Posted by -ml- on 4/14/05 12:59am
Msg #31692

Considering A Career As A Signing Agent

Hi...

Due to some previous horrifying incidents with my old employer, I am in process of researching some potential career changes. As I have been involved for the previous four years within the legal profession, and have my notary already, she said that I might want to give Signing Agent some thought. If it is possible, I was wondering if anyone would be willing to answer a few questions for me?

1. Beyond my notary, is there any specialized online/in-person training I would need?
2. Do most work for a specific mortgage company, or is it the norm to go between co's?
3. Is the pay really as great as she indicated (around $400 a day)?

Thanks for the help!

-ml-

*I do have several large communities within relatively easy driving distance (less than 50 miles)*
*I also have a good understanding of marketing principles...etc*

Reply by Brijoe_WA on 4/14/05 1:19am
Msg #31694

ROFL......take a couple zeros off that number and it may be a little closer.

Its pretty much a go between different companies, unless your very very lucky and get hooked up with a big mortgage company and do their signings exclusively kind of thing. You really need to sign uo with as many signing services as possable to get enough work to eat, and really market to the local title and mortgage companies.

Check out the NNA website, they have a training course. It would help to gat familiarized with the way a closing works, there are alot of papers, and it can be very overwhelming to the borrower, so it helps if you know how to explain the docs.

Reply by -ml- on 4/14/05 1:32am
Msg #31703

I thought it sounded a bit too good to be true.

Her (my friend) discussion of the job really leads me to believe that she thought I could get a job with a mortgage company, as she is employed at a mortgage co herself (not as a signing agent). Is it difficult to find work with a larger mortgage co? If it is a matter of residing in/near a major metro area, that is not a problem due to a planned move to a large urban area. If mortgage company employment is difficult, does it improve the situation that I am a college graduate?

I appreciate the info on the NNA, as I was checking out their website also.

Thank you again!

Reply by Sylvia_FL on 4/14/05 1:19am
Msg #31695

You would need to have a thorough understanding of loan documents.
Starting out you are best with signing services.
Not too many make $400 a day.

And it also depends on the area you are in. Some areas are saturated with signing agents.

Reply by Ernest_CT on 4/14/05 1:34am
Msg #31704

Please consider carefully. You will hear both the good and the bad on this Forum. $400 a day is not realistic.

Please use the two-letter abbreviation for your state in your name when posting in any notary Forum. It will help us give you help specific to your state.

Before you decide to take a course, read all the posts on this Forum. Yes, all the way back to the beginning. You will get a better idea of whether you want to become a NSA.

Good luck.

Reply by -ml- on 4/14/05 1:39am
Msg #31707

Thank you!

I reside in WI, but am right on the border of MN. Our nearest metro area (Twin Cities) is 50 miles away, and I am considering a move to that area.

Again - many thanks!

Reply by Anonymous on 4/14/05 9:47am
Msg #31728

Consider buying the "How to Become a Wildly Successful Loan Signing Agent" from www.notaryclasses.com. I think it is the best book available for loan signers and it has been a great help getting me started.

Reply by -ml- on 4/14/05 1:37am
Msg #31705

Thank you for the response!

How difficult is it to check on area saturation?

I currently reside in a rural community, and would not be at all surprised to find that our area is heavily saturated. Moving to the biggest MN metro area is not out of the question, should it improve my chances in a profession.

Do you have any advice about trying to get a job with a specific mortgage company? The friend who provided the advice indicated that many mortgage companies look to hire signing agents (granted she works in a different profession at a mortgage company).

Thank you again!

Reply by Ernest_CT on 4/14/05 1:42am
Msg #31708

Finding your competition

First, use the "Find a Notary" tab on this Site.

As for moving, it's not something I'd consider if I were gainfully employed where I currently lived, but it's your choice. Part of it depends on your social situation and age.

Reply by -ml_WI- on 4/14/05 1:52am
Msg #31711

Re: Finding your competition

Think I got the abbreviation thing now. :-)

Thank you for taking the time to answer the questions of a total newbie! My personal situation is a bit unique, as I am contemplating my options after ending a prior job which was a very unhealthy environment. I am currently living off of the results of that severance, along with some other funds that they are required to pay me. Moving is not a huge deal , due to both the employment status and the fact that I have no real social obligations and that I am still relatively young (28).

Reviewing the notary info indicates that there is roughly 35 notaries within 50 miles of my zip code. In relative terms, is that a large amount of notaries?

Reply by Ernest_CT on 4/14/05 2:04am
Msg #31713

Re: Finding your competition

If your area were New York city, no 35 notaries public would not be too many, but you mentioned that you're in a relatively rural area, so ....

You should not expect to be able to make a full-time living as an NSA very soon. Don't fall for the hype of the NNA and others offering classes.

Remember, also, that you're not going to have the benefits (health insurance, etc.) that you would with a 9-to-5 office-type job. At 28 you may not be very concerned about benefits, but it is something to keep in mind. Working for a mortgage company sounds more like what I'd want if I were in your shoes. But! make your own choice based on as much information as you can get.

Good luck!

Reply by Joan-OH on 4/14/05 8:01am
Msg #31721

I have been doing this for 2 years and I have my $400 days. Yesterday was one. Today is a $75 day. I had two $0 days last week. Last couple days of the month will be well over $400. But as an average, I do not make $400/day....nowhere near it. I was fortunate to start doing this in the middle of the refi boom and could get work without the experience because there was so much work around. There are people on these boards that have been ready to go for 6 months and have only gotten a handful of calls. There is much less refinancing going on and many more signing agents. Because of this, the experienced agents are going to get the first call.

You are in the unfortunate position of needing the income now. Realistically, It would be better if you were working and did these part time in the evenings until you build up a client base that could provide you full time income if you were also available daytime hours.

You say your friend works for a Mortgage company. Can she throw some work your way? Can you get a part time job in a title company? This business is just not something you can immediately get a full time work/income from. It takes time to build it up.

As for training, I've done both the NNA training & Signing Registry Training and would recommend the Signing Registry hands down.

I wish you luck.

Joan-OH

Reply by Melody on 4/14/05 10:17am
Msg #31740

Not a good time now; Some alternatives

Many people have warned you about how hard it will be to make it as a full time notary signing agent (NSA). They are absolutely right.

Now is the time many full-time experienced NSAs are looking to get OUT of the business. With interest rates going up, workload is going down.

The National Notary Association (NNA) has made a mint saturating most urban areas nationwide with NSAs. NSA saturation means that rates paid to notaries have plumeted.

Less work + Less pay per signing = Not a good time to get in.

If your alma mater is nearby, I suggest you call or visit the career center to see what resources they have to help you determine what you would like to do next. If the center doesn't have these tools, they will probably be able to direct you to a free government agency that does.

Many government agencies now have really fun coputer programs that help you determine what you would be good at doing as well as what you would be happy doing. Counselors can tell you which industries are hiring and which ones to avoid.

Your alumnae association may offer some good networking opportunities in your community as well as the one you move to.

The American Association of University Women has 1,500 branches nationwide. Find one close to you at www.AAUW.org The branches are VERY different. Some consist entirely of retired ladies. Others have a broad age range. Visit several to find one that has the kind of women who offer work mentoring. All branches will give you a warm welcome.

Good luck!