Good or bad time to start Loan signing career?

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Good or bad time to start Loan signing career?

Susan Steele
Cardiff By The Sea, CA · Member since 2016 · 11 posts · 1 vote

I bought a Loan signing course in October 2017. I'm measuring whether to start it this year. I am weighing a few options to pay down debt and save for property. 

With rates looking like they may be on the rise etc ( San Diego CA), the mentor promises an easy 13 loan signings per week. No idea of competition as Id be trained as an EXPERT loan signer. 

I don't have a perspective of the industry so thought Id reach out and ask if this will be lucrative for the rest of this year? 

I can also start my web design/ or biz marketing company. Looking for something easy for this science major and at $175 / hour, it sounds good. 

TIA

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
Originally posted by @Account Closed:
Originally posted by @Terry Lao:

@Jay Hinrichs

https://www.biggerpockets.com/forums/55/topics/570...

Can we get your opinion on a question, as whether LV is a good time to invest? Seems like you met Lisa already.

Terry

 Did you see your buddy Bill has ventured to the dark side. 😂 🤗🙁.

You may be right for all we know. 

LIsa if that is your name..  I am pretty new to on line chatting etc. and I had to look up the definition of an on line TROLL  what I learned is that your that definition.. so last time I comment or feed your habit.. If you have something constructive you might want to change your tact other wise most folks are just going to think you are a dolt.  

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  • Christi HawkinsPro Member
    Columbus, OH · Member since 2017 · 237 posts · 142 votes
    8y

    @Susan Steele  I don't think it's ever a bad time to try something new. By Loan Signer, I'm assuming you are referring to becoming trained on how to have all the documents signed to close a loan. I think it's a great idea for several reasons; you would most likely be an independent contractor, you wouldn't have to go to an office 9-5, you would travel to meet with clients and have their documents signed. There's no guarantee about how much money you would make but it sure would be an easy way to make extra money and every loan that closes needs someone ensuring the documents are signed correctly. It would give you the opportunity to work on others businesses as well. It's not hard at all once you understand the documents. Does your Mentor own a title company and can put you to work right away or are they just promising you the number of closings per week. Make sure you ask the right questions to put yourself in the best possible position and be realistic with your expectations. One more thing, if your mentor doesn't own a title company, how are they benefiting? Are they going to mentor you for free or do they plan on taking a cut of every closing you do? Good Luck, I know lots of people who do this for a living and they love it

    0Reply
  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    8y
    Well, never heard of a Loan Signer, sounds like some made up name to sell a course. You mean “closing assistant”?
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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Wayne Brooks:

    Well, never heard of a Loan Signer, sounds like some made up name to sell a course. You mean “closing assistant”?

     Wayne I suspect she may be alluding to a mobile notary service.. Many title companies now a days require a mobile notary. 

    I know when I did some B of A refi's in MS  they send a mobile notary the packages were HUGE took at least 2 hours to go through them all. 

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Account Closed:

    Sounds scummy. 

    Loan signer does what title company doeS? 

    There's your competition. Attorneys in some states. 😂 

    Get trained in foreclosure docs too.  I see a 🌊 coming on soon.. 😂 

    your just not up to speed on how real estate is transacted in todays world.. that's all that's why it sound scummy to you. 

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  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    8y

    @Jay Hinrichs Yeah, we have mobile notaries here too....it's such a well known and common term, figured this must be something else.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Account Closed:

    $175 an hour does sound scummy. I actually was required to use a mobile notary recently. She surely wasn't referred to as a loan signer. 😂. 

    again your not in tune with todays market Anyone who has any experience in real estate understands mobile notaries and what tile companies require.. your lack of knowledge is coming through.. 

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Wayne Brooks:

    @Jay Hinrichs Yeah, we have mobile notaries here too....it's such a well known and common term, figured this must be something else.

    I do 97% of my closings away.. so I deal with it weekly.. its a great gig for someone rates very.. but lenders and title companies are worried about forgeries etc.. and or with the bank loan packages those are so huge that spots can be missed easily.. so it makes sense to have someone trained in it..  

