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NOTARY Signing Agent Certification
54 Exam
What is involved with managing the appointment logistics? - โ โ - verify with borrowers ahead of time -plan for your personal safety -maintain agreed-upon arrangements -represent your client properly -be prepared to handle stressful situations How should you present yourself during an appointment? - โ โ - Dress appropriately -Behave professionally How should you arrange the workspace? - โ โ -create a clean, organize workspace -Seat if the borrowers appropriately around the table -be prepared to deal with distractions How do you present a document? - โ โ 1. Read the document title
- Describe the documents purpose in general terms
- State the signing requirements for the document How do you guide borrowers through executing a document? - โ โ
- Present the document
- Obtain signatures/initials/dates
- Notarize if necessary Is there anything you need to do at the appointment after everything is signed? - โ โ -check for missed signatures, dates or initials -Make sure all notary certificates are correct and complete What if the borrowers won't sign? - โ โ -Call the contracting company -Halt the appointment Respecting the diversity of borrowers is the law: - โ โ Federal Laws: -Office of fair housing and equal opportunity:Fair Housing Act -Equal Credit Opportunities Act
Apply to everyone in the lending process What types of transactions does the signing agent handle? - โ โ - refinance(most common)
- purchase and sale
- HELOC
- construction
- Commercial
- reverse mortgage
-You can't stamp paper that does not contain Notarial wording. Blank Certificates - โ โ Never complete and return an extra acknowledgment or jurat that is not attached to a document. It is illegal Borrowers Certification Authorization - โ โ This document certifies all of the information provided in the loan application is true and complete. This is the Borrower's Certification and Authorization. By signing this document the borrower agrees and certifies that the information contained in the borrower's loan application is true and complete, without misrepresentation or omission of important facts. The borrower also authorizes the lender to release loan-specific information to an investor looking to purchase the loan in the secondary market. Information provided to the investor could include the borrower's employment history and income, bank account balances, credit history and copies of the borrower's income tax returns. Compliance Agreement - โ โ Compliance Agreement. This states that if there are any typographical or clerical errors on the closing documents, the borrower would agree to sign any documents that had to be corrected. Signing Presentation Guidelines Additional Information This is the Compliance Agreement. This document states that the borrower agrees to cooperate with the lender or lender's agent in fixing clerical errors on the documents after the property closes.
Depending upon the lender, this document may or may not be notarized. Compliance Agreements may come in several forms: โข Errors & Omissions Agreement
- Document Correction Agreement
- Correction Agreement Some variations (Correction Agreement - Limited Power of Attorney) give an agent of the lender permission to fix the clerical errors on the borrower's behalf. It speeds up the process of correcting the documents by giving someone who works for the lender the power to make corrections on the borrower's behalf. What is the best order in which to complete the signing appointment - โ โ 1)Manage appointment logistics 2)Take the lead when you arrive 3)Arrange the workspace 4)Review the process with the borrowers 5)Request the borrower's ID's 6)Show the borrowers their copies 7)Obtain the required stipulations 8)Complete the journal entries 9)Present the loan documents 10)Do a quality check
- show the borrowers their copies
- obtain the required stipulations
- complete the journal entries
- present the loan documents
- do a quality check Who are the stakeholders in the loan process? - โ โ The stakeholders in the loan process are: the borrower, the lender, the contracting company, and the NSA(Notary Signing Agent) Who hires an NSA? - โ โ An NSA is hired by a contracting company to provide signing services and oversee the actual loan signing with the borrower. What is a contracting company? - โ โ A closing company could be: -closing agent -bank -escrow company -attorney -signing service -borrower's What types of transactions does a Signing Agent handle? - โ โ - Refinance -Purchase and sale
-HELOC
-Construction -Commercial -Reverse Mortgage What are some Signing Agent DO's and DONT's? - โ โ You can: -Print Loan documents -Oversee the signing -Notarize the appropriate documents -Return the documents
You can't: -Process loans -Conduct a settlement -Prepare documents -Offer am opinion or legal advice to the borrowers What are some examples of discriminatory or unfair practices? - โ โ -refusing to perform signing or providing inferior services based on clients race, color, national origin, religion, gender, sexual orientation, disability, family or migratory status -making unprofessional and insensitive remarks about the clients culture, level of education or lifestyle
What Is the difference between brokered and direct assignments? - โ โ Brokered assignments -contracted with a signing service -need not market yourself -steady stream of work -Pays flat rate -Will work with less experienced notary signing agent's
Direct assignments -contracted directly with lenders, escrow agents, etc. -rate may be negotiated -Quick payment -only work with experienced notary signing agent's How can you maintain your professionalism in different environments?
- โ โ -manage your home environment on a call -act professionally: phone, email and texting What do I do if the documents are in electronica format? - โ โ - receive documents via email or access contracting -print documents on laser printer -erase documents from your hard drive when the appointment is finished
What basic steps are involved in prepping the documents for the signing appointment? - โ โ 1) look for a specific lender instructions 2)Use the prep sheet to organize the packet into note the stacking order 3)Check in flag the documents 4)Compile a list of questions for the contracting company, if necessary What information should you look for in the lender instructions? - โ โ -Who to call with questions during the signing -what you should collect from the borrowers -Number of copies to print -ink color of the pen -Special initial or signature instructions How do you check and flag documents? - โ โ -Place a sticky note at the beginning of each document -Maintain the stacking order -Place the closing disclosure or HUD-1 on top -Look through every page in the packet and place a sticker for each signature/initial/date Where are the critical documents? - โ โ -Closing Disclosure -HUD-1 Settlement Statement -Truth in lending Disclosure
errors. There would not be any changes to the terms of the loan though. Definition of Limited Power of Attorney - โ โ A limited power of attorney specifies the authority the agent will have. The principal lists all the matters for which the agent will make decisions, sign documents or give instructions. Often, a limited power of attorney covers only a single process or matter; for example, a contract signing which the principal is unable to carry out due to absence or illness. How should I respond to specific questions about the loan? - โ โ Change the borrowers"How/when/what" question into a where question What should I do with the loan documents are sent directly to the Borrowers? - โ โ -ask borrower to review the documents for names, property address, loan terms and dates -Have borrower contact the lender to answer questions -Verify borrowers ID -Ask the borrower NOT to sign documents prior to the appointment Signing appointment order of tasks - โ โ 1) Manage the appointment logistics
- Take the lead when you arrive
- Arrange the workspace
- review the process with the Borrowers
- Request the Borrowers ID's
- Show the borrowers their copies
- Obtain the required Stipulations
- Complete the journal entries
- Present the loan documents Manage Appointment Logistics - โ โ -Confirm The appointment before the signing -confirm the time of the appointment and get driving directions -confirm the borrowers have the necessary IDs and stipulations ready -if the documents were sent to the borrowers, confirm the receipt Plan for personal safety - โ โ -Become familiar with geographic areas you serve -Determine if the signing location is safe -Suggest an alternate location, if necessary Maintain agreed-upon arrangements - โ โ -Arrive and leave on time -Confirm parking and any access instructions -Keep your phone and the borrower's phone number with you at all times Represent your contracting company properly - โ โ -present yourself as if you work directly for the lender -introduce yourself and present your ID
