Posted by Jacklyn Araque on 5/7/09 12:18am
Msg #287622

How do you become a mobile notary?

I am a new notary and I have not been able to find any jobs. I was wondering if anyone knew how to become a mobile notary. Is there certain fees you have to charge?
Thank you for your time

Reply by Marian_in_CA on 5/7/09 12:53am
Msg #287624

Well... a "mobile notary" is a notary who is mobile. This person advertises for general notary work and offers to meet people at their convenient and (often) will charge a travel fee in addition to standard fees, if their state allows it. Get a call to meet someone at McDonald's for a notarization? Congrats, you're a mobile notary!

Now, a lot of the notaries here are a special subset of mobile notaries called loan signing agents...or notary signing agents. Think of it like a doctor with a specialty field of practice. Most of what you'll see here on NotRot is devoted to loan signings, particularly real estate loans.

The best advice I can give you... as will other is this:

1. Read, re-read and study Msg #33325 (Find it using the orange search tab) and all of the following responses. There is a TON if information there. Now, some of it is old and outdated...and some links no longer work, and some companies no longer exist. Do your research with that.

2. Do not attempt to accept a loan signing job until you know what you're doing. Research, research, research. Know who your competitors are in your area, learn your county and state laws...learn all of the loan package forms you'll come across. Learn Title Company and lending industry jargon... learn it all. For example, can you explain the difference between a Deed of Trust and a Mortgage? Or a real biggie... What is the Annual Percentage Rate? The Annual Interest Rate? Why are borrowers charged two different rates and what do they mean? You need to know the answers to these questions (and many others!) before taking on work and a signing agent.

3. Have a solid business plan in place before you attempt a loan signing. You need to know what your fees and expenses will be before you go in. You'll be offered $65...$85 for jobs all the time. Some people here (most!) think that's way too low. It likely will be you as well, but you don't know that unless you can practically recite your expenses and know what your profit margin needs to be.

4. take some basic business courses at a local college is you need to.

5. Buy The Signing Registry manual and study it. I borrowed one from a friend and had it for a full year before buying my own copy finally. It's very valuable.

6. Before you start contacting companies for work, read about them in Signing Central, or do a search on the forums here for certain key words like "deadbeat" or "lowball" or "late pay" -- things like that. You'll quickly learn which companies to avoid. Here's one bit of advice, if the company name rhymes with OX... definitely do your research first!!!!

Reply by Marian_in_CA on 5/7/09 12:55am
Msg #287625

and #7....

Forgive my poor typos! Ugh!

Reply by BrendaTx on 5/7/09 7:02am
Msg #287645

**For example, can you explain the difference between a Deed of Trust and a Mortgage?**

Explain that for me, Marian, if you don't mind. I have never given it much consideration except that some states use mortgages and some states use deeds of trust. I know there's a difference but even as a real estate legal assistant I have never committed that difference to my brain.

My advice to the new notary signing agent is: Learn your notary rules and become very comfortable with notarizing while people are watching and talking and asking questions. Practice it over and over again. That's a huge part of what you'll do.

Reply by PAW on 5/7/09 7:49am
Msg #287648

I'm not Marian, but ...

Mortgages and Deeds of Trust are not necessarily the same thing, depending on how the state uses them. Typically, a mortgage is a document in which the owner pledges his/her/its title to real property to a lender as security for a loan described in a promissory note. Mortgage is an old English term derived from two French words "mort" and "gage" meaning "dead pledge." To be enforceable the mortgage must be signed by the owner (borrower), acknowledged before a notary public, and recorded with the County Recorder or Recorder of Deeds. If the owner (mortgagor) fails to make payments on the promissory note (becomes delinquent) then the lender (mortgagee) can foreclose on the mortgage to force a sale of the real property to obtain payment from the proceeds, or obtain the property itself at a sheriff's sale upon foreclosure. However, catching up on delinquent payments and paying costs of foreclosure ("curing the default" can save the property. In some states the property can be redeemed by such payment even after foreclosure. Upon payment in full the mortgagee (lender) is required to execute a "satisfaction of mortgage" (sometimes called a "discharge of mortgage" and record it to clear the title to the property. A purchase-money mortgage is one given by a purchaser to a seller of real property as partial payment. A mortgagor may sell the property either "subject to a mortgage" in which the property is still security and the seller is still liable for payment, or the buyer "assumes the mortgage" and becomes personally responsible for payment of the loan. Under English common law a mortgage was an actual transfer of title to the lender, with the borrower having the right to occupy the property while it was in effect, but non-payment ended the right of occupation. Today only Connecticut, Maine, New Hampshire, North Carolina, Rhode Island and Vermont cling to the common law, and other states using mortgages treat them as liens on the property. More significantly, 14 states use a "deed of trust" (or "trust deed" as a mortgage.

