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?
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.