unlocking the secrets of the signing agent

1. Unlocking the Secrets of the Signing Agent Presented By: Carnanco Conveyancing 3460 Westview Dr. Perkiomenville, PA 18074 215-234-6467 Fax 234-6470 www.carnanco.com Info@carnanco.com

2. Introduction

3. Table of Contents Becoming a Notary Notary Public Law and the Signing Agent Uniform Acknowledgement Act Sample Notary Statements Basic Notary Knowledge Test What is a Signing Agent The Real Estate Process Be Prepared Pre-Settlement Test The Settlement Responsibility Agreement 10 Quick Settlement Tips If the Borrower Refuses to Sign Terms and Definitions Abbreviations A-E F-M N-Z Misc. Sample Documents After Settlement Technology and The Notary Hardware Software Electronic Transactions Internet Other Tools Final Test Mentor Program Directory of Opportunities

4. Becoming a Notary Top 9 Reasons Applications are Returned: Application is not accompanied the $40.00 application fee. Applicant has not signed the application. Applicants signature does not match the applicant name as listed in Part I of the application. Applicant has not provided sufficient information for the business or home address. A post office box number is not a sufficient address for Department of State records. Applicant has not completed the election precinct, ward and municipality information. This information may be found on the applicant�s voter registration card. Application has not been signed by two references. These references should be 2 individuals who know the applicant well enough to attest to their �good moral character�. Application has not been endorsed by the State Senator in the district where the applicant resides or is employed. Information provided on the application is illegible.

5. Notary Public Law and the Signing Agent





10. Notary Public Law and the Signing Agent












22. Uniform Acknowledgement Act







29. Sample Notary Statements

30. Sample Notary Statements Acknowledgments An acknowledgment is a formal declaration before an authorized official such as a notary, by a person who has signed a document, that the document is his or her act. Acknowledgments are governed by the Uniform Acknowledgment Act. Five forms are listed in that act. The person acknowledging the document must personally appear before the notary. In addition, the person may sign the document in the notary�s presence, or acknowledge that the signature on the document is his or her own. SAMPLE ACKNOWLEDGMENT Commonwealth of Pennsylvania��)�� )SS: County of �� )


32. Basic Notary Knowledge Test A notary public commissioned by the Secretary of the Commonwealth of Pennsylvania may perform notarial acts anywhere in the United States. A notary public commissioned by the Secretary of the Commonwealth of Pennsylvania may perform notarial acts anywhere in the Commonwealth of Pennsylvania. A notary public may use a rubber stamp as a substitute for his/her signature. A notary public may notarize his/her own signature. A notary public can delegate his/her notarial authority to another person. A notary public must complete 3 hours of approved education anytime within the 4 years prior to their reappointment. A notary public may not act as such in any transaction involving a person who is related to the notary public. A notary public may act as such in any transaction in which the notary public is financially interested. A notary pubic may advise persons regarding questions of law. A notary public need not require an individual to personally appear before them when executing an affidavit where the notary public is personally familiar with the signature of the individual. The newly revised Notary Public Law takes effect January 1, 2003. The notarization of an affidavit guarantees that (1) the affiant personally appeared before the notary public (2) that the affiant was identified by the notary public and (3) the affiant was sworn by the notary public to tell the truth.

33. Basic Notary Knowledge Test



37. What is a Signing Agent

38. What is a Signing Agent

39. The Real Estate Process




43. Be Prepared Preparation is essential to the effectiveness of the Notary Signing Agent A carefully prepared Notary Signing Agent will not only be more time-efficient but will also ensure proper execution of documents. Appearance The Notary Signing Agent is often the only face-to-face contact the borrower has during the transaction. So it is essential that you present a professional appearance and manner at the settlement. You are representing every other individual and company that has had a part in this transaction. There are no set guidelines for what you should wear but generally business casual is the norm. You may want to find out what the local real estate professionals wear and mirror them.

44. Be Prepared

45. Be Prepared Preparing to Leave When preparing to leave for a settlement, verify with the borrowers your directions to their location. Don�t rely on internet directions, they are not always correct. And always leave yourself at least 10 extra minutes to compensate for getting lost or caught in traffic. Taking a cell phone and the borrower�s phone number with you is also an excellent way of ensuring a quick solution to problems that arise while on the road.

46. Pre-Settlement Test



49. The Settlement Set the Mood Once you arrive at the settlement location, introduce yourself to all the parties and have everyone get seated. This is your opportunity to take control of the closing and set a professional atmosphere.

