What Is A Loan Signing Agent And Other Details You Should Know
Do you want to earn to as much as $2000 or more in a month at your own time and pace? That is possible by working as a loan signing agent! But what is a loan signing agent? Find that out as you read on.
There is a lot of work from home jobs nowadays. Depending on your interest, experience, and qualifications, you will get to find something to work for, for sure. One of those work from home jobs these days is being a loan signing agent.
But what is a loan signing agent? How does one become a loan signing agent? How much does a loan signing agent get? Read on and find out the answers to some of the most commonly asked questions about this job.
What is a loan signing agent?
A loan signing agent is a person who is knowledgeable in describing loan documents people who are either purchasing or refinancing their homes. He is also responsible for walking the homeowner through final paperwork and having them sign it up. Alongside that, he does the preparation and printing of the documents that a borrower needs to sign. Loan signing agents get certain commissions from their state for every successful transaction.
Often, loan signing agents need to have certification and undergo training given and conducted by private organizations. However, this is not required by law. A loan signing agent must not be confused with a mortgage loan closer or closing agent as a loan signing agents’ work focus more in the execution of loan documents, identifying loan documents, obtaining necessary signature required by a certain transaction, and in some cases, they also deliver the documents to the borrower.
In a simpler, more refined definition, according to the American Signing Agents Association, Inc., a loan signing agent is defined as, “a trusted professional, usually a state-commissioned notary public, that performs the closing ceremony for real estate transactions, mortgage loan transactions, legal process transactions and other similar transactions where an independent third party is requested.”
What are the requirements to be a loan signing agent?
Apart from knowing what is a loan signing agent is all about, it is also good to know how to become one. Who knows, this might be the job you have been waiting for, right?
To become a loan signing agent, here are some of the most important requirements you should have or should acquire:
- You have to have a vast knowledge of the different kinds of loan documents that borrowers will be signing. It would be nice to have a real estate background, otherwise, you may take a course like the Loan Signing System for proper knowledge.
- You should have a notary license. You may check your state on how to get a notary license. For example, in California, an agent pays $69 as application fee to be able to take the short certification test. Although many states do not require this, it would add up to your credentials to have one.
- You should have Errors and Omissions insurance or Professional Liability Insurance. It is a form of liability insurance that helps protect those in this kind of business.
- You should at least acquire a reliable means of transportation. As a loan signing agent, you will most likely be going around often. Thus, it is best to invest in a good car to take you wherever you need to be at.
How much does a loan signing agent get?
So by now you already know what is a loan signing agent and the requirements to be one? Let’s move on to the exciting part. How much money can you get out of it?
The income of a loan signing agent depends on how you get your loan signing appointments, as well is you are working as part-time or full-time. Normally, loan signing agents that get their loan signings fed through loan signing services are paid between $75 and $125 per appointment. Those who get loan signing gigs directly from escrow offices, however, gets paid higher at about $125 to $200 per appointment.
Potentially, a part-time loan signing agent working for 10 to 15 hours a week including the driving time, can get to as much as five signings a week. So, for instance, you get paid at an average of $100 per transaction, which automatically means earning $500 a week, roughly $2000 a month!
For those working as a full-time loan signing agent, you can get as much as $3200 a month working for roughly 40 to 45 hours a week including appointments and drive.
There is actually a vast room to earn big by being a loan signing agent. If you are extra hardworking, you can get higher even higher pay. It is indeed a very promising job to have.
How does one get loan signing gigs?
The very basic rule to be able to get loan signing gigs is to have signing agents. They are the ones who sign off home loans. To be able to get agents, loan signing agents can do either or both of the following:
- Call on agents who they have had transactions before or those who have been recommended to them.
- Use a signing service and find agents based on location and then send out messages to offer your loan signing services
Once you’re already immersed to the business, you will eventually learn more ways to get signing gigs, but for a starter, you may use the above-mentioned methods.
Why consider becoming a loan signing agent?
Here are a few reasons why you should consider becoming a loan signing agent:
- You can earn as much as you can. No one will limit you from earning big if you want to. With a little extra drive and dedication, plus hard work, you can earn even bigger than those working in the corporate world.
- Flexible time. You can work either on a part-time basis or full-time. Plus, you handle your schedule of appointments. You have the freedom to set appointments based on your availability.
- You don’t need any experience related to the job. All you need is some training and certification (which is optional, by the way), and you are good to go.
- You are your own boss. You follow your own rules. Don’t you just love that?
- No college degree required. You don’t need to earn a degree to be one. As mentioned earlier, you just need to educate yourself about the business through training and you can start anytime.
- You can start earning easily. It would be nice to have a good network so you can start-up anytime. But regardless, as long as you have a list of loan agents, you are good to start.
- The start-up cost is very minimal. No need to have an office. Your home can be your office. Well, you just need a phone and a laptop, and all is good.
How to market and grow your business as a loan signing agent?
To be able to reach your market and get more chances of getting signings is by adding your name to as many signing services as you can. One way also is to keep a good relationship with your clients. Word of mouth I still one of the best ways to market your work. By keeping a good relationship and creating an impact with your previous clients, this can lead to recommendations, which in turn means a bigger network and better-earning possibilities.
In conclusion, being a loan signing agent offers a lot of possibilities – better-earning possibilities, in fact. All you have to do is widen your knowledge about what is a loan signing agent is all about, and learn how to kick-off this kind of business. Who knows? This might be the job you have been wanting all along.