Loan signings can happen anywhere. Many of them are scheduled at title companies simply for the sake of convenience (courtesy signing rooms, escrow officers on site in case the borrower has any questions, etc.). For this reason, it is often incorrectly assumed that title companies simply employ in-house notary publics for their loan signing appointments.
Title companies hire third party signing agents to complete loan signings.
Here’s why....
Title and escrow companies don't want to be held liable for fraudulent activity that might be carried out by a notary loan signing agent — whether intentional or by accident. If a notary loan signing agent makes a mistake with the loan documents, mortgages worth hundreds of thousands, or even millions of dollars are on the line. So title and escrow officers hire neutral, third party independent loan signing agents and send them out to do mobile appointments... they don't work for the title company, they work for themselves.
This is also why notary loan signing agents are typically required to have $100,000 errors and omissions insurance and notary bonds. These safety measures make sure the title company is not held responsible if the notary loan signing agent errors in any way.
So if you’re thinking of becoming a notary loan signing agent, don’t let the idea of in-house notary publics lead you to believe there isn’t enough business for you — the demand for mobile notary loan signing agents is more present now than ever in the mortgage industry.
Become a Loan Signing System student and learn how to take advantage of that demand today!
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