51. The Settlement Signatures You need to understand that you are the �Signing Agent.� While the terms may get confusing, your are not the �Closing or Settlement Agent.� You will see places that require the signature of the �Settlement Agent.� Unless specifically instructed to do so, leave the signature blank. This will be completed after settlement by the licensed Title or Escrow Agent. Typically, you will only sign as a notary. Make sure each borrower understands that they must sign every document exactly as their name appears. Please note that their name may appear differently throughout a loan package. If there is a middle initial they must sign with that initial, if the initial is not present on a later document then they must sign without that initial on the later document. Do not allow the borrower to make ANY marks on ANY document other than a required signature, initial, date or other requested information. If a mistake is found or if they do not agree with something they have read, you must call one of your contact people. No document may be altered without specific permission and be sure to note who gave you the permission in case it is questioned later. (It WILL be questioned later 99% of the time.) In addition, if given permission to correct a mistake or make a change, do so in pen not pencil and always have the borrower initial next to the change. If a document does not seem to have a place to sign or initial. Have the borrower initial at the bottom anyway, so the lender knows the borrower saw that page. As they complete each document, double check that they have initialed, signed, dated and completed all information correctly. Errors and omissions may result in the whole package needing to be resigned and financial loses to many involved in the transaction.

52. The Settlement

53. The Settlement Maintain your Integrity Even though there is always the possibility that you won�t get paid if something goes wrong with a transaction, please do not be tempted to cut corners or break the law. The loss of wages for the transaction is far less then the consequences you would face for not carrying out a transaction with the utmost honesty. Review the Documents Before leaving, take a minute to go back through the package and make sure that all of the documents have been signed, initialed, and completed properly.

54. 10 Quick Settlement Tips

55. Settlement Tips Assignment

56. If the Borrower Refuses to Sign For a million different reasons, sometimes things go wrong. Sometimes there are mistakes on the documents. Sometimes the borrower gets scared about making a bad choice. Sometimes the interest rates drop and the borrower feels they could still get a better deal then the one your asking them to sign. Following a few tips on how to handle the situation:

57. Terms and Definitions Following are some general terms and definitions that are typically associated with the real estate industry. It is important to become familiar with the different types of language and documents you will encounter during a loan signing. The more knowledgeable a Notary Public becomes with these terms, the more valuable that Notary Public is to their client. There is much more to understanding the process in notarizing loan documents. These terms and definitions are just a part of what you will discover in a typical transaction.

58. Terms and Definitions AKA Also Known As APR Annual Percentage Rate ARM Adjustable Rate Mortgage BK Bankruptcy CAP Maximum Interest Rate CLP Closing Protection Letter DBA Doing Business As DOB Date of Birth ECOA Equal Credit Opportunity Act FHA Federal Housing Authority FHLMC Federal Home Loan Mortgage Corporation (Freddie Mac) FNMA Federal National Mortgage Association (Fannie Mae) GNMA Government National Mortgage Association (Ginnie Mae) HOA Homeowner's Association Dues HUD Housing and Urban Development HUD1 Final Closing Statement or Settlement Statement LTV Loan to Value MIP Mortgage Insurance Premium (FHA loans) MTG Mortgage NOD Notice of Default NOO Non-Occupant Owner OO Owner Occupied P&I Principal and Interest (Mortgage Payment) P&L Profit and Loss PITI Principal, Interest, Taxes and Insurance PMI Private Mortgage Insurance (Conventional Loans) PREPAY Pre-Payment Penalty PTS Points (Loan origination fee) PUD Planned Unit Development SBA Small Business Administration SCH A Schedule A of Tax Returns/Expenses SCH B Schedule B of Tax Returns/Interest & Dividends Income SCH C Schedule C of Tax Returns/Self Employed Income SCH D Schedule D of Tax Returns/Capital Gains or Losses SCH E Schedule E of Tax Returns/Rental/Partnership/Trust/S Corp. SFR Single Family Residence TIL Truth in Lending VA Veterans' Administration VOE Verification of Employment VOM Verification of Mortgage VOR Verification of Rent W2's Year End Earnings Statement YTD Year To Date

59. Terms and Definitions A-E Absentee Owner - An owner of property who does not occupy said property. Abstract of Judgment - A summary of money obtained in court. (When this summary of abstract is recorded in the county recorder's office in some states the judgment becomes a lien on the debtor's property, both presently owned or after acquired.) Accrued Interest - Interest on a note, bond, etc. which has been earned but not yet paid. Since interest is usually paid in arrears, accrued interest does not necessarily indicate a delinquency in payment. Adjustable Mortgage Loans (AMLS) - Mortgage loans under which the interest is periodically adjusted to more closely coincide with current interest rates. The amounts and time of adjustment are agreed to at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Rate Mortgages (ARMS), Flexible Rate Loans or Variable Rate Loans. ALTA -(American Title Association) - An organization, composed of title insurance companies, which has adopted certain insurance policy forms to standardize coverage on a national basis. Amortization - Payment of debt in regular, periodic installments of principal and interest, as opposed to interest only payments. Annual Percentage Rate (APR) - The yearly interest percentage of a loan, as expressed by the actual rate of interest paid. The A.P.R. is disclosed as a requirement of Federal Truth in Lending statutes. Appraisal - An opinion of value based upon a factual analysis. Legally, an estimation of value by two disinterested persons of suitable qualifications. Appraisal Report - A written report by an appraiser containing his opinion as to the value of a property and the reasoning leading to this opinion. The factual data supporting the opinion, such as comparables, appraisal formulas, and qualifications of the appraiser, will also be set forth. Appraised Value - An opinion of the value of a property at a given time, based on facts regarding the location, improvements, etc. of the property and surroundings. Appraiser - One who is trained and educated in the methods of determining the value of property through analysis of various factors which determine said value. Arrears - (1) Payment made after it is due is in arrears. (2) Interest is said to be paid in arrears since it is paid to the date of payment rather in advance, as is rent. Example: A rental payment made July 1 pays the rent to August 1. An interest payment made July 1 pays the interest to July 1.

