Signing agent is a notary public, who works with the loan documents, obtaining and notarizing these documents with the purpose of closing the loan transactions (especially real estate loans). The existence of the signing agents is stipulated by the existence and the importance of the, middlemen. Signing agents are the kind of the middlemen and play very significant role in the loan processes. The loan process is very onerous for all its participants.
As a rule, a person, who wants to receive a loan for the first time, does not know a lot about this process – where, when and how to get a loan, which documents are required and which are not, how to formalize and validate the loan etc. Lenders usually more informed about the loan process, but still want to improve insurance arrangements and check the accuracy of all the agreements. Here appears a notary public or a signing agent. His duty is to verify the accuracy of the documents about to be signed and only then the loan can be given.
Many loan companies operate in one office (city, region etc), but serve many debtors through the country. When they raise a loan in the remote location they send signing agents to these locations to identify the personalities of the borrower and of the lender, complete the loan and return all the documents signed to the main office, because it is very expensive and ineffective to send loan officers through the country to perform the closing of the loan. Often loan companies establish the networks of the signing agents through the country.
In summary, the overall duties of the loan signing agents consist of: – identification of the signers; – revision of all the documents about to be signed; – verification of the corresponding procedures with the documents (in other words signing agent must verify that all documents are signed, initialed and dated correctly); – notarization of
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corresponding documents; – return of these documents back to the main office (this responsibility is additional and sometimes it belongs to somebody else). There is one little but important nuance in the work of signing agent – he or she must not give any comments, advices or explanations during the signing of loan papers, because this role belongs to the closing attorney or a lawyer. Even standard questions about abbreviations are declined or at least an agent may just point on the list of abbreviations in the contract. In the case when questions arose, signing agents immediately call lender and ask to make corresponding elucidations, postpone the signing for a certain period of time or in some cases the agent can point to the document, where the borrower can find the necessary explanations.
Moreover, in many states the legal advisory, explanations of legal documents of signing agents considered to be illegal. A signing agent can give mentioned above comments, advices and explanations only in the case when he or she is certified lawyer, qualified in the sphere of loans. Also a signing agent can provide general information about the loan, which is accessible in the documents.
Indeed, it is not very difficult to become a signing agent but it is necessary to fulfill the following qualifications: – be at least 18 years old; – be a resident of the city and county, in which a person wants to be a signing agent; – speak, read and write in English; – not be imprisoned or be involved in any crime etc. It is important to bear in mind that these qualifications can vary from state to state. Thus most adult Americans of can become loan signing agents. In order to be a signing agent, a person needs to know many forms and the legal procedures. Inasmuch as a signing agent can be considered as a face of the loan company, he or she must have good ethics and techniques of tactful and delicate handling with clients. That is why loan companies usually provide all corresponding trainings for signing agents. Such companies also teach future signing agents how to use modern means of communications and copying in the most effective way: they always emphasize the importance of the proper use of the cell phone (recharging battery in time, buying an additional battery, buying automobile charger etc), quick usage of fax machines, pagers, computers, PDAs, internet, ICQ etc.