I got into being a Loan Signing Agent because of my refinance. There are a lot of agents in Orlando and the rest of the country because people think it is easy money. It sort of is, but a lot of work doesn't come directly from title companies. It comes from signing services which only pay between $70-$85 per signing while they get paid $125-$150 total on average and upwards of $400. A lot of title companies don't work with individual notaries because it's easier and cheaper to cattle call thousands of us, which make us compete against each other. Some people take signings for $35 thinking they are making money but don't because they don't account for vehicle expenses, paper, toner, etc.
After expenses, your profit only comes out to like $10/hour or so on most days because packages are upwards of 250 pages and you have to print two of them. You then have to scan some or all of the package before shipping it, then go to FedEx and mail it off. It takes about 4 hours per package if they require scan-backs and even longer with people who read the whole package before signing anything. If you miss something, you either take a pay cut or have to go back and fix it or both.
I started doing it part-time while in school and couldn't make it to most appointments because they were during the day when most people are at work. There are some weekend and evening calls but they don't pay enough to deal with all of the requirements, including going to a staffed FedEx location to mail the package the following day.
Is there any required certifications beyond just being a Notary?
- You have to have an NNA certification that costs between $65-$170 per year. You have to have errors and omissions insurance which costs between $100-$200 per year. You also need to have your notary public commission which is about $100 per four years.
How can you get started?
- You need a laser printer capable of printing legal sized documents and scanning them which can cost upwards of $500 if not more. You have to sign up with hundreds, if not thousands, of signing services just to get a few jobs. Like I said above, title companies will rarely call you directly unless you've been working for years as an LSA so you have to depend on signing services. You have to pay to sign up with different notary websites to get in their directory (there are only 3 good ones) which cost about $150-$200/year.
Should I go on my own or seek employment with a Title/Mortgage Office?
- Most offices have their own hourly employees who perform closings as part of their regular jobs. LSAs are mainly for companies without local offices such as national companies. Those title companies with offices rarely send out mobile agents because people want to save that $125-$400 on their closing costs.
Is it even worth it?
- Not really unless there is a major uptick in mortgages and closings. If you get to a closing and the borrowers refuse to sign or the mortgage doesn't close, you don't get paid even though you have paid for the gas, time, paper, toner, and other expenses. Sometimes the companies will pay you like $20 instead of the full price which doesn't cover your expenses.