60. Terms and Definitions A-E Assets - Everything owned by a person or corporation which can be used for the payment of debts. Backdate � Deceptive and sometimes illegal act of dating a document with a time before that of the actual signing or execution. Balloon Note - A note calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity, so that a principal sum known as a "balloon" is due at maturity. Borrower- someone who owns a piece of property or is buying a piece of property and is borrowing or getting money from a lender Broker, Real Estate - One who is licensed by the state to carry on the business of dealing in real estate. A broker may receive a commission for his or her part in bringing together a buyer and seller, landlord and tenant, or parties to an exchange. Cap - The maximum increase of an Adjustable Rate Mortgage. Example: the original loan is made at 10% with a 5% cap. The interest rate on the loan may not exceed 15% regardless of index changes. Certification- a written statement showing money that has been paid and money that is still due. Certifications are generally ordered for real estate taxes and water and sewer accounts. Closing - In real estate sales, the final procedure in which documents are executed and/or recorded and the sale (or loan) is completed. Closing Agent � also known as Settlement Agent, Escrow Officer, Title Agent. The licensed individual or firm handling the closing transaction after a signing has taken place. Typically this entails the legal transfer of title and ownership in the case of a sale, disbursing of funds and recording of documents. Closing Costs - Expenses incidental to a sale of real estate, such as loan fees, title fees, appraisal fees, etc. Closing Protection Letter- letter issued to a lender that states that title company will not steal their with their money and that if we do our underwriter will take responsibility for it. Combined Loan To Value (CLTV) - The combined loan amounts as a percentage against the value of the property. Compound Interest - Interest paid on accumulated interest as well as on the principal.

61. Terms and Definitions A-E Condominium - A structure of two or more units, the interior space of which are individually owned; the balance of the property (both land and building) is owned in common by the owners of the individual units. The size of each unit is measured from the interior surfaced (exclusive of paint or other finishes) of the exterior walls, floors, and ceiling. The balance of the property is called common area. Construction Loan - Short term financing of real estate construction. Generally followed by long term financing called a "take out" loan, issued upon completion of improvements. Conventional Loan - A mortgage or deed of trust not obtained under a government insured program, (such as FHA or VA). Conveyance - Transfer of title to land. Includes most instruments by which an interest in real estate is created, mortgaged, or assigned. Credit - The financial worthiness of a borrower. The history of whether this borrower has met financial obligations on time in the past. Credit Report - A report on the past ability of a loan applicant to pay installment payments. Several national and local companies make such reports. DBA (Doing Business As) - An identification of the owner or owners of a business and the business name. Not a partnership or corporation. Debit - An accounting term used to designate a payment or owing, as opposed to a credit which is a receiving or being used. Debtor - One who owes a debt. Decree - The judgment of a court. Deed - Actually, any one of many conveying or financing instruments, but generally a conveying instrument, given to pass free title to property upon sale. Deed In Lieu Of Foreclosure - A deed given by an owner/borrower to a lender to prevent the lender from bringing foreclosure proceedings. The validity of the deed depends to some degree on "fairness" under the circumstances, and adequacy of consideration will be considered. Deed of Trust - An instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary), and reconveyed upon payment in full. (Pennsylvania does not use these.)

62. Terms and Definitions A-E Defective Title - (1) Title to a negotiable instrument obtained by fraud. (2) Title to real property which lacks some of the elements necessary to transfer good title. Deferred Payments - (1) Payments to begin at a future time. (2) Installment Payments. Deficiency Judgment - Commonly, the amount for which the borrower is personally liable on a note and mortgage if the foreclosure sale does not bring enough to cover the debt. Actually the judgment is for the total amount and not for the deficiency, the recovery from the foreclosure sale being deducted from this amount. Demand - (1) The quantity of goods which can be sold at a specified price, in a given market, at a particular time. (2) A letter from a lender showing the amount due in order to pay off a mortgage or trust deed. Department of Real Estate - That department of the state government responsible for the licensing and regulation of persons engaged in the real estate business. The person heading the department is usually called The Real Estate Commissioner. Other names for the department are the division of Real Estate and The Real Estate Commission. Depreciation - (1) Decrease in value to real property improvements caused by deterioration obsolescence, (2) A loss in value as an accounting procedure to use as a deduction for income tax purposes. Equity - The market value of real property, less the amount of existing liens. Escrow � Money, documents or other items held by a neutral third party until a specified event takes place. Escrow Account - Account held by a lender for payment of taxes, insurance, or other periodic debts against real property. The mortgagor or trustor pays a portion of, for example, the yearly taxes, with each monthly payment. The lender pays the tax bill from the accumulated funds. Escrow Company � Neutral third party that handles all funds in a real estate transaction. Escrow Instructions - Instructions which are signed by both buyer and seller, and which enable an escrow agent to carry out the procedures necessary to transfer real property, a business, or other assignable interest. Escrow Officer � see Closing Agent and Escrow Company