    I do get a little frustrated with TExas title companies who require this on cash purchases.. because we as the client are paying for it.

    they require it and we have to pay.. I fight it hard.. I had one where I was in NYC and the MN charged 350 bucks  OUCH.. I was not happy so now I fight this and make them send them to one of my closers here in Oregon.. I do business with all the major underwriters so that usually works.. they send them to one of my closers I pop in sign its free and off we go.

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  • Terry Lao
    Professional · Anaheim, CA · Member since 2017 · 1k+ posts · 686 votes
    8y

    @Jay Hinrichs

    https://www.biggerpockets.com/forums/55/topics/570...

    Can we get your opinion on a question, as whether LV is a good time to invest? Seems like you met Lisa already.

    Terry

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Terry Lao:

    @Jay Hinrichs

    https://www.biggerpockets.com/forums/55/topics/570...

    Can we get your opinion on a question, as whether LV is a good time to invest? Seems like you met Lisa already.

    Terry

    its always a good time to invest .. I work Vegas as you know.. but its pretty competitive there.. I am not a landlord so not the best to ask about buying rentals..  

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Account Closed:
    Originally posted by @Terry Lao:

    @Jay Hinrichs

    https://www.biggerpockets.com/forums/55/topics/570...

    Can we get your opinion on a question, as whether LV is a good time to invest? Seems like you met Lisa already.

    Terry

     Did you see your buddy Bill has ventured to the dark side. 😂 🤗🙁.

    You may be right for all we know. 

    LIsa if that is your name..  I am pretty new to on line chatting etc. and I had to look up the definition of an on line TROLL  what I learned is that your that definition.. so last time I comment or feed your habit.. If you have something constructive you might want to change your tact other wise most folks are just going to think you are a dolt.  

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  • Shelley F.
    Real Estate Investor · Plumas county, CA · Member since 2011 · 150 posts · 88 votes
    8y

    Interesting thread...Im a notary in California and do a fair amount of mobile services. I saw a need in the rural counties where my properties are and thought 'why not?'

    I also do a fair amount of BRRR up there and in the Sacramento area and guess what? These reputable lenders send a loan signing agent to me, on my hours. The ones I have met were notary public officers (like me) and took the course as a way to make additional money.

    From my perspective the ones I saw were SUPER organized...knew what they were looking at (so did I ...just from experience) and knew the lenders instructions. The simplest of these still took an hour.

    I was delighted to avoid the commute to a title office, and they were happy with their job.

    I really think its a trend of the future...not at all a scam. But in California you need to be a notary first (as I understand it) and its not a simple process.

    2Reply
  • Shelley F.
    Real Estate Investor · Plumas county, CA · Member since 2011 · 150 posts · 88 votes
    8y

    I should add..there is a difference between simply requiring a notary signature (thus a 'mobile notary" can visit you on your mutually agreed time schedule) and a 'Loan signing agent' A mobile notary...simply visits and does notary services. A 'Loan signing agent' has a bit more training and will go through the loan documents page by page...and as a notary already will do the notary as needed. As a notary I was well aware of what happened above and beyond my 'mobile notary' services. But Ive been in this game a while. I appreciated the service

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Shelley F.:

    I should add..there is a difference between simply requiring a notary signature (thus a 'mobile notary" can visit you on your mutually agreed time schedule) and a 'Loan signing agent' A mobile notary...simply visits and does notary services. A 'Loan signing agent' has a bit more training and will go through the loan documents page by page...and as a notary already will do the notary as needed. As a notary I was well aware of what happened above and beyond my 'mobile notary' services. But Ive been in this game a while. I appreciated the service

    I love plumas county  I am going to buy a summer home there !!! one of the best kept secrets in the US in my mind.  

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  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    8y

    @Susan Steele

    Hey Susan,

    The last time I see a Mobil notary the guy left me his card and a link to the national notary association.  Seemed like a good gig for someone with drive and time. It was an online class. You want to make sure you add on “signing agent’. 

    Once you complete the class they provide your cell number to local titles companies that then offer closings to the next notary on their list. He said you can get 3-5 per day as long as you always say yes. He was making closer to $125-$150 for the 1.5-2 hour signings. 

    Had to go back and add a ps...

