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Notary Loan Signing Agent - Coggle Diagram
Notary Loan Signing Agent
Four W's & Hows
WHO
is involved?
WHERE
do I fit in?
WHO
hires me?
WHAT
do I do?
HOW
important is my performance?
THE
WHO
Borrower
Home or property owner who contacts the lender to apply for a loan
Lender
Processes and funds the loan, then contracts a closing agent
Me (Signing -or-
Closing
Agent)
Notarizes loan documents and couriers documents to and from the closing
Contracting Company who hired me
Attorneys
Escow Company
Title Company
Banks
Prepares final set of documents for the signing appt. and closing the loan
Can also serve as a Signing Service/middleman that contracts NSAs to title or escrow companies
These assignments are labelled, "
BROKERED
"
"
DIRECT
" assignments come from my direct partnerships with other types of contracting companies (
GET AFTER-HOURS CONTACT INFO FROM CLOSING AGENT & LENDER REPRESENTATIVE
The United States Government Housing and Urban Development aka
HUD
THE
WHERE
Facilitate
SELLER
signing appointment
Facilitate
HOMEBUYER
signing appointment
Collect
stipulations
(i.e.
W-2s, paycheck stubs, insurance declarations, & a check for closing costs
)
Obtain
signatures, initials, and dates that don't require notarization
THE
HOW
Lenders and Contracting Companies have
Service Level Agreements
(SLA) where adherence to SLA requirements impacts likelihood of high/full payment to CC and rehiring of me, the NSA
Factors include, but are not limited to: 1)
Borrower satisfaction
, 2)
Processing times
, and 3)
Document signing errors
THE
WHAT
The
Office of Fair Housing and Equal Opportunity
enforces the
Fair Housing Act
DOJ
->
Equal Credit Opportunities Act
Document packages may include:
Refinances, purchases and sales, HELOCs, construction loans, commercial loans,
and
reverse mortgages
Every lender has their own
stacking order