For many new notaries, there are many questions that need answers. Some might ask, what is general notary work? What is a loan signing? Well hopefully, this will help. For a start, we know that a notary is someone who is commissioned by their state to help to deter or fight fraud by validating the correct identity of the identified signers. As well as making sure that the signers are signing of their own free will. So it is thereby understood that a notary deals with the general public and with critical documents that can also be presented in court.
Furthermore, a notary performing general notary work is usually performing it within their community. People that are aware of their notary status would then pay the notary to perform ‘general’ notary work for them. This could include documents such as letters, affidavits, guardianship documents, school trip documents, power of attorneys…etc. Notaries performing general notary work not only seek out their own clients or customers, but they also are paid directly, usually on the spot.
Loan signings are different. A notary loan signing agent is a notary that has taken a course and has credentials that qualify them to be able to notarize loan documents. Loan documents can be long and complicated and the notary specializing in such documents is able to guide the signers through the whole entire process. For the most part, a majority of notary signing agents work for what is called, signing companies. Signing companies are basically the middle man between the notary and the title companies. The signing companies are contracted by the title companies. The signing companies then recruit notaries for the signings and give them a portion of the amount received for the loan signing. Some notaries also work directly with title companies to get loan signing work. Notaries working directly with the title companies are usually paid more since there is no middle man between them. The title company, in this case becomes the client.
It usually takes longer for notaries working for signing companies to get paid. It can take anywhere from one week, on a best case scenario, to up to 45 days for notaries to finally get their pay for completed work. Notaries working for signing and title companies need some sort of software in order to keep track of who has or hasn’t paid them. Tracking expenses, as well as how much they are being paid by whom, and who is still owing becomes very important.
The role of a notary is a very important one. It takes a certain type of person to be one. Whether you choose to be a loan signing agent, or do general notary work, the key to remember is to always stay on top of things, including state laws. As well as paying attention to details. Being a notary is a very rewarding career because you come in contact with different sets of people and experiences.