Because if you get your business from loan signing services, you share the loan signing fee with them. Understand that loan signing services take a cut of every loan signing fee as payment for finding you the loan signing appointment.
Not many notary signing agents know this.
Each time you make $100 completing a loan signing for a signing service, you could be pocketing $150-$200 if you had simply gotten the appointment directly from a mortgage professional.
And what’s worse is that there are signing services who only offer $75 dollars per appointment... and I've even heard of signing services that pay as low as $60.
As Long As You Work For Signing Services, You Will Always Split Your Fee with Them
I mean, it's only fair, right? After all, they did put in the legwork of finding the appointment for you.
So now that you understand how signing services work, let's talk about the bottom line for notary loan signing agents who work for signing services.
Loan signing services typically pay $100 an appointment, which is still great money no matter how you cut it. Even after gas and printing costs, you’re making about $80-$85 for an hour of work.
Note, though, that I do not include drive time to and from the appointment in the total of hours worked per job.
This is because there is no single average distance that is driven per loan signing — some can be two blocks from your home and others can be 45 minutes away. So it's safe to assume that there will always be a little bit of drive time when you accept a loan signing appointment.
Looking at drive time in this way is no different than a typical 8-5 office job. People typically don't factor their commute time into the total hours of work they complete on any given day.
Think of it like this — if you work 8AM to 5PM but your daily commute takes around 45 minutes with traffic in the morning and 45 minutes to get home in the evening, your boss doesn't pay you for that extra hour and a half. This is usually pretty standard.
The fact of the matter is, as a loan signing agent, your loan signing appointment should be no more than an hour. Just like a physical trainer trains a client in an hour. A loan signing agent sits with a borrower for about an hour. But unlike most physical trainers, we get $100 for that hour of work.
The fact of the matter is that a loan signing agent sits down with a borrower for about an hour, just like a physical trainer coaches a client for an hour... but unlike most physical trainers, a notary loan signing agent gets around $100 for that hour of work.
Are There Any Upfront Overhead Costs that Come with Being a Notary Loan Agent?
Yes. In the same way that a physical trainer needs equipment and a massage therapist needs oils and a massage table, notary loan signing agents need some supplies — namely, a dual tray laser printer, paper, and ink. Keep in mind, though, that these necessities are only for loan signing agents who choose to work for loan signing services. If you get your business directly from mortgage professionals like escrow officers, the loan documents will be printed for you).
Then you'll need insurance (around $15 a month) and gas. Done. That's the overhead for notary loan signing agents.
So for notary loan signing agents who work for signing services, you'll need about $5 for printing costs and $10-$15 for miscellaneous expenses like gas — meaning, if you have a $100 appointment from a loan signing service, you'll end up walking away with $80-$85 in total for an hour of work.
Let's then factor in an approximate travel time of 30 minutes to and from the appointment. For a job lasting a total of 3 hours, you're making approximately $40 per hour in 1099 money.
That's $40 an hour for a profession which requires no experience and no college degree.
This is just one of the many reasons why I'm convinced being a notary loan signing agent is the best-kept secret in the real estate industry.
However, in my Loan Signing System notary signing agent training course, I teach students to think of signing services as the minor leagues — your goal is to get loan signings directly from escrow officers, mortgage officers, and real estate agents.
Because mortgage professionals pay much more money per appointment than signing services.
Your Bottom Line Increases Significantly When You Get Business Directly From Escrow Officers, Mortgage Officers, and Real Estate Agents
Instead of earning $100 per loan signing, you'll be taking home $150 or more. Plus, there will be zero printing costs eating into your total profit.
And most importantly, you'll keep 100% of the signing fee!
So for notary loan signing agents working directly with mortgage professionals... subtract only gas and other miscellaneous costs (that I mentioned above) from your $150 fee and now you’re earning $135-$140 per loan signing.
Now you can see how valuable it is to be able to bypass loan signing services and get loan signings directly from an escrow officer, loan officer, or real estate agent.
Your bottom line increases drastically you start landing direct loan signings.
If You Are a Notary Loan Signing Agent Who Doesn't Know How to Get Direct Business, Don't Worry.
Walking into an escrow office and getting loan signings isn't hard. There are specific skills and techniques that make getting direct business loan signings quick and easy — and they often times pay double the fee you're used to receiving from signing services.
And even if you're brand new to the industry, these opportunities exist for you too.
My five star-rated Loan Signing System online training course for notary loan signing agents will teach you, regardless of experience level, how to get high-paying loan signings directly from mortgage professionals who often pay $150-$200 per appointment.
Thousands of people are using my techniques across the country right now to make hundreds or even thousands of dollars every month as notary loan signing agents.
I'm Mark, I teach Loan Signing System, and I'm looking forward to showing you how to be a successful, accurate, and efficient notary loan signing agent today!
About the Author
Mark Wills is the course instructor of the top rated Loan Signing System agent training course. He has been an active professional loan signing agent for nearly 20 years and owns a loan signing service that does thousands of signings a year.