The 5 Most Common Loan Signings Explained for Notary Signing Agents

If you're a brand new notary public loan signing agent researching on how to be a notary public loan signing agent, watch this video because it might be the most important video you've seen yet. Remember, as a notary loan signing agent, our job is to go over mortgage products with the home borrower. But there's more than one mortgage product. There's actually five different mortgage products. You're going to want to know where the signatures, dates, initials go as a notary loan signing agent. So let's dive into those mortgage products right now. One is a refinance. Everyone knows what that is. It's probably the most popular mortgage product and most likely the very first signing opportunity you're going to get. A refinance is when someone is refinanced a current loan on the property, maybe they're taking cash out, maybe they're getting a lower interest rate, maybe they're shortening the term of the loan, meaning they're going from a 30 year loan to a 20 year loan. So refinance is mortgage product number one that you need to know. Mortgage product number two is a purchase, probably the second most popular loan signing that you will see out in the field. And that's very obvious when someone buys a home. The mortgage paper is very similar to refinance, but there's different nuances. So you're going to want to make sure you understand and learn how to do a purchase loan signing with the borrower. Product number three that you're going to see is a seller's package. A seller package was a home. Seller sells a home. There's paperwork that is sent out by the escrow company. The notary goes out, signs the seller paperwork and also grant deeds or quick claim deeds or warranty deeds need to be notarized with that consent. For the most popular mortgage product you're going to see is a reverse mortgage. What is a reverse mortgage? Usually it is held for the older population in America. This is where when someone has a lot of equity in their home, they use the equity in their home as a way to get cash flow. So they're mortgaging their house against the future value. And it's called a reverse mortgage because instead of paying a mortgage, the mortgage actually grows bigger. Fifth mortgage product you should know as a notary loan signing agent is something called a heloc, which is home equity line of credit where people use the equity in their home just like they do a credit card. So if a homeowner owns a home and it's worth $200,000. They owe $100,000, which means they have $200,000 worth of equity in the property. They take out a home equity line of credit against that $200,000 so they can draw up or down on the basis of their line of credit title property. So as a notary public loan signing agent, when you go to your first closing, the odds of seeing one of those five is 99%. So if you're looking to be a notary public loan signing agent, you want to make sure you refinance that loan documents, a purchase set of loan documents, a seller's package, a reverse mortgage, and a home equity line of credit. Again, you can Google all of this information, go out and get loan document sets and study them for yourself. Or if you're looking for a notary public loan signing agent training program, make sure that they cover all five major mortgage closings. Because if you learn four of them and you get approached with the fifth one and you don't know how to do it, then you're probably not going to get business again because you're making mistakes and errors. So hopefully this helps your journey on becoming a notary public loan signing agent. If you like this video, hit like and of course, if any questions about what I just covered, don't hesitate to comment below and follow my channel for more tips and tricks. Just like this.