How to notarize mortgage documents | Loan Signing Agent Basics | Mobile Notary Business Tips

Hey, friend, this is TJ with solutions by tj. So I'm always looking online, trying to find stuff for you all. And I ran across a document by Brenda Stone that's for real excellent on the Internet. And it gives information regarding which documents in a closing package need to be notarized so that you can figure out how many notarizations approximately will be in this package. Now, that ain't a science to that. There's no science to that. Different lenders can require different things, various packages. But here are some guidelines, and she does an excellent job at going through those guidelines. Let's take a look at it.

So it's the nine typical notary signing agent document packages. And she says that if you're new to the notary business, you may feel like receiving the documents or assignments is like opening a box of Cracker Jacks and digging out a prize. Or are there 200 pages, 20 pages, 500 or even 50 pages? Will I need to notarize something? How many documents need to be notarized? And the guessing game can be fun for about three minutes, but then you kind of need to know the facts. So what she's given us is the approximate size of the packages, the number of notarizations, and other nuances of the deal. So of course she said this article can't cover everything, but Definitely, definitely, definitely, notary.net is giving out some great information. So let's look at this number one. Cash, real estate deals and seller finances. The time of appointment is usually not flexible, but the package is only 20 pages and one or two notarial acts. You'll probably have to do a fax back for the documents immediately. And that's for cash, real estate deals and seller packages. So they're super quick. Loan modifications are usually 35 to 40 pages. You see a lot of these that coast to coast is sending out right now for about 30, $35. Here she says the fees offered are usually lower than notaries, like around $40. Like I said, coast to coast is 35. The good side is that the time and date for the signing is generally left up to you. Scan backs are common when doing loan modifications. The way to make these profitable is to get three at a time that are close together. Or you can go by and sign up the borrow on the way to doing something else. Texas property tax loans. This is what we specialize in, y'. All. There are about 48 pages. I'd say 35 to 48. So there are about 35 to 48 pages in the Texas tax loan packages, the fees offered run anywhere between $50 to $100 and they are super easy and super quick to finish. Tax loan companies are either a dream to work for or they micromanage the heck out of you. There is no in between. The good ones let you the borrower, work out an appointment time before the end of the month. The good ones are flexible and always pay more. There's a downside in that some borrowers have more than one property that's about to be foreclosed upon for nonpayment of property taxes. I've notarized as many as 40 tax liens in one freaking appointment for an equal number of parcels. Tax lenders are willing to pay you more when that comes up and in my experience this type of loan isn't found in other states. To my knowledge, there are a few other states that offer property tax loans. I don't know them right off hand, but Texas definitely does. The refinance package usually runs 125 to 200 pages and there are usually 8 to 12 notarial acts required. She's saying that I did one last month that had over 20 notorial acts. So like I said, it's no science to it. These are just generalizations. You will have to fax the documents back. If the collateral is the borrower's home, there will be a notice of a right to cancel inside the package and for those notice of rights to cancel normally in packages there are a couple of those for each signer. If the collateral is an investment property, there will not be a notice of right to cancel purchase loan. There are generally 125 to 200 pages involved in a purchase. Loan and cash purchases are different. As you'll see below. You'll need to notarize about 10 to 15 documents, having to scan back several pages as soon as your closing is over Equity Loans and Lines of Credit Most states notaries love equity loans. In my experience, these loans seem to run from 125 to 150 pages with 15 to 20 notorial acts on average. However, Ms. Brenda is saying that when she signed an equity loan on her home a couple of years ago, she was surprised to see 46 six pages. So there's no science. One quick title search done to ensure the title is clear and there were not many documents to be notarized. The banker worked from a homegrown Texas bank and she signed the documents at his office. Now, 46 pages is unusual, but the amount that she borrowed was only about 10% of the equity. So it was virtually no risk for the lender and for Texas only. When the collateral for the equity loan is a Texas homestead, things get a little bit confusing. By law, a Texas home equity loan must be signed in one of three places. And none of those are the borrower's home. So you cannot sign those in the borrower's house. It has to be a title company attorney's office or a lender's branch office. The notary will need to pay for a conference room at one of these places, and the fee to rent out one of those rooms is generally 35 to 50. I've seen 35 to $75 over what the notary fee is. So you have to tell the party that's hiring you how much that room is and see if they're willing to reimburse. Now, here's a little note about this. In Texas, you gotta beware before you take these jobs because it is not easy to get a title company attorney or some banks to let you sign in their office. So if you know somebody, that's the best thing. If you have a friend who is an attorney or know somebody who owns a title company or you do a lot of work with a specific tit company, be sure to ask them, will they rent out a room for you to do these cash out refinances. And she's saying, I heard of trainers telling notaries how to get around this requirement in Texas by renting an Office for about $25 per use from Regis or other shared space locations where an attorney has set up a temporary office in the building. It is not the same as meeting in an attorney's office. My title company source says don't do it. I agree is deceptive and unethical. Piggyback loans. Some assignments come with two different loans and that's called a piggyback loan. One loan covers 80% of the amount needed and the other loan is smaller and quicker to pay off and it covers 20% of the loan. The two loans may come from two totally different lenders. Never hesitate to ask. Single or piggyback. When you're offered an assignment, there may be a piggyback that the scheduler forgets to mention to you when she assigns the job. There are usually 150 to 200 pages in the piggyback loans and the number of notorious acts runs about 10 to 20 in each set of documents. Scan backs are almost always guaranteed. Reverse mortgages are large loan packages. They can run up to 200 to 250 pages in a reverse mortgage loan and you'll need to notarize about 15 documents. They take longer because the borrowers are usually between the ages of 75 to 90 years old and they're less informed or pretty clueless about what's going on in those situations. So they may take longer. You may have a lot of questions. The upside is if the loan officer likes you, you become the go to person for these reverse mortgage loans. Scan backs are possible. Sometimes you have to do it, other times you don't. And number nine, commercial loans. Commercial loans come in many different types. You have construction, interim purchase, equity refinance, renewal and extension loans, to name a few. The packages run from large to very large, meaning 150 pages to 500 pages. You may have 50 or more documents to notarize. The good part is borrowers are very experienced. Normally not expensive, but they're very experienced. So you don't have to explain a whole lot of stuff. You go through it quite easily. New notary should be able to handle loan packages flawlessly. Before jumping into commercial mortgage work, the notary should be experienced, competent and professional. Multi signers are common and the notarial certificates will be for companies or entities, not individuals. There may be multiple properties involved, so you need to know how to read a HUD one if you handle these loans. All right folks, that's my 10 minute rundown thanks to, once again, Ms. Brenda Stoneotary.net thanks Brenda. And last but definitely not least, if you have any comments or questions, please don't hesitate to place them below because I want to hear from you. I want to know what you need. If you need to talk to me, schedule an appointment at Clarity FM. I'm also available on Facebook at SolutionsByTJ and via email. And please don't forget, if you know somebody who is in trouble with their home, have them reach out to SolutionsbyTJ via email or on Facebook through the DMs. That's how I'm available. I love y'. All. I'm gonna keep putting out content because this stuff that I'm giving you is super important and it takes people years and years and years to figure this out. But you get it all right here. Don't forget to like this video and subscribe to this channel if you haven't done so already and let me know your thoughts below. All right, you take care. Love you. Bye.