Startup Costs of Becoming a Notary Loan Signing Agent - Loan Signing System

Frequently Asked what are the true startup costs to become a notary loan signing agent? In order to answer this question, it's important to first distinguish what kind of notary signing agent you're going to be. There are two primary types of loan signing agents out there. The first is what we call a signing service notary, which means you rely on signing services to get you loan signing appointments, your phone rings and you get signings. And then the second type of a notary signing agent out there is a notary public loan signing agent that gets business directly from escrow companies, which I call getting direct business. I have a video that goes over the pros and cons of a signing service business notary versus a direct business notary. So check it out if you're not familiar with the differences, but this video will focus on the specific startup costs between becoming one of the two. Lastly, before I get into specifics, understand that my loan signing system course will teach you step by step how to be either one of these type of notary signing agents. Now let's start with the startup costs associated with becoming a notary signing agent for direct business. Getting direct business costs the least amount of money to get started and is also the most lucrative of the two. Here is what you'll need. First and foremost you'll need an active notary commission. Now the cost I'm about to cover is for California, but obviously every state is different. With that being said, all the states do tend to be similar in cost and you can always shop around for the best prices. In order to be a notary public in the state of California, you need to take a six hour mandatory education course which is which you can take online and I've seen as low as $50. Then there is the state exam which costs $40. You'll need a passport style photo which typically costs 10 to $15. You'll then need live scan fingerprints which is typically around $80. Then there are the required supplies, a notary journal, a thumbprint pad, and your notary stamp. I've seen these items as low as $45 for all three. Then there's the notary bond which runs about $50 for our four year bond. And lastly there's the Oath of office which is $40. So your total startup cost for your commission in the state of California and notary materials is roughly $300. That is it. You're required as a loan signing agent to have errors and admissions insurance. Most escrow companies only ask for $100,000 which is about $150 a year or or 12 bucks a month. Lastly, and this is becoming a newer requirement for some escrow companies is what they call a background check which is roughly $50. Lastly, you'll need business cards to get direct business go online. You can find them for as low as 10 bucks for about 250 cards. If you do your research, you can probably find many of these startup costs for much lower than I just listed and California tends to be the most expensive state. So there you have it. For about 500 bucks you can become a notary loan signing agent that gets direct business. Needless to say, if you already have your commission, subtract $300 from that you've already spent on your commission and your startup cost to being a loan signing agent is $200. That is it. Keep in mind being a direct business notary is great because escrow companies or mortgage companies will always print out the loan documents for you. No need to have a printer, binder, clippers or ink. They do it all for you. What other business do you know that you can start up for $500 out of the door and make $150 from an appointment that takes about one hour? Needless to say, it's pretty awesome. Now let's talk about being a signing service notary. First, let me say that most notary signing agents start out as signing service agents because business is fed directly to you and it's a good place to practice becoming an expert loan signing agent. But the cost associated with starting as a signing service notary is slightly higher because the loan documents are emailed to you and you'll have to print them out themselves. Therefore, on top of everything else that I just said, you will need a dual trade printer that prints legal and letter sized paper. Once again, shop around, but I Personally use an HP refurbished printer that costs about $300. Brand new. They can go up to 6 or $700 depending on the bells and whistles you buy. But check out my blog on the type of printers because many of the features offered on dual tray printers are completely unnecessary. You'll need a couple reams of paper to start out so you can print out loan documents. It costs about five to six dollars per ream and the cost goes down if you buy in bulk. And FYI you should be able to print out a few sets of loan docs per ream. You may want to buy some large rubber bands which are cheaper than binder clippers to wrap your loan docks in before you head out. I like to grab a few FedEx envelopes at a local FedEx store and put my loan docs in there and they're free and you'll probably end up needing them anyways to mail out the loan documents. And that's it. So to be a signing service notary, the only difference is you need a printer. So it's roughly another three to five hundred dollars to be a signing service loan signing agent. And that would make becoming a notary signing agent that works for signing service a total startup cost of $1,000 or less. Out the door and once again subtract a few hundred dollars if you already have your notary commission. Now, these startup costs assume you already have reliable transportation, whether that be a car, a motorcycle, or good public transportation. To wrap this up, to be a direct business notary signing agent who does not have a commission yet, the total startup costs are $500. And to be a signing service notary signing agent who who does not have their commission yet, the cost is roughly 800 to $1,000. There are very few businesses that you can start up for less than $1,000 and are as lucrative as becoming a notary signing agent. You can and will immediately start making $70 to $200 per appointment working for yourself on your own schedule. In fact, I've had many students make backdoor startup costs in the first month of being an active loan signing agent. Becoming a loan signing agent is one of the best ways to make money working for yourself. Get my course today to learn how to become an expert loan signing agent, click on the link on this video or go to loansigningsystem.com today. I'm Mark and I look forward to helping you become a top loan signing agent.