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Should I go into this profession?



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amother
OP


 

Post Mon, Nov 14 2022, 3:36 pm
I’m a SAHM looking for a job and I’ve been looking into becoming a loan signing agent. Basically, a loan signing agent is a notary who walks you through the steps of signing your loan document and then witnesses your signature, whether it’s a mortgage, refinance, etc.

Now BEFORE you say that notaries can only charge a few dollars per signature, loan signing agents charge for traveling to the signing, wherever it’s taking place. LSAs make on average $75-$200 per signing, sometimes more. There are two ways to go about this. You can do this through agencies, which is how you get started, and those jobs are more in the $75-$150 range. Then, if you network and establish contacts with escrow and title companies, you can work directly with them, which is when you can start making $200-$300 per signing. A signing can take as little as an hour plus travel time, or a few hours if the document is more complicated.

In terms of training, getting a notary commission is super easy, and then there are loan signing courses for about $600, 4-6 weeks, that teach you all the basics, how to conduct the signing, what supplies you need, etc (it’s your job to print out the document, bring it to the signing, and then mail it or bring it in to the title company, so you need a good printer and all that.) So supplies plus training would cost around $1000.

Pros of this job:
-good money. You may start out not making a lot because it takes time to work your way into the field, but once you do, let’s say you get 10 signings a week at $200 a signing, that’s $2K per week for part time work!
-flexibility. You’re self-employed. You can accept and decline jobs based on your availability, and that’s what’s expected in this field. So as a mom it’s ideal. Of course if you decline too often they’ll push you further down the list of preferred agents, but there’s definitely still flexibility. You could work full time, part time, as much or as little as you wanted.
-it takes me out of the house, meeting new people and going new places. I’ve been a SAHM for 15 years with just part time jobs here and there and I’m starting to feel really unfulfilled. I’m just ready for something else. I’m ready to get dressed and go to work every day, but yet not tied down to a 9-5 where I have to answer to someone else.
-I have an interest in real estate, and this seems like a good way to get to know different aspects of the field. I would like to make enough money to be able to invest in real estate one day, and this seems like a good way to learn a little bit about it.

Cons:
-travel. Gas, wear on the car, etc. In some places with a lot of traffic I hear how it’s not a great job option because you’d probably spend most of your time in the car, but BH I live in a major city (not east coast) that doesn’t have very much traffic at all. I live 10 min from downtown and to get anywhere in the city is max 30 min, so in terms of that I think my location is ideal.
-safety. You’re going to different places you’ve never been, meeting strangers. This doesn’t bother me so much because these are generally held with an attorney present. Sometimes they’re in the purchaser’s new house, but more often they take place in office buildings with other people present. If it were in a client’s new home I would have to be careful, though.
-the economy. The market is not doing well now, interest rates are up, people are not buying or refinancing as much. However, people will always buy houses and take out loans, so it’s never going to dry up completely, and the market will eventually pick back up. And, if I find that there really is no work to be had, there are other avenues of making money as a notary until loan signing picks back up. General mobile notary work (wills, POAs, etc), apostille services, permit running, field inspections, and even digital court reporting (although the last one requires more training and equipment).
-it requires self-motivation. To work your way up you really have to network and I’m rather shy, so that worries me. I’m afraid I’m not enough of a go-getter. Although I think if I’m organized and responsible enough (which I am), that’s what companies are looking for in a signing agent and that will make me stand out.
-handshakes??? I know it’s less now after Covid, but in that world there are a lot of handshakes, and I’m worried about constantly explaining my way out of that, if it’ll be uncomfortable, maybe it’ll negatively impact me professionally…

I know that was long, thanks for reading. So what do you think?? I’m asking because it’s so not a typical frum woman job, but yet it seems so great with the decent (if not excellent) pay and flexibility.
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amother
Leaf


 

Post Mon, Nov 14 2022, 3:38 pm
Everyone I know uses a lawyer to close- is this in addition? Never heard about it.
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agreer




 
 
    
 

Post Mon, Nov 14 2022, 3:42 pm
Sounds awesome...

If you the self-motivated type, I would do it. But you gotta be honest with yourself, because it will take time to build your business.
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mha3484




 
 
    
 

Post Mon, Nov 14 2022, 3:43 pm
Isn't this all done with your attorney at the title company? I'm not sure I understand who would use your services. When I bought my house I did this all at Chicago Title and Trust with my attorney and their employees.
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amother
Maple


 

Post Mon, Nov 14 2022, 3:48 pm
I used to be a title closer. Sounds like what you are describing just with a different title. I loved the job. I'm super social and get bored at a desk job.

