Loan Signing Agent Training: Learn the Point and Sign Technique, Get Through a Loan Signing in 1/2 the Time, Double Your Income
In my “Going Over Loan Documents Fast” course, I teach you a technique that will allow you to get through a loan signing in the most efficient way possible.
One of the biggest time-wasters in any loan signing is when a borrower:
The technique that I share with you allows the borrower to get comfortable with what’s in the loan documents and makes sure the loan signing agent continues to build the credibility needed to control the pace of the signing.
Remember, and this is very important: while a loan signing agent can’t steer borrowers or give them advice, a loan signing agent can show them where to find information in the loan documents.
For instance, if a piece of paper says 'loan application' on top of the page, we can point to it and literally say, "this your loan application"....
Let's talk about interest and how to explain it to a borrower during a loan signing.
In the video below, you'll see exactly what I would explain to a borrower if they thought loan documents' closing statement is wrong because they already made their October payment.
Allow me to dive into it deeper now.
First understand that this is important is because interest is a line-item on the closing statement and questions frequently come up during a loan signing about interest.
In my Loan Signing System course, I teach my students why the closing statement is the first document you should review with the borrower, so you should be sure to understand this concept as well.
Knowing concepts like accrued interest is the reason why loan signing agents make so much money.
Once again, to make interest easier to understand, let's talk about the difference between renting and paying a mortgage. When you rent, you pay on the 1st of the month, which covers you for the next 30 days. Essentially, you’re paying those 30 days in advance.
A mortgage is different. You pay what is called, "in arrears". Meaning, when you pay on the 1st of the month, you are actually paying for the previous 30 days that you lived in the home.
So, let's say you paid your September mortgage payment on the 1st of the month - you actually just paid for the month of August. And that is where it can be a little confusing for a borrower because most borrowers don’t know that.
Remember, when explaining this concept borrowers, simply let them know: when you rent, you pay for 30 days in advance. When you have a mortgage you pay for 30 days in arrears.
So why is this is important to understand as notary loan signing agent?
I'm frequently asked, “what are the true start-up costs to becoming a notary loan signing agent?”
In order to answer this question, it’s important to first distinguish what kind of notary signing agent you are going to be.
There are two primary types of notary loan signing agents:
The first is a signing service notary, which means you rely on signing services to get you loan signing appointments. Your phone rings and you get loan signings. For these types of signings, you can get paid between $75 and $100 per appointment.
The second type is a notary signing agent that gets business directly from escrow companies, mortgage officers, or real estate agents - which I call direct business. These appointments typically pay between $125 and $200.
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.