Hi,
I’ve been a mobile notary for more than 10 years but have not ventured into the loan signing agent area. I’ve decided to go for it and want to become a well trained signing agent but I’m confused on which training to invest in. Do I need to do the NNA training which I’m learning just covers the basics or possibly skip that and do Notary2Pro training or do I need both?
Also, I see that NNA offers E&O insurance which I’m finding much cheaper than other companies like biBERK which makes me question the NNA coverage.
I’m ready to jump in and any advice from the pro’s would be much appreciated!
Gail A/ID
If you can do it, do both; many companies only accept the NNA certification, but Notary2Pro also has a list of companies that take their graduates. Notary2Pro also has post-graduate mentorship and help and IMO is more reliable than info from the other.
Standard E&O only covers notarial errors - errors made during the performance of your notarial duties (jurats, acks, etc - failing to get ID, not following your notary laws). It won’t cover errors made while getting the loan docs signed. Expanded coverage is required to cover you for those errors. That’s probably why BiBerk was more expensive - more coverage and risk exposure
Also make sure you get an EIN
Hope this helps. And good luck
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Thank you Linda, you verified exactly what I needed to know. I’ve been reading this forum for weeks before getting into any program because I wanted to make sure I didn’t spend unnecessary money. I plan to do both programs, get the $1 million in liability coverage from BiBerk. As for the EIN with the IRS do most of you all file quarterly?
You don’t “file” quarterly - and you won’t need to make any estimated or quarterly payments if you’re working in a job that takes federal withholding out of your check; but if your business becomes very strong you may want to look into quarterly deposits to avoid a big bill at tax time AND to avoid penalties.
You need the EIN as you’ll never ever give out your social security number to anyone
