Interested in finding out how to become a notary signing agent in New Mexico? We’ve got you covered.
In order to become a notary signing agent, you will need to:
- Be commissioned as a notary public
- Take a loan signing training course
- Become Signing Professionals Workgroup (SPW) compliant
- Purchase your notary supplies
This Notary Signing Agent New Mexico article breaks down everything you need to know in easy-to-follow, succinct steps, and should help you commence your loan signing career with as little difficulty as possible.
Recommended: Interested in getting started? Have a look at the National Notary Association’s notary signing agent packages.
What is a Notary Signing Agent
Notary signing agents (NSAs) are crucial in the real estate sector as they act as a guide for borrowers through loan document signings, acknowledging their signatures, and returning documents to the lender.
On the surface, the role of an NSA might seem identical to that of a notary public, but the distinction lies in the level of expertise required for each task.
While a notary public primarily verifies the identities of signatories and acknowledges signatures, an NSA possesses a deeper understanding of loan documents and has been trained to provide unbiased explanations of each document’s purpose.
Although no extra legal qualifications are required to become an NSA in New Mexico, undertaking specialized training is strongly recommended for a couple of reasons. Namely, because it:
- Makes you a more appealing candidate to lenders, title companies, and other industry recruiters — who typically prefer NSAs with specific training due to the complexity of loan signings
- Ensures that you’re actually capable of competently fulfilling all of the responsibilities associated with being an NSA
Note: For more information on this specialized training, see Step 2: Take a Loan Signing Training Course below.
How to Become a Notary Signing Agent in New Mexico
If you’re interested in the idea of becoming a notary signing agent in New Mexico, you can get started today by completing the following steps.
Step 1: Become a Notary Public
In order to become a notary signing agent, you will first need to be commissioned as a notary public in New Mexico.
In order to do this, you will need to complete the following steps:
- Meet the basic eligibility criteria: All applicants must be at least 18 years old, a permanent legal resident of the US and New Mexico, and have not been convicted of a felony or crime involving fraud, dishonesty, or deceit in the last five years. You must also satisfy the requirements under the Revised Uniform Law of Notary Acts
- Purchase your notary supplies: Tools of the trade, such as a notary seal and journal, are essential to be able to effectively perform your duties. These will need to be specific to the state of New Mexico
- Purchase a $10,000 surety bond: You are required to get a bond in the amount of $10,000. The company that issues the bond must also provide a power of attorney with the name of the company official who signed the surety bond
- Take the training course and pass the exam: In New Mexico, there are two primary ways for you to complete your education and exam: New Mexico State-Required Training and Exam or New Mexico State-Required Remote Online Notary Training and Exam. You’ll be issued your certificate of completion when you successfully complete your training course and exam
- Complete and file an application form: Next, fill out your Notary Public Application, sign the oath of office and get it notarized. Once complete, submit your application, alongside your surety bond, certificate of course/exam completion, and a $30 application fee, to the New Mexico Secretary of State, Notary Division
- Send your stamp registration form: Within 45 days of your application approval, provide proof of your stamp by sending in the Stamp Registration Form to the New Mexico Secretary of State
For a more in-depth overview of the process of getting commissioned as a notary public in New Mexico, we recommend having a look at our How to Become a Notary in New Mexico overview.
Step 2: Take a Loan Signing Training Course
After you receive your notary commission and are ready to begin operating as a notary public, you will likely want to undertake a specialized loan signing training course.
Even though this is not a requirement in the state of New Mexico, it is highly recommended as it offers the following benefits:
- In-depth understanding: A specialized course can allow you to dive deep into the complexities of mortgage loan signings, improving your overall understanding and capabilities as an NSA. It can also help you become well-versed in how to handle unexpected situations with professionalism
- Boosts employability: Your certificate signifies commitment and a specialized skill set, both of which greatly increase your marketability. Candidates with additional qualifications are also very attractive to hiring companies
- Confidence builder: A course can provide you with a certain degree of “hands-on experience,” which will inevitably make you more comfortable and confident during actual signings. This confidence can translate into improved service and positive client experiences
Did you know? A loan signing training course can also prepare you to pass the Signing Professionals Workgroup (SPW) exam.
We recommend the National Notary Association’s notary signing agent certification course, which includes background screening, a comprehensive guide, a priority notary signing agent listing, and a loan documents sourcebook.
Step 3: Become SPW Compliant
Even though this step is optional, it is generally recommended.
Compliance with SPW regulations instills trust and confidence in clients, reduces errors and discrepancies, and helps maintain the integrity of loan signings — especially during real estate transactions — protecting all parties involved.
Getting compliant involves undergoing a background check, passing an exam, and purchasing errors and omissions (E&O) insurance (with a minimum of $25,000 in coverage).
Step 4: Purchase Signing Agent Supplies
After you’ve been commissioned as a notary public and have spent time in order to become qualified as a loan signing agent, you will need to purchase your notary supplies.
As loan signing agents, using a notary stamp or seal and a notary journal or record book is essential for legal purposes.
The seal or stamp is used to authenticate and validate notarized documents, while the journal serves to record pertinent details of each notarial act, providing a permanent record for reference and potential legal verification.
Step 5: Obtain Errors and Omissions Insurance
In New Mexico, obtaining an E&O insurance policy is optional, but important to have.
This insurance covers legal expenses and potential damages that may arise from professional errors, protecting your personal assets, and ensuring peace of mind while performing your notarial duties.
Examples in which an E&O insurance policy would be useful include:
- You’re overseeing a busy loan signing and, in a rush, you accidentally miss a signature. The loan process stalls, the borrower incurs late fees, and you’re hit with a compensation claim
- While going through a home loan document, you wrongly notarize a signature. The mortgage approval is lost and the client files a claim against you
- During a loan signing, you skip a page inadvertently. The document is void, leading to delays and extra work. In this case, the lender could choose to file a claim against you in order to be compensated for any additional expenses
Note: Purchasing E&O insurance is actually a requirement for becoming SPW compliant.
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Notary Signing Agent New Mexico FAQ
How much do loan signing agents make in New Mexico?
New Mexico notaries can charge $5 per notarial act. Notaries may charge a maximum of $0.30 per mile when traveling to perform a notarization (if you’re a mobile notary). This allows full-time notaries with enough experience to earn an average annual income of $37,030 through regular signings.
How do I become a notary signing agent in New Mexico?
To become a notary signing agent in New Mexico, you must first be a notary public. Then, you’ll need to go on to acquire additional training or certifications related to loan signings. For more information on the process of qualifying as an NSA, read our guide on How to Become a Notary Signing Agent.
How long does it take to become a notary in New Mexico?
It can take two to 10 weeks for the New Mexico Secretary of State to issue your commission once you’ve submitted your application and supporting documents. Bear in mind that this estimation may also vary depending on your schedule and pace. For a more accurate estimation of how long it will take you, see our Notary Signing Agent New Mexico article.
Does New Mexico allow remote notaries?
Yes. A New Mexico notary public may apply to perform remote online notarization (RON). This allows for the electronic notarization of documents over the internet using audio-video technology. Signers and the notary interact remotely, verifying identities and witnessing signatures in compliance with applicable laws and regulations in the state.
For all related articles, have a look at our How to Become a Notary Signing Agent page.