Signing agent is a notary public, who works with the loan documents, obtaining and notarizing these documents with the purpose of closing the loan transactions (especially real estate loans). The existence of the signing agents is stipulated by the existence and the importance of the, middlemen. Signing agents are the kind of the middlemen and play very significant role in the loan processes. The loan process is very onerous for all its participants.
As a rule, a person, who wants to receive a loan for the first time, does not know a lot about this process – where, when and how to get a loan, which documents are required and which are not, how to formalize and validate the loan etc. Lenders usually more informed about the loan process, but still want to improve insurance arrangements and check the accuracy of all the agreements. Here appears a notary public or a signing agent. His duty is to verify the accuracy of the documents about to be signed and only then the loan can be given.
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Many loan companies operate in one office (city, region etc), but serve many debtors through the country. When they raise a loan in the remote location they send signing agents to these locations to identify the personalities of the borrower and of the lender, complete the loan and return all the documents signed to the main office, because it is very expensive and ineffective to send loan officers through the country to perform the closing of the loan. Often loan companies establish the networks of the signing agents through the country.
In summary, the overall duties of the loan signing agents consist of: – identification of the signers; – revision of all the documents about to be signed; – verification of the corresponding procedures with the documents (in other words signing agent must verify that all documents are signed, initialed and dated correctly); – notarization of corresponding documents; – return of these documents back to the main office (this responsibility is additional and sometimes it belongs to somebody else). There is one little but important nuance in the work of signing agent – he or she must not give any comments, advices or explanations during the signing of loan papers, because this role belongs to the closing attorney or a lawyer. Even standard questions about abbreviations are declined or at least an agent may just point on the list of abbreviations in the contract. In the case when questions arose, signing agents immediately call lender and ask to make corresponding elucidations, postpone the signing for a certain period of time or in some cases the agent can point to the document, where the borrower can find the necessary explanations.