63. Terms and Definitions F-M Fair Credit Reporting Act - A federal law giving one the right to see his or her credit report so that errors may be corrected. A lender refusing credit based on a credit report must inform the buyer which company issued the report. The buyer may see the report without charge if refused credit. or for a charge if just curious. Fair Market Value - Price the property would be negotiated between a willing seller and willing buyer in a reasonable time. Usually arrived at by comparable sales in the area. Federal Home Loan Mortgage Corporation (FHLMC-Freddie Mac) -A semi-governmental purchaser of mortgages in the secondary market. The trading of mortgage securities (Participation Certificates) for mortgages in its guarantor program has been highly successful. Federal Tax Lien - A lien attaching to property for nonpayment of a federal tax (estate, income, etc.). A federal tax lien differs from other liens in that it is not automatically wiped out by foreclosing on a mortgage or trust deed recorded before the tax lien (except by judicial foreclosure). Fee Simple - An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited. Commonly, a synonym for ownership. Fixed Rate Mortgage - A mortgage having a rate of interest which remains the same for the life of the mortgage. FNMA (Fannie Mae) - A private corporation dealing in the purchase of first mortgages at discounts. Foreclosure - A proceeding in or out of court, to extinguish all rights, title, and interest, of the owner(s) of property in order to sell the property to satisfy a lien against it. GNMA (Ginnie Mae) - Government National Mortgage Association. A federal association, working with FHA, which offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity. Grantee - One to whom a grant is made. Generally, the buyer of a property. Grantor - One who grants property or property rights. Generally, the seller of a property. Gross Income - The scheduled (total) income, either actual or estimated, derived from a business or property. Hazard Insurance - Real estate insurance protecting against loss caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy. Home Owner's Association - (1) An association of people who own homes in a given area, formed for the purpose of improving or maintaining the quality of the area. (2) An association formed by the builder of condominiums or planned developments, and required by statute in some states. The builder's participation as well as the duties of the association are controlled by statute.

64. Terms and Definitions F-M HUD-1 Settlement Statement: A document that provides an itemized listing of the services provided and the fees charged for the transaction. Independent Contractor � A person who earns a livelihood other than as an employee on salary. Often receives a 1099 tax form at the end of the year and pays self-employment taxes rather than receiving a W-2 and having taxes withheld from the paycheck. Independent Contractor Agreement � An agreement that defines the business relationship between a signing service or a closing agency and a Notary Signing Agent Interest Rate - The percentage of an amount of money which is paid for its use for a specified time. Usually expressed as an annual percentage. Judgment - The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant. Judicial Foreclosure - Foreclosure through court action rather than by a power of sale. Judicial foreclosure is sometimes necessary to remove certain tax liens. Judicial Sale- sale in which the property is being sold by court order generally because a lien holder has foreclosed Junior Lien - A lien which is subordinate to a prior lien. Junior Mortgage - Any mortgage of lesser priority than a first mortgage. Lender- a company or individual who is lending money. Also known as a Mortgagee Lien - An encumbrance against property for money, the property acts as collateral 1st Lien Position- the individual or company in this position is the first to be paid if the property goes to judicial sale 2nd Lien Position- the second to be paid Lien Holder- individual or company to whom money is due in which real property is the collateral Listing Agent- Real Estate Agent who represents the seller Liquid Assets - Cash or assets immediately convertible to cash. Loan Origination Fee - A one time set up fee charged by the lender. Loan To Value Ratio (LTV) - The ratio expressed as a percentage, of the amount of a loan to the value or selling price of real property. Usually, the higher the percentage, the greater the interest charged. Maximum percentages for banks, savings and loans, or government insured loans, is set by the statute.

