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July 19, 2016

What types of loans do you know how to sign?

Please don’t say, “I sign them all.” Few Notaries really sign them all, so saying you sign them all makes it sound like you don’t know the names of all of the types of loans. If you are dressing up your Notary profile, it is recommended that you clearly state a list of the types of loans and/or documents that you are familiar with.

Loans
Refinances (1sts, 2nds, Piggy Backs, FHA, VA), Conventional, Commercial, Residential, Modifications, Debt Consolidations, Debt Settlements, Purchases, Cash Sales & Purchases, Reverse Mortgages, Applications, Annuities, Helocs, eSignings, Time Shares, and more… There might be more that I forgot to include, but those are the main ones.

Documents
Many other Notaries do I-9’s, Wills, Living Wills, Powers of Attorney, Affidavits, Auto Titles, Boat Titles, Permission for Minors to Travel, Contracts, and more.

The worst thing you can do is to claim that you have a good knowledge of the docs. That says nothing and sounds like baseless bragging. So, don’t be vague, and state the facts. Other facts about your service are helpful in you notes section.

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March 15, 2016

Do you know how to sign Applications? Is it even legal?

In the old days, Notaries did a lot of Refinance signings. Then after the financial crisis of 2008, there were many changes in the Notary world. There was less work at first, and then new types of work sprouted up in the ashes of the lending crash. The new types of work for Notaries included:

Types of financial products
Purchases, Sales, Construction Loans, Annuities, Structured Settlements, Loan Modifications, Debt Consolidations, Reverse Mortgages, and also Applications. Additionally, there have been more VA, FHA, Jumbo, Conventional, Non-Conventional and other types of financial products.

Ignorance can cost you
The problem is that not all Notaries are familiar with all of these financial products, and ignorance can really cost you. The first problem with inexperience is that you might not know how to price particular Notary jobs. If you are doing signings for the elderly, that can take a lot longer. Reverse Mortgages are normally for older folks and it can take up to two or three hours to get in and out. FHA’s involve much longer packages than good old fashioned Refinances. Then there are loan products that I never saw such as Annuities, Structured Settlements, etc.

Loan Modifications
Loan Modifications were a source of legal concern as many of these packages involved suspected fraud. Many states required Attorneys to be present at the signing of Modifications as well. Perhaps the borrowers were getting scammed, but many Notaires were paid on time by Modification companies.

Construction Loans
I remember signing a few construction loans back in the day. There were more packages, but the signer was a saavy business person who had signed these types of packages many times before. He signed so fast I couldn’t believe it. We were done in twenty minutes! Then, there was a signing for a literary type which was a deconstruction loan — just kidding. In Vegas they have demolition loans — anyone seen one of those?

Applications
I cannot comment on whether a Notary can legally assist with applications. That is up to you to research, but many Notaries get large amounts of work in this department and it is good business sense to know how to get this type of package signed!

Your Notes Section
At 123notary, we recommend that you impress the world by telling them not only how many signings you have done, but what types of signings. The longer your list of types of financial products you know how to handle is, the more you will get paid.

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