We’ve received several inquiries over the past few weeks from our existing clients about what we are doing here at Precision Signing Agency to mitigate fraud and how using our LSAs can reduce fraud during the loan signing process. So I wanted to take a moment to provide an overview of the benefits of using PSA exclusively (including those seller packages that you may be having your clients find their own notaries for):  

Benefits of Using PSA Exclusively for Remote Closings: 

• Fraud Prevention – It’s no secret fraudsters are becoming increasingly sophisticated with their tactics. With the rapid evolution of AI, the ability to impersonate another individual online has never been easier. In addition to strict in-person ID verification using a restricted list of non-expired photo IDs, we have also have had several situations where a borrower/seller does not have the mental capacity to comprehend the documents they are signing or maybe signing under duress. Our Loan Signing Agents are trained to identify these situations and immediately notify us and the attorney of the situation before proceeding. 

• Record Keeping & Document Security – Precision Signing Agency keeps detailed records of all notarizations, including the date, time, location, and identification documents used. This helps provide a trail of evidence in case of fraud. All of these records are stored securely on our platform.  

• Standardization – When you ask your clients to find their own notary, we’ve found it’s been a mixed bag and entirely dependent on the knowledge and organization of the buyer/seller as well as the notary. Sometimes it works out just fine. Other times the notary is unfamiliar with loan signing documentation, or the buyer/seller is either unable to find a notary or doesn’t understand the funding timelines leading to delays and mistakes that are unfortunately typically misdirected at the attorney, title company, or lender.  

• Loan Signing Agents vs. Notaries – The barrier of entry to becoming a notary is low. An 8-hour online course at a community college is all that’s needed in NC. In other states, it’s even lower. Your average notary at UPS/FedEx/Bank may remember the rules they learned one time when they became a notary several years ago, but they have not been trained on residential loan packages nor how to highlight critical elements within the package so the signer is clear and comfortable. Our Loan Signing Agents (LSAs as you’ll frequently hear us reference them) are NNA Loan Signing Agent certified, have an up-to-date background check, have agreed to the Signing Professionals Workgroup Code of Conduct, and have experience specifically with residential and commercial loan packages. While they are prohibited from offering legal advice or recommendations, their knowledge of the loan signing package and process means they don’t just notarize without reviewing the content of the loan package. They are often the first to identify missing standard documents, inconsistencies in dates/counties/names, and situations where clarity is needed from the lender/attorney before proceeding. Simply put, these loans are often the single largest transaction in your borrower(s)/seller(s) life. It’s prudent to leverage a professional just like every other step in the loan process. 

• Client Experience – From Amazon to grocery delivery, clients expect services to come to them without hassle. This is admittedly a tough one to quantify, but the client experience is critical for sustained business. Having bought and sold primary and investment homes ourselves, we all realize clients have already jumped through many hoops with lenders, realtors, home inspectors, appraisers, etc. By the time they reach the “clear to close” milestone, they just want to get the paperwork signed and move on without hassle. They are typically exhausted and have a low tolerance for any additional headaches. Having a professional loan signing agent meet them at a time and place of their convenience and walk them through the documentation goes a long way to assuring a good client experience. 

• Quality Review – Not only are our Loan Signing Agents highly qualified and experienced, but we have a mandatory PSA review of all loan signing scan backs resulting in an error rate of less than 1%. This not only prevents funding delays and frustration by all parties involved but frees up your staff to work on other tasks rather than reviewing loan signing packages.