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Posted by  JanetK_CA on 7/16/18 3:16pm
You could be right. I think it's going to be very difficult for the numbers to pencil out profitably for a notary operating as a sole proprietor, as most of us do. And as I've said before, unless some states prohibit acceptance of documents notarized this way, I imagine some companies (like the one(s) most strongly promoting this concept), will step up with centralized call-center type services located in states where it's legal. They'll be able to benefit from economies of scale. I wonder if Pavaso is considering teaming up with some entity to start handling the notary side (if it's not already underway). Perhaps that's why they're offering such low fees...
We don't know for sure that this will happen, but now is the time for us to be planning for 'just in case' scenarios. We've been forewarned. I've been saying this for a very long time, but sadly, I have no doubt that if/when this comes to pass, there will be lots of people posting their "woe is me" stories here of how bad off they are. We all still have time to diversify (hopefully), whether as a notary or in some other fashion. At the very least, I highly recommend everyone start thinking about what they would do if some platform (or combination) takes over a significant percentage of the diminishing number of loan signings going on, as the industry inevitably cycles down over a period of years.
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