A deed of trust is a document which pledges real property to secure a loan, used instead of a mortgage in Alaska, Arizona, California, Colorado, Georgia, Idaho, Illinois, Mississippi, Missouri, Montana, North Carolina, Texas, Virginia and West Virginia. The property is deeded by the title holder (trustor) to a trustee (often a title or escrow company) which holds the title in trust for the beneficiary (the lender of the money). When the loan is fully paid, the trustor requests the trustee to return the title by reconveyance. If the loan becomes delinquent the beneficiary can file a notice of default and, if the loan is not brought current, can demand that the trustee begin foreclosure on the property so that the beneficiary may either be paid or obtain title.

Deed of trust states
AK, AZ, CA, MS, MO, NV, NC, VA, DC

Mortgage states
AL, AR, CT, DE, FL, HI, IN, KS, KY, LA, ME, MA, MI, MN, NH, NJ, NM, NY, ND, OH, OR, PA, RI, SC, VT, WI

States that use both deeds of trust and mortgages**
CO, ID, IL, IA, MD, MT, NE, OK, OR, TN, TX, UT, WY, WA, WV
** Custom dictates which document is used

States that use a Security Deed
GA

Reply by sue_pa on 5/7/09 8:06am
Msg #287650

I'm not Brenda but ...

my thought when I read that comment was WHEN has that ever come up at the table and even if it did, why would a 'signing agent' feel the need to discuss the differences? We are paid to get paperwork signed ... not go into legal discussions of the differences of or the choice of one or another legal document.

Reply by PAW on 5/7/09 8:22am
Msg #287655

Re: I'm not Brenda but ...

I think it was more of a "personal" information request rather than an explanation to give to borrowers. However, there have been a few times that I have been asked, especially from borrowers who come from a DOT state, like CA, to FL, a Mortgage state. As a title closer, I was tested on knowing the difference and explaining how closings are handled in DOT and Escrow states as compared to how closings are done in Mortgage and Table Funded states. According to the attorney 'grading' the test, it is not UPL to offer a description of the difference. There is no advising as to what can be done, since the state laws, policies and procedures dictates which form of security and closing practices are done.

Reply by sue_pa on 5/7/09 8:46am
Msg #287666

not the way I read it

...I think it was more of a "personal" information request rather than an explanation to give to borrowers...

...For example, can you explain the difference between a Deed of Trust and a Mortgage?...

That sure sounds to me like she thinks someone brand new should know and be able to explain the difference ... a discussion that probably won't come up for MOST people EVER unless the "certified signing agent" brings it up.

What's wrong with ... this is the lender's security instrument that gets recorded? ... EVERYONE who owns a house knows this document exists ... they signed it when they bought the house and they've signed it if they've ever refinanced ... Most of our borrowers have owned their homes for years ... it is not our jobs, in my opinion, to be sure they understand the ins and outs of real estate law ... we (at least I) have the job of getting papers signed with the least amount of academic discussion possible.

Reply by BrendaTx on 5/7/09 8:59am
Msg #287669

Re: not the way I read it

Mortgage or DoT, I say: This is the document which is recorded at the courthouse showing that your lender/bank has an interest in your property.

Reply by BrendaTx on 5/7/09 8:31am
Msg #287659

Re: I'm not Brenda but ...

Yep...it's an interesting thing to know but it has never been something I needed to know as a notary/or/sa.

Reply by Susan Fischer on 5/7/09 10:47am
Msg #287691

Agree, Brenda. Nice to know, but I'm not going to

discuss the particulars. First, I don't have the time. Second, they can pay their lawyer for legal explanations. Third, what if I get some detail wrong or mixed up?

I'll just stick to "This is the DOT - it gets filed with the county as a public record that there is a lien on the property," or something like that. Easy peasy, everyone nods in understanding, and on we go to the next doc.

