E-signatures and e-notarizations certainly do not dampen business opportunities for notary loan signing agents.
Electronic notarization programs allow notary publics to attest to the identity and witness the signatures of individuals via the internet, without face-to-face interaction. Some have speculated that this new practice might render the services of in-person notary loan signing agents unnecessary.
However, we have yet to see this impact business, nor is it likely to because notary loan signing agents provide a service that is much more complex than simply witnessing signatures — they walk a borrower through a set of mortgage loan documents, ensure that all necessary forms are filled out correctly, and direct mortgage-related questions to the information in the documents in accordance with state laws and best practices.
Whether this service is provided face-to-face or via video chat, notary loan signing agents still need to be educated, informed, and trained on the best industry practices available. Their role is crucial for the simple fact that if a borrower feels uncomfortable or unsure about his or her loan documents, he or she could refuse to sign altogether.
It is also important to keep in mind that banks and lenders have the highest financial stake in mortgage transactions — as such, they often request that notary loan signing agents verify two forms of valid identification, in person, to prevent fraudulent activity during the closing process.
For these reasons, the demand for in-person notary public loan signing agents is likely to remain for years to come.
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