By Mark Wills - Course Instructor of the Loan Signing System, Forbes Real Estate Council Member, and Best-Selling Author
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, however, the best source to get loans signings for notary signing agents is escrow officers.
And there are numerous reasons why.
First and foremost, when you get business directly from an escrow officer (or any mortgage professional, for that matter), you get to keep the whole signing fee. No splitting it with a signing service. So instead of making $70 to $100 per loan signing, you take home $125 to $200.
Which means more money for the same amount of work. Sound good to you?
Well I have great news. Because there's an even better reason why escrow officers should be #1 on your target list of clients...
Escrow Officers are the Best Source of Business Because They Have the Most Loan Signings to Offer.
So many notary loan signing agents make the mistake of focusing their time on trying to get direct business from mortgage loan officers and real estate agents.
While all mortgage professionals can provide loan signing appointments, it's important to take a look at the math behind the productivity of each one.
For example, a great mortgage officer closes about 10 loans each month. If they make an average of $2,000 in commission per loan, we can assume they make around $20,000 a month. With numbers like these, it's obvious why they'd be considered a stellar mortgage officer, right? However, the reality is that the average mortgage loan officer only closes about 2 or 3 loans each month — generating them a comfortable $4,000 to $6,000 a month.
The point I'm trying to make is that even the best mortgage loan officer can only offer you 10 loan signings a month, or 2 to 3 a week (remember, this is the best case scenario). And an average mortgage officer can maybe supply you with 3 signings for the whole month. For a notary loan signing agent, neither of these numbers is impressive.
Now let's talk about real estate agents.
The best real estate agent out there may close 5 homes a month. Commissions vary by market, but understand that 5 real estate transactions a month makes for a very busy agent. On the flip side, the average real estate agent closes about 1 or 2 homes home a month... and the more likely number is 1.
So the best real estate agents can give you 5 loan signings a month and an average agent can give you maybe 1.
Once again, not very impressive stats.
A Single Escrow Officer Typically Closes About 30 Loans a Month!
And that’s an average escrow officer. I have personally worked with some escrow officers who close well over 75 loans a month.
Why such a huge difference in productivity?
It's because an escrow officer’s clients are mortgage officers and real estate agents.
Every escrow officer has about 6 to 8 mortgage officers and 3 to 4 real estate agents as clients. So using the average mortgage broker number of 3 loans a month multiplied by the 8 mortgage officers they work with, the escrow officer can give you 24 signings a month. Then, seeing as how the average real estate agent does 1 home sale a month, they can give you 4 signings. That makes a total of 28 signings an average escrow officer can give you in any given month!
How am I so sure that an escrow officer has about 28 transactions a month? 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.
For this analogy, we'll use California as an example.
An average escrow in this state is about $400 per file. So if an escrow officer in California successfully closes 28 files on a regular basis, they would generate about $11,000 in revenue for the escrow company per month. An escrow officer's salary is roughly $4,000 month plus commission. Which means they 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 for the escrow company to have hired that escrow officer.
See what I mean?
So the beautiful thing about approaching escrow officers for loan signings is that you already know they have about 25 to 30 signings to give you (or more)! Now imagine if you had 3 or 4 escrow officers as clients... it becomes wonderfully easy to see why escrow offices are where you should channel your time and energy.
Even If You Obtain a Single Escrow Officer as a Client, You Can Still Make a Great Part-Time Income with the Business They Produce.
No splitting your fee with a signing service.
More loan signing appointments than you know what to do with.
And if you've ever thought about making a career out of being a full-time notary loan signing agent, you now know that all you need in order to make that happen is 3 or 4 escrow officers clients. That's it.
If you found this information helpful, awesome! There is so much more where that came from in my five star-rated Loan Signing System online training course for notary public loan signing agents. Thousands of people across the nation are using my techniques right now to make hundreds or even thousands of extra dollars every month.
I'm Mark, I teach Loan Signing System, and I look forward to giving you more tools just like this to help you build a successful, efficient, and lucrative notary loan signing business 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.