Do you want extra income for you and your family? Then, what are you waiting for? Read on and learn how to become a loan signing agent.
In this day and age, earning extra is a must for every family. Inflation is getting higher, and the demand to earn more is inevitable – that is, of course, if you aim to have a comfortable life for you and your family.
There are many ways to earn extra income, and one of them is becoming a loan signing agent. If you haven’t heard about it yet, or have already heard about it and wants to know more about this career, then this one’s for you!
But before we proceed to the steps on how to become a loan signing agent, let us start with defining what a loan signing agent is, first.
WHAT IS A LOAN SIGNING AGENT?
A loan signing agent or a notary loan signing agent is someone who is trained to facilitate mortgage closings. They are knowledgeable in describing and explaining loan documents to their clients who may be in the process of refinancing or purchasing their homes.
A loan signing agent is also responsible for helping out his or her client in walking through, preparing, as well as printing out all necessary documents.
On one hand, according to the American Signing Agents Association, Inc., a loan signing agent is, “a trusted professional, usually a state-commissioned notary public that performs the closing ceremony for real estate transactions, mortgage loan transactions, legal process transactions and other similar transactions where an independent third party is requested.”
On the other hand, the National Notary Association simply defines Notary Signing Agents (NSA’s) as the person who facilitates loan closings for the mortgage finance industry.
HOW TO BECOME A LOAN SIGNING AGENT?
Based on the National Notary Association, here are the 7 steps on how to become a loan signing agent:
- BE A NOTARY PUBLIC.
Whether or not you are aiming for a Notary Signing Agent (NSA) certification, you must process becoming a notary public first. Remember, as a signing agent, you will facilitate mortgage closings, prepare necessary documents, as well as witness closing of deals. Thus the importance of being a notary public.
To be a notary public, you must meet the requirements according to your state. You may check below the list of notices from the NNA website (written in verbatim):
- Connecticut – Requires an attorney’s signature on the title policy, but does not require attorneys to close real estate transactions. Nevertheless, by custom, attorneys close most real estate transactions. Notary Signing Agents may be called on for loan document signings for residential refinances, home equity lines of credit, and reverse mortgages.
- Delaware – Requires an attorney admitted to the state bar to be present or involved in the closing of real property transactions.
- Georgia – Requires an attorney admitted to the state bar to be present or involved in the closing of real property transactions.
- Indiana – Requires a title insurance license for all closings.
- Maryland – Requires a title insurance license for all closings.
- Massachusetts – Requires an attorney admitted to the state bar to be present or involved in the closing of real property transactions. A Notary who is employed by a lender may notarize a document in conjunction with the closing of his or her employer’s real estate loans.
- Minnesota – Requires a closing agent license.
- Nebraska – Limits the fees Notaries may charge (to the statutory maximum fees for notarial acts only). No ancillary fees, such as a courier fee, may be charged.
- Nevada – Limits the fees Notaries may charge (to the statutory maximum). These fees include an hourly travel fee based upon the time of day traveled.
- New York – Certain companies providing assignments to signing professionals may choose to only utilize licensed attorneys.
- North Carolina – Limits the fees Notaries may charge (to the statutory maximum fees for notarial acts). No other ancillary fees may be charged.
- South Carolina – Requires an attorney admitted to the state bar to be present or involved in the closing of real property transactions.
- South Dakota – Authorities conflict about whether Notary Signing Agents can conduct signings without being an attorney.
- Texas – Home Equity Line of Credit (HELOC) loans are subject to Article XVI, Section 50 of the Texas Constitution and must be signed and closed in the office of a lender, attorney or title company.
- Vermont – Requires an attorney admitted to the state bar to be present or involved in the closing of real property transactions.
- Virginia – Restricts Notaries from conducting real property signings without an escrow license if they but once handle monies for closing costs.
- West Virginia – Requires an attorney admitted to the state bar to be present or involved in the closing of real property transactions.
However, generally speaking, here are the requirements:
- Must be a resident of the state where you are applying for.
- Must be 18 years old and above.
- Must NOT have been convicted with any crime or misdemeanor relating to honesty.
- Must go through training courses. You may check your state regarding the list of places where you can attend a state-approved notary training. You may also check associations for notaries public for training, as well as online and self-study courses. Prepare money for training fees.
- Take and pass the test. In order to be able to take the test, you must pay certain testing fees to the state government department handling notaries public, which is also responsible for conducting the test.
- Proof of training and test result. You may proceed in applying to be a notary public once you’re done with the above-mentioned requirements. In particular, your state will need your proof of approved training as well as your test result to ensure you passed the test. You will also be asked to submit the required paperwork, as well as pay the application fee. Once done, the state will give you your identification number.
- BE A NOTARY SIGNING AGENT (NSA) CERTIFIED.
While being certified is optional, we suggest you go and pursue becoming one as it will give you an advantage among your competitors. It will help you land in any company you wish to work for. Also, it adds up to your credibility.
- TAKE TRAINING COURSES.
Scout for training courses on understanding the duties and responsibilities of a loan signing agent, as well as the different kinds of loan documents package. The best loan signing officer is not only an NSA certified, but someone who truly knows what he or she is doing. There is a lot of training that will help you understand your work – take advantage of those training.
- INVEST IN A RELIABLE PRINTER AND MOBILE DEVICES.
Your work will require you to print a lot of documents, as well as contacting clients and companies often. Thus, make sure to buy a good and reliable printer and mobile devices. You may check reviews online before purchasing any device to ensure that you get the best — the one that meets your needs.
- JOIN PROFESSIONAL ORGANIZATIONS.
Being a member of professional organizations help keep you updated on industry updates – what’s the latest trends in your field, etc. Continue learning. Stay competitive. Be in the know always. You can use your membership for networking as well.
Some of the organizations you may join in are the National Notary Association, which we kept on mentioning earlier, and the Association for Notary Professionals and Certified Loan Signing Agents.
- ENSURE YOUR EXISTENCE IN LOAN SIGNING AGENT DATABASES.
Promote yourself on these databases. By doing so, signing service companies or even individuals can easily find you.
- LAUNCH YOUR LOAN SIGNING CAREER.
Congratulations! You are now a certified loan signing agent and is ready to serve.
WHAT ARE THE BENEFITS OF BECOMING A LOAN SIGNING AGENT?
By becoming a loan signing agent, you get to enjoy the following major benefits:
As a loan signing agent, you get to decide whether to work as full-time or part-time. In the case of the latter, it means extra income for you and your family. Do not underestimate the commissions a loan signing agent gets from every client transactions. You may find yourself pursuing a fulltime loan signing career instead.
IMPROVES RESUME and SKILLS
Being a loan signing agent means an improved resume because it adds up to your work experience and expertise. It is also considered as an additional skill, which can help make you more competitive.
Being a loan signing agent allows you to work on a flexible schedule. You own your time. You have the power to decide when and where to meet clients. If you are working as a part-time agent, you may opt to do client meeting after your work schedules or during weekends – whatever works best for you.
So, there you go! With the knowledge, you already have on how to become a loan signing agent. We will not be surprised if by now you are already thinking or maybe have decided to become a loan signing agent. Well, we cannot blame you. This career is so promising, plus, the possibilities are endless.