Average time it takes for a loan signing

Beginner's Questions
1

Hello,

I am about to sign up to be a loan signing agent. I understand the pay is around $75-$200 per appt. I wanted to see, in general, how many hours it takes to earn this to figure and the actual hourly rate.

Once you factor in the printing of the docs, average travel (estimating 20 minutes), the appt, and any post appt work like sending documents, would someone be able to guide on the actual time it generally takes?

I am hoping to do three signings per day as an initial goal and see if that would take the whole day or maybe half day if you were efficient. I live near Sacramento CA so I think there should be a lot of signings here.

Also, what percentage would you say is evenings (after 5 pm) and weekends? 70%?

I realize there are a lot of variables but just looking at average times.

Lastly in doing those 3 signings what would be the average pay as there is a big range ( $75-$200).

Thank you so much!

Daniel

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2

Print & prep (look 'em over for cutoff pages & other bad ‘stuff’, prefill certs except for my signature & stamp) 10 to 30 mins/varies by pkg. size, # of notarizations. Table time 15 min. to 1 1/2 hr–same variables PLUS signer’s speed, readiness, readers, talkers

ADD ‘whatever’ travel time PLUS scanback time (if) & add’l mileage. It’s really hard to generalize due to all the many variables. I’ve had 1 hr. total and 5 hours total. The best guesstimate is 2 1/2 to 3 hrs per signing (including travel/10 miles or less/rural. City travel–(yikes, big variable)
when ‘experienced’. As a newb, it’ll take you longer.

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It truly depends on how large of a package the loan docs are and the borrowers themselves. I’ve had borrowers want to read every page and take over an hour for a purchase and other borrowers with same amount of pages take 30 minutes. A good average for refinances is 30 to 45 minutes depending on borrower. I did a loan modification last night in 10 minutes.

I allow at least 2 hours in between appointments to be safe. I know others who will schedule an hour apart depending on distance between signings. That’s too stressful for me!! But I know many who do more than 5 a day.

I’m in Colorado Springs and pay varies from $85 to $175 depending on type of documents and whether it comes from a signing service or direct from a title company. Title companies of course pay more as there is no middle man. Don’t take anything less than what you believe your time is worth. I turn down offers or request more pay all day long.

For me, evenings is about 50% but I see more signings during the day than in the evening typically. I prefer to take one in the morning and one in the evening as I currently have a daytime job.

Hope that helps and good luck!!

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4

For me, my prep time (counting printing) for a refi is 30 to 45 minutes. I seldom accept signings out side of my City limits so travel time is usually about 10 minutes. Due to the amount of time I spend in prep the actual signing is rarely more than 40 minutes. Scanning for “fax backs” takes 20 minutes and drop off to FedEx or UPS would be 15 minutes round trip. My typical fee is $125.00 regardless of document size.

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Are you getting this fee from SS’s or TC"s?

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Both but mostly signing services. As I mentioned this is on average. I have one this coming weekend, in town, that I asked $225.00 for and received it. I pretty much get what ever I ask for because I seem to be the only notary in NW North Dakota that does this. I am a retired RE Broker and doing this for fun
 if I did this for the low fees I see mentioned in this forum it wouldn’t be fun.

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7

For me, within my county only (which can be travel 25 miles one way) -

15 min discussion w/ company and confirmation with signers (longer now, I know, because of Covid screenings)
45 min print & prep time
60 minutes travel time to and from signers (minimum providing no bad traffic or delays)
60 minutes table time
30 minutes for final package check and quality control, scanback/faxback and prep package for return
60 minutes travel to drop package and return to office (if no other signings scheduled - as I’m very rural that happened many times)

So in my area I had to allow about 4.5-5 hours for one full loan package - for me there is NOTHING just 10 minutes from me except my closest neighbor one mile away - then a 30 miles round trip to drop the package. Also, not taken into account was time for problems at the table where LO or title had to be called to verify, clarify, calm signers down, etc etc. Also not included is post-closing bookkeeping and documenting.

And I’d say a good 85% of my loan signings were evenings

Posted just as a guideline to show another perspective of this work.

And P.S. - also not in this calculation? Resolution of any problems you find with the loan package or documents as you’re printing/prepping.

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8

Yep
 it sure does vary. Which is why each one of us HAS to spend time calculating distance/travel time to EVERY zip code we intend to service as that’s a major factor in a profitable fee. Traffic, tolls, plus dozens of other variables make a difference in profitability. One size does NOT fit all.

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9

Yep
and everyone also needs to make sure they account for each and every little facet of each and every signing; it all counts.

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10

Most of the comments regarding how does it take, depends on the State you’re in, the type of engagement, the signer(s) speed and knowledge, and size of the package.

