Working as a notary loan signing agent is very reliable. You can make quite a bit of money every week without having to put in too many hours. In fact, this can be done as either your primary or secondary source of income.
Of course, it’s difficult to decide on a career path without knowing what your income will be or what your work will look like. Read on to see exactly what you can expect as a notary signing agent salary!
How Much Money Does a Notary Loan Signing Agent Make?
How much you get paid between appointments can vary, but it mostly stays consistent. You can typically expect to make between $100 and $200 each time you complete a signing assignment. Your expected payment will also be told to you ahead of time— no need to deal with any financial surprises. Plus, you can pass on any job you want without any negative consequences.
Ultimately, the amount of work you do as a notary signing business is entirely dependent on you. As an independent contractor, no one will force you to complete a certain amount of assignments per week or only accept jobs at a certain pay rate. Instead, you set your own hours and you get to choose the jobs that interest you. It’s one of the most open-ended careers out there!
Loan Signing Agent Salaries
Anyone interested in being a full-time signing agent has quite a few options. To start, they can put in full-time hours completing the signing appointments discussed above. According to Glassdoor, anyone who does so can expect to make an average salary of $48,964 annually. If you stick with it long enough you can see series increases in pay as you become a senior signing agent or even a lead signing agent. Either position could lead to you making a 6 digit yearly salary.
Another option would be to join a company as a loan officer. This would mean sacrificing some of the freedom that comes with working as an independent contractor, but you can expect to make about $63k per year— or $30.75 per hour. However, the requirements for this job are a bit stricter. You need to complete a 4-year degree and have years of work experience. But if you meet these requirements, you’ll qualify for a high-paying and stable position. Bear in mind that positions will open up soon due to retirement despite the BLS predicting only a 1% increase in employment in the next 10 years.
Best Paying States for Notary Signing Agents
Now that you know your earning potential, check out what areas pay the best for your work. After all, there’s no point in entering a career if you won’t receive a good salary from it.
According to ZipRecruiter, the 5 highest paying states for loan signing agents are New York, New Hampshire, Vermont, Wyoming, and Massachusetts. Agents in these states can expect to make the following amount of money each year:
|State||Annual Salary||Monthly Pay||Weekly Pay||Hourly Wage|
One important thing to keep in mind here is the cost of living in these states. New York especially has a very high cost of living compared to everything else on the list.
Make sure you balance how much you make in a certain area against its living expenses. You may find that lower salary states will give you more money overall if they are inexpensive areas to live.
So long as you keep all this in mind, you should be able to find a position that will make a satisfactory amount of money!
Loan Signing Agent Salary vs Real Estate Agent Salary
The best way to see how being a loan signing agent can increase your earning potential is to compare it to other fields— like real estate. This is typically a lucrative career, but it can be tough to get started without experience.
According to Glassdoor, real estate agents with under a year of experience are highly likely to make under $40k a year. Living off of that can be fairly tough no matter where you work, so you might want to augment your income with loan signing appointments.
As I showed above, full-time loan signing agents can make almost $50k a year. That’s very good for a career that doesn’t require any higher education or work experience to get started. However, it’s still worthwhile to become a loan signing agent even if you’re uninterested in changing careers. Working as a part-time loan signing agent on the side will make you more than enough money to supplement your income while building experience in another field, including real estate.
At the end of the day, I highly recommend becoming a loan signing agent to improve your earning potential and make your income more stable no matter what career you’re interested in pursuing.
How to Become a Loan Signing Agent
Luckily for you, the process for becoming a notary signing agent is fairly straightforward and easy. There are no educational requirements to get started and only light work experience requirements.
To start with, you must be commissioned as a Notary Public in your state. This certification is an addition to that career, not a standalone title. Make sure to become a Notary Public as soon as possible if you haven’t already done so.
Next, you need to complete an accredited loan signing training course. The National Notary Association is a great place to look for these. Passing one of these courses will ensure that you have the knowledge and dedication required to work as a loan signing agent.
Your second to last step is to pass an exam and background check from the Signing Professionals Workgroup (SPW). Completing this step means you’re almost ready to start work as a loan signing agent.
The last requirement to become a notary loan signing agent is to purchase a minimum $25k E&O Insurance policy. You can only start your career after making sure you’re covered.
As you can see, this process is much easier than earning other certifications. So what are you waiting for? Make sure you get started today!