Is there a such thing as a recession proof business? Yes.
Two years ago, I became a notary after chatting with my friend and line sister, Ivory. We were chatting about different businesses. I always wanted to become a notary but didn’t understand how I could make money. Generally, I thought notaries just signed documents and made about $10 per signing.
After our conversations, I researched “loan signing agent” and I found the answer that I was looking for. Yes, you absolutely can make money. Some notaries make $100K because they exclusively work with mortgage companies. I went to the courthouse and was commissioned the same day.
August was a busy month for me because the pandemic has caused many homeowners to move payments to the end of their loan. According to the Wall Street Journal, refinances are up 200% from a year ago. This is great news for loan signing agents because there’s plenty of work. My guess is that loan signing agents will have more than enough work in 2020 and 2021.
In Georgia, an attorney must be present by phone or in person when working on certain documents, such as refinances and anything with a deed. In other states, you can easily make $175 per appointment, if your state doesn’t have this requirement.
Each appointment shouldn’t take longer than an hour. But it does depend on the client. If you have 10 appointments each week, that’s $1750 for roughly 10-15 hours of work.
My next blog post will walk you through the required steps to become a loan signing agent. Research loan signing agent and the notary requirements for your state. My next post will make more sense if you understand your state’s requirements.