🔍
Startup Costs of Becoming a Notary Loan Signing Agent - Loan Signing System - YouTube
Channel: Mark Wills
[0]
I'm frequently asked, 'What are the true
startup costs to become a notary loan
[5]
signing agent?" In order to answer this
question, it's important to first
[24]
distinguish what kind of notary signing
agent you're going to be. There are two
[29]
primary types of loan signing agents out
there/ The first is what we call a
[33]
'signing service notary', which means you
rely on signing services to get you loan
[38]
signing appointments. Your phone rings
and you get signings. And then the second
[43]
type of a notary signing agent out there
is a signing agent that gets business
[47]
directly from escrow companies, which I
call getting 'direct business.' I have a
[52]
video that goes over the pros and cons
of a signing service business notary
[56]
versus a direct business notary. So check
it out if you're not familiar with the
[61]
differences, but this video will focus on
the specific start-up cost between
[66]
becoming one of the two. Lastly, before I
get into specifics, understand that my
[72]
Loan Signing System course will teach
you step by step how to be either one of
[76]
these types of notary signing agents. Now,
let's start with the start-up costs
[81]
associated with becoming a notary
signing agent for direct business.
[85]
Getting direct business costs the least
amount of money to get started and is
[90]
also the most lucrative of the two. Here
is what you'll need. First and foremost,
[94]
you'll need an active notary commission.
Now the cost I'm about to cover is for
[99]
California but obviously every state is
different — with that being said, all the
[104]
states do tend to be similar in cost and
you can always shop around for the best
[108]
prices. In order to be a notary public in
the state of California, you need to take
[113]
a 6 hour mandatory education course
which you can take online and I've seen
[118]
as low as $50. Then there is the State
Exam which costs $40. You'll need a
[123]
passport-style photo which typically
costs $10-$15. You'll then
[128]
need Live Scan fingerprints which is
typically around $80.
[132]
Then there are the required supplies — a
notary journal, a thumbprint pad, and your
[137]
notary stamp. I've seen these items as
low as $45 for all three. Then there's a
[144]
notary bond which runs about $50 for a
four-year bond. And lastly, there's the
[149]
oath of office which is $40. So your
total startup costs for your commission
[155]
in the state of California and notary
materials is roughly $300. That is it.
[160]
You're required as a loan signing agent to
have errors and omissions insurance. Most
[165]
escrow companies only ask for $100,000 which is about a
[168]
$150 a year or
12 bucks a month. Lastly, and this is
[173]
becoming a newer requirement for some
escrow companies, is what they call a
[176]
background check — which is roughly $50. Lastly you'll need business
[181]
cards that get direct business. Go online
you can find them for as low as 10 bucks
[185]
for about 250 cards. If you do your
research, you can probably find many of
[189]
these start up costs for much lower than I
just listed. In California it tends to be
[193]
the most expensive state. So there you
have it, for about 500 bucks you can
[197]
become a notary loan signing agent that
gets direct business. Needless to say, if
[202]
you already have your commission,
subtract $300 from that, you've already
[206]
spent on your commission, and your
startup cost of being a loan signing
[210]
agent is $200. That is it.
Keep in mind, being a direct business
[215]
notary is great because escrow companies
or mortgage companies will always print
[220]
out the loan documents for you. No need
to have a printer, binder clippers, or ink.
[225]
They do it all for you. What other
business do you know that you can start
[229]
up for $500 out of the door and make $150 for an
[234]
appointment that takes about 1 hour.
Needless to say, it's pretty awesome. Now
[240]
let's talk about being a signing service
notary. First let me say that most notary
[246]
signing agents start out as signing
service agents because business is fed
[250]
directly to you and it's a good place to
practice becoming an expert loan signing
[254]
agent. But the cost associated with
starting as a signing service notary is
[259]
slightly higher because the loan
documents are emailed to you and you'll
[262]
have to print them out themselves. Therefore, on top of
[266]
everything else that I just said you
will need a dual tray printer that
[270]
prints legal and letter size paper. Once
again, shop around, but I personally use
[275]
an HP refurbished printer that costs
about $300. Brand new they can go up to
[281]
$600 or $700 depending on the bells and
whistles you buy but check out my blog
[285]
on the type of printers to buy because
many of the features offered on dual
[289]
tray printers are completely
unnecessary. You'll need a couple reams
[294]
of paper to start out so you can print out
loan documents. It costs about $5 to $6
[298]
per ream and the cost goes down
if you buy in bulk. And FYI, you should be
[303]
able to print out a few sets of loan
docs per ream. You may want to buy some
[308]
large rubber bands which are cheaper
than binder clippers to wrap your
[311]
loan docs in before you head out. I like
to grab a few FedEx envelopes at a local
[316]
FedEx store and put my loan docs in
there, and they're free, and you'll
[319]
probably end up meeting them anyways to
mail out the loan documents. And that's
[324]
it. So to be a signing service notary the
only difference is you need a printer. So
[329]
it's roughly another $300 to $500 to be a signing service
[332]
loan signing agent, and that would make
becoming a notary signing agent that
[337]
works for signing services a total
startup cost of $1,000 or
[341]
less out the door. Once again, subtract a
few hundred dollars if you already have
[346]
your notary commission. Now these startup
costs assume you already have reliable
[351]
transportation whether that be a car, a
motorcycle, or good public transportation.
[357]
To wrap this up — to be a direct business
notary signing agent who does not have a
[361]
commission yet, the total startup costs
are $500 and to be a
[366]
signing service notary signing agent who
does not have their commission yet, the
[370]
cost is roughly $800 to $1,000. There are very few
[374]
businesses that you can start up for
less than $1,000 and are as
[378]
lucrative as becoming a notary signing
agent. You can and will immediately start
[383]
making $70 to $200 per appointment
working for yourself on your own
[387]
schedule.
In fact, I've had many students make
[391]
back their startup costs in the first
month of being an active loan signing
[394]
agent. Becoming a loan signing agent is
one of the best ways to make money working
[399]
for yourself. Get my course today to
learn how to become an expert loan
[404]
signing agent. Click on the link on this
video or go to loansigningsystem.com
[410]
today. I'm Mark and I look forward to
helping you become a top loan signing
[414]
agent.
Most Recent Videos:
You can go back to the homepage right here: Homepage