The popular assertion that all loan signing agents are notary public is right and quite correct but not all notary publics are loan signing agents. So, it is important you know the difference between the two in case you find yourself in a situation where you have to choose one between the two.
Although you may need to consult a notary expert to know if it is a loan signing agent or notary public that will serve your needs better, you can, however, benefit from this basic information on how the two roles operate.
Who is Loan Signing Agent?
A loan signing agent is a certified notary public responsible for guiding all classes of borrowers throughout their loan process. Usually, they are more involved in the execution of paperwork related to real estate.
Being a certified agent, they are obliged to know and understand how the industry work and operates so that they can assist the lenders in giving a well-detailed explanation to the customer during the contract formation.
The loan signing agent also goes over the entire loan package together with the borrowers that are desiring a mortgage, in a bid to ensure that all signatures are well affixed and notarized as stated by the law.
Who is Notary Public?
A notary public is a certified public officer established by law to witness, confirm and sign off any legally finalized documents. A Notary Public is saddled with three important responsibilities in the cause of his duty.
That is, he is responsible for confirming the identities of the parties involved in the loan contract formation, he must witness them affixing their signatures and he is under obligation to place his signature on the agreement to validity the contract.
Similarly, it is not the duty of the Notaries public to review the content of the documents or determine its legality, such as the duty of notary signing agent. Hence, the signature and application of the notary seal by notary public are just for verification purposes.
By and large, the duty and function of the loan signing agents and Notaries public are very important. Companies and business enterprises cannot do without them.
Whether it’s a bank, corporate office, car dealership, or a mortgage, having a notary agent onboard to verify and witness legal documents is vital in aiding their operational workday.
Loan Signing Agents and Notary Public: Is There Any Difference?
Accordingly, the terms “loan signing agent” and “Notary Public” might have been tossed around together several times, the truth is, the two positions are, in fact, different. They might feature on similar paths, but that doesn’t make them one.
To wit; Loan signing agents are responsible for walking borrowers through certain loan-signing documents. Their level of certification is beyond that of a notary public and it’s not within their purview to verify the identities of persons signing loan documents of any kind.
Unlike the notary public, the loan signing agents are trained and educated on how to assist and walk borrowers through their loan-seeking endeavors and they are under obligation to know how the whole mortgage process works.
Such are responsibilities that are beyond and above the notary’s public work ethics. So for a notary public to become a loan signing agent, he must have been trained on the home loan process and achieved additional certification. Although the requirements vary by State Laws.