Common loan signing documents to present include:
- Settlement Statement (HUD-1)
- Note.
- Deed of Trust.
- Notice of Right to Cancel.
- Signature Affidavit and AKA Statement.
- Customer Identification Verification.
People also ask, can a signing agent be held liable if they incorrectly explain a document?
Why Notary Signing Agents Must Not Explain Loan Documents
If you cross the line in explaining documents, the contracting company will likely not hire you again. If the borrower suffers a loss as a result of the explanation, they might sue you to recover damages.
Similarly, do signing agents summarize documents?
” To summarize, the Code of Conduct clearly states that a signing agent can present a loan document to the borrower AND state the general purpose of the document. … ‘By law, an NSA should not be providing a description of any closing documents other than where the borrower should be signing. ‘
Does the loan agent provide and record documents?
They provide escrow instructions to third parties like real estate agents, to receive funds such as fees and commissions. … Closing agents are also responsible for the filing of legal documents with county recorder offices showing property title and the mortgage on the property.
How do I notarize a loan document?
How to Notarize a Personal Loan Agreement
- Locate a notary public to help you with the loan documents. …
- Set up a meeting with the borrower and the notary public. …
- Show the notary public your identification. …
- Sign the loan documents in front of the notary public. …
- Pay the notary public.
How do you explain a loan document?
How do you package a loan document?
How much do notary public loan signing agents make?
Notary Loan Signing Agents Make $75 to $200 per Appointment
Notary loan signing agents who primarily get loan signing jobs directly from escrow offices earn much more — between $125 and $200 per signing appointment.
Is a loan signing agent the same as a notary?
A notary public simply witnesses signatures — that’s it — and charges per signature witnessed. A loan signing agent witnesses signatures AND knows how to walk a borrower through the loan signing process. … That is the difference between a loan signing agent and a regular notary public.
What are loan documents called?
Loan Application/1003:
An initial statement of personal and financial information required to approve a loan provided by the borrower and necessary to initiate the approval process for a loan. This document is required by lenders prior to loan approval, borrowers must sign original copy at time of closing.
What are loan signing prep sheets?
Prepares you for an organized, quick signing. 25 sheets per pad.
What are the duties of a notary signing agent?
The responsibilities of a Notary Signing Agent generally include printing loan documents, meeting the signer and notarizing their signature, and quickly returning the documents for processing.
What is a signing agent log?
Description. Simplifies business and tax-record keeping including the who, what and when of every signing. Record important customer, travel and payment information, and more.
What is the notary signing agent’s loan documents Sourcebook?
The Notary Signing Agent’s Loan Documents Sourcebook
Contains detailed information and sample loan packages for the five main types of loan transactions in addition to examples of various affidavits, conveyance deeds, security instruments, and other common and not-so-common forms NSAs routinely encounter.
What may you be asked to calculate at a signing?
If a borrower is unhappy with their closing costs, they may ask about it. The figure may contain prepaid interest on the new loan, interest due on the old loan, title fees, hazard and title insurance premiums, prorations of property taxes and home owner association dues, recording fees and more.
What’s the difference between a notary signing agent and a loan signing agent?
A notary public simply witnesses signatures — that’s it — and charges per signature witnessed. A loan signing agent witnesses signatures AND knows how to walk a borrower through the loan signing process. … That is the difference between a loan signing agent and a regular notary public.
When should the signing agent determine?
The Signing agent should determine if the date and time of the signing appointment are set and ask about any additional stipulations: During the initial phone call from the contracting company. This answer has been confirmed as correct and helpful.
Who providing and recording documents are performed by?
Providing and recording documents are performed by: The closing agent.