Friday, July 2nd, 2010 - Posted in Loan Closing Process
Believe it or not, many title companies and real estate attorneys have a hard time grasping what exactly a mobile notary or a mortgage loan closer is, or where they even fit into the whole loan process.
We have found that it is often difficult to explain what and why a title company would use a signing service or a mobile notary for that matter. Even though mobile notaries have been around for a long time, there are still those that have never used, called or thought such a thing even existed.
This article is to try and explain exactly what and why title companies and real estate attorneys should utilize signing services or mobile notaries.
First off, let’s define what a mobile notary or mortgage loan closer is:
A mobile notary or mortgage loan closer is a notary first and formost.
He/She has passed their required state laws to obtain their notary commission and has the responsibility to uphold their state laws and requirements when notarizing ANY document within their state.
To be defined as a mobile notary or mortgage loan closer, said notary would then specialize and have knowledge of real estate loan documentation that is present at a real estate loan transaction.
Mortgage lenders who solicit and service loans nationwide or in several states rely on title companies to secure title and to then provide a professional, reliable and accurate execution of the loan documents at the closing table.
Usually, the title company has a person on staff that has their notary commission and can ‘close’ the loan documents per the lenders instructions. When the title company has a transaction or has documentation requiring signatures with notarizations that is taking place outside of their normal brick and mortar location, or if they do not have a person in their employ that is available to ‘close’ said loan documents, that is where a mobile notary or mortgage loan closer comes into play.
The duty of said notary is extremely important to the successful closing and funding of the transaction. This notary has been specifically trained with the knowledge and experience on how to read, understand and present the documents involved in a real estate refinance or purchase. Also, they must properly notarize any documents that require any notarial acts and ensure that they are done per the law of the state that the subject property is located in.
Mobile notaries or mortgage loan closers can get experience from several sources: Being a current or former Real Estate Broker, Mortgage Banker, Title Company Processor, or they can take a training course from one of several reputable notary websites that offer online training. But on a side note; most title companies/lenders/real estate attorneys prefer someone who has mortgage/title company experience or has been a closer for a period of time with several successful closings under their belt.
A great source to locate an experienced mobile notary or mortgage loan closer is through Skye Closings. Skye Closings checks references for each of their notaries within their database and also sends out surveys asking borrowers/buyers how their experience was and how professional their mobile notary or mortgage loan closer presented themselves. This design saves title companies and real estate attorneys the time and money involved in attempting to locate an experienced closer on their own.