When Notary Signing Agents go to the signing table, they bring countless pages of documents, and borrowers often have questions about them. But there is fine line between what an NSA can and cannot say, and Servicenummer often gets phone calls asking relating to this.
Whilst you may explain loan documents, you are never permitted to make clear how loan documents will affect borrowers. Yet how can you define "explain, " and how do you know when you have crossed the line?
Why Notary Signing Agents Should Not Explain Mortgage Documents As an NSA, you are not qualified or authorized to work in the role of the loan official, escrow agent or similar professional certified to describe loan documents. If borrowers have questions, then you should relate these to the contracting company — the title company or signing service that hired you — or to their lender.
Contracting companies want to ensure NSAs do not misdirect the borrower, or worse, create a legal liability for the contracting company or lender. When you cross the line in explaining documents, the contracting company will likely not hire you again. If the debtor suffers a reduction as a result of the explanation, they might drag into court you to definitely recover damages.
You happen to be A Speaker, No Advisor The common term used to describe an NSA’s role in the signing is "presenter. " Essentially, you introduce the document to be signed. You will browse the title, describe the document, find the signature outlines and any places for initials.
For example, if you are presenting a deed of trust, you might say: "This is a deed of trust, which document is recorded with the county and is evidence of the lender’s security interest in the property. This contains the name of the debtor, and the name holder of the particular property. Right here is the signature line; please sign your name and enter nowadays date."
You can also go through a loan package with a signer by presenting multiple documents, and pointing out there places to indication and initial, as discussed above.
Maintaining the presentation simple protects you from overstepping your role as a Notary Signing Agent. A person may wish to stick to signing software authorized by the contracting company, if one is provided, or you might use The particular Notary Signing Real estate agent Code of Carry out.
Warning Signs That will You’ve Crossed The queue But how do you avoid traversing a line to giving inappropriate advice? Avoid discussing information such as how an interest rate was calculated, how the signer should sign their name, or why the document is roofed in the package.
Providing advice is also a red banner. You need to avoid offering personal opinions about the format or content of the package, or about the words of an agreement. Regarding example, do not tell a signer you think home loan seems too high, even if requested.