If it’s time to become a loan signing agent in Virginia, you need to know the right steps. This can be a very rewarding career, but it does take some work to get into.
As a loan signing agent, you’ll be able to help people in many ways. Before you decide to enter this career, you should understand the job duties and how to become a loan signing agent in Virginia.
Job Duties of a Loan Signing Agent in Virginia
While there are several types of documents you can notarize as a loan signing agent, most of your work will be done in the real estate industry. Most loan signing agents in Virginia will help with closings for home purchases and mortgage refinances. You will walk clients through the documents showing them where to initial and sign.
Loan signing agents also verify the identity of the signers and notarize the documents. They will also deliver the documents back to a closing attorney or signing service.
However, as a loan signing agent, you will not provide any professional or legal advice. This is not part of your job and it can actually get you in trouble to give advice.
How To Become a Loan Signing Agent in Virginia in 8 Steps
Step #1 – Meet the Basic Requirements in Virginia
There are a few basic requirements you must meet if you want to be a loan signing agent in Virginia. You will need to be at least 18 years of age and a legal resident of the U.S. If you’re not a resident of Virginia, you will need to be employed in the state.
In Virginia, you cannot have a felony conviction, either. It’s also necessary to be able to read and write English.
Step #2 – Submit Your Notary Application
You will need to apply with the Secretary of the Commonwealth to become a Notary Public in Virginia. This will require you to fill out the interview questions through the Notary Application Website on the VA Secretary of the Commonwealth website.
It’s a pretty straightforward application. You will need to pay a $45 application fee, as well. This can all be done online, but you will need to print out the application and send it to the Office of the Secretary of the Commonwealth.
Step #3 – Take Your Oath of Office
Your oath of office will be taken at your Circuit Court’s office within 60 days of receiving notice you have been approved. This will require a $10 filing fee. Make sure to review your Notary Commission Certificate once you receive it.
Step #4 – Get Your Notary Seal
You will need an official seal or stamp for your notary services in Virginia. This can be obtained from an office supply store or the country clerk’s office. It’s important to keep your seal or stamp secured where only you have access to it.
Step #5 – Keep a Notary Journal
It’s important to keep a notary journal, as well. This will need to have specific information for each notary service you provide. You will have to keep the time and date, the notary act, the title of the document, the name and address of the signer, a form of ID, and the fee you collected.
It’s best to have a permanently bounded journal for this. It may not be required by the state, but it can help to protect you.
Step #6 – Get Your Title Insurance License
While the first step to becoming a loan signing agent in Virginia is getting your Notary Public, you will also need a title insurance license. You will get another level of protection for your customers with this type of license.
Getting a title insurance license requires pre-licensing education, a title exam, getting E&O insurance, getting a fidelity bond, and getting a surety bond.
Step #7 – Get Advanced Loan Signing Agent Training
All of the steps above are necessary, but you still need advanced loan signing training, if you want to be successful. Without the right training, you might not make a lot of money in this career. However, you can get good training online for a few hundred dollars.
Good loan signing training will teach you how to charge more for each service you provide. You’ll also learn how to finish appointments faster and how to find more appointments. If you want to make a higher income, get the right loan signing agent training.
Step #8 – Become an Electronic Notary in Virginia
Adding the electronic notary option in Virginia can make it even easier to run your business. It’s a good way to add to your portfolio of services and it can help reduce the amount of paper you consume.
You will need to be a notary in Virginia before you can become an eNotary. Then, you will need to apply to become an eNotary and pay the necessary fee. It will also be necessary to get an electronic notary signature and seal.
The fee for the application is $45. You will need to keep an electronic notarization journal and get yourself set up properly for remote online notarization. Make sure you use one of the technology vendors approved by the Secretary of the Commonwealth.
Frequently Asked Questions About Loan Signing Agents in Virginia
How much can I make as a loan signing agent in Virginia?
According to ZipRecruiter, the average hourly pay for a loan signing agent in Virginia is about $22. You can earn around $47K per year, on average. They put the range from about $19K to $95K.
With the right training, you can charge $75 to $200 per appointment. The best loan signing agent training will even teach you how to finish your appointments in an hour or less. That means you can more than triple your income compared to the average hourly pay.
What is the cost to become a loan signing agent in Virginia?
You will need to spend a little bit of money to get your notary and complete the correct training. The notary fees will run about $130. You will pay a $45 application fee, a $10 oath of office fee, and you will spend $30 or so for your notary stamp and journal. You will also need another $45 for your eNotary Application.
Getting your Title License will also require additional fees. You will need to pay for your E&O insurance and your bonds.
If you decide to complete loan signing agent training, it will also cost you $200 to $400. There are different providers and levels to this training.
Do I need a degree to become a loan signing agent in Virginia?
No, you don’t need a degree. There are no education requirements to get your notary public commission. However, you will need to complete the pre-licensing education for your title insurance license. You should also study the 32-page Virginia Notary Public Handbook.
Along with this training, taking a good loan signing agent course is a smart idea. With a good course, you can learn many ways to grow your business faster and easier.
How long will it take me to become a loan signing agent in Virginia?
It will take between two and three weeks for most people to get their Notary Public commission. However, you will also need time to get your title insurance license and to complete loan signing agent training.
Overall, you can expect to get everything done in about a month to six weeks.
Will I need to renew my notary public commission in Virginia?
Yes, every four years, you will need to renew your notary public commission. This is done through the Notary Management account on the Secretary of the Commonwealth website. You will need to complete an application and pay the renewal fee.
Along with the application, you will need to take a new oath of office and pay that fee. Of course, if you have an electronic notary commission, that will also need to be renewed at the same time. Make sure you do all of this early to avoid interruption to your business.
What type of demand is there for loan signing agents in Virginia?
With more than 200,000 originated mortgages every year, there is a high demand for loan signing agents in Virginia. Some years, there are more than 300,000 originated mortgages and each one needs a loan signing agent. With so many mortgages every year, the demand tends to be high for loan signing agents.
If you’re looking to enter into a new career or enhance your current career, becoming a loan signing agent in Virginia might be for you. This is a career that allows you to work for yourself, set your own hours, and control your income. You can even work part-time if you prefer.
Use the steps above to learn how to become a loan signing agent in Virginia. With the right training, you can make a nice salary every year in this type of career.