One of the things that our Founder Carol Ray valued was being very transparent about the realities of becoming a Loan Signing Agent. No one felt more strongly that this could be a wonderful career, a great second act for retired folks, or a wonderful side gig for the right person. But she wanted to be clear with all students about what the investment was, and the return on that investment. In our course we teach students all about this topic, but let’s summarize some of the costs or investment here.
The cost of becoming a notary public or a loan signing agent can vary depending on several factors. Your location, the requirements set by your state or jurisdiction, and the specific training and certification programs chosen, are decisive factors in determining the costs of becoming a notary public or loan signing agent. Note that a notary public and a loan signing agent differ from each other, as a loan signing agent notarizes and certifies legal financial documentation related to loan documents while a notary public is a commissioned public officer to witness and confirm the signing of documents. While this article can provide you with a general idea, it’s important to note that the specific costs can differ.
- Application Fee: This fee covers the cost of applying to become a notary. It can range from $10 to $200, depending on your state.
- Education and Training: Some states may require you to complete a notary education course, which may cost around $100 to $200. In some states, the required notary education course is free.
- Notary Supplies: These include items like notary seals, journals, stamps, and other necessary supplies. Costs can vary but may range from $100 to $200.
- Background Check and Fingerprinting: Some states require a background check and fingerprinting, which may cost around $50 to $100.
- Renewal Fees: Notary commissions are typically valid for a specific period, often four years. Renewal fees can range from $50 to $150.
Loan Signing Agent:
- Notary Expenses: Since a loan signing agent is essentially a notary who specializes in loan document signings, you would incur the same expenses as a notary (application fee, education, supplies, background check, and renewal fees).
- E&O Insurance: Errors and omissions (E&O) insurance is recommended to protect yourself from potential liabilities. The cost can range from $100 to $500+ per year, as loan signing agents typically need a different kind of E&O insurance than a notary public.
- Notary Signing Agent Equipment: Several items are required for your work as a Notary Signing Agent. This includes a smartphone, computer, or laptop, dual-tray printer and related supplies, scanner, secure email, and a carry bag. You may also need a tablet to display hybrid and electronic pen closings. The costs of this equipment can range from $1,020 to $2,000, depending on the quality and brand of these supplies.
- Marketing (Optional): Items to consider are business cards, post cards, website, pens, subscription sites (Notary Rotary, Signing Order, etc.). These items can range anywhere between $5-250+ depending on how much marketing you are willing to do.
- Training and Certification: To be a successful loan signing agent, it’s advisable to undergo specific training and obtain certification. The cost of training programs can vary, ranging from $100 to $500, depending on the provider and the level of training. Of course we recommend that Notary2Pro Elite Loan Signing Agent Course (and why wouldn’t we). Our prices remain at the same low $300 that it has been for many years.
Of all of these items, we strongly suggest good training is the most important, because training impacts the other side of this equation, How Much do Loan Signing Agents Make. Proper training means confident, error free signings which will build your reputation, and grow your business.
The costs associated with becoming a notary public or loan signing agent are depicted in the above expenses. Following your certification as either, it is critical to consider additional costs for running and increasing your business. These costs are subject to fluctuation based on various factors. Furthermore, ongoing investments in education and innovation are essential to enhance your and your client’s efficiency and satisfaction within your business journey.
Remember that these cost approximations are rough and can differ considerably based on where you are and specific requirements. We recommended consulting your state or jurisdiction’s notary division and researching local training programs to get accurate and up-to-date information on costs and expenses.
For more information on the how and why of all these things, take a look at Notary2Pro’s Elite Loan Signing Agent Training
Take our free self-assessment here: https://notary2pro.com/assessment/
Learn more about becoming a Notary Public or Loan Signing Agent: www.notary2pro.com