Notary signing agents often have to deal with borrowers who misunderstand the NSA's role at a closing, and that can lead to difficult signings and upset consumers who take out their frustrations on you.
Here are the most common borrower myths and misconceptions your fellow signing agents shared on social media — along with some tips on how to prevent the problems with loan signings these misunderstandings cause.
Myth One: The Notary is an employee of the lender or title company.
"Many borrowers believe I am an employee of the title company," said Margaret Paddock of Cottonwood, Arizona. "One person was upset because we had to call the loan office for an explanation. He thought I should be able to explain the documents."
Of course, explaining documents and offering advice is something signing agents aren't allowed to do.
Tip: When contacting a signer to set up an appointment, use the opportunity to explain your role during the signing, and that any questions about the loan terms should be directed to the lender to title company.
"The borrower's conception of our role is in the hands of the Notary signing agent," said Larry Emsweller of Munster, Indiana. "Setting the proper tone is entirely in our hands. Present yourself in the manner in which you desire to be perceived."
Myth Two: The NSA is delivering money.
Some borrowers mistakenly assume the signing agent is delivering them money from the loan transaction. David Wayne Schuster of South Chesterfield, Virginia, said he has encountered signers who expected him to show up with a check in hand. "Of course, they are very upset when I tell them "No" and ask them to please call the lender ASAP," he said.
During one signing in Indiana, an angry borrower even threatened the signing agent with a gun demanding money from her that he was expecting from a lender. Fortunately the agent stayed calm and was able to talk the signer into letting her leave unharmed.
Tip: As mentioned previously, explaining to the borrower your role and what you can and cannot do prior to the signing can help prevent problems stemming from misunderstandings. Remember that you can be put at risk if a borrower mistakenly believes you are carrying large amounts of money. Be sure to take steps to protect yourself while on loan signing assignments.
Myth Three: The Notary can offer an opinion about the terms of the loan.
Some borrowers ask the signing agent for advice whether the borrower got a "good deal" on the loan. Brenda Parsons Tucker of Acton, California, said she's been asked this before by signers. "Since I am doing a lot of signings, they ask if I can give them my opinion on whether or not they are getting a good interest rate," she said.
Tip: Notaries are independent third-party professionals contracted to ensure all loan documents are signed and notarized properly, then deliver the completed loan package. Just as Notary signing agents cannot answer questions about the details of a loan, it's not appropriate to give opinions to a signer whether the terms of a loan are a "good deal" or not. If a signer wants your opinion on interest rates or other terms of the loan, explain that you are not authorized to give such advice and refer them to the loan officer.
David Thun is an Associate Editor at the National Notary Association.
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