Posted by Joeycaps on 5/16/13 2:20pm
Msg #470250

Closing agents being slowly phased out

I've been a closing agent almost 18 years and have seen the slow changes, eventually agents are gonna be out in Louisiana now some companies are having in house notaries close over the internet and eventually it will become nationwide. When it does the gravy train will end. back in the 90's and early 2000's I was making over 70,000 a year. I was doing 3-5 per day 6 days a week. easy money even with the few headaches, this has been the easiest money I've ever made. But I see the writing on the wall. now Im getting lots of closings where I burn it to a dvd and its great to reduce printing costs but like the signing company said, with a few years closing agents are gonna be history. This is a great self business and I hate to see it fade away.

Reply by GOLDGIRL/CA on 5/16/13 2:55pm
Msg #470252

It's hard to know what's going to happen, but I tend to agree that NSAs will be joining the dinosaurs eventually. However, I don't see how one can notarize over the internet as long as state laws require "personal appearance." Of course, that didn't stop the robosigners. It's also my opinion that many lenders and TCs don't know what the heck notaries do, only that they need them to get a loan signed. I'm surprised they haven't figured out how to do away with us already.

Also the dramatic decline in fees will weed out the professionals, leaving the industry to mostly the $60-$85 crowd. It's yet to be seen how that will work out for them financially in the long run. On the other hand, when even the dumbest notaries figure out that they'd be better off employed than taking those fees they may fade away. When the ranks of NSAs become thinner and fewer see any $$$ in it, it could lead to a revival of NSAs who know their worth. (But I doubt it). I'm sure there will always be a few niche NSAs who are competent, know how to run a business and will have work with niche TCs operating in "the old ways."

Also, the growth of the Big Boys means many SSs will drop by the wayside. This is a good thing to get rid of as many scoundrel SSs as possible, but it means entrenched lower NSA fees. Think LSI, ServiceLink, UDX, etc. Additionally, so many NSAs are taking the low fees, that once word gets around (which it already has), even the better paying agencies will ask why they're paying $125-$150 when tons of NSA will take half that.

BTW, I hope you're putting the copies on CDs, not DVDs.

Reply by Les_CO on 5/16/13 4:02pm
Msg #470256

I remember when they said the same thing about “legal size paper”

Reply by GOLDGIRL/CA on 5/16/13 4:13pm
Msg #470257

Hee Hee!

However,the price of legal size paper has continued to steadily increase, whereas NSA fees have steadily headed in the opposite direction.

Reply by Les_CO on 5/16/13 4:29pm
Msg #470260

We as NSA’a are expected to do more than anyone else that is connected with the entire loan or refi process, and we get paid the very least. I don’t expect that to change or improve. But until the entire process goes paperless, or until the Bar Associations all see what a good thing their members are missing out on I think we’ll be around.

Reply by Luckydog on 5/16/13 4:45pm
Msg #470262

I do not think we will be phased out anytime soon. People do not like to change they way they do things, even the e-notarizations have not really gone the way they expected them to be. Changes cost money to train, get new materials, to learn how to do things all over again, which in turn, have to be charged to someone. At $100.00 per average closing, I do not think they want to pay more.

Reply by Kate/PA on 5/16/13 7:43pm
Msg #470286

doubt it

Reply by BossLadyMD on 5/16/13 8:41pm
Msg #470292

There will always be a need for professional closing agents n/m