I'm often asked, “What is the difference between an escrow state and an attorney state as it relates to notary signing agents?”
But before I can answer that, let’s first define the difference between an escrow state and attorney state or also known as a no-escrow state.
Frankly, there are probably more complex answers than the one you're about to receive, but I'm going to make it simple as it relates to being a notary loan signing agent.
In an escrow state, an escrow company directs the closing of a real estate transaction. Whether that be between a buyer and seller or a lender and borrower, the escrow company is the third neutral party playing quarterback to the transaction. Since the escrow company controls many factors of the closing, the escrow company chooses who they outsource various aspects of the closing process (including the loan document signing process and which notary signing agent to use).
In an attorney state, an attorney facilitates the closing and either acts as the third neutral party or represents the buyer or seller. However what really differentiates the attorney from the escrow company is that a large portion of the closing process is handled in-house.
So what does that mean for notary signing agents?
I am frequently asked how come notary loan signing agents make anywhere between $75 and $200 per hour-long appointment.
This is a multi-faceted answered, so allow me to answer it as succinctly as I can.
But first, if you're unaware of what a loan signing agent is, here's the answer:
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I frequently hear people say, “I want to become a loan signing agent but I'm not a notary public.”
And to that I say, “So? What are you waiting for?”
It’s so easy to become a notary public. In most states (and by most states I mean 38 out of 50 states, it’s as easy as applying to become one. Just like you would apply for a credit card or a new job, you apply to be a notary public.
No test, nothing to study, and no course to pay for. You just submit an application. That is it.
I’m frequently asked, “what are the exact supplies you need to be a loan signing agent and where can I get them?”
It should be no surprise that the answer is Amazon! I mean, what don't they sell!?
I buy almost all of my supplies from Amazon. Paper, ink, and even my printer.
So, now that you know where I personally buy my supplies, let me show you exactly what you need. And don't worry, I provide links below should you need them!
Before I get started on what supplies you need, remember there is no need to overpay for your supplies. Your supplies won't win you any more business. Nobody will care if your notary stamp has an LED flashlight attached to it or has the most advanced self inking device. The items I list below are the most practical that I’ve found.
So, let's start off with the actual notary stamp. Amazon can get it made for $14. That's right. Less than 15 bucks! Simply order it and they’ll guide you on how to get your exact stamp for your state.
I’m frequently asked, “Mark, should I wait to take the Loan Signing System Training Course until after I have received my notary commission?”
The answer is absolutely not.
Let me be the first to tell you that becoming a notary public loan signing agent is NOT a get rich quick scheme. It is a legitimate profession that thousands of people are doing to make great money working for themselves.
There will be a learning curve since you have to learn a new skill. The fact of the matter is you can’t learn how to become a loan signing agent that makes anywhere from $75 to $200 per hour long appointment in an evening or two.
Just like you can't learn to be a chef in an evening or two. Or learn how to hit a golf ball in a day or two.
Learning how to navigate a borrower through a set of loan docs will take some studying and you will want to do that BEFORE you get your notary commission in the mail.
Which Notary Public Loan Signing Agent Certification Should You Get First: NNA or Loan Signing System?
I'm frequently asked, “I know I need to take your certification and the NNA's but what which one do I need to take first?”
The answer depends if you're a beginning loan signing agent or not.
I'm always asked, “Mark, what’s the one tip you can give a signing agent that will significantly grow their loan signing business?”
And it's funny, my biggest tip I can give to grow your signing agent business has nothing to do specifically with being a signing agent at all.
My one tip for you to grow your signing agent business is to show gratitude.
About the Author
Mark has been an active professional loan signing agent for nearly 15 years. He owns a loan signing service that does thousands of signings a year. He is the course instructor of the top rated Loan Signing System agent training course.