I already have my CA notary public commission, but what else do I need to get started? A separate business license? Enlist to one of those online mobile notary websites? Or should I go to a title company and advertise my services? This has been asked a few times in the past, but none of the answers have been to my satisfaction. I am looking for a step-by-step process to get started.
I assume you’re looking to do primarily loan closings/signings.
To start a business, you’ll need to get a business license through your county and a ficticious business statement (if you’ll be using anything other than your name – e.g.: "NorCal Signing Specialists"). I’d suggest you get a TIN (through the IRS) assigned to your business as well.
Then you’ll need experience, experience and experience – if you make even a minor error on a loan package, you could cost someone their loan agreeement and will certainly lose future business from the broker/escrow officer. Most will suggest that you take a loan signing certification couse, either through the NNA or a private school. A good way to fatten up your notary journal is to get a part-time job for a few months at a Mail Box or UPS store.
You’ll also need basic business outreach tools – business cards, personalized invoice forms, etc. You’ll need a good laser printer (for eDocs) and (eventually) a mobile copy machine ($100 at Costco).
Maybe even ask succesful mobile notaries in your area if you can "ride along" with them on signings and then (again, with experience) work under their banner and service their clients for a cut of the fees.
I personally haven’t had too much luck with the online signing companies (too little pay and extreme micro-management). I’d sign up with several – anything to get experience – but understand that they won’t pay the bills.
From there, it’s a matter of business outreach. Talk to escrow/title companies, loan brokers and banks. If they like you, trust your professionalism and have faith that if they assign you a signing, it’ll come back letter perfect. Most will have additional insurance requirements and expect you to have had 100+ loan closures under your belt. The real key is to have solid relationships with several top-producing title/escrow companies that’ll think of you first when a package needs to get signed (they’ve got tons of us to choose from) – that’ll take time to cultivate so start networking ASAP.
Understand that what you’re really asking for is the Rosetta Stone of the business – a pass to the head of the line that we’ve spent a lot of effort working our way through.
Good luck. E-Mail me if you have specific questions.