Posted by Magic Lady CA on 7/19/05 6:33pm
Msg #53223

How many Signing companies are you listed with?

I have been a notary for 16 years and am a full time traveling notary in Northern California. I have been doing loan signings in my area for about two years. I am listed with many agencies on the Internet and get new requests almost everyday by e-mail to join or list with more. How many agencies do you list with? How many agencies do you pay for your listing and how many are free?

Reply by MaggieMae_CA on 7/19/05 6:57pm
Msg #53229

It sounds like you're well established and wouldn't be thinking about signing up with additional signing services. I'm signed up with probably 100 - 150 services. Most of my repeat business is coming from 4 different companies. At this point they are referring me to other companies and I'm generating new clients thru those referrals.

At this point, I'm not planning on marketing my loan signing services to other companies. I am contacting adoption agencies (I have 3 adopted kids, so it's a calling) and structured settlement companies and trying to expand my venue. I can foresee being able to supplement my loan signings with these other venues to increase my business.

The only companies I've paid for are my NotaryRotary membership and 123Notary. I'm a member of the Am Society for Notaries and that's about it. I was recruited by A-24 Hour Notary and Fingerprinting and signed up with them. If I receive signings from they, I'll be paying them a finders fee. It's been about a month since they recruited me, but I haven't received any business from them.

Reply by PW California on 7/19/05 8:21pm
Msg #53242

I also have signed up with 123notary, notaryrotary, NNA, I have had referrals from them.
Could you suggest some reputable signing agencys that pay well. I hate having to sign up with 100's of companies when I don't always agree with their contract. How do you negotiate the contract if your in disagreement.
As you can tell I am new and feel a little intimidated when I do not know the normal procedure.

Reply by Magic Lady CA on 7/19/05 8:58pm
Msg #53245

PW - Although I have experience with loan signings and the notary field, I, too, feel very intimidated by the signing companies at times. I am listed with 123Notary, notaryrotary, the NNA and about 75 other "free" signing services. As I said above, I only get work from about 15 or so of them. I get e-mails weekly from new agencies and don't know if it is worth it to keep signing with new companies, and, whether I should pay or not.

I have a girl friend in souther Calfiornia that encouraged me to start this work. Her initial recommendation to me was to just go online and register with as many agencies as I could find. That is what I did, however, that was over two years ago and I think the atmosphere has changed a bit. There are some predators out there and that is why I like this site. It helps me feel a little better informed.

Just today I got another e-mail from www.gogetnotary.com to sign with them. Don't know anything about them. I really hesitate when they want money to subscribe, yet, I certainly get my money's worth with notaryrotary, the NNA and 123Notary.

I guess it's a #$@&! shoot, right?

Reply by BrendaTX on 7/20/05 10:00pm
Msg #53466

**Could you suggest some reputable signing agencys that pay well. I hate having to sign up with 100's of companies when I don't always agree with their contract. How do you negotiate the contract if your in disagreement.**

Fill out the contract and mark out what you do not agree with/initial it and if they do not accept what you counter, then they won't accept your contract.

However, if they need you they will call. If it is fees you are negotiating, you'll negotiate that on each phone call, pretty much of the time.

Reply by Magic Lady CA on 7/19/05 8:50pm
Msg #53244

Thank you, Maggie. What part of California are you from? I am in Northern California, two hours northwest of Sacramento (wine country and redwoods) and it is very rural. I am presently signed up with about 75 companies and get most of by business from about 15 of them. My problem, I think, is that there just aren't that many signings in my area, and plenty of notaries. I do about 10 signings a month, 15 is a good month. I would like to see this increase a bit, however, there are some part time notaries, with little experience, in my area that will take $45 and $50. It drives me nuts!

I recently drove down to Santa Rosa and approached the title companies there about doing accomadation signings here in Lake and Mendocino counties for them. They were very positive.

Thanks again!

Reply by MaggieMae_CA on 7/19/05 11:45pm
Msg #53282

I'm in beautiful San Diego Magic Lady

I just started mid-April of this year. My first two months I did 18 signings each month. So far this month I've done 20. I'm going on vacation the last week of July/first week of August and it's killing me knowing I'm going to miss business. I have a gal in San Diego who is a frequent contributor on this message board and someone in Oceanside who I'm referring business to for the next two weeks.

I pride myself in customer service to both the borrowers and signing companies/title companies I'm working with. I bend over backwards to accommodate them and it seems like it's paying off. I received a call from a signing service today saying I've been selected by one of their premier lenders as the notary in San Diego they want used for their signings. Feels nice getting recognized for my efforts.

I understand what you're saying about people accepting $45 - $50 for a signing. The thing is, everyone needs to break into this business as best they can and for newbies they have to accept the lower paying assignments so they can get their experience. I think I've been fortunate in the fact that I had a great deal of past experience from my days as a legal secretary and that I have found a few good companies who appreciate having the job done right the first time by someone they could depend on. I started off with accepting $75 assignments and now am getting $100 and up from the same companies.

I read what people say about the refinance market slowing down and there being more notaries than there were a few years ago. Here in southern california it's becoming impossible to afford to purchase a home. All this impacts the numbers. That's why I'm pursuing other avenues such as structured settlement signings and networking with adoption agencies. Neither may pay as well as loan signings, but they will help supplement my income and do not take a great deal of time to complete.

