Posted by Maui07 on 1/3/11 5:42pm
Msg #366889

Signing Agent protection

I am not on this website as frequent as most of you so if this was discussed please let me know.
I am frustrated from the lack of regulation to protect Loan Signing Agents from scam Signing companies. As with many of you, so often I am in transit when a call comes through. After doing this for 8 yrs, our success is Availability,reliability and experience. Availability seems to be utmost of the three especially several years ago in the hay day. You had to say yes or no instantly.
This going out of business issue isn't even known on the rating page. Companies don't even tell their employees who continue to schedule the jobs.
There should be some way to join together and get some things regulated to protect us. I don't understand why the title/escrow cannot cut our checks upon closings.
I did escrow years ago and all checks are cut within 24 hrs of closings.
It is apparent that the signing services have the market now a days and we have to split their agreed closing fee, but why can't they assign us and give the title/escrow our info with agreed fee amount so that they can issue everyone themselves?
NNA does absolutely nothing to help us except advertise on the signing agent website.
If I am missing something here please correct me.

Reply by anotaryinva on 1/3/11 9:33pm
Msg #366905

Maui, you are not missing anything. You are the only one who can protect yourself from these deatbeat companies. We are not 'loan signing agents' we are independent notary public's or notarie's public that go into the signing business to witness loan signings.
Answer your phone and say yes if you know the caller or say no and let them move on to the next notary.

You can even ask callers when on the road if they are listed on NotaryRotary. I tell them if I find anything unfavorable I will be turning the job back. A few weeks ago I said that to someone and she responded that they had an excellent reputation on notrot, she was right, it was Merritt.

Personally, I give pretty much everyone a chance. One Chance. I do read these and other boards so there are obvious names that stick out but I've been burnt once and that co was never mentioned here then (06) and to this day hasn't been so even that is not fool proof.

Reply by FlaNotary2 on 1/4/11 7:07am
Msg #366913

>>>We are not 'loan signing agents' we are independent notary public's or notarie's public that go into the signing business to witness loan signings.<<<

No. Unless you are only notarizing signatures, it is presumed that you ARE acting as a loan signing agent when delivering and going over a loan package with a borrower. Being a notary doesn't have that much to do with being a signing agent except that it is generally considered a prerequisite to the job.

Second, the plural of notary public is notaries public, no apostrophe.

Reply by Anita Schweickert on 1/4/11 10:43am
Msg #366931

OMG

Reply by Maui07 on 1/4/11 1:04pm
Msg #366942

Thank you everyone for your input.
I didn't say it wasn't my responsibility to protect myself, that is a given in every area of our lives.
We are Signing Agents it is how the NNA catagorizes us. We are also Notary Publics.

Every form of business in the housing/lending/banking industry is regulated. When I did escrow it was the Department of Corporations that made sure all title companies and escrow were on the up and up and maintained professional business ehtics.

I just feel that since we have become a pretty major part of this industry we should have someone who governs it to protect us as signing agents.

I'm not whining and have been very fortunate to have gone 8 yrs with a very small percentage of scam or fraudulent companies, but when I see a company do one of us wrong I have to ask why are we not also protected by any agency.

This website and a few others have been great in creating the chat boards and rating boards, but again NNA is one of the largest and most reputable organizations and they do nothing but advertise and help us school.

Just a thought don't get excited.

Thanks again for your input.

Reply by FlaNotary2 on 1/4/11 1:07pm
Msg #366945

FWIW - I would support more regulation for NSAs

Sure, most of the signing agents on this board probably go "by the book" and take their job seriously - but there are a lot of signing agents out there that simply don't know what they are doing, particularly when it comes to notary law... and I think that some of them have contributed their part to the mortgage fraud rampant in this country.

If the NSA profession is a true profession, there should be standards, as there are in any other true profession.

Reply by PAW on 1/4/11 1:20pm
Msg #366949

Re: FWIW - I would support more regulation for NSAs

>>> If the NSA profession is a true profession, there should be standards, as there are in any other true profession. <<<

That's what's so nice about our profession. There are standards. Many of them, so one can select what standard they want to be held to. (TIC LOL)

Reply by ReneeK_MI on 1/4/11 4:28pm
Msg #366974

You are protected ....

First, you are not regulated because there isn't any state that recognizes or licenses anyone as a "Loan Signing Agent". Signing Services are not licensed or regulated by any state, as far as I am aware (and if I'm wrong - would love to know!).

However, every state has Contract laws - these are what protect ALL individuals and businesses contracting for services (or whatever else). Find and read your state's statutes regarding contracts for services. Also, find & read your states statutes regarding debt collection (specific to businesses).

This is where it pays to research from a broader pool of information than only what is specific to notaries, or signing agents, or whatever title you put after your name. =)

There isn't a business venture out there - whether a one-pony act or a huge corporation - that doesn't have to put together their own business practices when it comes to lessening the risk of non-payment.

Treat each confirmation as a Contract for Service - and make certain that it contains all the elements needed to make it a contract, and to make payment easily obtained. For example - I won't do business with anyone who doesn't provide me with a NAME and a physical address that I can confirm. I see red-flags when it's a yahoo or g-mail acct, only a cell number, P.O.Box only, etc. Sometimes they're just being casual, and I'm given the info when I ask - that's fine. The confirmation/contract must clearly state it's intent - with actual dollar amount, and all the bells and whistles.

Title agents & lenders NEVER tell employees when they're about to fold, file BK or fly to Jamaica; for one thing, it's a security issue and quite the standard protocol.

We're business owners - as with all businesses, sometimes the risk includes pymt issues; I really don't think our businesses need any greater or 'special' payment protection from the government any more than any other business does.

Reply by nobhill on 1/5/11 12:33am
Msg #367031

Re: Signing Agent protection About the NNA

I've withdrawn from the NNA Signing Agent site. Notary Rotary is far better. The NNA isn't interested in helping our fees.