65. Terms and Definitions F-M Maintenance Fee - As applied to condominiums and planned developments, the amount charged each unit owner to maintain the common area. Usually a monthly fee paid as part of the budget. Manufactured Home - Factory-built or prefabricated housing, including mobile homes. Margin - In adjustable rate mortgages, the amount added to an index to determine the adjusted interest rate (also known as spread). Market Value - The highest price a willing buyer would pay and a willing seller accept, both being fully informed, and the property exposed for a reasonable period of time. The market value may be different from the price a property can actually be sold for at a given time (market price). Mortgage � A legal instrument that pledges a property to the lender as security for payment of a debt. Used in some states instead of a deed of trust. (Pennsylvania uses these.) Mortgage Banker - A company providing mortgage financing with its own funds rather than simply bringing together lender and borrower, as does a mortgage broker. Although the mortgage banker uses its own funds, these funds are generally borrowed and the financing is either short term or, if long term, the mortgages are sold to investors (many times insurance companies) within a short time. Mortgage Broker - One who, for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security. Also called a loan broker. Mortgage Company - A company authorized to service real estate loans, charging a fee for this service. Mortgagee- Lender Mortgage Insurance - Insurance written by an independent mortgage insurance company (referred to as an "MIC") protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price. The Federal Government writes this form of insurance through the FHA. Mortgage Insurance Premium - The amount paid by a mortgagor for mortgage insurance. Mortgage Note - A written promise to pay a sum of money at a stated interest rate during a specified term. It is secured by a mortgage. Mortgage Warehousing - A system whereby a mortgage company will hold loans which would ordinarily be sold, in order to sell later at a lower discount. These mortgages are used as collateral security with a bank to borrow new money to loan. Mortgagor- Borrower

66. Terms and Definitions N-Z Negative Amortization - A condition created when a loan payment is less than interest alone. Even though payments are made on time, the amount owing increases. Notary Signing Agent - Notary Public who specializes in loan document signings. Note - A unilateral agreement containing an express and absolute promise of the signer to pay to a named person, or order, or bearer, a definite sum of money at a specified rate or on demand. Usually provides for interest and, concerning real property, is secured by a mortgage of trust deed. Notice of Default (NOD) - A notice filed to show that the borrower under a mortgage or deed of trust is in default (behind on the payments). Notice of Right to Cancel � A loan document that informs the borrower of their right to cancel the loan within three business days following the signing of the documents. Payoff- written statement of amount of money needed to pay a loan or a lien in full in order to have the lien removed from the property Per Diem - Daily interest. Piggyback Loan - A loan made jointly by two or more lenders on the same property under one mortgage or trust deed. A 90% loan, for example, may have one lender loaning 80% and another (subordinate) lender loaning the top 10% (high risk Portion). Planned Unit Development (PUD) - A subdivision of five or more individually owned lots with one or more other parcels owned in common or with reciprocal rights in one or more parcels. The lots are generally small, being the exact size of the improvements, or slightly larger. Point - One percent of the amount of the loan. Postdate � deceptive and sometimes illegal act of dating a document with a time after that of the actual signing or execution. Prepaid Interest - Interest paid before becoming due. Prepayment Penalty - A penalty under a note, mortgage, or deed of trust, imposed when the loan is paid before it is due. Principal - (1) The person who gives authority to an agent or attorney (See attorney-in-fact). (2) Amount of debt, not including interest. The face value of a note, mortgage, etc.

67. Terms and Definitions N-Z Private Mortgage Insurance - Insurance against a loss by a lender in the event of default by a borrower (mortgagor). The insurance is similar to insurance by a government agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment. Quitclaim Deed - A deed operating as a release; intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor. Real Estate - (1) Land and anything permanently affixed to the land, such as building, fences, and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items which would be personal property, although in some states a fine distinction may be made. (2) May refer to rights in real property as the property itself. Real Estate Agent � A person licensed to negotiate and transact the sale of real estate on behalf of the property owner. Real Estate Settlement and Procedures Act (RESPA) � A consumer protection law that requires lenders to give borrowers advance disclosure of closing costs. Reconveyance - An instrument used to transfer title from a trustee to the equitable owner of real estate, when title is held as collateral security for a debt. Most commonly used upon payment in full of a trust deed. Also called a deed of reconveyance or release. Recording - Filing documents affecting real property as a matter of public record, giving notice to future purchasers, creditors, or other interested parties. Recording is controlled by statue and usually requires the witnessing and notarizing of an instrument to be recorded. Refinance - (1) The renewing of an existing loan with the same borrower and lender. (2) A loan on the same property can be either the same lender or borrower. (3) The selling of loans by the original lender. Rescission - The cancellation or annulment of a transaction or contract by the operation of law or by mutual consent. Second Mortgage - A mortgage which ranks after a first mortgage in priority. Properties may have two, three, or more mortgages, deed of trust, or land contracts as liens at the same time. Legal priority would determine whether they are called a first, second, third, etc. lien. Seller- owner of a property wishing to transfer ownership to another individual or company Selling Agent- Real Estate Agent who represents the buyer