I've never been asked about the difference, but if I were? My standard answer: "I'm not exactly sure, but your loan person can probably help you there..." or something like that.

Reply by Susan Fischer on 5/7/09 11:33am
Msg #287707

Afterthought: on the other hand, maybe having a

few copies of Paul's excellent description may just solve the problem.

"Say, that's a great question. I have some info here that might help you understand the difference. I got it from one of the professionals on a notary forum." Something like that.

Reply by Jim/AL on 5/7/09 11:28am
Msg #287704

Thanks PAW, I found it informative and have wondered myself. n/m

Reply by Marian_in_CA on 5/7/09 11:19am
Msg #287701

Brenda, maybe it's my dumb luck...who knows? Plus, not all states will be exposed to this.

I always do the simple bit, "This is the Deed of trust. It is the security instrument filed with the County Clerk.... etc." I never try to explain it on my own unless I'm asked... But I've been asked this several times. Not so much in those exact terms but I've been asked, "What's the trust part for on the deed?" and "Which one of these is my mortgage paper?" -- In California there is no mortgage paper usually, it's a DOT. Similar, but not the same. So, in these cases, I've found it helpful to know the difference between the two. I'm actually really surprised that some of you are saying it hasn't come up.

Basically, a DOT is a 3-party transaction, and a mortgage is a 2-party transaction and involves how a lender can foreclose on a property if the borrower defaults on their payments. Usually, when I mention that, when I'm asked...the borrower is satisfied and says, "Oh, okay... I won't worry about it then."

If they want to know more, I always tell them to talk to their loan officer or to an attorney. I'm not going in to more details than that... even though I know more about the differences.

Reply by Marian_in_CA on 5/7/09 11:23am
Msg #287702

I forgot to add this link... it's probably the easiest to understand.


http://homebuying.about.com/cs/mortgagearticles/a/deedoftrust.htm

Reply by BrendaTx on 5/7/09 11:46am
Msg #287709

Okay. I guess I just say (to that question), "Some states use a DoT, some use a Mortgage."

Reply by CaliNotary on 5/7/09 6:53pm
Msg #287747

"Okay. I guess I just say (to that question), "Some states use a DoT, some use a Mortgage.""

That's what I would say if the question if it ever came up (which it hasn't in 6+ years of doing this). I like to keep things as simple as possible.

Reply by thnotary_NY on 5/9/09 8:22am
Msg #287907

"..if the company name rhymes with OX... "

Priceless.....I love it.!!!!! LLLLOOOOOOOOOLLLLLLLLLLL

Reply by MichiganAl on 5/7/09 3:06am
Msg #287633

Take a look a few threads down

One of the best and brightest mobile notaries not just in Florida, but in the industry, is getting out. She is a tireless worker, created a successful network, was way ahead of everyone with mobile inspections, wedding ceremonies, mobile DNA testing, and more. That says everything you need to know about the current climate for mobile notaries in Florida and pretty much everywhere. It's brutal. I just can't imagine why someone would get into this right now.

Reply by Philip Johnson on 5/7/09 10:43am
Msg #287689

One door closes and another one opens.

Using your train of thought, there would never be a need for innovation or new ideas. Every time someone brought up doing something different, or new the chorus would be: "been there,done that, it'll never work, look what happened to so and so."

My suggestion is get in there, be all you can be and give it your best shot and work for success. Good luck.

Reply by MichiganAl on 5/7/09 11:59am
Msg #287712

Re: One door closes and another one opens.

That's quite a leap. Who said a thing about innovation, new ideas, or doing something different? I though this was about getting into a field during the worst crisis the mortgage industry has ever seen. But maybe you're right. I think I'll start a new mortgage company, maybe sell some subprime loans, allow anyone with a pulse to borrow, invest in failing companies. I mean, just because it's bombed horribly in the past doesn't mean I can't be innovative and try where everyone else has failed. In the meantime, maybe I'll look for a great job in the auto industry; I hear they're in need of innovative newbies with zero experience and no clue where to start. Wish me luck and tell me it's all going to be ok.

Reply by CopperheadVA on 5/7/09 6:18am
Msg #287635

I get most of my mobile notary jobs as a result of people finding my website. I have a nominal travel fee I charge in addition to the notarization fees allowed by my state, and I meet people at my local Starbucks.

If you are talking about being a mobile loan signer then I refer you back to the others who have already posted.