What is a Notary Signing Agent
In the real estate industry, notary signing agents (NSAs) play a critical role by assisting borrowers with the signing of loan documents, acknowledging their signatures, and returning documents to the lender.
Although the duties of an NSA and a notary public may appear similar at first glance, there are differences in the degree of skill needed for each position.
An NSA has been trained to handle loan document signings in the real estate industry and has a deeper understanding of loan documents, whereas a notary public primarily verifies the identities of signatories and acknowledges signatures.
While there are no additional legal requirements to become an NSA in New York, it is highly advised to pursue specialized training for two reasons. Namely, because it:
- increases your attractiveness as a candidate to lenders, title companies, and other industry recruiters. Because loan signings are so complex, these companies usually prefer NSAs with specialized training.
- Verifies whether you are truly capable of carrying out all of the duties involved in being an NSA in a competent manner.
Note: See Step 2: Attend a Loan Signing Training Course below for additional details on this specialized training.
How to Become a Notary Signing Agent in New York
You can begin the process of becoming a notary signing agent in New York right now by following these steps if you’re interested in the idea.
Step 1: Become a Notary Public
You must first be commissioned as a notary public in New York before you can work as a notary signing agent.
To accomplish this, you must take the following actions:
- Meet the prerequisites: To become a notary public, you must be at least eighteen years old, a resident of the state (or have a business office in New York), a citizen or lawful permanent resident of the United States, and able to submit to background checks.
- It is imperative that you dedicate time to familiarize yourself with the Notary Public License Law of New York. This 22-page document will give you advice on how to pass your notary exam and explain the duties of a notary public.
- After that, you must take and pass the one-hour New York State Notary Public Examination in order to become a notary public. You can schedule this exam, which costs $15, by sending an email to the Department of State with the subject line “Schedule Notary Public Exam.”
- Fill out and submit an application: Upon passing the test, you must submit the Notary Public Application form to the Division of Licensing Services of the New York Department of State, along with a $60 filing fee. The Department of State will mail you your ID card rather than a certificate of commission as a New York notary.
- Obtain a notary journal: All notarial acts performed in New York require a journal, even though a notary stamp is not necessary.
Check out our How to Become a Notary in New York overview for a more detailed explanation of the steps involved in becoming commissioned as a notary public in the state of New York.
Step 2: Take a Loan Signing Training Course
When you are prepared to start practicing as a notary public and have obtained your notary commission, you should probably enroll in a specialized loan signing training program.
While it is not mandated in the state of New York, it is strongly advised because it provides the following advantages:
- Comprehensive knowledge: By delving deeply into the intricacies of mortgage loan signings, a specialized course can enhance your general comprehension and aptitude as an NSA. It can also assist you in learning how to professionally handle unforeseen circumstances.
- Enhances employability: Possessing a certificate adds credibility and a specific skill set, which make you much more marketable. Employing organizations also find candidates with extra qualifications to be highly appealing.
- Confidence booster: Attending a course can give you some “hands-on experience,” which will undoubtedly increase your comfort and self-assurance when signing real contracts. This assurance may result in better client experiences and services.
It may surprise you to learn that taking a loan signing training course can help you get ready for the Signing Professionals Workgroup (SPW) exam.
The National Notary Association offers a certification course for notaries that includes background checks, a detailed manual, a priority notary signing agent listing, and a sourcebook on loan documents. We suggest taking it.
Step 3: Become SPW Compliant
Even though this step is optional, it is generally recommended.
Following SPW guidelines guarantees that NSAs are competent and well-trained, which lowers errors and raises the standard of loan signings overall.
Hiring organizations benefit from SPW compliance because it gives them faith in the NSA’s professionalism, which facilitates transactions and raises customer satisfaction.
In order to become compliant, one must purchase errors and omissions (E&O) and pass an exam.
Step 4: Purchase Signing Agent Supplies
You will need to buy your notary supplies after receiving your commission as a notary public and investing the necessary time to become certified as a loan signing agent.
Notary journals and seals or stamps are required for loan signing agents to carry out their duties. Documents can be officially notarized by embossing or stamping the notary seal on them.
To ensure a correct record of all your transactions, the notary journal is used to document specifics of each notarial act, such as the date, kind of document, and parties involved.
