Have you ever heard of a “Loan Signing Agent?” Probably not. That’s because this business is one of the best kept secrets in the real estate industry! A loan signing agent is essential to every real estate deal that occurs and there’s plenty of business.. This is the perfect industry for anyone who is ready to be their own boss.
You can work part-time or full-time and the best part is that you can choose your appointments similar to how Uber and Lyft drivers can choose which rides they want to accept.
This is a great way to earn an extra $1000-2000 a month and supplement your income!
What is a Loan Signing Agent?
A loan signing agent is a notary who walks a home buyer through his loan paper work. They make sure that all of the right fields are signed and dated. They also notarize certain parts of the loan. Once the paper work is filled out and notarized, they package the documents and deliver them to the escrow company.
Loan Signing Agents are an essential part of every real estate transaction. This is why there is a constant demand for them in the real estate industry!
Who hires the Loan Signing Agent?
Loan Signing Agents are usually hired by the mortgage company/lender or the escrow company handling the real estate transaction. Many Loan Signing Agents find their business by signing up for Loan Signing Directories. These directories allow mortgage and escrow companies to text/call or notify you when they have work! Being a Loan Signing Agent is similar to Uber and Lyft, except you are earning much more!
How do I become a Loan Signing Agent?
Becoming a loan signing agent is a simple process.
All you have to do is become a notary public. Then you take a simple Loan Signing Class and you are set to go.
- I heard about this course while listening to one of my favorite podcasts (Here’s a link to the episode). I researched a number of other courses, but ultimately decided on this one due to its in depth, hands-on nature.
- Every state has different requirements for Notaries. Pick your state to find out what course you’ll need to take.
How to become a Notary Public?
First, you must become a notary. To become a notary, you must take an online course or a one day in person course. After you receive a certificate of completion for taking the notary course, you can sign up to take the official notary exam.
Once you have passed the notary exam, you must file an oath with the county clerk and file a bond. Following these final steps, you purchase some notary supplies and you are ready to perform duties as a notary public.
Take a Loan Signing Agent Course
Technically, becoming a Notary Public is the only necessary certification for performing loan signing.
To actually perform loan signings correctly, you’ll want to take the Loan Signing System Course mentioned above.
These courses are a great way to familiarize yourself with all of the documents that you will be handling as a Loan Signing Agent.
The course will teach you how to perform loan signing properly and he will go above and beyond to teach you how to get business.
How do I find Business as a Loan Signing Agent?
There’s two ways for a loan signing agent to find business. You can either sign up for loan signing directories or you can earn business directly from financial institutions.
Signing up for Loan Singing Directories
This method is the easiest way of getting business when starting off as a loan signing agent. You simply signup for multiple directories where financial institutions can find you when they need loan signings.
It’s similar to Uber. You will be notified by escrow companies and lenders when you are needed for a job. You can choose to either accept or decline the job.
You will be paid somewhere between $75-100 per loan signing when using this method. This is a great way to start off, but earning business directly from financial institutions is the best way of earning.
Loan Signing Directories:
This is one of the best loan signing directories. If you sign up here, you will get signings. The signup process is extremely simple.
Notary Rotary is another great directory to be apart of. This one has been around for a while, and you should definitely sign up for it.
123 Notary, similar to Notary Rotary, has been around for a long time and is another great directory to sign up for. You have the option to pay for a preferred slot. This is not necessary because anyone looking for you will most likely pick you based on location.
Notary Resume is another directory that you should sign up for. Remember, the trick to receiving a ton of business is to signup for as many directories as possible.
To be a part of this database you must pay a fee. This is a newer database and you will most likely get a lot of loan signings from it.
Earning Business Directly from Lenders and Escrow Companies
This method requires a bit more work, but it is much more profitable. Plus, if you earn business directly from these companies, you can easily hire other loan signing agents to complete the job for you. This is an excellent opportunity to start a small business!
This method requires you to build connections with real estate agents, mortgage brokers, and escrow companies. These people are always in need of a loan signing agent who is competent enough to see the deal through.
If you follow the Loan Signing System that I recommended earlier, you’ll learn quite a few tips on earning business directly from these companies. Once you start earning business directly, you could be making between $100-200 an appointment.
If you learn how to “package” loan documents (Make copies for the lender, title company, and escrow company), you will set yourself apart from other signing agents. This skill will make it much easier to earn the business from lenders and escrow companies.
A loan signing agent is simply a notary who specializes in loan documents. It’s a great way of earning some extra income.
Some people even turn this little side business into their full time career!
Getting started is easy. All you need to do is becoming notary public and take a loan signing certification course. This shouldn’t take more than two months.
I recommend taking a look at some other articles and youtube videos before you decide to pursue this.
If you have any questions, feel free to email me at firstname.lastname@example.org!
[Full Disclosure: I receive a referral fee if you purchase through the links on this page.]