ts will spend most of their time working to help signers of documents properly sign and initial the documents. This type of person will take care of loan closings, typically for mortgages.
Mobile Notary vs. Signing Agent
When you decide to become a notary signing agent, you can become a mobile notary or a signing agent. A mobile notary will go to their client and often has certifications related to real estate. Mobile notary signing agents are commonly hired for home closings and refinance loan closings.
While both a mobile notary and a signing agent have to have a notary commission, signing agents don’t usually travel. instead, they will handle the closing in-office. Commonly, signing agents are loan officers with the ability to act as signing agents.
Notary Public vs. Notary Signing Agent
A notary public and a notary signing agent isn’t the same thing. As a notary signing agent, you will start as a notary public. However, when you become a notary signing agent, you will complete additional certification requirements. You will also submit to a background check to become licensed.
Most notary signing agents will gain education when it comes to handling loan documents. The specific training will depend on the state you live in.
Notaries public have the ability to notarize a document. However, they are not notary signing agents. As a signing agent, you will have the education and training necessary to handle an entire closing as an impartial party.
How to Become a Notary Signing Agent
The process to become a notary signing agent will depend on your state. However, you will need to do the following in pretty much all states:
- Become a notary public in your state
- Take a training course for loan signing or to become a notary signing agent
- Pass the exam in your state
- Pass a background check
- Buy the necessary supplies
- Purchase at least $25K in E&O insurance
- Begin working as a notary signing agent
These steps will allow you to become a notary signing agent and start building your business.
As long as you meet the requirements to become a notary public in your state, you can go on to become a notary signing agent. Some states do have additional restrictions, but most of the time, if you can become a notary public, you can become a notary signing agent.
Finding Work as a Notary Signing Agent
It’s common to go into business for yourself as a signing agent or mobile notary. Many online notary signing agent directories make it easy to get in contact with financial institutions, signing services providing assignments, and lenders. Some even allow you to become listed for free.
You can also promote your services throughout your local community. Attending business events, becoming a member of the chamber of commerce, and promoting your services online are great ways to find business. As you build relationships, you’ll be able to gain repeat business from lenders, real estate agents, and others needing your services.
Frequently Asked Questions About Notary Signing Agents
How much can I make working as a notary signing agent?
Often, you will be a notary signing agent and a loan officer. It will only be a part of your job. If this is the case, your salary will depend on your job as a loan officer.
However, if you go into business as a notary signing agent, you can make about $75 to $200 per signing. Most notary signing agents charge a flat fee based on the type of closing. They will also charge for any extra work necessary, such as document delivering or printing.
It’s more expensive to hire a notary signing agent compared to notaries public. This is due to the training and the ability to handle the entire closing of a loan.
If a notary signing agent simply notarizes a single document, they will likely earn between $2 and $10. However, when handling a closing, the fee for a notary signing agent is much higher.
Salary.com states the median income for a notary signing agent is about $38,662. They put the range of pay at $36,956 to $58,750.
Will the housing market impact my business as a notary signing agent?
Yes. When you become a notary signing agent, the way the real estate market performs will impact your income. Most of the business you will gain will come from real estate transactions, mortgage refinances, and purchases of homes.
A few specific factors may impact the housing market and your business, such as:
- Inventory – When the supply of homes is down, it may cause a decrease in your business. However, if there are plenty of people refinancing, you may not notice much difference.
- Mortgage Rates – Lower rates cause more people to buy, while higher rates usually lead to fewer buyers. When rates go up, you might see less business as a notary signing agent.
- Homebuyer Demand – If demand for homebuyers is high, you will likely make more money. However, when demand is down, you might need the refinancing market to make up the difference.
Yes, the housing market can impact your business. Since most of your business will come from homes being purchased, you will do best when the housing market favors the buyer.
Are notary signing agent training and an exam required?
No. The training and exam offered for notary signing agents aren’t required, in all states. While neither is required, if you want to gain credentials to show you have been educated in the process of home loan closing, this is the way to do it.
A notary signing agent course will provide the necessary training you need to handle loan closings. By passing the exam, you become certified, which is a credential you can use to gain business.
What type of supplies do I need as a notary signing agent?
Reliable transportation will be necessary if you want to run your own business as a notary signing agent. You will likely travel to your clients to handle loan closings. Along with transportation, you will need a mobile phone and email for communication.
Running your own business as a notary signing agent doesn’t require a website, but it can be very helpful. you will also benefit from a fax machine and a printer. The resources from the National Notary Association can help you choose the right supplies for your business.
How long will it take me to become a notary signing agent?
With certification, you can become a notary signing agent in just a few weeks. Most can become certified in just one or two weeks. Most of this time will be waiting on the background check to come back.
Will I need to renew my notary signing agent certification?
Yes. In most states, you will need to renew your notary signing agent certification. Each state is a bit different, so check with your state to find out when you will need to renew.
Do I face any legal risk as a notary signing agent?
You may face some legal risks if you don’t do your job correctly. You have to be diligent and make sure you follow the proper procedures during a loan closing. Following your state’s notary laws will help to ensure you are protected.
Notary signing agents will need to avoid carelessness and negligence. It’s important to follow the federal mortgage regulations, too.
If you want to become a notary signing agent, it’s important to know what this type of person does. With this information, you can choose to go into business for yourself or work for someone else. There are many benefits to becoming a notary signing agent. Going into this career can be very rewarding.
