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Notary Bulletin

NSAs Rate Late Documents And Poor Communication As Major Issues During Loan Signing Assignments

Late delivery of loan documents, poor communication with lenders and more complex and difficult assignments were among of the biggest concerns NSAs reported in an online Notary Bulletin survey on loan signing issues last week.

When asked to rate how often they encountered different issues during loan signing assignments, 52 percent of NSAs surveyed listed “Often” for late loan package deliveries, while another 40 percent said they encounter this issue “Sometimes.” At the same time, 82 percent said that they “Sometimes” or “Often” had problems contacting a signing service or lender during assignments.

More than 75 percent of respondents said loan document signings had become either “Somewhat” or “Significantly” more complex and difficult.

Thirty-one percent of respondents said the fees they are paid for loan document signings had dropped “Somewhat” in the past three years, while another 22 percent said fees had decreased “Significantly.” Seventeen percent said their fees had increased while 28 percent reported no change.

Fewer Signing Agents said they are being pressured to bend or break rules. Seventy-two percent said they had never been asked to perform an illegal act, while 24 percent said they are sometimes asked to do something improper during a notarization. Only 3 percent said they are often pressured to violate notarial rules.

 

David Thun is an Associate Editor at the National Notary Association.

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