When the TILA-RESPA Integrated Disclosure (TRID) rules and the new Closing Disclosure went into effect a little over a year ago, they added a new layer of regulatory mandates for the mortgage industry. As a result, settlement services companies quickly realized that they needed to rethink how they select Notary Signing Agents for loan-signing assignments.
The NSA often is the only person the borrower encounters face-to-face throughout the entire mortgage process, and regulators use feedback about the consumer experience as a key measuring stick when evaluating mortgage lenders.
At Snapdocs, we rank and rate the 65,000 Notaries in our database according to user reviews and qualifications, and our analysis shows that NSAs with more than 90% positive reviews get more assignments than those with lower ratings.
Getting Great Client Reviews
What can you do to boost your rating and encourage glowing reviews from settlement services companies and borrowers? Here are five tips based on feedback from hundreds of thousands of mortgage signings:
- Arrive on time — or, better yet, show up to the closing a few minutes early. If you are running late, be sure to communicate that to the borrower.
- Help keep the borrower informed, as appropriate. If you are called upon to act as a messenger between the borrower and the lender, title company, or signing service, clearly communicate all information that needs to be relayed. And, if there is a change to the signing, alert the borrower immediately (if you provide the borrower with an update before their mortgage company does, even better).
- Dress professionally. Your first impression is your only impression with mobile closings, and presenting yourself well helps to earn borrowers’ trust and confidence in you.
- Come prepared and organized with all of the loan paperwork. Be knowledgeable about the forms the buyer will be signing so you can competently answer any questions during the closing, easing the anxiety of uncertainty.
- Be friendly, courteous and patient. Borrowers don't want to feel rushed, and every borrower will move through the closing at his or her own pace — some may have more questions than others. Also, have patience with less-than-ideal signing situations, such as environments with lots of distractions (pets, kids, etc.).
Focusing On Signing Agent Quality
The reality of the post-TRID era is that mortgage lenders and title companies care about the quality of the NSAs they use. The shared impressions of those who have actually worked with individual Notaries provide the greatest insight into the quality of the experience that a signing professional will create for borrowers.
To win more business, focus on leaving a positive impression at the closing table, every time. With a high rating, you’ll be in high demand.
Aaron King is the founder and CEO of Snapdocs Inc., a modern technology platform that simplifies mortgage loan closings.