Posted by Jorge Reyes on 1/19/11 9:59am
Msg #369190

Advice

Hello everyone:
Like always I now that I dont write in this forum that much, but I do read all of your post, and all of them fill me with more knowledge and wisdom and I thank you all for that.

Well to the subject, I been doing business in massachusetts for 6 1/2 years now as a mobile notary, and I have fair share of clients; but for the last 5 to 6 months I'm getting call from my clients asking me to get out of state notaries for their signings, and I have done so, (they were asking so far for near by states). But this month only my clients call 8 time for further states. I look up some notaries in the web, and they accepted, and to the notaries that I talk to; Thank You. They were happy with the fee that I offer. Here the bottom line should I expand my business and let my clients know that we can offer them nationwide service. I'm just looking for input and your advice, in which like always I love to listen to and learn.

Reply by desktopfull on 1/19/11 10:07am
Msg #369191

Sounds more like advertising your business expansion as SS n/m

Reply by Jorge Reyes on 1/19/11 10:10am
Msg #369192

Re: Sounds more like advertising your business expansion as SS

no please dont take this wrong Im just looking for your opinion. I know my business very well, but I want to hear from other notaries because this is new for me and my business. I dont want to advertise nothing, just input

Reply by desktopfull on 1/19/11 10:40am
Msg #369198

If you've read all the posts in forum as you stated then

you should already know what would be expected from you if you decide to moved into the signing service direction. You should also know the major complaint made by most notaries on this board. What do you expect from the companies that hire you as an agent? You might want to apply that to answer your own question.

Reply by Jorge Reyes on 1/19/11 10:54am
Msg #369201

Re: If you've read all the posts in forum as you stated then

To Desktopfull:
Thank you so much for your advice. Your advice is great. I will take into factor all of your words which makes perfect sense. This is the reason I did this post to seek more knowlegde and wisdom from the best. All of you guys and ladies are great. Thank you again

Reply by Lee/AR on 1/19/11 10:22am
Msg #369195

If you've been reading, you are aware that timely payment is always an important issue...which begs the question: do you have the capital to pay notaries nationwide for the signings you send them OR will you be another 'we pay you if/when we get paid' company? Are you prepared to pay the notary for no-sign/show/recissions? Print fees on a cancellation? Because most TCs will NOT pay you for those, so payment must come from your profit.

Reply by Sylvia_FL on 1/19/11 10:29am
Msg #369196

Bottom line is do you have the capital so you can pay the notaries promptly without relying on your clients to pay you promptly? If a loan doesn't fund and the title company doesn't pay you, can you still pay the notary you hire?

I had a successful signing service from 2003 to last year. I kept it local - Florida only . I guaranteed the notary's work to the title companies - can you do that?
I was often asked, by members on this forum as well as my husband, to go "nationwide". I didn't do that. It would have meant a lot of headaches to expand.
I had title companies asking me to find notaries in other states and I did it for them as a courtesy - I found the notary and let the title company and the notary work it out themselves.

Even though I no longer have the signing service I still get calls from one particular title company asking me to help them. So, I find a notary for them and let them take it from there.

Reply by Jorge Reyes on 1/19/11 10:41am
Msg #369199

Thank you Lee and Sylvia for your advice. I for one dont believe in the concept of "if we don't get pay, you dont get pay" or you get paid when tc get paid. My client know that we get paid on service,not if they get paid. Heres the thing my client is going little by little nationwide and they ask me if I can help them with the service. Thats why I'm asking advice.

Reply by Sylvia_FL on 1/19/11 10:58am
Msg #369203

"My client know that we get paid on service,not if they get paid."

However just because they know this doesn't mean you will get paid if the loan doesn't fund.

I once was asked by an escrow officer of a company I had never dealt with before to find notaries for him. I explained to him that if a loan did not fund I still had to pay the notary as I was not having a notary go to the borrower and spend an hour or so with the borrower and the borrower deciding not to sign, or using the RTC, and the notary not getting paid.
He agreed and that I would get paid whether the loan funded or not.
My policy was that the notary does the signing, the check goes out to the notary the next day.
So, I had a very experienced notary do one of this escrow officer's signings. As this particular escrow officer was paying $250 per closing, I was paying the notary $200.
The notary went out, he spent a lot of time with the borrowers, the loan figures were not what they expected and they spent time on the phone with their lender. They finally decided not to sign. The notary had them sign a refusal to sign form explaining why they weren't signing.
I sent the notary his check in the next day's mail. Needless to say I was never paid for that signing and e-mails sent to the escrow officer were ignored. Eventually I got a message that the mailbox didn't exist. I guess the escrow officer left the company.

So, title companies do not always pay even when they say they will.

I would suggest you tell your client to check on NotRot for notaries in other states - or just find them one as a courtesy and let the notary and your client work directly together.

Reply by Jorge Reyes on 1/19/11 11:06am
Msg #369208

well point taking Sylvia_Fl. That I is one factor that I did not thought about, thats why I ask for adivice. To be honest I knew that the best place to seek it was here,where you and other notaries will give their HO. Like always you guys are the best.

Reply by Les_CO on 1/19/11 12:07pm
Msg #369223

It’s a very difficult time to start into this business.
Everyone is trying to lower their costs, and keep more of the fees (closing/remote closing/notary signing fee/ whatever)
If you can be available 24 hours a day, have good business sense, have a thorough knowledge of how a Title Company works ( 10 years as an escrow officer would do) have complete knowledge of the many and varied different notarial, real estate, finance, and insurance laws of the different States you would be doing business in (getting notaries in) and $50,000 that you don’t need and will not need for at least a year, I’d say …go for it!
If not…. don’t even think about it. Just stay small and do some ‘farm-outs’ like you have been. (Remember you still MUST pay your notaries regardless of if you get paid or not.
JMO

Reply by CopperheadVA on 1/19/11 12:50pm
Msg #369227

The problem with middlemen is that the signing services are bidding their jobs to the title company for the same fees that we get directly. So of course when they call around looking for a notary, they are offering low fees. I had one recently where I quoted $125 to the SS, and they told me that's what they are getting from the TC and their offer to me was $100.

Reply by JanetK_CA on 1/19/11 4:19pm
Msg #369266

One more question for you: isn't Massachusetts an attorney-only state??

I was going to suggest that instead of farming out assignments, that you consider trying to create a network of notaries in your state who will refer quality business to each other. That way everyone wins. However, I don't see how that can work in your state. Or are you an attorney?

Reply by Jorge Reyes on 1/19/11 5:07pm
Msg #369277

Thank you JanetK, and to your question yes massachusetts is a attorney-only state when it come to real estate closing. But and a Big But we still can do reverse mortgage, refi mortgage loan and etc. I know it's hard here in massachusetts. But here I network with some attorneys and under their supervision I do real estate closing. Regardless of what some people in this state say, Attorney here dont want to take our business away, alot of my client are law firm who are very happy with our service, because we are mobile and we treat their client with great service. Over the years living in Massachusetts I learn one big factor and its " Who you know, not what you know" Network and more network . One last thing to your advice I really love it, as all the other advice. To everyone who gave your opinion thank you from the bottom of my heart. I will take all factor into mind. thanks to all of you

Reply by anotaryinva on 1/19/11 5:34pm
Msg #369280

No you should not n/m

Reply by Jorge Reyes on 1/19/11 5:57pm
Msg #369284

Re: No you should not

I should not what??? I dont understand your statement. Can you please be more clear thank you

Reply by anotaryinva on 1/20/11 7:20pm
Msg #369472

Jorge, the question was

Here the bottom line should I expand my business and let my clients know that we can offer them nationwide service

My answer was no, you should not.