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As the demand for notarial services continues to grow, it's important to understand the distinction between two key roles in the industry: the mobile notary and the loan signing agent. While both positions involve notarization, each serves a unique purpose and caters to different needs. Whether you're considering a career in notarial work or looking to expand your services, here's what you need to know about mobile notaries and loan signing agents.
1. What is a Mobile Notary?
A mobile notary is a commissioned notary public who travels to clients to perform notarial services. These professionals offer flexibility and convenience by meeting individuals at homes, offices, hospitals, or other agreed-upon locations. Mobile notaries handle a wide range of documents, from affidavits and powers of attorney to wills and legal contracts.
Unlike traditional notaries who work from a fixed office, mobile notaries bring their services directly to clients. This flexibility allows them to cater to those who are unable to visit a notary in person or need urgent notarization. The key advantage of being a mobile notary is the ability to offer convenience and serve a broader range of clients across various locations.
2. What is a Loan Signing Agent?
A loan signing agent (LSA) (also referred to as a notary signing agent) is a specialized notary who primarily handles the signing and notarization of loan documents. LSAs are typically hired by title companies, escrow firms, and mortgage lenders to ensure that all loan-related paperwork is properly executed and compliant with legal requirements. Their role is crucial in the real estate industry, especially during mortgage transactions such as refinances, home purchases, and reverse mortgages.
While loan signing agents must also be commissioned notaries, they receive additional training and certification in loan documents. This expertise allows them to guide borrowers through the often-complex paperwork associated with mortgage loans, ensuring that signatures are correctly placed and documents are completed according to lender guidelines.
3. Scope of Services
One of the key differences between a mobile notary and a loan signing agent is the scope of services they provide.
Mobile Notary: The mobile notary’s services are more general, handling notarization for a variety of documents like contracts, legal forms, medical directives, and powers of attorney. Their role is versatile and not limited to any particular industry. They may notarize documents for individuals, businesses, hospitals, and other organizations.
Loan Signing Agent: A loan signing agent, on the other hand, focuses specifically on mortgage and loan documents. They work closely with real estate professionals and lenders, ensuring the correct execution of deeds, loan agreements, and promissory notes. LSAs are often involved in real estate closings and refinancing transactions, making their services highly specialized and more tailored to the real estate market.
4. Training and Certification
Both mobile notaries and loan signing agents must be commissioned as notary publics in their respective states, but the level of specialized training differs.
Mobile Notary: To become a mobile notary, one only needs to fulfill their jurisdiction’s notary commission requirements, which may include completing a notary course, passing an exam, and passing a background check. The mobile notary doesn't need additional certifications beyond their commission to start serving clients.
Loan Signing Agent: Loan signing agents, however, often undergo additional training to become familiar with the intricacies of loan documents. Many LSAs in the USA pursue certifications through organizations like the National Notary Association (NNA) to enhance their qualifications. In Canada, no specific certification is required so this can be achieved through self-study, working with lawyers who specialize in real estate, or taking relevant training programs if available. This extra training helps them understand mortgage terminology, escrow procedures, and the proper way to present loan documents to borrowers.
5. Earning Potential
The earning potential for both mobile notaries and loan signing agents can vary based on factors like location, experience, and demand.
Mobile Notary: Mobile notaries typically charge a fee for each notarized signature and may add travel fees, especially for long-distance appointments. Earnings can range from modest to substantial, depending on how many clients they serve and how efficiently they manage their appointments. Mobile notaries often supplement their income by offering additional services such as document courier services or apostille services.
Loan Signing Agent: Loan signing agents, due to the specialized nature of their work, generally have a higher earning potential. Signing fees for mortgage transactions can be significantly higher than those for general notarizations, with many LSAs charging $100 to $250 per signing. Additionally, the real estate market's consistent demand for mortgage-related services can provide LSAs with a steady stream of income, particularly during periods of high refinancing activity.
6. Choosing the Right Path
Deciding whether to pursue a career as a mobile notary or loan signing agent depends on your goals, interests, and the type of clients you want to serve.
Mobile Notary: If you prefer a more general practice and enjoy flexibility, becoming a mobile notary allows you to serve a diverse clientele across different industries. You can work with individuals, small businesses, hospitals, and law firms, offering essential notarial services on the go.
Loan Signing Agent: If you're interested in the real estate market and want to specialize in loan documents, becoming a loan signing agent may be the right path. It requires a greater level of expertise, but the earning potential and job stability are often higher, particularly in thriving real estate markets.
Both mobile notaries and loan signing agents play valuable roles in the notarial profession, but each offers unique opportunities and challenges. Whether you're drawn to the versatility of mobile notarization or the specialized nature of loan signings, both career paths provide the flexibility to grow your notary business while offering essential services to your community. Understanding the differences between these roles will help you make an informed decision and position yourself for success.
