How to Become a Loan Signing Agent in PA: A Step-by-Step Guide

Becoming a loan signing agent in Pennsylvania can be a rewarding career move. With the housing market booming, loan signings are in high demand. This guide will walk you through the exact steps to start working as a loan signing agent in PA.

What is a Loan Signing Agent?

A loan signing agent is a notary public who has specialized training to conduct real estate closings and signings. When a borrower closes on a mortgage, equity loan, or refinance, they must sign dozens of documents. The loan signing agent’s role is to review the loan documents with the borrowers, notarize their signatures, and return the paperwork to the lender.

It’s much more than just stamping and signing. A knowledgeable loan signing agent provides an invaluable service by explaining complex mortgage documents to borrowers and answering their questions This ensures the borrowers understand the terms before signing their names

Loan Signing Agent Responsibilities

As a loan signing agent your key responsibilities include

• Guiding borrowers through stacks of loan documents line-by-line
• Explaining the purpose of each document in simple terms
• Pointing out key details like interest rates and monthly payments
• Collecting signatures and initials on all documents
• Notarizing signatures using your stamp and seal
• Ensuring documents are fully complete before leaving the signing appointment
• Returning documents to the hiring company by deadline

Strong communication skills are essential to succeed as a loan signing agent. Borrowers rely on your expertise to understand the mortgage process and feel confident signing their contracts. Patience and friendliness will help put clients at ease.

How Much Do Loan Signing Agents Earn?

Loan signing agent income consists of per signing fees, mileage reimbursement, and tips. On average, loan signing agents in PA earn between $75 to $200 per appointment. Most assignments take 1 to 2 hours to complete.

Experience level, assignment complexity, your location, and demand in your region impact earnings. Working weekends, evenings, and being willing to travel to signings expands your opportunities. Full-time agents can complete 5-7 signings per week, earning $30,000+ per year.

Step 1: Become a PA Notary Public

To become a loan signing agent in Pennsylvania, you must first obtain your notary commission. Here are the PA notary requirements:

• Be at least 18 years old
• Reside or have a regular place of work in Pennsylvania
• Pass a background check
• No felony convictions
• Complete a 3 hour PA Department of State approved notary education course
• Pass the notary public exam administered by Pearson VUE
• Obtain a $10,000 surety bond
• Take the oath of office before the Recorder of Deeds
• Purchase a notary seal and supplies

Expect the process to take 1 to 2 months. Check the PA Department of State website for full instructions on how to become a notary.

Step 2: Take Loan Signing Agent Training

Your next step is taking a loan signing agent certification course. Even though it’s not required by Pennsylvania, formal training is highly recommended. Here’s why:

• Learn how to properly conduct loan signings – Get the skills and knowledge needed to review documents, notarize signatures, and handle issues that arise.

• Gain confidence – Training provides hands-on experience so you feel comfortable running actual signings.

• Understand loan documents – Learn the purpose of each document and key sections like fees, payments, rates, penalties and more.

• Boost earning potential – Lenders and signing companies prefer working with certified loan signing agents.

Many programs are available online and can be completed in a few weeks. The National Notary Association offers a popular Certified Loan Signing Agent package with training, exam, and background screening.

Step 3: Invest in a Loan Signing Agent Kit

A professional loan signing agent kit contains all the tools you’ll need to conduct effective signings:

• Notary seal and journal – Required to notarize loan documents in PA. Have separate supplies for your loan signing work.

• Signing agent forms – Includes documents like the signing agent certification, borrower affidavit, and errors and omissions forms.

• Pens and signing tools – Bring quality black pens, highlighters, and signing flags so borrowers can initial and sign documents.

• Reference guides – Handy to look up document definitions, loan terminology, and PA notary rules.

• Professional supplies – Such as a briefcase, folders, lint roller, and sanitizing wipes.

Kits range from $50 to $300 depending on contents. Splurge on a high-end kit or build your own to save money.

Step 4: Create Your Loan Signing Business

As an independent contractor, you’ll operate as a freelance notary signing agent. Follow these tips to launch your signing business:

• Establish a legal business structure – Forming a limited liability company (LLC) or corporation protects your personal assets.

• Get an EIN – Obtain an Employer Identification Number from the IRS to open business bank accounts and pay taxes.

• Open a business bank account – Keep your loan signing income and expenses separate with a dedicated business account.

• Pay quarterly taxes – As a freelancer, you are responsible for paying estimated income taxes and self-employment taxes quarterly.

• Track business expenses – Deduct expenses like mileage, supplies, training costs, and other signing related expenses on your taxes.

• Get business insurance – Look into general liability insurance and errors and omissions insurance to cover your business.

Step 5: Market Your Loan Signing Agent Services

Once you complete your training, the next step is getting the word out to lenders, mortgage brokers, title companies, and signing services about your loan signing business. Effective marketing tactics include:

• Create a website – A basic website with your services, experience, service area, and contact info can generate leads.

• List your profile – Create a robust profile on sites like the National Notary Association Signing Agent Directory.

• Network locally – Introduce yourself to local lenders, bank managers, real estate offices, and more. Offer professional signing services cards.

• Leverage social media – Promote your services on Facebook, LinkedIn, Instagram, and other platforms.

• Gain referrals – Provide 5-star service so realtors, signing companies, and past clients refer you.

The more exposure for your new signing business, the quicker you can start booking consistent assignments.

Step 6: Continue Your Loan Signing Education

Ongoing learning and development is crucial as loan regulations frequently change. Join the National Notary Association to stay updated on the latest news and trends in your region. Read industry magazines and blogs so you can answer borrower questions knowledgably.

Also consider taking loan document, mortgage compliance, and specialized signing agent courses to expand your knowledge. The American Society of Notaries offers over 15 advanced signing classes.

Get Started as a Loan Signing Agent in PA!

If you’re a detail-oriented notary public with strong communication abilities, a career as a loan signing agent may be right for you. Take training courses, create a professional brand, and provide excellent service to grow your signing business in Pennsylvania.