Having a Loan Signing Agent (LSA) is an excellent way to ensure that your mortgage is processed properly. The best LSAs are trained and have a background check to ensure they are not committing mortgage fraud.
Background checks on LSAs prevent mortgage fraud
Whether you are a homebuyer or a mortgage lender, conducting background checks on loan signing agents can help you prevent mortgage fraud. Mortgage loan fraud is a growing problem in the United States, and in many cases, it can occur in any part of the country. The mortgage industry is a tangled web of individuals and entities that must be watched closely. Historically, the mortgage transaction involved a lender and borrower, but the financial services industry has grown to include a variety of independent parties.
One of the most common types of mortgage fraud is documentation fraud. This is when an individual makes false statements about their income or financial status to support a loan. For example, a disgruntled loan officer may alter loan documents to create false loans, or an appraiser may work in collusion with a third-party conspirator to defraud the bank. A mortgage lender’s best line of defense is a strong internal control system. They should have periodic credit checks on their existing employees, as well as credit checks on new employees. Also, they should perform annual background checks on loan signing agents.
Training
Getting trained to be a loan signing agent is not difficult, but it can help you make more money. There are several courses available online. These courses are designed to help you learn the ins and outs of the industry. You can find classes that cost anywhere from $200 to $400.
Signing agents are an important part of the mortgage finance industry. They are responsible for making sure that loan documents are notarized and returned on time. Loan signing agents can work with mortgage companies, law offices, hospitals, and schools. These professionals have specialized training that helps them complete the loan closing process. Several companies require Signing Agents to undergo background screening. This is the easiest way to meet industry standards.
The Notary Signing Agent course is an introductory course that teaches loan signing procedures. It also teaches how to market yourself and get more appointments. The course is short, concise, and easy to follow. Loan signing agents attend many closing appointments each week. The course teaches them how to speed up the process and charge more per appointment. You can also hire an apostille service agent in Massachusetts for as low as $99.95 /Document.
Income opportunities
Depending on your skills, your location, and the title companies you work for, the income opportunities as a loan signing agent are varied. You can make a few hundred dollars each month, or you can make over a hundred thousand per year. Loan Signing Agents get paid to do signings on mortgage documents. They can choose whether they want to specialize in loan documents or do signings on all types of documents. They may even do one signing per day, or three or eight signings a day. Loan Signing Agents can make a reasonable amount of money, but they must also pay for their own supplies and taxes.
Loan Signing Agents can earn up to a hundred dollars per signing. Depending on your skills and your location, you may be able to increase your income opportunities as a loan signing agent by getting a job with a title company or a real estate agency. In many cities, there are opportunities for loan signing agents to advance from a part-time job to a full-time position.
Mistakes to avoid
Whether you are new to the loan signing industry or are a seasoned veteran, it’s important to know the mistakes to avoid. These mistakes can create major problems for all parties involved. Knowing what to do can save you a lot of time, money, and headaches.
Mistake number two is not preparing the borrower’s document correctly. It is essential to prepare the borrower’s documents correctly so that they can be properly read by the notary. Loan documents are usually recorded in public records so they need to be printed on the proper size of paper. If a borrower doesn’t have the right paper size, they may accidentally sign the wrong originally. If a borrower is signing an unfamiliar document, it is helpful to tab the document and check it again before signing. Another common mistake is not properly displaying the notary’s seal. When a notary signs a loan document, he or she should place the seal on the notarial certificate. This is a holdover from the 19th century. However, the notary should not place any other seals or advice on the notarial certificate.