Since many people are applying online to refinance their homes, a relatively new and interesting business opportunity is available. Lenders, escrow companies and title companies now send loan signers out to borrowers homes to finalize home loans for online lenders. While each state's laws are different, doing the work requires some basic qualifications.
Decide whether you would like to travel to people's homes to help them finish their home refinancing. The upside is that you get to meet all kinds of people and do business at their dining room tables. It is an opportunity to ease borrower's stress when refinancing. Many times you would be the only person they would come into contact face to face with throughout the loan process. The downside could be that you will need to become a navigator to find their homes.
Get your notary commission as some of the loan documents require notarization. Contact the Secretary of State in your home state or the National Notary Association. The NNA can arrange for you to take your notary test in person or online. The organization also can also inform you of the requirements and the supplies you need in your state. Notary commissions must be periodically renewed.
The NNA can also arrange for you to take a special course to be a Certified Signing Agent. In this course, you will learn everything you need to know about loan signing, including the function of various loan documents. It is a two-year certification that requires recertification at the end of the second year.
One important reason to use the NNA is that you will be listed on their signing agent website, which is respected and used by all the companies that need the services of a signing agent. The NNA publishes your profile, which shows your certification, where you are located and other details you want them to know.
In order to do the work of a loan signer and accept work from companies that are not local, you will need a computer and a laser printer. Some companies do still overnight documents to the loan signer or borrower, but most times they are emailed to the loan signer. You are required to download and print a copy to be signed and a copy for the borrower.
Since there are often more than 100 pages in a set of documents, you need a reliable printer. A printer with dual trays is best as many documents are legal size. When the signing is finished, you will be directed to overnight the signed documents back to a specific address. You will be provided with a label or an address and the company's account number so you are not charged for the shipping.
Decide how far you want to travel to a signing and what hours you want to work. If you work directly for a lender, escrow company or title company you will be paid a higher fee. If you work through a signing agency, the agency gets a portion of the fee paid.
Talk to your local lenders/escrow/title companies first to see if they would use your service. Companies that hire you directly typically pay higher fees and print the documents for you.
Don't be alarmed if you don't get a dozen calls the first week after your commission and training is in order. It takes a little time for companies to try someone new. All it takes is for the regular loan signing agents to be busy one time and then they will try you. It's up to you to show them you are easier to work with and more reliable than the others!