Following are excerpts from and comments from real notaries public about USMNA's informational course "How To Be A Successful Certified Mobile Notary Public". This course contains important information about the Mobile Notary business and most importantly, suggestions about how to make the most of your investment in your Mobile Notary business. To order the complete course, follow the directions at the end of this page.
Table of Contents
Chapter Title
I What is a Certified Mobile Notary Public?
II All About Loans
III Who Can Do Mobile Loan Signings?
IV Why Should I Learn About Mobile Loan Signing?
V How Do I Get More Mobile Notary Customers?
VI How To Do A Mobile Loan Signing?
VII How Much Do I Charge and How Will I Get Paid?
Sample "Mobile Loan Signing Agreement"
Glossary
Open Book Exam
Exam Answers
Sample Letter To Loan Signing Services
Appendix A – Sample Documents
Chapter I
What Is A Certified Mobile Notary Public?
Background
Mobile Loan Signing is an integral and important part of "closing" loans. Some refer to the recordation of securing documents as "closing" and that the Signing occurs when the buyer and seller have gone to an escrow office to sign the documents. We are addressing the third option. Mobile Loan Signers go to the BORROWER(s) home or office to obtain and notarize the signatures of the BORROWER(s) for the purpose of financing a real estate loan.
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Most information and forms referred to are not generated by the Mobile Loan Signer and will never directly affect the Mobile Loan Signer, EXCEPT that BORROWER(s) will ask you questions about many of the documents and about a myriad of topics, so don’t be surprised when it happens. Take time to understand the flow of the document signing process and the interaction between the BORROWER(s) and Mobile Loan Signer. ..........................
Every time you think you have heard of every type of real estate loan, boom – there it is, a new type of loan.
A recent innovation, although not as popular or widely used as the above types of loans, allows many seniors and retired persons to have a steady monthly income by resorting to REVERSE MORTGAGE loans. A REVERSE MORTGAGE loan pays the BORROWER(s) a constant monthly amount, based on.................
RATE & TERM
The over used phrase "Rate and Term" refers to the two key reasons for refinancing or the key indices of a favorable loan . The RATE is the interest or costs you will be paying during the life of this loan. Remember that there are two important "Rates" the BORROWER(s) will be anxious about.
The Note Rate - During the singing process, the BORROWER(s) will sign a NOTE, stating the amount borrowed (PRINCIPAL, the amount on which periodic INTEREST is charged), the BORROWER(s) names, the BENEFICIARY’s name, the payment amounts, and the due date for all payments.
The Loan Term - This is where the length of the loan, payment timing and prepayment penalties are brought into the picture. There are as many terms as there are lenders. There are ADJUSTABLE RATE LOANS (ARMs), FIXED RATE LOANS, loans that are fixed for 2 years and then convert to.....................................
For BORROWER(s) with less than perfect credit, this may mean getting an "A-", "B", "C", or "D" credit loan. The letter system of loan classification works much like school grades, "A" is best, "A-" next best, "B" next best and so on.
The differences between loan classifications include INTEREST, maximum LOAN TO VALUE, TERM and balloon payments. A "D" credit BORROWER(s) would qualify .....................................................
Step 5 - Where Does The Mobile Loan Signer Enter The Picture?
Some BORROWER(s) or BUYER(s) will take time off work to travel to an escrow office to sign the loan documents. This is the ideal situation, but of course, real life is a jumble of missed appointments, late meetings and overlooked commitments.
So, why do some people need to sign at home or at the office? Some people just can’t fit into the available appointments at the.............................................
Preparation, Preparation, and More Preparation
Contact BORROWER(s) as soon as you get their name and phone number to verify, verify, and verify again.
Verify the time the BORROWER(s) expect you to be at their home or office. Check the address for accuracy, and get directions while you have a map in front of you.
If there is not a copy of the BORROWER(s) loan package, make a copy of all documents in the package to leave with BORROWER(s).
Briefly verify the terms and amounts are what the BORROWER(s) are expecting.
If you have a List of Conditions, verify that the........................................
I know of a Mobile Loan Signer who charges his biggest lender $175 plus travel because the lender make so many errors, the Mobile Loan Signer has to make multiple trips to the BORROWER(s) homes to complete the documents. This same Mobile Loan Signer will charge only ..............................................
GLOSSARY
Words appearing as all CAPITALS are included in this glossary, as well as some other words you just might want to know about.
– a classification of loan packages based on the excellent credit of borrower. "B", "C" and "D" are loans of descending quality.A
"A" PAPER
AGENT – a person or party working for the benefit............................................
B
BANKRUPTCY – Federal protection from creditors is provided by the Bankruptcy Code and Bankruptcy Courts. Chapter 7 is complete liquidation of assets for the benefit of creditors. Chapter 13 is a relief plan to spread the arrearages over a specific number of years, allowing the borrower to keep and use the assets.
BENEFICIARY – the one who receives the .....................................
TEST YOUR KNOWLEDGE
OPEN BOOK EXAM
The EXAM on the following pages serves 2 purposes
To allow the student to test their knowledge of Mobile Loan Signing over and over again until they consistently score 100%.
Use this test as a refresher to help you remember seldom-used information.
TIPS TO HELP YOU GET MORE OUT OF THIS COURSE
Make 3 or more copies of this exam BEFORE you write on it.
Try taking the exam before you read this orientation. Score yourself and .............................
EXAM QUESTIONS
Circle the correct answer
1. T or F
A Trust Deed transfers ownership of the property to the Grantee.
2. T or F
Interest paid on a loan secured by your primary residence...................................
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This informational course is included FREE with any USMNA membership package, click HERE for information.