Cost and other requirements to become a loan signing agent
1. Active notary commission.
2. In order to be a notary public In California, you need to take a six-hour mandatory education course, which you can take online for as low as $50. Check your state to see what its specific requirements are. 3. Then there is the state exam which costs $40 4. You’ll need a passport style photo which typically costs $10 to $15 5. You’ll then need live scan fingerprints which is typically around $80 6. Then there are the required supplies (notary journal, thumbprint pad, and your notary stamp) I've seen these items for as low as $45 for all three 7. Then there’s a notary bond which runs about $50 for a four-year bond 8. And lastly, there is the oath of office which costs $40 9. As a loan signing agent, you are required to have errors and omissions insurance. Most escrow companies only ask for $100k which is about $150 a year, or $12 a month. Additionally (and this is becoming a newer requirement for some escrow companies), you'll be required to complete a background check. This costs roughly $50. 10. Lastly, you’ll need business cards to get direct business. You can find them for as low as $10 for 250.
So there you have it: For about $500 you can become a notary loan signing agent that does direct business.