Reply by alison/ca on 7/20/05 12:12am
Msg #53284

Maggie: Exactly, what are "structured settlement signings"?

If you would please explain.

Reply by MaggieMae_CA on 7/20/05 12:31am
Msg #53287

To answer your question... Structured Settlements

Let's say someone received an insurance settlement which is to be paid out over a period of time or lottery winnings which will be paid out over 20 years. They can sell their settlement to a company at a discounted rate and receive a lump sum payment in lieu of being paid over time. Peachtree is one of the companies that does this.

The packets I've done so far are about 10 pages long with 6 to 8 signatures needing to be notarized.

Reply by mike/ca on 7/20/05 12:20am
Msg #53285

Maggie: You said most of your business is coming from 4 ....

companies and they are referring you to other companies". How does that work and why would they want to refer you to other companies, wouldnt they rather keep you available for themselves if they like your work so much?Not sure I understand this concept unless I am missing something. Please explain, and if you just started in April, how have you managed to get 18 signings per month. Are you accepting low paying assignments. Your post just doesnt compute on my mind, maybe you have some contacts and leads from prior work related business.

Reply by MaggieMae_CA on 7/20/05 12:40am
Msg #53288

Hi Mike...

No, I didn't have any leads or contacts before I started this. I have 16 years experience as a legal secretary specializing in residential real estate law when I lived in New Jersey (14 years ago). I sold myself to companies with that lead in.

I signed up with probably 150 signing services. Some of those signing services have shared databases and provide services to other title companies. One particular signing service uses me and recommended me to two other companies (one signing service and one title company). Those two companies have become regulars of mine.

These companies/people network together and do pass on information about good and bad notaries. The companies know that no one company can provide me with enough work to warrant them hoarding me for themselves. They want to see me stay in business and that's part of their motivation in recommending me to others they work closely with. Make sense?

I only do $50 signings for the military. The loan packets are very small, only 2 notarizations per packet. No eDocs. Takes about 15 minutes to close. They prepare the borrowers before hand and there are no surprises or questions. Everything else I do is $100 to $225 per closing.

Unfortunately, I have not been able to team up with a local title company and get those big title company fees people on here talk about. Maybe someday.

Reply by AllisonB/SoCA on 7/20/05 7:37am
Msg #53306

MaggieMae & Mike

I can tell you're a smart chick MM! I took a great class at the beginning of this year and followed the advice of my instructor: "Sign up with 150-200 signing companies and then your phone will start to ring". She was right! I got to about 150 or so and my phone is ringing and I'm working regularly with about 5 companies. I watch the boards for trends (no pay, slow pay) and so far, so good -- no bad experiences but I learned quickly who I would rather not do business with. I have marketed my local title and escrow companies but to be honest, they run me ragged and even though I like the money, my schedule is not as flexible as it needs to be to accomodate them (I have two small children). My expereince has been that some of the people in escrow companies are really nasty and negative and you can tell they really hate their job. So Mike and MaggieMae, you may not be missing out on anything by not working for escrow.

Reply by kwink/ca on 7/20/05 9:32am
Msg #53321

Allison B, Where in so cal are you located?

I need to try to connect with some title/escrow companies. Any suggestons would be so appreciated. Please e-mail me at [e-mail address], Thanks!

Reply by Magic Lady CA on 7/20/05 9:49am
Msg #53324

Re: MaggieMae & Mike

Okay.... an answer to my question. You are with 150 to 200 signing agencies? Wow, I had better get back online. This site does help sort them out. My only other question is, how many of those are agencies you pay for?

Anyone else out there in rural areas? As a retired banker with over 25 years in real estate lending and 16 years as a notary, I came to this line of work well qualified. I do have trouble "getting to the top" so to say, with so many inexperienced newbies in my area (not that that is a bad thing!).

Reply by MaggieMae_CA on 7/20/05 10:12am
Msg #53330

Magic Lady, to answer your question...

I don't pay to sign up with ANY signing service. I think companies like NotaryRotary and 123Notary are worth the paid memberships. Lenders/Title Companies/Individuals come here looking for notaries and call based on your locality to the signing site and the information you post about yourself.

Reply by oldhippie_IL on 7/20/05 12:25pm
Msg #53364

Maggie Mae

How on earth do you make over $150? I have to BEG for $100/$125. What am I doing wrong?

Reply by MaggieMae_CA on 7/20/05 3:07pm
Msg #53407

oldhippie_IL

I don't know what I'm doing right or wrong. I have a base signing fee of $100. I add $25 to that for eDocs (per loan), $25 for travel if the signing is over 45 minutes away from my home, and $50 - $75 if its a piggyback. So for a piggyback closing over 45 minutes from my home would compute like this: $100 + $50 (eDocs-2 sets) + $25 (travel) + $50 for the second/HELOC, if applicable = $225.

When someone calls with an assignment and asks what my fee is I automatically tell them it's $125, then they'll negotiate down to $90 to $115, I'll ask if it's eDocs and add tell them it's another $25, ask if it's a piggyback, etc.

I'm in San Diego and acceptable fees may be higher here than in IL. But this is the negotiating technique I've developed. The instructor I had for the loan signing class I took suggest when someone asks what your fee is you reply by asking what's the highest authorized amount they can pay. I just never felt comfortable with saying that. The instructor typically gets $225 for a closing, so if that's right for her, that's what she should do. For now this is what I'm comfortable doing. Maybe it'll change.