I had to stop after a few years because while there is tons of flexibility with what jobs you take once you accept a job you are on their schedule. If they decide to shlep and go for lunch in middle you need to be there waiting.
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amother
OP


 

Post Mon, Nov 14 2022, 3:52 pm
mha3484 wrote:
Isn't this all done with your attorney at the title company? I'm not sure I understand who would use your services. When I bought my house I did this all at Chicago Title and Trust with my attorney and their employees.


Yeah, same here when I bought my house. But apparently this is a thing. Think refinances though, and not everyone uses a lawyer for closings when the deal is pretty straightforward…
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amother
OP


 

Post Mon, Nov 14 2022, 3:55 pm
amother Maple wrote:
I used to be a title closer. Sounds like what you are describing just with a different title. I loved the job. I'm super social and get bored at a desk job.

I had to stop after a few years because while there is tons of flexibility with what jobs you take once you accept a job you are on their schedule. If they decide to shlep and go for lunch in middle you need to be there waiting.


Thanks! Something to consider. Yeah, I was thinking about what if a meeting goes past when my kids get out of school or when the baby needs to be picked up from the sitter… My husband works from home and his job is usually flexible though.
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amother
Maple


 

Post Mon, Nov 14 2022, 4:01 pm
amother OP wrote:
Thanks! Something to consider. Yeah, I was thinking about what if a meeting goes past when my kids get out of school or when the baby needs to be picked up from the sitter… My husband works from home and his job is usually flexible though.


Right. That was my issue. My husband is not available to help so at a certain point it became unsustainable for me. If you have that covered I would say go for it! I loved it and would very possibly go back when my kids are older.
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Sewsew_mom




 
 
    
 

Post Mon, Nov 14 2022, 4:04 pm
We used someone like you when we refinanced.
Pretty simple job..
I would say go for it. What do you have to lose? 1000$ investment? Eh.. Worth it if your going to be proactive.
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amother
Orange


 

Post Mon, Nov 14 2022, 4:06 pm
I had a notary come to my house with the documents when I refinanced. I was wondering about that field. I would say in a different market to go for it, but with rising interest rates I would be concerned that there wouldn't be enough business to sustain you. Also, gas is expensive with all the travel.
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amother
Gold


 

Post Mon, Nov 14 2022, 9:22 pm
I work in the CRE field and never heard of that job title. Could be it is only for Residential RE?

Do your research before to ensure the market is large enough.
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mom!




 
 
    
 

Post Mon, Nov 14 2022, 9:34 pm
While most people use an attorney, there are so many cases where this would come up.
I, for one handled my attorney review myself (I have legal background) and would’ve used someone like you for my closing.
There are many people in business who buy individual residential units to rent out, and would use you.
Often, an attorney can’t accommodate a closing on a specific day and due to specifics on the deal, they need to close so they would hire a closer.

Whatever you decide, Hatzlacha!
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tichellady




 
 
    
 

Post Mon, Nov 14 2022, 11:53 pm
sounds like a good option for you. personally, I hate driving and it doesn’t sound so interesting to me but the money sound good and it sounds like you think you might enjoy it. doesn’t sound like a huge investment. do you know any real estate agents or brokers who you could try to work with to get clients
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amother
Pansy


 

Post Tue, Nov 15 2022, 12:00 am
Where can I take this class? I am a notary already.
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chocolate moose




 
 
    
 

Post Tue, Nov 15 2022, 11:29 am
I don't know where you live but if you are a New Yorker, 70% of the people who sit for the notary test fail. It's very hard.
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amother
OP


 

Post Tue, Nov 15 2022, 2:50 pm
amother Pansy wrote:
Where can I take this class? I am a notary already.


Google “loan signing agent course,” there are a few. The Loan Signing System by Mark Wills (I think?) seems to be very popular. I haven’t decided which course to do.

But do your research about your area to see if it’s worth it. In the NY/NJ area I can imagine the money is not that great when you factor in traffic and the hassle of driving places.
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amother
OP


 

Post Tue, Nov 15 2022, 2:52 pm
chocolate moose wrote:
I don't know where you live but if you are a New Yorker, 70% of the people who sit for the notary test fail. It's very hard.


Wow, I’m surprised. I’m studying for the test now and it doesn’t seem that hard. But I’m not in NY, maybe it’s more complicated there.
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amother
Pansy


 

Post Wed, Nov 16 2022, 1:17 am
chocolate moose wrote:
I don't know where you live but if you are a New Yorker, 70% of the people who sit for the notary test fail. It's very hard.

I’m in NY
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