By Mark Wills - Course Instructor of the Loan Signing System and Forbes Real Estate Council Member, and Best-Selling Author
I frequently hear people ask, "What exactly is a signing service? And what is the difference between a signing service and a notary loan signing agent database?"
I'm constantly telling those around me that being a notary loan signing agent is the best way to make money because you get loan signing appointments simply based on your location — in the same way that the closest gas station gets your business, the closest notary loan signing agent to the borrower gets the loan signing.
I mean, it's almost too good to be true.
You Can Build An Entire Loan Signing Career Without Having to Sell, Prospect, or Make Cold Calls to Market Your Business.
In a literal sense, you can just sit and wait for a call, text, or email asking if you have time for a loan signing appointment, and get paid $100 (on average) for a job that takes about an hour.
So naturally the question becomes, why is this possible? And how does it all work?
Getting business in the way I described is possible because of something called a signing service. 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 company has gained a mortgage professional as a client, the mortgage professional will email the signing service to let them know that they have loan documents ready for a borrower to sign. That's when the signing service will call, text, or email the closest notary loan signing agent to the borrower’s location.
And it is that notary loan signing agent who gets the job.
You can think of the signing service companies as a broker — they act as the middleman between people who have loan signings (escrow officers, mortgage officers, and real estate agents), and people who can do loan signings (notary public loan signing agents).
And for doing the legwork of getting the loan signing from the mortgage professional and arranging the appointment with the notary signing agent, the signing service takes a piece of the signing fee.
The signing service company, on average, takes about 1/3 of the signing fee and gives the notary loan signing agent the rest. For example, if a signing fee is $150, the signing service would take $50 and give $100 to the loan signing agent as their commission. Remember though, this is an average — some pay more and some pay less.
How Do Signing Service Companies Find Notary Loan Signing Agents for Their Appointments?
That's a great question!
And answer is, they use signing agent databases.
What is a signing agent database? The best way to understand signing agent databases is by thinking of Yelp.
You’re hungry. You want a restaurant. You open up Yelp on your smartphone. You type in a zip code and a list of restaurants pop up within or 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 loan signing agent.
Signing services use signing agent databases to find loan signing agents by zip code.
The signing service types in the zip code in which the loan signing appointment will take place and a list of loan signing agents pops up — just like restaurants on Yelp.
And similar to the restaurants listed on Yelp, loan signing agents are listed in order of proximity to the signing appointment location.
Then, the signing service will reach out to each loan 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 loan signing agent who answers and has the availability gets the loan signing. No sales. No marketing. Just a phone call or text and you make around $100 for an appointment that takes about an hour.
All you have to do is register your name in the signing agent database, then reply as fast as possible from your smartphone when they text you!
In a Nutshell, Here's How The Signing Service Business Works:
It truly is that easy.
If you want to learn how to make great money in an industry that doesn't require any sales, working on your own schedule, take my five star-rated Loan Signing System online training course for notary loan signing agents. 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.