    This info is for Las Vegas, your mileage may vary significantly in California with extra laws, fees, etc....

    0Reply
  • Susan Steele
    OP
    Cardiff By The Sea, CA · Member since 2016 · 11 posts · 1 vote
    8y

    Thanks, everyone. Yes, it's learning the loan docs that's going to be the more time-consuming factor. 

    Its only in California I heard the rates being approx 150$ some receiving via the Escrow office $200.

    The Loan Signing Notary course is taught by an online guy and does it for a living making 10K a month or more.  He has an entire system/course to make you one of the BEST!  So that Escrow officers can rely on you! 

    He teaches how to package the docs etc and goes over loan docs page by page. There is a support group via Facebook.

    For me, it's about saving for my first property and serving Southern California as a Notary Loan Signing Agent. Its a legit service and very serious. ( for the scammy comment). Getting those loan docs correct and helping the buyer understand - any mistake can set an escrow officer back.

    Thanks again. 

    Ill have to network like crazy. Just like any other business. You have to get business on your own but he shows you how. 

    Have a good day. 

    0Reply
  • Jeremy Z.
    Tacoma, WA · Member since 2018 · 230 posts · 257 votes
    8y
    Originally posted by @Jay Hinrichs:
    Originally posted by @Account Closed:
    Originally posted by @Terry Lao:

    @Jay Hinrichs

    https://www.biggerpockets.com/forums/55/topics/570...

    Can we get your opinion on a question, as whether LV is a good time to invest? Seems like you met Lisa already.

    Terry

     Did you see your buddy Bill has ventured to the dark side. 😂 🤗🙁.

    You may be right for all we know. 

    LIsa if that is your name..  I am pretty new to on line chatting etc. and I had to look up the definition of an on line TROLL  what I learned is that your that definition.. so last time I comment or feed your habit.. If you have something constructive you might want to change your tact other wise most folks are just going to think you are a dolt.  

     Haha, this is definitely that same troll that created two new profiles on the same thread a few weeks back. Same goofy tone and pattern. Not sure why he/she keeps making new pseudonyms. Probably because they wear out there welcome after a few posts.

    3Reply
  • Susan Steele
    OP
    Cardiff By The Sea, CA · Member since 2016 · 11 posts · 1 vote
    8y

    Ha really?  - what a waste of time LOL. 

    0Reply
  • Sam Shueh
    Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
    8y

    Suggest you visit all the Title & Escrow companies in your area see what the demand is. Since refin has really dried up here in Northern CA I hear desperate escrow officers begging for work or face cutbacks.  You can also start working as a notary public at real estate firms.   I believe a couple years ago, they cut the compensation $ to mobile notary officers as well as to realtors.  I see some come with a facial, wedding make up business cards to boost their income.

    0Reply
  • Shiloh LundahlPro Member
    Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
    8y

    @Jay Hinrichs I think the Lisa person is the same person of a few months back that kept posting a bunch of crap. I sent an abuse report. Hopefully that person will be removed soon.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Shiloh Lundahl:

    @Jay Hinrichs I think the Lisa person is the same person of a few months back that kept posting a bunch of crap. I sent an abuse report. Hopefully that person will be removed soon.

    well its one thing to have difference of opinions on BP and spirited debates that are tasteful.. its another to post like this.. I for one wont respond anymore to anything that name posts.. since the posts are all negative in nature and in my mind mean spirited..  

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  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    8y

    @Shiloh Lundahl , I think you're right.

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  • Rebecca K.
    Gilroy, CA · Member since 2016 · 41 posts · 21 votes
    7y

    Hi @Susan Steele. I recently became a Public Notary and have been wanting to work as a loan signing agent. I became a Notary Public specifically to sign loans. I'm a little nervous about doing it properly so as that I don't get sued, but I'm curious to know who your mentor is? And how the process has been going for you? I was thinking about signing up for the Signing Agent course on National Notary Association. Thank you.

    0Reply
  • Amanda Herr
    Specialist · Saint Paul, MN · Member since 2014 · 3 posts · 0 votes
    7y

    I'm a loan signing agent in Minnesota.  I can help .  Sorry only in Minnesota. 

    www.legacynotary.com

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