Notary Loan Signing Agent Training: Pros and Cons of Signing Service and Direct Escrow Business

Hi, I'm Mark and I teach the loan signing system. There are pros and cons for everything that we do in life. In this video I'm going to talk about the pros and cons of being a notary loan signing agent who works for signing services and notary signing agents who bypass those signing services and works directly with escrow officers, loan officers and or real estate agents. But before I start, let me say this. It's all personal preference. What may be a pro to one person may be a con to someone else. First, what are the pros of using signing services to get your loan signings? Number one, no sales are required to get loan signing service business. You simply enter your name in a database and wait for the phone to ring. It's like leaves just fall in your lap. Number two, you are only judged by your work punctuality, thoroughness and not missing signatures and dates. You are not judged by what you look like, what you drive, or how many times a week you deliver Starbucks coffee. Finally, number three, no peer to peer interaction. No packaging loan docs, no no dropping off docs at escrow offices. Which means no need for any small talk. You simply get an order via email, text or phone call, complete the signing, drop it off in FedEx and the appointment is done. And these are the primary reasons why people love signing service business. But what are some of the cons of working for loan signing service companies? First off, and probably the most important to most people, is you split the loan signing fee with the signing service. You usually get around $100 per appointment and I've heard as low as 60 dol, leaving about 50 to $90 on the table on every signing that you do. Secondly, you have to actually print out the loan documents since the signing service emails the loan documents directly to you. Therefore, you'll need a dual tray printer, a printer that prints legal and letter along with a supply of ink and paper. This is an additional cost that can affect your bottom line. Third, you have to drop off docs at FedEx once an appointment is over. And even if it's late in the day, you're still inspection expected to make it even with traffic. And finally, there's usually a 30 day delay in payment because escrow companies pay the signing service and then the signing service pays you. So those are the major pros and cons of doing signing service business. The way I see it, it boils down to this. In exchange for doing zero sales, you get a reduced fee and you have to print documents yourself and make FedEx drops once again. I have some students tell me that they don't see a problem and the trade off is well worth it. I've literally had students say I make a reduced fee but I have to do zero sales. I'm confused. What's the issue? Like I said earlier, all perspective. The good news is if you don't like splitting the fee with someone and you don't want to print docs, then there's an option of getting business directly with escrow officers, loan offerors and real estate agents which I call Direct business. So let's talk about the pros and cons of being a notary public loan signing agent that gets direct business. First, the pros Number one, you keep every penny of the signing fee. No splitting with the signing service. That is usually about 50 to 75 more dollars per signing. Number two, the escrow company will print out loan docs for you, eliminating any printing costs. Number three easy lead generation. If one one escrow officer, loan officer or real estate agent uses you as a notary public loan signing agent in the office and you do a good job, others in the office will follow. No FedEx to make doing a signing at 5pm docs just need to be returned the next day. Less stress on you. And finally, number five, you get paid quicker and directly from escrow. Once the loan closes, the check is cut directly to you. Now some of the cons first and foremost there is sales. You have to learn to sell yourself as their best choice for signing agent needs. Needless to say, most Direct Business sources already have signing agents that they use. Therefore you need to convince them to use you over someone they're currently using. I have a number of surefire strategies to help you in my how to get business course if you don't know how to do this. Secondly, as in any sales, while perks are not required to give out, it is nice to do Starbucks and lunches are nice and that's what I usually do to show my appreciation. These activities have cost and time commitment. Third, while FedEx is rarely required for local direct business, returning docs immediately at times are you do at 10am they need docs by noon so they can fund by one in the afternoon. Fourth, usually more is expected from you. When you work directly with escrow officers as a notary public loan signing agent with Direct Business you you have to go above and beyond to be sure the signing is perfect even if the escrow officer makes a mistake. As an example, if they forget to include a subordination agreement and ask you to go get it signed, you'll need to do it and oftentimes for free simply because you want repeat business. Lastly, number five, if you want to get repeat business from escrow companies, you have to learn how to package loan documents, which takes an additional 10 to 15 minutes of work. But more importantly, you actually have to know how to package loan documents. Luckily, I have a packaging course that I teach you step by step. Be sure to check it out if you don't know how to package loan documents, but it is a requirement for getting local direct escrow business. Those are the major pros and cons of getting direct business. And as the saying goes, the grass isn't always greener on the other side. While the money may be more on the direct business side, there is much more responsibility as well. And there's something to be said just about hearing the phone ring and getting a signing. And on the other hand, it might be well worth the extra responsibility if you're earning an extra 50 to $90 per appointment. In conclusion, you can't have your cake and eat it too. You either do sales and make more money or you do no sales and make a little less money. I personally don't think one is better than the other, it's just perspective. Regardless, we make an amazing amount of money for a fairly simple task. If you're interested in learning how to get a loan signing business or you're already getting loan signing business and want to learn how to get direct business so you can make more money per appointment, go to loansigningsystem.com and get my getting business course today. I'm Mark. I teach a loan signing system and I'm looking forward to help you become the great loan signing agent. Be sure to like comment and subscribe below. Then go to loansigningsystem.com to get your course today.