You will need to become familiar with common documents before you start your career as a signing agent. Practice is the best way to gain confidence in presenting loan document to borrowers.
Obviously, you will need a stack of practice loan documents. As you have probably learned, finding a set of sample loan documents is not easy. We have located a couple of sources to share. Check the links below. (Links can become non-existent overnight, so if you want to save the documents for future use, you should do so fairly soon.)
Become familiar with every document in every loan package that you can get your hands on; introduce them by stating the title of the document, giving its brief description, and state after making the introduction, “Please sign here when you are ready
We will comment on the order in which the documents should be presented. Before an appointment, many experienced notary signing agents put the documents in the order that they prefer to present them.
The specified order of the first seven documents below is the order that many signing agents find to be best for relieving borrower anxiety. They say that borrowers usually relax and everything falls into place if you present the first few documents as suggested. Other signing agents say that the order doesn’t matter; they can preside over signings no matter what order the documents are in. It is a personal preference.
It should be noted that some lenders and title companies http://americashpaydayloan.com/title-loans-hi will include instructions in packages regarding the order in which the documents must be presented. In such cases, you must follow those instructions.
Please note that there is a descriptive statement for each document after its title. Generally, the documents that require notarization will state “Notarize.” after the description.
” If there is a notary certificate attached to the document, you must ask the borrower(s) to acknowledge, swear, or affirm, as appropriate before signing. Once it is signed by the borrowers, signing agents usually notarize the document and move to the next one. Some signing agents wait until the end of the signing and perform all notarizations at once. Because strong opinions exist on this topic, we will not comment on whether they must be notarized immediately after the document is signed or at the end of the package.
1-Settlement Statement – This document shows all the settlement charges involved in your loan. It is self-explanatory. Please take time to look over the numbers.
2-Notice of Right to Cancel – This document allows borrowers to cancel the loan within three days from today. Please note the date [point to the date]. In other words, you can sign today and change your mind if you are not happy with something that you read in the documents later tonight. That way, you will not feel pressured to read every single word of the documents during this appointment. The lender requests that you both sign three of these. I will keep one; you will each keep two signed copies. [Whether it is necessary for all three copies to be signed at the table is another issue that is hotly debated by notary signing agents. Please ask your hiring entity if you are unclear.]
Please note that the list of documents below is not inclusive of all mortgage loan documents that signing agents will encounter
3-Deed of Trust or Mortgage – This document is also called a “security instrument.” It gives the lender an interest in your property; it will be recorded in the public (or real estate) records. (Notarize.)