Are you tired of chasing clients to get new signing orders? Not anymore! You can get loan signings from signing companies, title offices, mortgage professionals, and escrow officers in various ways. However, the best way to obtain new loan signing orders is from escrow officers. Why? According to the American Escrow Association, more than 75% of lenders rely on escrow officers to manage all aspects of the closing process, ensuring more signing orders for notary signing agents. But that is not all! There are more reasons why escrow offices are the best people for a notary to get more signing from. This blog will address all of them, so keep reading till the end.
Escrow Officers – A Goldmine Of Loan Signings:
Escrow officers handle multiple closings per day. Unlike other signing service industry professionals and real estate agents, escrow officers have direct access to loan files. According to the Mortgage Bankers Association, mortgage originations are projected to reach $2.7 trillion, significantly increasing loan signings. It directly benefits escrow officers and their notary signing agents. Robust relationships with escrow officers can help notaries get repeat businesses and referrals, ensuring a constant income stream.
Many notary signing agents depend on mortgage professionals and real estate agents instead of securing direct businesses from escrow officers. But the fact is that escrow officers close more real estate deals than them. In addition, when you get your signing contracts directly from escrow officers, you can keep 100% of your signing fees without splitting your income. Furthermore, increasing e-closings and remote online notarization allows escrow officers to handle even more daily closings.
Quantifying The Opportunity – How Many Signing Jobs Escrow Officers Can Offer
Compared to other signing service professionals, the average number of signings per escrow officer is the highest. For instance, an experienced mortgage officer closes ten loans a month, and with an average of $2,000 per loan, mortgage offices can earn up to $20,000. However, a new mortgage officer can only close 2-3 loans on average and earn around $6,000 monthly.
On the other hand, an expert real estate agent can close around 5 real estate transactions in a month and earn commissions, which vary by market. According to Indeed, the earnings of an experienced real estate agent can reach around $6,000. The figure is not impressive for an average real estate agent as he can close a maximum of 2 real estate transactions monthly and earn a little more than $2,000 per month. So, the prospect of partnering with a real estate agent or a mortgage officer is not that attractive for notaries, as they can earn a fraction of that income, which is insufficient.
But do you know how many loans an average escrow officer closes in a month? The number can typically reach around 30; yes, that’s a new escrow officer for you. And do you know why it is? Because real estate agents and loan officers are also the clients of escrow officers. A study shows that an average escrow officer handles 8 mortgage offices and 3 to 4 real estate agents as clients monthly. So, by developing a solid relationship with an escrow officer, notaries can secure at least 25-30 signings a month. If you want to be a full-time notary, you only need 3 to 4 escrow officers as clients to make your notary business successful with sustained growth.
The following table showcases the comparison between escrow officers, real estate agents, and mortgage officers:
| Profession | How Many Jobs They Can Offer (per month) | How Much Money They Earn Per Month | How Many Signing Orders They Handle Every Month |
| Escrow Officer | 25-30 (average) | $6,000-$10,000 (new), $10,000-$20,000 (experienced) | 30 (average) |
| Real Estate Agent | 2-5 | $2,000-$6,000 (average), $6,000+ (experienced) | 2-5 |
| Mortgage Officer | 2-3 (new), 10 (experienced) | $6,000-$10,000 (new), $10,000-$20,000 (experienced) | 2-3 (new), 10 (experienced) |
How Can You Build A Lasting Relationship With Escrow Officers?
According to salary.com, the average annual salary of notaries working primarily with escrow officers is $10K-$20K higher than those relying on direct lenders. So, the reward of collaborating with escrow officers is quite attractive. But the question is, how can you secure an effective escrow partnership for your notary signing business? Well, we have a few answers which might help you.
#1 Be A Master In Networking:
First, attend as many industry events, conferences, and local escrow companies as possible. Introduce yourself and give them your visiting card. Always put your face out there and let escrow officers know your professional expertise and experiences. It will help you increase your professional visibility. You can consider boosting your online presence on social media platforms where escrow officers are frequent. You can share your expertise on these platforms, post informative content, and engage in constructive discussions. Effective online and offline networking will help you reach the maximum escrow officers.
#2 Offer The Most Attractive Rates & Services:
To stand out from the competition, you must offer competitive rates and exceptional services that attract escrow officers to your notary business. Be prompt, professional, and always go the extra mile. Respond quickly to inquiries, be flexible with scheduling, and ensure a smooth, error-free closing experience. Competitive rates do not mean offering the lowest prices; it’s about giving your clients value for money.
#3 Become An Expert In The Closing Process:
To earn the trust of the escrow officers, you should become an expert in the closing process. You should have a profound knowledge of different loan types, critical legal documents, and various financial transactions. When escrow officers recognize and acknowledge you as a reliable source of information, they will certainly collaborate with you.
How CloseWise Can Help You Get More Loan Signings From Escrow Officers?
Are you searching for reliable notaries to handle your loan signings? CloseWise has a solution for escrow officers like you. CloseWise is your all-in-one notary business management platform that can help you build rewarding partnerships with experienced notaries. Closewise connects you with a trusted network of qualified notaries in your area, ready to meet your every signing need and familiar with local regulations.
On CloseWise, escrow officers can search notaries by availability, location, and expertise. In addition, they can manage appointments, schedule changes, and track signing orders seamlessly by collaborating with notary signing agents. Our platform also allows notaries to manage their schedules, assignments, and payments seamlessly. Don’t settle for second-best when it comes to your loan signings. Sign up for Closewise today and discover the power of a reliable notary network at your fingertips.
Final Words:
The notary landscape has become too competitive in the last few years. If you are an aspiring notary signing agent, securing a constant flow of loan signing can feel daunting. While all signing industry professionals and real estate agents can provide loan signing opportunities, escrow officers offer the maximum loan signings. With their high volume of closings, direct access to assignments, and potential for long-term partnerships, they’re the key to unlocking a thriving notary business. In this journey, CloseWise can provide you with the much-needed platform to network with local escrow companies and steadily grow your notary business.