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jbelmont
California
3106 Posts |
 Posted - 02/17/2013 : 02:32:35 AM
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I thought about all of the things that a signing agent needs to know. It is actually a lot of information. I could write 400 pages about it, and sort of already have if you consider the blog to be educational materials. Of course, not everything in the blog is educational, a lot is entertainment or state specific.
A notary knows how to notarize documents (hopefully). They know how to identify people, how to use a seal and journal, and how to make distinctions about who they should notarize.
A signing agent needs to know all aspects of what can happen at a signing. They need to be able to differentiate between what they are supposed to know from what they are not supposed to tell. There are many arguments among notaries about this topic. If you are in an attorney state, perhaps you should stay out of this business altogether due to the local interpretations of the law.
The most frequently asked question in loan signing is about the APR. Most notaries can not explain this well. It is a generic question since all residential refinances have an APR, and the definition is the same for the APR in all loans. Yet many NNA certified signers say, "what?" when we ask them how to define the APR.
I have separated signing agent knowledge into different levels. There is the level where you know where to cross out, know when to call the lender, and know how to deal with name discrepency issues, and get the signing done and sent back.
The next level comes when you know WHERE particular pieces of information are in the documents, and can give professional sounding definitions of commonly used loan signing terms such as cap, APR, rate, assumption, balloon payment, etc. At this level you should be an expert at knowing which documents are recorded, and when all of the Federal Holidays come. At this level you should know how to use a signature affidavit if there is a name discrepency and the lender isn't available to talk.
The third level is a level of refinement where you know names of recorded documents that show up in only one of five hundred signings. You know all the variations in types of loans. You know the different types of standards the different title companies have. You know what types of mistakes lenders often make. You know how to draw up contracts that protect yourself from no-signs, cancellations, mistakes, and no funds. You might also know obscure information such as what an Elizor is. You should know technical terms that other notaries haven't a clue about. You should be able to explain sixty different types of loan documents off the top of your head without even thinking.
Additionally, to be a signing agent, you should be an expert at being a notary which is something most signing agents can barely function at. There is a lot to know about being a notary. The minute I hear the words, "My state doesn't require me to keep a journal", I know that person has no clue how to be a notary. It is really the fault of their state more than anyone else. But, when we explain the significance of keeping a journal for legal protection, instead of being grateful for the information that could save their neck, many people argue with us. Amazing!
So, those are the three levels of signing agent competency. What level are you? |
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What defines a "real" signing agent
