How Much Does a Loan Signing Agent Make? A Closer Look at Salaries

Becoming a loan signing agent can be an attractive career option for many reasons. As a loan signing agent, you get to be your own boss, set your own schedule, and earn a good living helping people complete an important financial transaction – closing on a mortgage loan. But exactly how much money can you make as a loan signing agent? Let’s take a closer look at the salary potential.

Loan Signing Agent Salaries Vary

There is no single figure for how much loan signing agents make. Salaries can vary quite a bit depending on several factors:

• Experience level – New agents tend to earn less than those with several years under their belt It takes time to build up your client base and reputation

• Location – Agents working in busier urban areas with lots of real estate transactions generally earn more than those in rural locations.

• Type of transactions – Refinances tend to pay more than purchases. And higher value transactions usually pay more than lower value ones.

• Full-time vs part-time – Agents who treat this as their full-time job and take on a high volume of assignments earn more than part-timers doing it on the side.

• Business expenses – Overhead like gas, marketing, insurance and supplies reduces net earnings.

With all those caveats, we can look at a few examples to get a sense of salary ranges:

Full-Time Loan Signing Agent Salaries

For loan signing agents working full-time, annual salaries commonly fall in the range of:

• Top earners – $50,000 to $60,000
• Average – $35,000 to $45,000
• Newer agents – $25,000 to $35,000

According to a 2020 industry survey, over 50% of full-time agents reported earning at least $2,000 per month, or $24,000 annually. And 16% said they earn over $7,500 monthly, which equates to $90,000 per year.

Clearly, there is significant earning potential for full-time agents once you gain experience and establish your business.

Part-Time Loan Signing Agent Salaries

Many agents work part-time along with another job. For part-time agents, monthly earnings often range from:

• $500 to $1,000 – Typical range for newer agents or those in rural locations. Represents 5-10 assignments monthly.

• $1,000 to $2,000 – Average for established agents in moderately busy areas. Based on 10-20 signings monthly.

• $2,000+ – High earners in very active markets. Reflects 20+ signings per month.

In a 2020 industry survey of part-time agents, over 40% reported earning more than $500 per month. And nearly 30% said they earn over $1,000 monthly through their loan signing work.

Hourly Wage Rates for Loan Signing Agents

Another way to look at potential earnings is the hourly rate you can charge. But again, there are no fixed figures here. Rates vary based on your location, experience, and types of transactions. Some typical hourly rates are:

• $45 to $65 per hour – Average range for most transactions.

• $65 to $100 per hour – High end for experienced agents on larger transactions.

• $100+ per hour – Top tier rates charged by seasoned agents in expensive markets. Mostly for high value refinances rather than purchases.

As you gain experience and a positive reputation, you’ll be able to increase your rates over time.

How Assignments and Travel Factor In

To estimate your potential loan signing income, you also need to consider:

• Number of assignments – Active agents average 10 to 30 signings per month. At $200 per assignment, that equates to $2,000 to $6,000 monthly.

• Mileage – Expect to drive 25-50 miles per assignment, in addition to time spent at the signing. Factor gas and mileage costs into your hourly rate.

• Typical time per signing – Plan for at least 1 hour, plus driving time. Longer for complex transactions.

• Cancellations – It’s not unusual to have 10-15% of signings cancelled at the last minute. Factor some unpaid time for cancellations.

Loan Signing Salaries by State

Average loan signing agent salaries can vary quite a bit between states. States with major urban centers and high cost of living tend to have the highest pay. Rural states tend to be on the lower end of the range.

For example:

• California – $50,000 to $60,000
• Texas – $40,000 to $50,000
• Florida – $35,000 to $45,000
• Ohio – $30,000 to $40,000
• South Dakota – $25,000 to $35,000

These figures are for full-time agents with a few years of experience. New agents in any state will start out at the lower end of the range.

Factors That Impact Earning Potential

As you build your loan signing business, focus on these key success factors that will maximize your income potential:

• Get training – Complete a loan signing agent certification course to ensure you fully understand the process and role.

• Gain experience – Be patient at first. It takes time to learn the ropes. The more signings you complete, the more you can earn.

• Market yourself – Actively promote your services through websites, business cards, social media, real estate agents and referral networks.

• Specialize in refinances – They pay more than purchases. Position yourself as a refi expert.

• Provide excellent service – Go above and beyond to ensure a smooth signing experience. Positive reviews and referrals will grow your business.

• Set appropriate rates – Don’t undervalue your time and expertise. But also don’t price yourself out of competitiveness.

• Expand services – Offer general notary work, fingerprints, I-9 verifications or other products to fill schedule gaps.

• Join signing services – Sign up with SnapDocs, Notary Rotary or other assignment services to access more signing opportunities.

The Bottom Line

A loan signing agent career offers the freedom and flexibility many people desire, along with strong earning potential. With hard work and focus, you can build a business that generates $40,000 to $60,000 annually. It takes time and commitment, but thousands of agents across the country are proof it can be done.