Being a notary signing agent can be lucrative. Becoming a notary signing agent is simple!
If you are a notary public looking to expand your horizon, then becoming a notary signing agent is the obvious next step. Therefore, it is clear that in order to become a notary signing agent, you first need to become a notary public.
A notary signing agent is generally responsible for loan closings for the mortgage finance industry. The industry is big and the scope for earning is higher. Once you become a notary public, go through with the following steps to become a notary signing agent.
Steps to Become a Notary Signing Agent
Most states have not specified any additional requirements for notaries to perform the duties of signing agents. However, a notary is ultimately hired by lenders, title companies, and signing services as a signing agent. All these players of the mortgage industry have set some standards to hire notaries as signing agents.
You need to complete the following steps to increase your chances of getting hired as a notary signing agent.
1. Get your commission as a notary public.
2. Enrol yourself in a loan signing training course and complete it.
3. Clear an exam and pass a screening test as per Signing Professionals Workgroup (SPW).
4. Purchase signing agent supplies.
5. Purchase an E&O insurance policy of at least $25,000.
6. Work as a notary signing agent.
7. Put yourself out there by joining Notary Signing Agent directories.
Frequently Asked Questions (FAQs)
We have tried to answer some frequently asked questions about the process of becoming a notary signing agent.
Is certification required to become a notary signing agent?
The law does not require you to get certified as a notary signing agent. You just need to get commissioned as a notary public to get started as a signing agent. However, companies that hire signing agents usually ask for a certification and background screening in order to meet the requirements of the Consumer Financial Protection Bureau. Organizations like NNA provide training, certification, and background screening for signing agents that are SPW-compliant.
Do I need to pass an exam or complete a training course to become a notary signing agent?
Taking an exam or doing a course is not mandatory to become a signing agent. However, doing either or both can help you in building credibility as a signing agent. It will ultimately improve your chances of getting hired as a signing agent by lenders, title companies, or signing services.
What expenses are incurred in the process of becoming a notary signing agent?
The cost can be anywhere between $75 and a few hundred dollars. The cost changes from one person to another and depends on a number of factors like:
§ whether you are already commissioned as a notary public or not
§ whether you have an E&O insurance policy of at least $25,000 or not
§ the training course you choose
§ the vendor you choose for background screening
§ the supplies you purchase
§ the licensing fees you pay as required by your state