68. Terms and Definitions N-Z Settlement Agent � see Closing Agent Settlement Statement - A statement prepared by broker, escrow, or lender, giving a complete breakdown of costs involved in a real estate transaction. Sometimes a separate statement is prepared for the seller and buyer. The HUD-1 form is the most commonly used Settlement Statement. Simple Interest - Interest computed on principal alone, as opposed to compound interest. Signing Company � A company that serves as a middleman between closing agents and Notary Signing Agents in setting up a loan document signing. Sole Proprietorship - Individual ownership of a business as opposed to a partnership or corporation. Subordinate - To make subject or junior to. Subordination Agreement - An agreement by which an encumbrance is made subject (junior) encumbrance. For example: A loan on vacant land is made subject to a subsequent construction loan. Title - The evidence one has of right to possession of land. Title Agent � licensed individual who provides the Title Commitment and Title Policy. Often acts as an Escrow Officer and Closing Agent as well. Title Commitment- information from the title search is used to draw up a Title Commitment. The Title Commitment is an agreement or commitment to insure a property if all conditions are met. Title Company � A company that specializes in examining and insuring titles to real estate. Title Insurance Policy - A contract by which the insurer, usually a title insurance company, agrees to pay the insured a specific amount for any loss caused by defects of title to real estate, wherein the insured has an interest as purchaser, mortgagee, or otherwise. Title Search- a search of county records to provide a report about a property Townhouse - Originally a house in a city as opposed to a country estate. More recently the term is applied to certain types of row houses, whether planned unit developments or condominiums.

69. Terms and Definitions N-Z Transfer Tax � Taxes due to the state and local government when real property is transferred. In Pennsylvania, this is typically 2% of the sale price. Some exceptions do apply. Truth in Lending Act (TILA) � A consumer protection law that requires lenders to fully disclose in writing the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges. Underwriter - (1) A person who reviews and approves/declines loans. The analysis of risk and the matching of it to an appropriate rate and term. (2) The large company, represented by title agents, which provides the actual title insurance and is responsible to resolving any claims that arise. Vested - Present ownership rights, absolute and fixed. Modernly, ownership rights, even though on a land contract are subject to a mortgage or deed of trust.

70. Terms and Definitions Misc. Abbreviations

71. Sample Documents

72. Sample Documents HUD-1 Settlement Statement This statement is an itemization of the actual services that have been provided and the fees charged. �Cash From/To Borrower� is where you would look to see if the borrower must bring funds to settlement. Common Questions or Concerns: If the borrower is going to be getting money back they�ll often ask, �When do I get my money?� If the loan is subject to the 3 day Right of Rescission. They won�t receive their funds until after that time is up. If there is no Right of Rescission, then you will probably have been given a check to deliver to the borrowers at closing or you�ll be given other instructions on the matter.

73. Sample Documents Note The Note is the borrowers promise to pay back the loan. You may want to point out to the borrower #1 the loan amount, #2 their interest rate, #3 the due date of their first and last payments Common Questions or Concerns: �This monthly payment is less then I expected.� The monthly payment amount shown may be less than their true monthly payment amount because it may not include escrows. You can direct them to their First Payment Letter for their actual monthly payment.

74. Sample Documents W-9 and 4506 Both of these documents are used by the lender for tax purposes. Have the borrower verify that their name, address and social security number are correct on each. Always check page two. Sometimes the borrower must initial page two. The 4506 is generally just kept in a borrowers file, however, occasionally the lender will perform an audit to make sure no tax fraud has been committed. At that time the form is used to obtain a copy of the tax transcripts from the IRS. There is a $23.00 fee for the transcripts that is paid by the entity requesting the transcripts not the borrower. The W-9 is used each year for the mortgage company to report to the IRS the amount of interest you have paid that year. Errors and Omissions Correction Agreement This document states that if any mistakes are found in the loan documents, the borrower agrees to help in any way necessary to correct the mistake and resign or initial documents.

75. Sample Documents Servicing Disclosure Statement This document is an explanation to the borrower that the lender may sell the servicing of their loan to another company.

76. Sample Documents Uniform Residential Loan Application This is a typed copy of the original loan application. Often times borrowers will question why they have to sign this again. Lender generally require it be signed at close because changes have been made to it or the original is being kept in a different location. Borrower�s will also notice mistakes on this document. This is the only document where the mistakes will not effect anything and the lender will advise that it does not need to be corrected. Finally, this document is generally four pages long requires a signature or initials on every page. Look carefully at the entire document.

77. Sample Documents Mortgagor�s Affidavit This document contains a list of statements that the borrower agrees to or affirms the correctness of. It is always a good idea for the borrower to read this document to make sure everything is correct.

78. After Settlement Efficiency and Accuracy is Critical

79. After Settlement

80. Technology and the Notary Fax- Having a fax machine in this day and age is expected if you hope to appear like a legitimate business. A fax machine may save you a lot of extra driving if it turns out that documents are missing from the loan package, something needs to be resigned, or any number of other emergencies pop up. Not to mention some companies may require you to fax them a confirmation that a loan closed when you�re done. Without that fax, they may just find themselves another notary to do business with. On the bright side like with most technologies, the prices of fax machines are slowly going down and a good one can now be purchased for around $100.00. If you can�t afford a dedicated fax line you can always share your phone line.

