Posted by Russell on 6/12/06 10:06am
Msg #125374
Notary Signing Agent VS Title Closer
Can someone tell me what the difference is? I've been given the opportunity to be trained as a Closer which I thought was the same as a NSA but they want me to get 300-500K E+O insurance and it costs an arm and leg. I thought this was going to be my ticket into some quick training to get my NSA work started. Need work soon and not confident enough to go do a closing off the bat without some kind of training first. This is crazy but I haven't even advertised myself yet and I'm getting calls to do closings all I've got is the free membership here and my NNA/NSA website membership. I'm turning them down because I haven't done a signing yet, don't know what to do, don't have a laserprinter for Edocs etx.....Want to get this started because my job (school bus driver) at the moment ends next week (ie. no more pay for the summer).
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| Reply by PAW on 6/12/06 10:52am
Msg #125385
Here's a pretty typical "want ad" description for a Closer:
Job Description:
Review loan files submitted by underwriting for adherence to company policy, investor guidelines, and regulatory standards of the industry; collect information and perform data input required to generate loan documents to create enforceable and saleable mortgage loans for the secondary market.
Review loan packages returned from escrow for accuracy and completeness; interface with escrow agents, title companies, and loan brokers to obtain outstanding conditions necessary to meet the loan requirements for funding.
Work up final funding figures and perform data input to generate accounting documentation for disbursement of funds to the title company; prepare loan file for submission to Collateral.
Perform other duties as assigned.
Essential Skills
Minimum one year experience as a funder with GPM or two years experience as a funder with an outside mortgage company.
College degree or equivalent work experience; effective interpersonal and communication skills
Computer literacy.
Ability to order loan documents; knowledge of loan documentation requirements; knowledge of escrow/ title practices and basic laws applicable to mortgage lending and real estate transactions; knowledge of investor guidelines, underwriting policies, and <company> Mortgage loan products.
Well-developed customer service skills; ability to organize and prioritize details; ability to complete multiple tasks on schedule; ability to function as a committed team player; ability to work productively in a fast-paced, stressful environment.
Ability to problem-solve and exercise independent judgement while displaying a high degree of initiative; ability to work productively under minimal supervision.
| Reply by Pat/IL on 6/12/06 2:35pm
Msg #125435
I think Russell is asking about the difference between a title co. closer and NSA. The want as appears to be seeking a mortgage company closer. The mortgage company closer is the one who yells at the title company closer. The title company closer is the one who yells at the NSA. Hope it helps.
| Reply by PAW on 6/12/06 3:06pm
Msg #125438
No, this is an ad for a TITLE Closer, not a mortgage company loan processor, loan officer, loan closer. Mortgage companies do not prepare HUDs and disburse funds.
| Reply by PAW on 6/12/06 3:09pm
Msg #125439
Oops, you're right, wrong description. Sorry.
I'll post the correct TITLE closer description in a moment. My sincerest apologies.
| Reply by PAW on 6/12/06 3:21pm
Msg #125443
Title Closer ad (Florida)
Responsibities will include: Collecting and reviewing all closing documents; collect funds; close transactions. Successful candidate must be pleasant, friendly, and knowledgeable in residential closing practices. Must be a Florida notary. This is an excellent opportunity to join a TOP national developer’s affiliated title company that is offering a comprehensive salary & benefit package.
Job Requirements
Strong computer skills are needed.
Preparing applications for submission to lenders.
Research property related information; tax liens, judgments, surrogates court information and UCC/fixture filing liens.
Verify Deed and Mortgage chains along with payoffs.
Facilitate and execute the orders for municipal and tax searches on behalf of clients.
Preparing and closing all property sales.
Act as a liaison between lenders; real estate companies and individual buyers to ensure their properties are closed on time.
Prepare HUD-1 settlement statements, title commitments, and binders and closing documents.
Process information on national transactions from various agents and title offices across the United States.
Maintain heavy phone contact with clients.
Properties are located all over the United State and travel is possible.
Requires a high school diploma or its equivalent and at least 2 years of related experience. Florida Notary is required.
| Reply by PAW on 6/12/06 3:28pm
Msg #125445
Escrow Closer (Colorado) ad from monster.com
Our Escrow Closer must be able to perform accurate buyer and seller closings with minimal supervision. Team players in this job must regularly exercise discretion and independent judgment on significant matters. Must be able to keep accurate accounting reports and clear file ledgers. Read and follow lender instructions. Complete all required reports in a timely manner. Maintain agent Communication and relations. Address all pre-closing and post-closing issues as needed. Clear all title requirements. Prepare all documents for clear transfer of property ownership. Prepare HUD settlement statements accurately. Execute all documents, notarize as needed. Prepare recording package. Return loan package. Complete all post-closing functions — file tracking, invoicing, reports, etc...
Qualifications: HSD or equivalent required. Five years of closing experience required (possessing strong technical knowledge of closing process). Previous supervising experience and demonstrated leadership ability required. Notary license is required. Exceptional attention to detail and excellent communication skills (verbal and written) are required. Must have strong analytical and problem solving skills.
| Reply by Russell on 6/12/06 4:10pm
Msg #125449
Update from K~Russell
Holy Toledo you guys just about got me even more confused. Any ways just wanted to let you all know I did get NSA E+O insurance, called the Title co and spoke with the Manager again and asked if I was just for the closing or if I was going to have more responsibilities (from the ads you sent) and she told me that I was just going to be closing the loans (signing/notarizing) I told her all I could find max. was 100K coverage. She told me then that she would cover the rest, whatever that might mean.
Since I'm going to be contract and this is the company that is offering the training it looks as though I'm good to go to getting started. I figure once I have the training and a couple closings under my belt I'll be able to get my head into the training book from NNA for certification as a NSA and then I'll be able to take the test and be properly certified.
Thanks for your input
K
| Reply by Janlee_MI on 6/12/06 4:17pm
Msg #125451
Russell, Read the Book First. n/m
| Reply by PAW on 6/12/06 4:59pm
Msg #125457
Re: Update for Russell
This is a good gig if you can do it. "Talking" a closing is a lot different that doing the closing from the title manager or title agent perspective. However, it is a foot in the door and may prove beneficial. When you show up for "work" (arg, there's that dirty four letter word again), and you find out what they really what, let us know, if you don't mind.
| Reply by Anonymous on 6/12/06 9:41pm
Msg #125502
Russell,
I am a licensed title insurance agent and closer in the state of Wisconsin. There is a big difference in being a title closer vs a notary. Title closers have vast experience in handling all types of loan documents, plus taking care of all types of real estate sale transactions. Notaries just notarize documents. That does not mean that you cannot become familiar with closing loan transactions AND use your notary license to handle both. Many signing services will take on notaries to deal with small loan packages, such as E-Locs. Working with these types of documents can help you expand into full loan closings once you have the opportunity to get familiar with the docs. I came into the title business 2 years ago with only sales/customer service experience and witness closings under my belt. My CEO hired me because of the customer service exp. She said that she could teach anyone to close RE transactions, but could not teach anyone customer service. That is a skill one either has or does not.
I have been recently closing small loan packages on the side for a few signing services that pay about $75 per transaction, but require little skill other than cust. service for the actual closing. You might want to feel out companies to see what type of work they have to offer, then start small and work up to full loan docs. The big thing is being able to explain them quickly, but in a way that the customer will understand. It is not rocket science - just takes some experience.
Hope this helps in some small way...
Nancy Harlan
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