When you become a loan signing agent in Texas, you can earn a nice living. It can be a rewarding full-time career or a great way to earn money working part-time. Many loan signing agents work for themselves and have control over their schedules.
If you want a flexible career with good pay, this might be the one for you. Of course, you can work full-time, as well. Before you decide to become a loan signing agent in Texas, you should understand the job duties for this career.
Job Duties of a Loan Signing Agent in Texas
When you decide to become a loan signing agent in Texas, you will work in the real estate industry. You will help make sure mortgages close, whether for the purchase of a home or the refinance of a mortgage.
The main job duties you will perform include:
- Walking borrowers through the loan documents
- Ensuring all signatures and initials are completed
- Witnessing the signatures
- Verifying the identity of the signor
- Notarizing the signed documents
- Delivering the documents
- Printing documents
As a loan signing agent in Texas, you’ll perform these duties. You will take charge of a mortgage closing to ensure it runs smoothly.
How To Become a Loan Signing Agent in Texas in 6 Steps
Step #1 – Meet the Qualifications
The basic qualifications are pretty simple in Texas. If you want to become a loan signing agent, you need to be at least 18 years of age. It’s also necessary to be a legal resident of Texas. All loan signing agents also need to be able to read and write English.
These are the only basic requirements you need to meet with the state. However, it might be necessary to gain training or experience, if you want some credentials to prove you can handle mortgage closings.
Step #2 – Get Your Surety Bond
You are required by the Texas Secretary of State to purchase a surety bond of $10,000. This needs to come from a licensed surety, which could be an insurance company, a notary bonding company, or a notary organization.
The surety bond will protect your clients, not you. If you want protection for yourself, you need to get Errors & Omission insurance.
It’s common to spend about $50 for a surety bond worth $10,000. If you want to add E&O insurance coverage, expect to pay another $80, on average, for $30,000 in coverage.
Step #3 – Complete your Notary Public Commission Application
You will need to fill out the Application for Appointment as a Texas Notary Public. This application will ask common questions, such as your name, address, and a few others. You will need to include the bond number on your application, too. It also has to be signed by an authorized person from the surety company.
You will need to pay the fee, which can be paid by a check or money order to the Secretary of State. If you pay by credit card, you will pay a 2.7% convenience fee for your application.
After you’ve filled it out, you will need to mail your application to the Notary Public Unit in Austin, Texas. You can also deliver it in person to the James Earl Rudder Office Building in Austin, Texas.
Step #4 – Get your Notary Public Commission Certificate
After your application has been approved, you will receive a notary public commission certificate through email. They will not send this through physical mail. Be sure to include your email address on the application and make sure it’s correct.
Once you receive this certificate, you want to review the details and make sure everything is correct.
Step #5 – Purchase Your Notary Supplies
You can get a notary seal from an office supply store in Texas. Just make sure it meets the necessary requirements.
It’s also necessary to get a notary journal. The Texas Secretary of State requires that you maintain a book of records. This is also known as a good business practice. This record must be held for three years after the date of notarization.
Getting a permanently bound journal is the best option. You want to make sure it’s a good choice for a notary public. The seal and book of record should be kept locked up and in a secure area.
Step #6 – Become an Online Notary Public
Texas is one of the states that allows for an online notary. This can help you notarize documents without needing to be there in person. It can become very easy to notarize documents and work as a loan signing agent in Texas.
It’s also very convenient for record-keeping. You can keep your records on your computer, which makes it simple to hold onto them for a longer amount of time.
You will need to get the X.5098 compliant digital certificate to become an online notary public in Texas. This will include your electronic signature, and you will also need to provide your electronic seal. This seal can be a BMP, PNG, JPEG, or TIF file.
Along with these requirements, you will also need to be able to record an audio-visual meeting, get digital signatures, and remain registered with a compliant digital certificate. The registration fee is $50 for online notaries public in Texas.
When you want to become a loan signing agent in Texas, these are the steps. With the right steps, you can complete the process rather quickly and start a new career.
Frequently Asked Questions About Becoming a Loan Signing Agent in Texas
How much can I make as a loan signing agent in Texas?
When you become a loan signing agent in Texas, the average salary is $47,120 per year, according to ZipRecruiter.com. The range of salaries goes from about $18K to $86K per year.
Salary.com has the average salary a bit lower at $37,964. They put the range at about $36K to $58K. However, these numbers may not be perfectly accurate as many loan signing agents don’t work full time.
Do I need a course to become a loan signing agent in Texas?
No, you won’t need a degree or any official education. However, it’s best to take an online course to learn about how to be a notary public and a loan signing agent. The Texas Secretary of State does offer a free online training program you can take, as well.
Regardless of the course that you choose to take, you should get some training if you want to be successful as a loan signing agent.
What is the cost involved with becoming a notary in Texas?
You will spend around $180 to become a loan signing agent in Texas. This includes the $21 application fee, $130 to get your surety bond and E&O insurance, $17 for a notary seal, and about $15 for a notary journal. You may also need to pay for marketing and travel expenses.
If you want to become an online notary public, you will also need to pay a $50 registration fee.
How long will it take me to become a loan signing agent in Texas?
You can become a loan signing agent in about one or two weeks in Texas. The registration process is pretty straightforward and fast. Once your application is approved, you get a certificate through email, which makes the process much faster.
Will I need to renew my notary in Texas?
Yes, every four years, you will need to renew your notary commission in Texas. This means you need to submit Form 2301 within 90 days of your current expiration date. It’s best to do this about six months in advance.
If you have an online notary public commission, you will have the same expiry date. Of course, you will also need to make sure you get a $10,000 surety bond, and you will need to pay the filing fee. A new notary seal is also necessary, and you will need to destroy the old one.
If I have a felony on my record, can I become a notary public in Texas?
You can become a loan signing agent with a felony on your record in Texas. However, it does become a bit difficult, and you might not get your application approved.
The Texas Secretary of State is looking for truthful individuals with integrity for this commission. While you’re not disqualified due to a felony, these types of applications will be handled on a case-by-case basis.
There are many good reasons to become a loan signing agent in Texas. The steps above will make it easy for you to gain this position. Whether you want to go into business for yourself or work for an employer, this can be a great career.
Many loan signing agents work part-time. No matter how much you plan to work, you will need to follow the steps above to become a loan signing agent in Texas.