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If you’re looking for a lucrative career that can provide you with a full-time or part-time income, consider becoming a loan signing agent.
This can be a very profitable career that can help you make significant money.
Continue reading to find out what a loan signing agent is, how to become one, and why you should consider this the perfect side hustle.
Let’s get started!
What is a Loan Signing Agent?
Loan signing agents, who must be notaries, work for companies that offer loans to consumers. They help borrowers get the loans they need and are essential in lending.
It’s important to note that a Loan Signing Agent helps guide borrowers through the process, from gathering the necessary information to signing the loan agreement.
The keyword here is GUIDE, there are things you should never do, but we will cover that in another post.
There is going to be some work on your part. If you decide to go down this path, you are going to educate yourself in the loan signing process (don’t worry, we will cover that in our next post).
You can expect $75 to $200 per signing!
If you can get a signing done in an hour or less, that is some great money.
Also, you might wonder why there is such a huge span between the two numbers. I know I did.
The reason for this is loan packages come in different forms. I did one last week that was 17 pages. Generally speaking (and those that pay more) will be around 150 to 200 pages.
Regardless, as you can see, this could be an excellent career choice. Once you educate yourself on loan documents, you need a strong work ethic.
The 6 Steps to Becoming a Loan Signing Agent
There is a lot of information out there, but I want to share with you what I did to become a loan signing agent.
Something you might find interesting. There is no “official” or required training you must take for this type of work. BUT, it’s important to know what you are doing.
And, yes, some signing agents out there will hand the paperwork to a borrower and nothing else. You do not want to do that!
Short story because it’s important.
I recently talked with a friend who was signing for his first house. He was excited and couldn’t wait to get the keys.
The loan signing agent made a brief introduction and then handed him a stack of paperwork. Then proceeded to do something on his phone.
My friend read every page (he mentioned it was over 100 pages long), and it took him three hours!
I was shocked when my friend told me this. As I’m typing this, I wish I could find out who the notary was that showed up.
There is no reason for this. The longes a signing should take is 90 minutes to two hours. To be honest, they generally are 60 minutes, MAX!
Okay, let’s get back to the important stuff.
If you want to feel confident in this work, I suggest you do what I did.
Here are the six steps I took to start my Loan Signing Agent side hustle.
- Become a commissioned Notary Public (I’m in CA, and this is a requirement)
- Get training to learn about the loan closing paperwork (clicking the link will take you to the training I took)
- Buy supplies
- Get E&O insurance
- Optional: Pass an exam and background screening (know some Title Companies require a background check)
- Start working as a Notary Signing Agent
Getting Business with Marketing
The next step is getting your name out there. There are a few ways of doing this, but the most important one (in my opinion) is having a website.
Something else that helps is reminding yourself that you are starting a business. It’s time to act like it.
Another idea is to start networking with other notaries.
The neat thing about this is that you have somewhere to turn if you need help. As well as providing assistance to others.
If you don’t like to market yourself, there are ways that you can get text messages for jobs in your area. Leave me a comment below if you want to learn how!
It’s Decision Time
We just scratched the surface of this lucrative industry.
Being a loan signing agent is an excellent opportunity for those seeking supplemental income.
It’s a great job for stay-at-home moms, retirees, or anyone who wants to work from home. It’s also a great way to get started in the mortgage industry.
Stay tuned to review the training I took that everyone should also take. It did a great job guiding you through the process and making you feel confident.
Can’t wait till the review? Here is a link to the recommended training course I took.