I NEED A NOTARY, NOT WHAT?

New Service Being Offered: Ink and Roll Fingerprinting

Exciting News! Speaking at The Notary Academy's, EMPOWER NOTARY SUMMIT 9/21/2024

I am often asked, "how can you make money as a notary if banks notarize for free?". There are a few different answers to the question, and it is in fact a fair question.

What is a Remote Online Notarization? How does this notarization work?

Believe it or not, a Notary plays an important role in a real estate transaction that most people don't realize. The process is a little complex and starts with the borrower or seller of the property. Say that someone has started looking at houses or has found a house they are interested in, they typically utilize a real estate agent to assist with the ins and outs of the negotiation of the price of the property. Once the price is agreed upon most borrowers will apply for or will have already pre-qualified for a loan with a lender of their choice. They will be appointed a loan officer who will work through the verification of funds and the application process with the borrower. The escrow officer or title company is responsible for ensuring that homeowners insurance is secured on the property, a property survey, making sure there are no liens on the property etc. Once all of the closing documents are ready, they will be submitted to an escrow officer or to title as well as the closing disclosures sent to the borrower. The process typically takes around 15-30 days if this is not a cash closing. Now, here is where the Notary comes in, or better known as the Loan Signing Agent or Notary Signing Agent. This professional is hired to go through the final loan documents at either the title company, at the home of the borrower/seller or another convenient location for the party. The LSA or NSA is an impartial third party in the transaction who does not have any "skin in the game" outside of being paid their fee for notarizing the package. It is the job of the notary to be sure all documents have been signed, initialed, sealed, stamped and logged. It is also typical for them to bring the documents back to Fed Ex or UPS and often times scanned back to the lenders for funding. Missing any of these details can cause issues as big as missing funding deadlines, changing interest rate locks or having to get back together to do the documents again. The role of the Notary Signing Agent or Loan Signing Agent is imperative to the entire process and is the final step before funding.