printer.
So, now that you know where I personally buy my supplies, let me show you exactly what you need. And don't worry, I provide links below should you need them!
Before I get started on what supplies you need, remember there is no need to overpay for your supplies. Your supplies won't win you any more business. Nobody will care if your notary stamp has an LED flashlight attached to it or has the most advanced self inking device. The items I list below are the most practical that I’ve found.
So, let's start off with the actual notary stamp. Amazon can get it made for $14. That's right. Less than 15 bucks! Simply order it and they’ll guide you on how to get your exact stamp for your state.
About the Author
Mark Wills is the course instructor of the top rated Loan Signing System agent training course. He has been an active professional loan signing agent for nearly 15 years and owns a loan signing service that does thousands of signings a year.