By Mark Wills - Course Instructor of Loan Signing System, Forbes Real Estate Council Member, and Best Selling Author
I am frequently asked how come notary loan signing agents make anywhere between $75 and $200 per hour-long appointment.
But first, if you're unaware of what a loan signing agent is, here's the answer:
A loan signing agent is a notary public who walks a borrower through a set of loan documents when they purchase or refinance their home. A loan signing agent ensures that the borrower has filled out the forms properly, signed, and dated the documents accurately. Then the loan signing agent notarizes the document.
The notary loan signing agent doesn't get paid an annual, monthly, or hourly salary... they are paid per appointment.
The loan signing agent is typically paid $75 to $200 for that appointment, which typically takes about an hour with the right training.
The loan signing agent can work for themselves, part-time, and on their own schedule. A loan signing agent does not need any formal education nor are they required to have a certification, just a notary commission from their state.
So let's first talk about the range of $75-$200 per signing that signing agent.
You will see on every closing statement the 'loan signing fee' as its very own line item, typically it’s $150 to $200 per appointment. Whether it is $150, $175 or $200 is set by what the escrow company allows signing agents to charge.
The amount that a loan signing agent makes off that $150-200 is determined by where they get the loan signing appointment. If a loan signing agent gets the loan signing through a loan signing service, they’ll end up splitting the loan signing fee and making $75 to $100.
Think of the loan signing service as a broker. They gather loan signing assignments and send them to you automatically via text message. You simply sign up with them and they send you preset appointments that you accept with a click of a button. You don't have to call or sell anything to get signing assignments.
The logic of the loan signing service is that they got the loan signing agent the loan signing business, so in return they split the loan signing fee.
The good news is that very rarely does a loan signing service pay less than $75 and the better news is it's more frequently closer to $100 per appointment. I don't like to over promise in my advertising, so that is why you’ll hear me say $75. But the industry average is $100. I own a loan signing service and I don't pay notary loan signing agents less than one hundred dollars.
Now, if a loan signing agent gets direct loan signing business (meaning the loan signing agent did not get the loan signing through a loan signing service, but directly from an escrow officer, loan officer, or real estate agent), the loan signing agent keeps every penny you see on the closing statement. Whether that be $150, $175 or $200. Just so you know, $150 is the industry norm but $200 absolutely does happen.
This is why you make can make anywhere between $75-$200 per appointment as a loan signing agent.
To see how much of that is take home (after expenses), read my blog on a signing agent's bottom line net fee.
The second part of the answer is, why do loan signing agents make as much as attorneys, physical therapists, or chiropractors.
To understand why a loan signing agent makes so much, you need to understand the mortgage industry. Long story short, there is a lot riding on a perfectly executed loan signing. $150 ensures that the escrow officer or loan signing service is hiring a skilled and knowledgeable loan signing agent.
You also need to understand that every single loan has an important deadline that it has to be met, whether it is a rate lock, a purchase contract, or it is simply the end of the month.
Loans have to fund in time for these deadlines to be met. 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, or lost commissions. Or even worse case, a buyer could lose the home they are trying to buy.
$150 to $200 dollars ensures an escrow officer or mortgage officer that they are hiring a professional loan signing agent.
The skill of being able to guide a borrower through loan documents WITHOUT missing signatures, dates, initials and having a forms filled out has a value, and that is $150-$200 an appointment.
The good news is that I have a step-by-step training course on how to execute a perfect loan signing as well as how to get loan signing business that pays up to $200 per appointment.
It comes with a full money back guarantee, so you have nothing to lose.
I'm looking forward to seeing you become a top loan signing agent!
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.