Posted by Laura_CA/OK on 12/26/05 2:43pm
Msg #84602

Questions About Oklahoma Notary.

I am new to this board and Notary infact I'm still waiting on my commission letter enough about that for now back to my question I will be moving back to the Tulsa Oklahoma area this summer and have been researching Oklahoma Notary and it seems to be differnet then out in California. I am not seeing many Notary listings in Oklahoma so I would assume they need Notary Public. I guess I just need a contact to ask some questions to that live in Oklahoma. Thanks for the help in advance and hope everybody had a Joyous Christmas.

Reply by BrendaTx on 12/26/05 8:10pm
Msg #84620

**I am not seeing many Notary listings in Oklahoma so I would assume they need Notary Public. I guess I just need a contact to ask some questions to that live in Oklahoma.**

For Laura_CA who is moving to OK...

The short version:

Oklahoma and California are two totally different loan signing worlds. Do not assume that there is a need for signing agents without a survey of the number of refi and HELOC loans closing per signing agent. Then, figure what portion of those you can capture. One place you might want to query for more information is http://www.AMRNotary.com. They are located in OK.

There are a couple of OK agents who post on this board. LawrenceOK is one. You might want to search the forum for Lawrence's posts.


================
Here's why I believe the above is true:

I theorize the reason the need for signings is greater in CA (and FL) is because of the rising property values. In CA / FL one day the property may be worth $100,000 and the next month it is worth $125,000. (Just using figures as an example.) With that kind of jump in equity on the property there is the possibility to raise the limit on a line of equity. Where there is a need for a new Home Equity Line of Credit Loan there is the need for a signing agent's services.

In Texas (where I am) there are not nearly as many SA's per person as in CA. (Notice, I am not saying notaries public per person.) Even though I am one of the few listed in the seven or so rural counties I service, there is not so much work that I cannot keep up with it - hardly so. This area also includes a decent-sized MSA. Nonetheless , the loans are not there because the property value increase is slow and steady and the values do not rise like CA/FL; this does not generate HELOCs like the California real estate market does. (Side note: Texas HELOCs are handled by title company employees or law office employees in many instances because of the state's law, so that also cuts out some of the jobs other states' NSAs have access to.)

My guess is that OK is not going to be much different on the value of property increasing than Texas is. I am also guessing there is not an infinite number of new HELOC loans each month as a result. So, do not assume that there is a need for signing agents without a survey of the number of refi and HELOC loans closing in the area per signing agent listed.

Like I stated above, this is not fact, it is my theory.

Reply by Laura_CA/OK on 12/26/05 8:33pm
Msg #84622

Thanks for the info it makes sense. I am asking and trying to feel things out to see what the situation is in Oklahoma if it is worth the effort to continue on this path just for a side thing or maybe I need to go another avenue. I do work for a real estate agent in CA and that's how the notary and loan signing got started.

Reply by wendy_wa on 12/27/05 1:25pm
Msg #84661

I too am moving to OK in the next few months and am not hopeful about the prospect of continuing in this line of work. There are only a few other Notary/Loan Closers from OK on this site and they have been very unhelpful. My guess is there is not enough business and they don't want to lose what little they have. Every SS I contract with now have said they do little to no work in OK. To top it off, I recently purchased some property for investment in OKC and the TC had never heard of a home or field closing. They thought I would be flying in to go to title to sign. Even my LO had trouble getting my loan underwritten because noone had heard of such a job...it was a mess. The only person I see regularly on this site is Lawrence and he wouldn't say anything more then that he works regularly for like 3 companies (whom he would not disclose). 3!!! Well, I usually close at least 3 loans a day, and I work regularly for tons of companies! So I expect I will be pursuing my real estate career more fervently there instead. Probably not what you wanted to hear...

Reply by BrendaTx on 12/27/05 1:41pm
Msg #84665

"he works regularly for like 3 companies (whom he would not disclose). 3!!! "

I have maybe four or five companies that gives me the bulk of my work. I doubt seriously that I do as much work as Lawrence does.

Maybe that's why both Lawrence and myself are careful about sharing our know-how locally.

I had to work very hard to cut myself into this rural area. There are certain lenders here and they use certain vendors. Finding out information on where the business was did not come all that easy. Getting a decent fee structure established caused some very lean months.

Therefore, competition could get very stiff in a hurry. No point in helping to generate it.

In WA, like in CA and FL, perhaps it is easier to share and spread the love around...

Reply by wendy_wa on 12/27/05 5:30pm
Msg #84706

I was just offering my experience and the information I have been given. Here in WA - I have to clear $1000/wk in order to get by. When I started inquiring with the SS I contract with - none of them do any regular business there. And it seems like the fees are much much lower. I get that the cost of living might also be lower...but I can't see how anyone could live on much less. I guess it is all subjective. I don't know how much work Lawrence actually does. Maybe not enough to be helpful. Here I am busy enough that I regularly refer work out to others. The purpose of my original response was to say that I expect to have to pursue other avenues of income in OKlahoma because this line of work seems less profitable there.

Reply by BrendaTx on 12/27/05 10:02pm
Msg #84750

** Here I am busy enough that I regularly refer work out to others. The purpose of my original response was to say that I expect to have to pursue other avenues of income in OKlahoma because this line of work seems less profitable there.**

Wendy, I took your post as a matter of fact and not as a slam. However, I took the opportunity to reveal why I do not encourage those within a few miles from me to jump into the business. It is a totally different animal in Texas and I suspect similar to OK. OK can at least do HELOCS in homes. Texans cannot.

Good for you to pursue more ways to make money.

Reply by LawrenceOK on 12/28/05 8:46am
Msg #84791

Let me clarify what I mean by 3 companies. I have three (3) Title/Escrow companies that use me on a regular basis. I also have two (2) Lenders that use me exclusively and I will only do signings for the major SS's. The work is here, you just have to vigorously market yourself.
I am sorry that I was not much help to you but I am not just going to give you the contacts that has taken me years to establish.

Reply by wendy_wa on 12/28/05 10:37am
Msg #84843

to Lawrence

I can't blame you for not sharing...It sounds like the market is very different there. I give away tons of work. I have even recruited other Notary/SA. Not just immediate family members, to take the ones I have no time for. So it is strange for me to run into such a tight market. I believe strongly that one reeps what they sow. I am happy always to help when I see someone struggling or just getting started, in every line of business I have ever been in. But I also work harder then most and know that my relationship with SS and TC and Lenders is secure. My clients rely on me to get my job done, so I don't worry they will take work elsewhere. Having said that, I cannot be everywhere all the time. I am fortunate I guess that my purpose for moving to Oklahoma is other then to pursue this career path. I expect I will work as a SA when available or neccessary, but that is not my goal.