How Much Do Loan Signing Agents Make?

Loan signing agents are in high demand! Here’s what you can expect to make as a loan signing agent, from average salary to top-earning loan signing agents.

Checkout this video:

What is a loan signing agent?

A loan signing agent is a notary public who is specially trained to facilitate mortgage loan signings. Loan signing agents are contracted by title companies, escrow companies, banks, credit unions, and other lenders to notarize mortgage documents and help close loan transactions.

Loan signing agents must be able to understand and explain complex mortgage documents to borrowers, as well as answer any questions they may have. They must also be able to effectively manage their time and schedule, as they are often working with multiple clients at once.

Loan signing agents typically charge a flat fee for their services, which can range from $75 to $200 per loan signing. Some loan signing agents may also charge an hourly rate.

How much do loan signing agents make?

Loan signing agents are contracted notaries who are hired by loan companies to witness the signing of loan documents. They must be impartial third-party witnesses and cannot be related to or have any financial stake in the loan. Loan signing agents typically earn a flat fee per document, plus travel expenses if applicable. According to ZipRecruiter, the average annual salary for a loan signing agent is $57,311 as of April 5, 2020.

How to become a loan signing agent?

Loan signing agents are notaries who specialize in loan documents. They witness the signatures of borrowers and notarize the documents. The job is relatively easy, but it requires attention to detail and the ability to understand complex loan documents.

Most loan signing agents are independent contractors who work part time. They are paid by the loan company or escrow service that orders the loan signing. The pay is usually a flat fee per document, plus a per-mile travel reimbursement if the borrower is not located near the agent.

The average pay for a loan signing agent is $50-$75 per loan document, plus travel reimbursement. Some companies offer bonus programs for agents who complete a high volume of signings.

What are the benefits of being a loan signing agent?

Loan signing agents play an important role in the mortgage industry by facilitating the signing of loan documents between borrowers and lenders. In most cases, loan signing agents are used when borrowers are not able to meet with their lender in person to sign their loan documents.

There are many benefits to being a loan signing agent, including the ability to work independently and set your own hours. Loan signing agents also have the potential to earn a good income. According to The Balance, the average loan signing agent earned $75 per hour in 2018.

What are the challenges of being a loan signing agent?

One of the challenges of being a loan signing agent is that you are dealing with people’s personal financial information. This can be sensitive information, so you need to be able to keep it confidential. You also need to be able to explain the loan documents to the borrower in a way that they can understand. Another challenge is that you need to be able to work with different types of people. Some borrowers may be easy to work with, while others may be more difficult.