So, first, let's differentiate between a loan signing agent and a notary public.
A notary public simply witnesses signatures. That's it. And charges per signature witnessed.
A loan signing agent witnesses signatures AND knows how to walk a borrower through the loan signing process.
There are roughly 100 to 150 pages in a standard set of loan documents that needs signatures, initials, and dates on them. A loan signing agent knows exactly where the borrower needs to sign, date and initial on those loan documents.
And that is the difference between a loan signing agent and Notary Public. A signing agent does not charge by the signature (or stamp) like a notary public. A loan signing agent charges a flat fee of $75 to $200 for their SKILL of knowing how to execute a loan signing.
So why do signing agents get paid so much for a relatively easy task?
I mean, you essentially walk a borrower through a set of loan docs and witness them sign the paperwork. It’s the easiest task, once you know what you’re doing.
Loan Signing Agents get paid so much because they are an instrumental part of the real estate transaction closing process. And timing and accuracy are vital to a loan closing. Loans have to fund in time for deadlines to be met. And a poorly executed loan signing (missed signatures, missed dates, forms not filled out, etc.) can delay a funding, costing escrow officers or mortgage officers thousands of dollars in rate lock extensions, close of escrow penalties, and lost commissions. Or in the worst case, a buyer could miss out on the home they are trying to buy.
So this is exactly why a loan signing agent gets paid as much as chiropractor, accountant, or some attorneys on a per hour basis.
In conclusion. A notary charges per signature witnessed. A signing agent charges a flat fee for completing the task of making sure a borrower signs a set of loan documents correctly.
So you should be asking, why does a signing agent need to be a notary at all!? And it is because on average 3-5 pages within the 100 page loan set will need a notary acknowledgement, which can only be performed by a notary public. But once again you DO NOT charge for those signatures witnessed. Just a flat signing agent fee of $75 to $200!
The best part about being a signing is unlike real estate agents, appraisers or mortgage officers, you do not need a special loan signing license, you simply need a notary commission. In most cases, you can get your notary commission by simply filling out an application in your state… although there are a handful of states that require a short test and training course.
And once you have your notary commission, all you’ll need is your notary supplies and the knowledge of how to walk a borrower through a set of loan documents.
And once you learn that skill, you can make $75 to $200 per hour long appointment.
And that is why being a signing agent is the best kept secret in real estate!!
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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.