I'm frequently asked, "What exactly is a signing service? And what is the difference between a signing service and signing agent database?"
You constantly hear me say that being a notary signing agent is the best way to make money because you get loan signings simply by location. Just like the closest gas station gets your business, the closest signing agent to a borrower gets the loan signing.
It's almost too good to be true. Your entire loan signing career could be without having to sell, prospect, or make cold calls to market yourself. You literally wait for a call, text, or email asking if you have time for a signing and you get paid $100 on average for an hour-long appointment.
So the question is, why is this possible? How does it all work?
This is all possible because of something called signing services. Signing services are companies that market themselves to escrow companies, mortgage companies, and real estate agents to fulfill their loan signing appointments.
Once the signing service has gained a mortgage professional as a client, the mortgage professional will email the signing service that they have loan documents ready for a borrower to sign. That is when the signing service will call, text, or email the closest signing agent to the borrower’s location.
You can think of the signing service as a broker. They act as the middleman between people that have loan signings (escrow officers, mortgage officers, and real estate agents), and people that can do loan signings (notary public loan signing agents).
For doing the work of getting the loan signing from the mortgage professional and arranging the appointment with the signing agent, the signing service takes a piece of the signing fee.
The signing service, on average, takes about 1/3 of the signing fee and gives the signing agent the rest. As an example, if a signing fee is $150, the signing service would take $50 and give $100 to the loan signing agent as their fee. Once again, this is an average, some pay more and some pay less.
Now you know what a signing service is.
So the next question is, how do signing services find signing agents to give these signings to?
The answer is, they use signing agent databases.
So, what is a signing agent database? The best way to understand signing agent databases is by thinking of Yelp.
Picture this: you’re hungry. You want a restaurant. You open up Yelp. You type in a zip code and a list of restaurants pop up near that zip code.
That is exactly how a signing agent database works. But instead of searching for a restaurant they are searching for a signing agent.
Signing services use signing databases to find loan signing agents by zip code.
The signing service types in the zip code of where the loan signing will take place and a list of signing agents pop up - exactly as restaurants would on Yelp.
And similar to the restaurants listed on Yelp, signing agents are listed in order of proximity to the signing location.
The signing service will then reach out to each signing agent by phone call or text based on location until someone agrees to fill the order.
There’s no catch. That's it. The first agent that answers and is available gets the loan signing. And that's why this is the best part-time income out there. No sales, no marketing, just a phone call and you make hundred dollars for an appointment that takes about an hour.
Some signing services will send a mass text message to all the signing agents who live closest to the signing address and the first one to respond that they are available gets the signing.
All you have to do is reply as fast as possible with your smartphone.
This business is amazing.
In a nutshell, here’s how the signing service business works:
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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 20 years and owns a loan signing service that does thousands of signings a year.