81. Technology and the Notary Computer with printer- If you feel confident using a computer and the internet, then having a laser printer that can print on legal size paper could reduce the time you spend on a settlement and hence increase your profits. Not to mention it makes you more valuable to your clients. More and more lenders are emailing loan packages. If you are able to download and print those documents, then you won�t have to drive all over creation to pick up the loan package. A word of caution, if you do closings in Philadelphia. The Philadelphia Recorder of Deeds office will not accept 8 � x 14 paper. So any mortgage you print out on legal size paper will have to be cut to size.

82. Technology and the Notary Cell Phone- a cell phone can be an invaluable resource if you�re a mobile notary. To start with, you�re mobile, people need to be able to reach you when your not in the office. Most Signing Companies have large databases of notaries. They will take a list of notaries who do closings in the needed area and call down that list until they reach a person who says they can do the closing. Time is of the essence. If you don�t answer the phone when they call, you may miss your opportunity for work. You should also make sure you have voicemail with your cell phone so that you�ll get messages much more quickly. The other benefit to having a cell phone is when you are actually conducting a closing. You may be in a restaurant or other location that does not provide you easy access to a phone. If a question comes up, you�ll need to be able to reach your contact people. Scanner- Scanners will take a piece of paper and create a digitized image that can be stored in a computer. This is useful if you use your computer to send faxes rather than a fax machine. It is also useful if you need to store a large volume of records. These images can be burned onto a CD for compact storage and speedy retrieval. Laptop- If you are offering your clients the capability of electronic transactions, then a laptop will become a necessity. Laptop come in many different weights and sizes. A larger screen size will make it easier for your customers to see their documents, however keep in mind that it will also increase the weight of your computer. You may want to get a laptop bag with wheels to accommodate this problem.

83. Technology and the Notary Efax or fax software- There are companies on the internet that offer efax solutions. For free or a low monthly fee, they will provide you with a fax number which you can advertise as your own. When someone faxes to you this company will convert the fax to an email and email it to you. This is a great solution if you don�t have use for sending a lot of out-going faxes and don�t want to pay for a fax phone line. To send an out-going fax you would email the document as an attachment and the Efax company would transfer it to a standard fax and forward it to the designated fax number. On the flip side, you can buy fax software for your computer which will allow you to send and receive faxes through your computer. You will need a faxmodem and phone line going into the computer to complete this set up. The only problem with both of these solutions is when you need to fax a paper that is not in your computer. In that case, you�ll either need a fax machine to fax it out or a scanner on your computer so that you can digitize an image of the paper into the computer. Registry Software- many notary supply companies offer computer software to help you maintain a Registry that takes up far less space. This is a great time and space saving solution. However, be sure to keep a backup copy because if your computer ever crashes and you lose your register, you could be subject to significant fines. These software programs usually cost around $50. If you know how to use Microsoft Excel or Word, you may be able to setup your own notary register and save yourself the expense.

84. Technology and the Notary

85. Technology and the Notary Email- Email can be another great way for clients and customers to reach you. However, if you advertise an email address than make sure you check your email at least twice a day so that you can maintain quality communications. Email can also be a low cost way of advertising or keeping your clients and customers informed about the happenings in your business. However, be sure not to use your personal email address as your business address. The email address needs to sound professional and you don�t want to waste time sifting through junk email and correspondence from friends and family when you�re working. www.notarypublic.com offers free email accounts for notaries. Websites- Websites can be a great source of information. You can post your own website and provide customers an easy reference of your contact information, office hours, services and prices. Or you can go surfing the internet for information on signing companies and notary organizations. You can find notary supplies and seminars as well. This can prove to be an invaluable source of business and information.

86. Other Tools Notary Supplies If you are already a Notary Public, then you probably have the necessary Notary tools. Essential supplies include a register, stamp, bond, errors and omissions insurance and blank pre-printed affidavits. Please be aware that your Errors and Omissions Insurance will not cover mistakes on any loan documents that are not notarized. Office Supplies Besides the standard supplies needed for any office there are a few specific items that you may find helpful. Sometimes companies request that signatures be made with similar pens, and Blue ink makes for easy identification of original documents. �Sign Here� tags make identifying signature lines quick and easy. And a small stapler or paper clips will help with your organization. Misc. A date book, paper or electronic will help you keep track of your appointments and provide quick easy answers when someone calls to see if you can do another closing. Some electronic organizers can be equipped to make use of electronic signatures too. A mileage log will help you keep track of the miles you put on your car when using it for business. This can be a helpful tax write-off come spring.

