There are numerous ways to get loan signings - whether that be through signing services, escrow offices, title offices, mortgage officers, or real estate agents.
Of all these, the best source to get loans signings for notary signing agents is from escrow officers.
And there are numerous reasons why.
First and foremost, when you get business directly from a mortgage professional, let alone an escrow officer, you get to keep the whole signing fee. No splitting the fee with a signing service. So instead of making $70 to $100 per signing, you’re now making $125 to $200. More money for the same amount of work.
But the real reason why escrow officers are the best source of loan signings is because they have the most signings to offer a notary loan signing agent.
The biggest mistake beginning signing agents make when getting direct business is focusing their time on mortgage officers and real estate agents.
A good mortgage officer closes about ten loans a month. If they make an average of $2,000 of commission per loan, then that mortgage officer does $20,000 per month. It's obvious why in that case they are considered a great mortgage officer. However, the average loan officer only closes about two to three loans a month to make a comfortable $4,000 to $6,000 a month.
The point is, even the best loan officer can you only offer you ten signings a month, or two to three a week. And an average loan officer can maybe supply you with three signings for the whole month! As a signing agent, neither one of those numbers is really that impressive.
Now, let's talk about real estate agents. The best real estate agent out there may close five homes a month. Commissions vary by market, but five homes a month constitutes a very busy agent. On the flip side the average real estate agent closes about one to two homes home a month, and more likely closer to one.
So the best real estate agents can give you five signings a month and an average agent can give you maybe one.
Once again. Not very impressive.
A single escrow officer closes about thirty loans a month! And that’s an average escrow officer. I have personally worked with some escrow officers who close well over seventy-five loans a month.
See, an escrow officer’s clients are mortgage officers and real estate agents. Every escrow officer has about six to eight mortgage officers as clients and three to four real estate agents as clients. So using the average mortgage broker number of three loans a month multiplied by the eight mortgage officers they work with, the escrow officer can give you twenty-four signings a month. Then seeing the average real estate agent does one sale a month, they can give you four signings. That would be a total of 28 signings an average escrow officer can give you!
So why am I so sure that an escrow officer has about 28 transactions a month? It's because if they didn't, they would not be employed. Escrow officers, unlike mortgage brokers and real estate agents, are salaried employees. Not commission only. Meaning, they have to close enough files each month to justify their employment.
An average escrow is about $400 per file in CA. So if they did 28 files a month they would bring in about $11,000 of revenue for the escrow company per month. An escrow officer's salary is roughly $4,000 month plus commission. Which means that make about $6,000 a month in total salary. So if they brought in any less revenue, they wouldn't have a job. It wouldn't make financial sense to have hired that escrow officer.
So the beautiful thing about approaching escrow officers for signings is that you already know they have about 25 to 30 signings to give you (or more)! Now imagine if you had three or four escrow officers as clients. Now you can see why escrow officers are the best people to focus your time on.
If you were able obtain a single escrow officer as a client, you could make the part-time income you have always wanted.
You don't have to split the fee with a signing service and you would have more signing appointments than you could handle.
If you ever wanted to make a career out of being a signing agent, you can now see why you only need three or four escrow officers to make six-figure income.
If you don't know how to market yourself to escrow officers, I can teach you.
Click on the link below to take my 5 star rated signing agent course today.
I'm Mark, I teach the Loan Signing System, and I look forward to helping you make great money as a notary 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 15 years and owns a loan signing service that does thousands of signings a year.