Recommended: Interested in getting started? We recommend having a look at notary.net’s affordable and state-specific notary supplies package.
Step 5: Obtain Errors and Omissions Insurance
Notaries public in New York are exempt from having to carry a surety bond, which functions as insurance to shield other people in the event that the notary makes a mistake. But you also have the choice to obtain an extra kind of insurance known as E
This insurance is for your own security in the event that someone disputes the validity of your notarized documents or claims you made a mistake. In such circumstances, it assists in paying for possible damages and legal costs.
Examples where a
- While managing a crowded loan signing, you rush through and unintentionally miss a signature. The borrower pays late fees, the loan process drags on, and you get served with a compensation claim.
- You mistakenly notarize a signature while reviewing a house loan document. The customer files a claim against you after losing the mortgage approval.
- During a loan signing, you skip a page inadvertently. The document is void, leading to delays and extra work. The lender may decide to make a claim against you in this situation to get paid for any further costs.
Remark: Acquiring E
Purchase E&O Insurance with Next Insurance
Next Insurance is a fully online provider dedicated to low-cost, high-protection coverage for small businesses. Get an Online Quote.
New York Notary Signing Agent Restrictions
Even though New York offers notary signing agents a lot of potential, it’s important to be aware of the state’s unique regulations because the state is a “attorney closing state.” ”.
This implies that when purchasing or selling real estate, the closing procedure must be handled by a New York attorney. This guarantees that the transaction is supervised by a licensed attorney to ensure that everything is completed appropriately and in compliance with the law.
Furthermore, at the time of the closing, both the lender and the mortgagor of a reverse mortgage loan should be represented by an attorney, per New York Real Property Law.
Notary signing agents are not permitted to give legal advice or interpret documents in New York. Their main responsibilities are to oversee the signing of documents, notarize signatures, and confirm the parties’ identities.
These particular specifications emphasize how crucial it is for you to act as a loan signing agent in order to facilitate loan signings while scrupulously following the state’s legal requirements.
Notary Signing Agent New York FAQ
A New York notary public must be obtained before pursuing further education and certification relevant to loan signings. After receiving your certification, you can promote yourself to loan signing companies or take on signing assignments as an independent contractor. Read our How to Become a Notary Signing Agent article to learn more about this.
How long does it take to become a notary in New York?
The New York Department of State states that it typically takes four to six weeks for the approval of your notary application. Check out our article on Notary Signing Agent New York, which is state-specific, to learn more about the procedure and requirements.
How much does a notary charge in New York?
For the majority of notarial acts, notaries in New York are permitted to charge a maximum fee of $2. But they can also charge more for extra services, like technology fees for remote online notaries or travel or mileage fees for mobile notaries.
Does New York allow remote notarization?
Yes, remote online notarization (RON) is permitted for notaries in New York. This implies that as long as the notary is present in person in New York during the notarization procedure, they can notarize documents for clients who are located anywhere, both inside and outside of the state. Notaries may bill up to $25 for each RON they complete.
Visit our page on How to Become a Notary Signing Agent to view all related articles.
The data on this page was most recently updated on and was compiled from a variety of sources.
This website does not guarantee or warrant that any information on it is accurate, current, or correct. Any losses, whether monetary or not, are not the responsibility of StateRequirement, its members, or affiliates. StateRequirement is independent of all states, governments, and licensing authorities. For more information, please contact your states authority on insurance.
We frequently receive affiliate commissions from readers who buy the services we recommend on our website, which helps to fund our work. Learn More.
FAQ
Are loan signing agents in demand in NY?
Training Program for Notary Signing Agents: Notary Signing Agents are in great demand.
How hard is the loan signing system exam?
It can be approximated that the pass rate of the Loan Signing System exam is approximately 20-30%. We intentionally design the test to be difficult in order to get you ready to launch a lucrative signing agent business. Those who schedule time in a quiet area and take notes during each module are the ones who ace the test the first time around.
What type of notary makes the most money?
Becoming a loan signing agent is one of the most lucrative ways to become a notary public. Signing agents are in charge of helping borrowers complete the mortgage loan closing process and making sure that all necessary documentation is duly signed and notarized.
Read More :
https://www.nationalnotary.org/signing-agent/nsa