87. Final Test

88. Final Test

89. Mentor Program After completing this course you will be eligible to apply for our Mentor Program. We will pair you with an experienced notary closer who will take you along to 4 signings. You�ll get to see just how a signing should be conducted and on the second two- get to conduct a signing yourself under professional supervision. No seminar can ever replace what you can learn �on the job�. But gaining experience and making mistakes along the way can be very costly. Not to mention first time jitters can cause embarrassing situations. The comfort and support of having an experienced notary closer at your side can really improve your chances of success! Please call or email if you would like more information. 215-234-6467 or Info@carnanco.com

90. Directory of Opportunities

91. Directory of Opportunities American Notary NetworkP. O. Box 9446Brea, CA 92822-9446 Toll-Free: 1-800-917-2050 Hours: (8am-5pm PST, Mon-Fri) Email: members@americannn.com\ goMobileNotary1600 Golden Gate Avenue, Suite 25 San Francisco, CA 94115 http://www.gomobilenotary.com/ Lending Universe http://www.lendinguniverse.com/main.asp Sign up online free The Mobile NotaryP.O. Box 2337Scotia� NY� 12302 Toll Free: (877)399-3059Phone: (518) 399-3059Fax: (518) 399-3059 Email: Mark@themobilenotary.com National Notary AssociationNotary Signing Agent Section9350 De Soto Ave., P.O. Box 2402Chatsworth, CA 91313-2402 Office Hours:Monday - Friday 5:00 a.m. to 5:00 p.m. (Pacific Time) Phone: 1-800-US NOTARY (1-800-876-6827) Fax: 1-800-833-1830 Email: info@signingagent.com http://www.nationalnotary.org/index.cfm NotaryPublic.com Free email addresses, calendar of events Notary Public Directory http://1800anotary.com/other_notaries.htm Notarywork.com P.O. Box 51507 Irvine, CA 92619-1507 For general customer service questions: customerservice@NotaryWork.com If you are trying to register and are having problems: orderproblems@NotaryWork.com Toll Free Phone #: (866) 314-5981 Office Hours: Monday-Friday 9:00 am - 4:00 pm PST.

92. Directory of Opportunities Vital Signing, Inc.10197 Hole AvenueRiverside, CA 92503-3441 Tel. (909) 343-3131 Fax (909) 343-3139 info@vitalsigning.com www.vitalsigning.com 123Notary.com Jeremy Belmont 5850 W. Third Street, # 186Los Angeles, CA 90036 Toll Free: 800 592-8339 Phone: (323) 933-5383 Email: jeremybelmont@hotmail.com Hours: 10 AM to 8 PM, Pacific Time, Monday-Friday. A-24 Hour Notary and Fingerprinting1721 Eastern Ave. Suite 14Sacramento, CA 95864 Phone: (800) 536-7233 Fax: (916) 483-0923 E-mail: notary@a24hournotary.com Web: www.a24hournotary.com Professional Loan Signing Services 7638 N. Ingram Avenue, Suite 202 Fresno, CA 93711 Phone: (888) 689-2383 Fax: (559) 447-8900 http://www.loansigners.com/ U.S. Mobile Notary Association http://www.usmna.net/pamna/ E-mail: info@usmna.net The American Society of Notaries Phone: (850) 671-5164 http://www.notaries.org/ BridgSpan, Inc. Phone: 888.485.2432, ext. 7185 http://www.bridgespan.com/lf.html E-mail: signing@bridgespan.com

93. Directory of Opportunities Loan Closers 25108-B Marguerite Parkway #207 Mission Viejo, CA 92692-2400 Phone: 949-470-3737 or 877.887.3737 Fax: 949-470-3733 or 877-871-3733 Cristy Spooner (x102) - Notary contact http://www.loan-closers.com/ Notary-Services PO Box 1534 Upland, CA 91785-1534 Phone/Fax: 800.909.9003 http://notary-services.com/wel.html info@notary-services.com Notary Work P.O. Box 51507 Irvine, CA 92619-1507 Phone: 949- 305-7517 http://www.notarywork.com/ customerservice@NotaryWork.com Signing Agent National Notary Association Notary Signing Agent Section 9350 De Soto Ave., P.O. Box 2402 Chatsworth, CA 91313-2402 Phone: 1-800-876-6827 Fax: 1-800-833-1830 http://www.signingagent.com/ info@nationalnotary.com ReddyStamp 2222 South Sherwood Drive Valdosta, GA, 31602 Phone: 1-800-737-8949 Fax: 229-253-0580 Cell: 229-630-1232 http://www.reddystamp.com/HTML/notarysp.html Email: sales@reddystamp.com

94. Directory of Opportunities USA Signing Services 2030 East Fourth Street, Suite 117 Santa Ana, CA 92705 Phone: 714-541-1540 Fax: 714-689-2396 http://www.usasigning.com/ info@usasigning.com Communication Intelligence Corporation Electronic Signature Technology and Softwares http://www.cic.com/ IBM Pen Technologies http://www.research.ibm.com/electricInk/ America West Signing Phone: 303-423-3153 Email: awsigning@aol.com (Only accepts applications from 123Notary.com certified signers.)

95. Directory of Opportunities

unlocking the secrets of the signing agent

unlocking the secrets of the signing agent

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