Notary publics are an important part of the loan process. In order to protect the parties involved and ensure that all documents are properly executed, notaries must witness signatures and verify identities. But how much does a notary public make per loan? This is an important question for anyone considering this career path or curious about what goes into the job.
In this blog post, we’ll look at the different factors that influence how much a notary public can make per loan, such as location, experience level, and demand. With this information, you’ll better understand what it takes to be a successful notary public and how much money you can expect to make in this role.
What is a Notary Public Loan Signing Agent?
A notary signing agent is a professional specially trained to facilitate the loan signing process. They are responsible for verifying the identity of the borrower, administering oaths or affirmations, witnessing signatures, and ensuring that all documents are properly signed and notarized.
A notary public loan signing agent must also be familiar with state-specific document requirements and adhere to an ethical code of conduct. Also, they must have strong communication skills to explain the loan details to the borrower.
As technology evolves, many states now allow remote/online notarizations, which require even more specialized training. With their knowledge and expertise, a notary public loan signing agent ensures that all parties involved in a loan transaction understand their rights and obligations.
Notary Fees
Notary public fees vary depending on the state or jurisdiction in which they are working and the particular task being performed. Generally, notaries can charge different types of fees, including travel, service, and loan signing fees.
Travel fees refer to expenses incurred by the notary for traveling to and from an assignment, such as gas, tolls, car rentals, etc. Service fees are flat fees charged for services rendered regardless of travel time spent on the job.
Loan signing fees are specific to performing loan signings and may include the cost of overnight shipping documents and express delivery services. Loan signing fees can range between $75 – $200 depending on factors such as document complexity or the number of borrowers involved.
In addition to these standard notary public fees, some states allow notaries to charge additional administrative or document handling charges associated with their work. However, these separate charges may be restricted by law.
Moreover, some states require that a maximum fee schedule be posted to ensure consistency in pricing across jurisdictions. This helps protect customers from individual notaries’ excessive and sometimes unethical pricing practices.
Factors Affecting Notary Public Salary
The amount of money you can make per loan as a notary public depends on several factors, including geographical location, experience level, the type of loan, the size of the loan, and how much the lender pays for notarization services.
- Geographical Location: Notaries in large metropolitan areas such as New York City and Los Angeles tend to make more money than those in rural or suburban areas. The cost of living in larger cities is typically higher, and so are notary charges.
- Experience Level: More experienced notaries often charge higher fees compared to those just starting in the business. Experienced notaries have a better understanding of laws surrounding notarization services, have more knowledge about different types of loans, and may have established relationships with lenders that help them negotiate higher rates.
- Type of Loan: Some loans require more comprehensive notary services than others. For example, a mortgage loan requires considerably more documentation than an auto loan and thus may pay a higher rate for notarization services.
- Size of Loan: Typically, larger loans will also pay more for a notary’s services as they involve more paperwork and may require additional paperwork.
- Amount Paid by Lender: Depending on a budget or other factors, different lenders may offer different rates for notarization services. Notaries should always familiarize themselves with what lenders are paying for similar services to accurately price their services accordingly.
- Number of Signers: Notaries may also charge a higher fee when there is more than one signer involved in a single transaction because this will require additional paperwork and possibly multiple trips to the bank or other locations to complete the signing process.
- Additional Services Offered: Some lenders may provide extra incentives or pay bonuses if you offer additional services, such as document filing or archiving, in addition to traditional signing duties.
Can Notary Public Loan Signing Agent Keep 100% of the Loan Signing Fee?
A notary signing agent cannot keep 100% of the loan signing fee. Depending on their location, they must pay a portion of the fee to the state government or other organizations.
Additionally, Notary Public Loan Signing Agents may have additional costs associated with insurance fees, training courses, and materials needed to fulfill their duties correctly. As such, they can’t retain 100% of the fee they receive from lenders and title companies as part of their services.
What’s Notary Public Loan Signing Agent’s Salary?
Assuming you have steady work, you can make between $60,000 (North Carolina) and $97,000 (New York), depending on your state. Some agents earn up to $200 per appointment, depending on their experience level and location.
Banks need loan signing agents to be licensed or bonded in the state they work. They also need to have insurance that can help if there are mistakes.
This work requires extreme accuracy and precision from the agent, who must ensure that all documents have been properly signed and notarized before being sent back to the lender for processing.
Factors to Consider When Choosing a Loan Notary Signing Agent
The amount a notary signing agent can make per loan signing will depend largely on the fee the individual notary charges. Typically, loan signings will command fees between $75 and $200, though depending on the document’s complexity and the signing’s geographical location, it can be wider. Some notaries have higher fees based on their experience or specialization in certain areas.
If you are looking for an experienced, knowledgeable, and reliable notary public loan signing agent dedicated to providing the highest quality of service and accuracy, contact Nationwide Notary Bonds. Our team of experts deeply understands the laws surrounding notarization services and has established relationships with lenders that help them negotiate higher rates. We provide a variety of services, from loan signing to document filing and archiving for notary publics across the country. Contact us today to get started!
