By Mark Wills - Course Instructor of the Loan Signing System, Forbes Real Estate Council Member, and Best-Selling Author
Packaging loan documents is hands-down the best way to make yourself stand out among other notary loan signing agents and get the highest-paying repeat business in the industry.
Understand, Packaging is Technically the Escrow Officer's Job.
So if you can do something that takes a task off his or her plate, it will separate you from other notary loan signing agents in a really superb way.
What you're going to learn in this video and blog is an introduction to the full-length, step-by-step tutorial on how to package loan documents in my five star-rated Loan Signing System course for notary signing agents.
What's the big deal about packaging, anyway?
I'll tell you.
The reason why packaging is so valuable (and what can make it tough to learn) is because it requires you to have a basic understanding of the mortgage transaction process. Once you understand that process, though, the theory behind packaging clicks quite easily.
So instead of merely memorizing what document goes in which pile (or package), I encourage you to think about WHY it goes there.
This blog will help you do just that.
There Are Three Parties to Every Mortgage Transaction: the Escrow Company, the Title Company, and the Lender (Also Known as the Bank)
And it's important to become familiar with the role each plays in the mortgage process.
An escrow company is a licensed neutral third party that distributes legal documents and funds on behalf of a buyer and seller — or more simply, they are the middle man. Escrow is the metaphorical police who make sure that the seller, lender, and borrower all follow through on their agreed upon terms. This means, for example, the seller doesn't get any less they what they agreed upon and the buyer doesn't pay any more than what they agree upon. The same principle applies to the borrower and bank — the bank agreed to only charge the borrower ‘x’ dollar amount in fees and escrow sees to it that they follow through on that promise. In essence, escrow's job as an unbiased third party is to make sure everyone behaves. In so doing, they keep a detailed record of what goes on between the borrower, the lender, and title company.
A title company makes sure that a piece of real estate is legitimate, then issues title insurance for that property. Title insurance protects both the lender and the owner from lawsuits that may occur as a result of title disputes. In a mortgage transaction, the main responsibilities of a title company (often shortened to simply, 'title') are to accurately record liens, lien holders, and ownership of the property with the county in which it resides.
The lender is the bank that is lending the money. As such, the lender has the biggest role in the mortgage transaction process — because with out the lender loaning money to the borrower, there would be no need for a title company or escrow company. This is the reason why the majority of the paperwork in your loan signings is comprised of lender documents.
Now you know the three parties that are associated with every transaction. Not that tough, right?
So Here's the Key: Each of Those Parties Wants the Loan Signing Paperwork to be Returned in a Specific Way.
In some cases they want the original and in other cases, they want a copy. So taking the loan documents you just had signed by the borrower and preparing them in a unique way for escrow, title, and the lender is what constitutes the act of "packaging."
Truly understanding everyone's role in the mortgage transaction process will make it easier to remember which documents need to be distributed to each party.
For example, if the lender is lending the money, and the note is what the borrower signs to ensure the lender gets paid back, it should make sense that the lender get the original note.
And remember, this task is technically something that the escrow officer completes after each and every loan signing appointment — if you can handle it for them, you become a valuable, time-saving asset... and their favorite notary signing agent who gets business time and time again.
If you found this information helpful, awesome!
There is so much more where that came from. Loan Signing System's five star-rated online training course for notary signing agents has an entire module dedicated packaging and how you can leverage this simple (yet crazy advantageous) skill to get repeat, high-paying appointments directly from mortgage professionals who often pay $150-$200 per loan signing job.
You will learn step-by-step — regardless of experience level — how to walk a borrower through a set of loan documents and then, most importantly, how to market that skill to get the highest-paying repeat business in the industry... all under a 30 day, risk-free money back guarantee.
Click on the link below to get started today!
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 20 years and owns a loan signing service that does thousands of signings a year.