The type of notary that generally makes the most money is a Loan Signing Agent. These specialized notaries focus on notarizing real estate documents and handling loan closings, which are often more complex and command significantly higher fees than standard notary services.
Understanding the Role of a Loan Signing Agent
A Loan Signing Agent, also known as a Notary Signing Agent (NSA), plays a crucial role in the real estate transaction process. When someone buys, sells, or refinances a home, there are numerous legal documents that require notarization. This is where a Loan Signing Agent comes in.
- Specialized Expertise: Loan Signing Agents are trained to guide borrowers through complex stacks of loan documents, ensuring all signatures, initials, and dates are correctly placed. This includes mortgages, deeds of trust, promissory notes, closing disclosures, and various affidavits.
- Higher Complexity, Higher Fees: Unlike general notary work, which might involve notarizing a single signature on a simple document for a small, state-regulated fee, loan signings involve multiple documents and a greater responsibility. Due to their specialized knowledge and the critical nature of real estate transactions, Loan Signing Agents can charge a flat fee per signing appointment, which is considerably higher than per-signature rates.
- Convenience for Clients: Often, Loan Signing Agents are mobile notaries, traveling to a client's home, office, or another convenient location to complete the signing. This added convenience further justifies the higher fees.
Why Loan Signing Agents Earn More
The primary reason Loan Signing Agents earn more is the value and complexity they bring to real estate transactions.
- Demanding Skill Set: Becoming a proficient Loan Signing Agent requires additional training beyond the basic notary commission. They must understand various loan document types, common real estate terminology, and privacy regulations.
- High-Stakes Transactions: Real estate closings involve large sums of money and significant legal implications. Lenders and title companies rely on Loan Signing Agents to ensure documents are executed flawlessly to prevent legal issues and delays.
- Flat Fee Structure: While general notaries typically charge a small fee per notarized signature (e.g., $5-$15 per signature, depending on the state), Loan Signing Agents charge for the entire service, often ranging from $75 to $200 or more per signing appointment. Factors like travel distance, number of signers, and document size can influence the fee.
Comparing Notary Income Potential
The earning potential for notaries can vary widely based on their specialization and the services they offer.
| Notary Type | Primary Services | Typical Fee Structure | General Earning Potential |
|---|---|---|---|
| General Notary | Affidavits, powers of attorney, wills, basic documents | Per signature (state-regulated) | Low to Moderate |
| Loan Signing Agent | Real estate loan documents, closings | Per appointment (flat fee) | High |
| Mobile Notary | Traveling to clients (can be combined with any type) | Notary fee + mileage | Moderate to High |
| Remote Online Notary | Notarizing documents virtually via webcam | Per notarization/session | Moderate to High |
Becoming a Successful Loan Signing Agent
To maximize earnings as a Loan Signing Agent, aspiring notaries should consider the following steps:
- Obtain Notary Commission: Fulfill your state's requirements to become a commissioned notary public.
- Get Certified: Pursue specialized training and certification as a Notary Signing Agent from reputable organizations like the National Notary Association (NNA). This training covers loan document types, ethical practices, and business best practices.
- Background Check: Many lenders and title companies require a current background check, often through the NNA, for Notary Signing Agents.
- Build Your Business: Market your services to title companies, mortgage lenders, and signing services. Networking and building a strong reputation are key.
- Invest in Tools: Essential tools include a reliable printer, a secure internet connection, and professional attire.
By specializing in real estate closings and becoming proficient in handling loan documents, a notary public can significantly increase their income potential and establish a lucrative career.
For more detailed information on the duties and requirements of a Loan Signing Agent, you can refer to resources from reputable notary associations like the National Notary Association.
