What Is a Loan Signing Agent?
A loan signing agent, also known as a notary signing agent, specializes in notarizing mortgage and real estate documents. They help facilitate closings by ensuring all paperwork is complete and all parties have properly signed. To become a loan
signing agent, you must first become a notary public. Then you’ll need additional training and certification in your state to prepare you for handling mortgage closings. Loan signing agents typically charge higher fees than regular notaries.
Becoming either a notary public or loan signing agent can provide an opportunity to earn extra money, often $50-$200 per signing. The initial process does require an investment of time and money, but can pay off through steady work helping
people finalize important life events and business deals. If you enjoy customer service, handling legal documents, and providing an important community service, a notary role could be perfect for you.
The specific requirements and steps to become a notary public or loan signing agent vary in each state. But with the right training and certification, you’ll be well on your way to this rewarding career path. Check with your state’s Secretary of State
or Notary Public Administrator’s office to learn the details and get started.
Becoming a Notary Public or Loan Signing Agent
So you’re interested in becoming a notary public or loan signing agent. Great! These roles can be rewarding and provide extra income. But what exactly do they do and how do you become one?
Notary Public
A notary public is authorized to administer oaths and affirmations, take acknowledgments, and issue jurats (a sworn statement). Their main duty is to formally verify someone’s identity and the signing of important documents. To become a
notary public, you must meet your state’s requirements, which typically involve an application, fee, and training. Once commissioned, notaries can charge for their services.
Notary Public vs. Loan Signing Agent
As a notary, you have two main career paths to consider: becoming a notary public or a loan signing agent. While these roles are related, there are some key differences to understand before deciding which is right for you.
Notary Public
Duties and Responsibilities
Notaries public primarily verify identities, administer oaths, and acknowledge signatures on documents like wills, deeds, and powers of attorney. Loan signing agents, on the other hand, focus specifically on mortgage and loan documents. They meet with borrowers to oversee the signing of final loan paperwork. Loan signing agents ensure all documents are complete and accurate before funds are distributed.
Loan Signing Agent
Document Review And Explanation
Before any signing takes place, you’ll thoroughly review the full stack of closing documents to ensure you understand each one. You’ll want to be able to explain, in simple terms, the purpose and key details of each document to the borrowers. Take
time to note any specific areas requiring signatures or initials so you can point them out during the signing.
Conducting The Signing Ceremony
When it’s time for the signing, you’ll meet with the borrowers, ideally in a quiet, distraction-free location like their home or office. You’ll proceed through each document, explaining it briefly and indicating where signatures and initials are required. Be available to answer any questions the borrowers may have and never rush them through the process. Your job is to make the borrowers feel fully informed and comfortable with what they’re signing.
Final Review And Notarization
Once all documents have been signed, conduct one final review to ensure no signatures or initials have been missed. Then, as a notary public, verify the borrowers’ identities, have them take an oath swearing that the information on the documents is
correct, and notarize the final forms. Provide the borrowers copies of any documents they request and you’re done! Another successful signing in the books.
Being a loan signing agent is a rewarding career for detail-oriented notaries who enjoy educating clients and ensuring important real estate transactions are properly executed. If you’re up for the responsibility, it can be an exciting and flexible
job.
Loan Signing Agent FAQs
What does a loan signing agent do?
As a loan signing agent, you facilitate the signing of legal documents for real estate and mortgage transactions. You meet with buyers, sellers, and borrowers to have them sign final paperwork like deeds, mortgages, and closing documents. You verify
IDs, notarize signatures, and ensure all parts of the contracts are properly signed and initialed before funds can be disbursed. It’s important work that helps bring real estate deals to a successful close.
Do I need any special training or certification?
While not always required, becoming a certified notary public and completing a loan signing agent training program can help prepare you for this role and make you a more attractive job candidate. These programs cover important topics like how to
properly conduct a signing, security procedures, and notarization requirements. Some states require loan signing agents to be certified or licensed. Check with your state for the specific requirements.
How much do loan signing agents earn?
Loan signing agents are typically paid per signing, earning between $75 to $200 per appointment, depending on complexity and location. The average loan signing agent makes between $50,000 to $75,000 per year, though pay can vary significantly
based on the number of signings you facilitate. Many work on a part-time basis around their full-time jobs.
Do I need any special equipment?
The basic equipment for a loan signing agent includes a notary seal and journal, a quality printer, a document signing table, and a locking briefcase or file cabinet to securely transport documents. You’ll also want a laptop, scanning equipment, and
possibly a camera. Some companies provide the necessary supplies and equipment for their signing agents. You’ll want to check if you need to provide your own gear or if it will be supplied.
The life of a loan signing agent can be rewarding. You get to help people at an important milestone, facilitate an essential step in the real estate process, and earn a good income—all on a flexible schedule. If you have an eye for detail, enjoy customer
service, and want to work independently, this could be an ideal job for you.
Conclusion
That’s what it takes to be a loan signing agent. Sure, it’s not the most glamorous job, but it can pay decently and gives you a flexible schedule. If you’re detail-oriented, organized, and comfortable working independently, it could be a great side hustle
or even full-time gig. Just make sure you take the steps to get certified, invest in the necessary supplies, market yourself smartly, and provide great customer service. Handling closings professionally and efficiently.