SECTION 2: How Much $$ Can I Make?

How Much $$ Can I Make?

A Notary Signing Agent is an independent contractor working for him or herself and, as any other independent contractor, an NSA can earn a little or earn a lot. An NSA generally makes between $50 and $150 (in some areas and situations, up to $300) per signing. So the questions are, "How many loan signings can I realistically perform?" and "How do I make the big bucks?"

First, there are two ways to make money in this business - and both depend upon your client base. You can opt to work directly with lenders and title companies or you can affiliate yourself with a signing service - two different ways to market your services.

Lending institutions and title and escrow companies pay higher amounts per signing, but offer fewer jobs. They contract with Notary Signing Agents to perform loan signings on their own transactions for only their own customers.

Signing services, on the other hand, contract with multiple lending institutions and title and escrow companies and perform loan signings for each. Therefore, signing services can offer NSAs a greater supply of jobs. However, since they serve as the middleman representing many lenders and producing a higher volume of jobs, they pay less per signing. We'll discuss the advantages and disadvantages of both in the next section.

Most lending institutions and title companies pay typically $100 per signing whereas the majority of signing companies pay $50 per signing. Direct lenders and title companies tend to have a more flexible budget to pay Notaries since the middleman is cut out of the equation.

The amount that a company pays depends more upon the individual company and not so much on the Notary. Some companies will bargain, while others pay a fixed amount and no amount of bargaining will change their point of view. To receive top dollar from clients and keep them as clients (which is of utmost importance to a successful Signing Agent), you will need to be one of the best service providers out there. Otherwise, top-paying clients won't keep you for long.

Even as a beginner, a Notary Signing Agent can earn as much as $3,000 to $4,000 during the first few months (working full time) while gaining experience and making contacts. After that, if the Notary is serious about the business, the NSA can make $4,000+ per month. However, making this kind of money is not a "walk in the park." It means a commitment of six days per week and making yourself available whenever your clients require your Notary services - night or day, weekdays and weekends.

So how do the top paid Notaries make such good money? If an NSA makes many stops in a day and is an efficient worker and scheduler, he or she can make $300 in a single day ($300 x 6 days = $1,800 a week) – Not a bad amount of income. On the higher end of the scale of pay, $150-$300 per signing, all it takes is one or two jobs a day.

However, at the lower scale of pay, $50 per signing, it will take six jobs to make that much. Six jobs in one day is tough – especially when you consider that you should allow two hours per signing, taking travel time into account (6 x 2 = a 12-hour day). That's where "trade-offs" come into play. (We're going to discuss this in more detail later.)

Expenses, of course, must be taken into account; as an independent contractor, you are responsible for your own operating expenses.

Some Notary Signing Agents only work for higher pay – that is, they only accept the higher paying jobs. This allows them to take fewer jobs yet still make good money. More experienced Notaries can get away with charging more if they have a good client base. This technique is good for people who prefer to do the minimum amount of scheduling and billing. Sometimes higher paying jobs, however, require more travel.

To get the most lucrative jobs every day, you must be accessible by phone all the time - and be ready at all times to work. The more an NSA says yes, the more clients will want to use him or her (assuming the quality of the Notary's work is good). You will need to have your scheduler with you at all times and be ready to book appointments at any time - when you are driving, working, playing, etc. - you must always be ready to schedule appointments.

As in any case, the more effort you put into something, the more benefit you will derive. You can't just sit back and expect the phone to ring so you can make "the big bucks." You have to commit yourself to making the endeavor lucrative, which means hard work and planning. You know the old adage, "don't quit your day job." If you currently work a full time job, you will need to work around that schedule in the beginning. For most of us, that means attending loan signings in the evenings and on weekends.

The good news is that borrowers also typically work full time during regular business day hours and are, therefore, typically available for loan signings only in the evenings and on weekends – a great match.

In this course, we're going to teach you what you need to start your new business. You will learn how to become a good scheduler – from setting the appointment, to mapping your route, to allowing enough time to get to your next loan signing – and be on time. You'll learn some tips on how to market your business, what types of companies to contact and how to contact them, and you will become familiar with the different types of documents you will encounter.

What's the First Step to Becoming a Notary Signing Agent?

Before becoming a Notary Signing Agent, you must first be a commissioned Notary Public. Let's first go over the qualifications to become a Notary. If you have already been commissioned as a Notary Public, you have already met these qualifications.

  • You must be at least 18 years of age;
  • In most states, you are required to be a legal resident of the state in which you are applying to become a Notary. In some states, the residency requirement is waived as long as the Notary is actively employed within the state. Check your state statutes. The following items are acceptable to establish proof of residency:
    • Your state driver's license;
    • Your state vehicle registration document;
    • Your state voter's registration card; or
    • A state-recorded Declaration of Domicile;
  • You must be a citizen of the United States or a permanent resident alien. If you are not a U.S. citizen, you must submit a recorded Declaration of Domicile;
  • You must take the constitutional oath of office;
  • You must swear or affirm that you have read the notary laws and will obey them;
  • You must be able to read, write, and understand the English language; and
  • You must be able to pass a background check.

Notaries Public are appointed and commissioned in such number as deemed necessary for public convenience. A Notary Public is an appointed and commissioned public officer whose function is to perform notarial acts as an impartial witness. Notarial duties authorized by law include administering oaths or affirmations (jurats), taking acknowledgments, attesting to or certifying photocopies of certain documents and performing any other duties specified by law.

ABOVE ALL, BE FAMILIAR WITH AND ADHERE TO THE LAWS GOVERNING THE RULES AND REGULATIONS OF YOUR STATE.

A Notary Public is considered a public servant and, as such, is held personally liable for any fraud or negligence in the performance of the duties of the office and is also, therefore, subject to legal prosecution. A Notary Signing Agent is no different and is subject to the same governing restrictions.

A Notary Public is not licensed to practice law and may not, under any circumstances, provide legal advice. If a signer has any questions regarding the loan documents that are being notarized, the Signing Agent must defer the signer's questions to the appropriate authority. The Signing Agent may not offer any advice or opinion.

Section 3: Client Base