Because if you work with loan signing services, you share the loan signing fee with them. Understand that loan signing services take a split of the loan signing fee for finding you the loan signing.
And while you can make $150-$200 getting direct business. You only make around $100 with loan signing services.
And what’s worse is there are loan signing services who only offer $75 dollars a loan signing and I have even heard of loan signing services that pay $60, which I personally find insulting.
But if you insist on working for loan signing services, you will always be sharing the fee with the loan signing service company. Which frankly you should be; they did get you the loan signing after all.
But let's talk about the bottom line:
Loan signing services on average will pay $100 an appointment, which is still great money no matter how you cut it. Even after gas and printing cost. You’re at about $80-$85 for an hour worth of work.
And no, I do not include drive time in how many hours a notary works.
One, because is there is not an average distance that is driven for each loan signing. I do some loan signings that are two blocks from my house and I do some loan signings that are 45 minutes away. To me, you should assume that there is driving time.
Which brings me to my second point: Since when does any one include driving time with how many hours they work?
If you work an 8 to 5 but your commute to your job takes 45 minutes with traffic to get there and 45 minutes back home, your boss pay doesn't pay you for the extra hour and a half, does she? And when is the last time someone said, “I work a 7:15 to 5:45” since they have a 45 minute commute? Of course they don’t.
The fact of the matter is, as a loan signing agent, your loan signing appointment should be no more than an hour. Just like an physical trainer trains a client in an hour. A loan signing signing agent sits with a borrower for about an hour. But unlike most physical trainers, we get $100 for that hour of work.
Next, is there some upfront overhead of being a notary loan signing agent?
Yes. No different than a physical trainer who needs equipment or a massage therapist who has to have oils and massage table. Loan signing agents need a dual tray printer, ink, and paper. Keep in mind that this is only for loan signing agents who choose to work for loan signing services (if you get direct escrow business, the docs will already be printed for you). And then you have to have insurance, which is about $15 a month. Then gas. That's our overhead.
So your bottom line for working with a loan signing service should be about $5 for printing costs. And about $10-15 for everything else, including gas. So if you have a $100 loan signing service appointment, that leaves you with $80-$85 per appointment after expenses for an hour’s worth of work.
Let’s just say there’s 30 minutes of travel each way. For a total of two hours of work. That is roughly $40 dollars per hour take home. 1099'd.
What other work in America can you make $40 an hour with no experience and with no college degree?
However, the way I teach my course is to use loan signing services as your training ground. Think of loan signing services as the minor leagues. Your goal is to get loan signings directly from escrow officers, mortgage officers and real estate agents. Or to continue my analogy, you want to get to the major leagues.
Why? because there is so much more money to be made if you get loan signings directly from escrow companies, mortgage officers or real estate agents. Your bottom line significantly increases. You go from $100 per signing to $150 and there are zero printing costs.
More importantly you keep 100% of the signing fee!
So subtract only gas and other costs from your $150 and now you’re at $135-$140 per loan signing.
Now you can see how valuable it is to be able to bypass a loan signing service and get loan signings directly from an escrow officer, loan officer, or real estate agent.
Your bottom line increases drastically when getting direct loan signings.
If you are a loan signing agent who has never learned how to walk into an escrow office and get a loan signing, I can teach you. There are specific skills and techniques to get direct loan signing business that oftentimes pays double the fee you get from loan signing services.
On the other hand, if you are not willing to put in the effort to bypass the loan signing service, you have have to unfortunately put up the fees of being a loan signing service notary.
If you want to learn how to become a loan signing agent with nothing more than your notary commission and you want to learn how to get direct signings from escrow officers so you can earn even more with the same amount of work, then click on the link below and get my Loan Signing System course!
I'm Mark, I teach the Loan Signing System and I look forward to helping you become a great loan signing agent!
Click on the button below to get my Loan Signing System course, where you learn how to do a perfect loan signing in under an hour. I'll go over the most challenging parts of a loan signing so you can become an expert loan signing agent and make $75 to $200 per appointment, part-time, and on your own schedule.
About the Course: The Loan Signing System is the most advanced notary public course online focused on teaching people to become proficient and even expert loan signing agents. The Loan Signing System is not a certification or multiple choice test; it is a hands-on step-by-step training course that walks you through you how to do a perfect loan signing as well as get loan signings so you can supplement your income. The course aims to train you in such a manner that you become better than the majority of certified loan signing agents in the field. It is the best signing agent training available.
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 15 years and owns a loan signing service that does thousands of signings a year.