Loan Signing Agents

2007-03-08 10:33:40

( Financial )



Comparison Between a Notary Public and a Loan Signing Agent

Any legal document needs to be verified and notarized by a Notary Public before it can be considered as legal and binding. Notaries act as neutral parties in reviewing your documents and acknowledges your identity as the one who has signed them. Notaries posses proven and unwavering integrity, and have earned the distinction of being able to approve your documents and declare them legal.

Loan signing agents have the same capacity and responsibilities, except that they have particular expertise in loan documents. When you borrow money from a credit agency, especially a mortgage type of loan, there are various documents that you need to prepare and sign together with your co-applicants, if any.

Loan signing agents' fees are usually part of your loan's closing costs, and can cost at least fifty dollars or more per signing.

Functions and Limitations of Loan Signing Agents

When you are ready to close a loan application, your credit agency or debt management agency will ask you to sign the loan documents and complete all other requirements. You or your credit agency may be the one to hire the services of a loan signing agent.

The loan signing agent checks all the documents and contracts to make sure that you are the party mentioned in the contents as well as the signor. You need to present specific legal proofs of your identity and signature, such as your driver's license, green card or passport. Once he is sure that you are the same person who has signed the loan documents, he then records your documents into his register and affixes his notarial seal and signature. This notarial seal declares your document as legally binding.

However, loan signing agents do have some limitations. They are not legal advisers and therefore cannot tell whether the details in the contract are accurate or lawful. The only thing they are concerned with is to verify your identity and signature.

Being public servants, loan signing agents do have the prerogative to refuse notarization of any document which they suspect as fraudulent, if documents are not complete, or in cases where they could not adequately verify your identity.


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