Those who claim they can complete a signing in 45 minutes are either being less than truthful or not accounting for the tertiary activities. Some of the fastest closings were done with real estate investors. They close some many deals they can almost do it blind folded. I recently had a R/E investor who took over 4 hours to close on the sale of two properties. They had to call someone for information on every document in the package. By the time I factored in travel, Fedex Drop, and Preparation I was out 6 hours. Didn’t clear a profit on this one.

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11

I’m relatively new in this specific business but my average times are as follows:
Receive the assignment by email or phone- 2 minutes
Confirm with the signers- 5 minutes
Print the order and set up my file for the signing- 3 minutes
HELOC- Print- 10 minutes or less, prepare the docs- 10 minutes, drive-10-20 minutes, table 20 mins, drop- 10 minutes
Seller’s- Print- 5 minutes, prepare the docs- 5 minutes, drive- 10-20 minutes, table 10-30 mins, drive back for scans 10-20 mins, scans 5 minutes, drop 10 mins.
Purchase- Print and prepare docs 45 minutes, drive 10-40 mins, Table 1 hour, drive back for scans 10-40 mins, scans 15 mins, drop 10 mins
Refi- Print and prepare docs 45 minutes, drive 10-90 minutes, Table1 hour, drive back for scans 10-90 mins,
scans 15-20 mins, drop 10 mins
Rvs Mtg App- Print and prepare docs 20 mins, drive 10-90 minutes, table 60-90 mins, drive back for scans 10-90 mins, scans 15-20 mins, drop 10 mins
Rvs Mtg- Print and prepare docs 1 hour, drive 10-90 minutes, Table 60-120 mins, drive back for scans 10-90 mins, scans 20-30 mins, drop 10 mins

The orders that don’t have a ‘scan back’ requirement allow you more time in the day to take on more orders. Additionally, it is imperative that you know where the nearest Fedex store and UPS store are near you and the times they’re open. You also need to know their pickup times. I have a unique situation where I’m near the Airport where the Fedex hub is so I can do drops as late as 8 pm where it can go on the plane that same night and make it to its destination by 10:30 am the next morning. However, not everyone has that access so you have to know the latest you can drop for next day arrival.

As a side note, I just did a Rvs Mtg yesterday where the LO had told the signer that it could be done in 30 mins or less. I found that out when I confirmed with the signer and had to advise him that the LO was incorrect. However, the signer really needed it done very quickly, when the average time I’ve been able to do them is about 75 mins. The signer said he didn’t need any explanations for any documents and I just completed it in record time for me, 43 minutes for a 250 page order, and that was after checking it twice before leaving the table.

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12

Thanks for your interest, Daniel.

I couldn’t speak for the size of California documents, but as a Texas Signing Agent, I have seen loan packages range from 110 pages, at the smallest, to 200+ pages as a routine page count.

I have additionally found that irrespective of my signers’ backgrounds, timewise, it takes about 90 minutes to sit in the appointment. That said, I do a lot of pre- and post-signing work to make sure that I have the documents up to standards.

You may encounter a lot time-related constraints as you work with new companies, notary signing services, etc. It’s a mixed bag but I enjoy it.

Signed,

A first-year NSA

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Wow! Congrats on that Reverse Mortgage closing. The time it takes for me to prep, sign, scan, and relay the docs for refinances sounds like your Reverse Mortgage/Negative Amortization Loan!

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Thanks Corey. It’s all relative.

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You hit it right on the nail head. I figure “overall” my signings take about 3 hours total. I’ve done close to 1000 signings now, and like you said, occasionally I get one that is done in total in one hour. I’ve also had a few that with various problems, very slow signers, weather conditions, etc that have taken 5 hours. Sure makes you appreciate those one-hour signings, doesn’t it?

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To avoid undue stress, to conduct a great and error-free signing, set aside 3 hours for a signing for now. Soon you will learn that every signing assignment is " like a box of chocolate!" Best!

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I think of my weekly goal as a dollar amount instead of signing totals. I do this because you can get a loan mod that pays $60 that takes you 10 mins or a single doc that pays $50 that takes 5 mins. I aim for 1000 weekly and I do most of my signings in the evenings as well. Everything depends on your region.

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18

Thanks Everyone!! This was all really helpful!

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My experience as a Texas NSA reflects your’s. I just wrapped up a seller package that took 30 minutes. A few weeks ago I had a closing, two sales and one purchase, that took 5 hours. The signer had to call someone on every document they were to sign. They stated they were a real estate investor but had no idea what a warranty deed was. It was obvious she didn’t know what she was doing.

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Accept/receive/call to confirm 3 to 5 minutes

Print docs, organize docs, review docs 5 to 20min

Drive to appointment 30 to 60 minutes unless I have a close one than 5 to 20 min one way.

Appointment time 30 to 45 min on average. Could last 60 minutes depending on circumstances.

Average time needed with driving and printing per appointment for me 2 hours to 3 hours.

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