Posted by Calnotary on 11/18/05 11:32am
Msg #77417

SS going out of business

I think if I know of a SS going out of business I will post it here. And the rest of my fellow
notaries should do the same. Now that signings are cooling off and many SS are not
getting the volume they were getting, they might close their doors and leave many of us
hanging.

I read rumors of notaries on the go, Quick Docs and others but it could be just rumors.

Thank you.

Reply by Teddog_CO on 11/18/05 12:03pm
Msg #77434

I'm not a bit shocked. They have really flooded the market.

Reply by Jenny_CA on 11/18/05 12:14pm
Msg #77441

Re: I'm not a bit shocked. They have really flooded the market.

What I've seen in my area is many loan brokers popping up. I seem to know more people that are becoming or have become brokers than notaries.

Last night I did a signing for a new company, they located me from 123notary. It turned out to be a coincidence (Sp?) because the person who hired me knew my husband and had actually done business with him through his previous job.

Reply by Teddog_CO on 11/18/05 12:14pm
Msg #77442

You have a good idea. SS's sound as if they are in BIG trouble just look at what they are paying. I think it's a good idea to keep an eye on them and stick with your long standing and reliable companies that you've had for a long time. Most of mine are TL/Escrow companies that prefer to deal direct with the Notary.

Teddog

Reply by Anonymous on 11/18/05 12:29pm
Msg #77451

what a blanket statement that is, "SS's sound as if they are in BIG trouble"
wow, its like watching CNN in here

Reply by CaliNotary on 11/18/05 12:40pm
Msg #77460

"its like watching CNN in here"

So where are our Natalee Holloway updates?

Reply by BrendaTx on 11/18/05 4:30pm
Msg #77520

**So where are our Natalee Holloway updates?**

Exactly, Cali...that's what I was wondering.

Reply by Teddog_CO on 11/18/05 12:44pm
Msg #77463

Relax Anon We're just having a little conversation.

Reply by Nd_WA on 11/18/05 12:37pm
Msg #77456

I think that rumor might hold true b/c my November calls have all been directly from TC/Lender mixed with my regular SS. Just got off the phone with a well known SS who offer $175 straight (I didn't have to negotiate) for an overnight combo set tomorrow.

Supply & demand is the key factor as volume drop, SS need to maintain their profit margin by lowing fee to contractor. Taking low fee signing has higher risk of not getting pay now a day b/c if at some point SS can not keep up with their overheads then there goes the ship (sink).

Reply by Teddog_CO on 11/18/05 12:40pm
Msg #77459

Nd_WA I agree with you.

Reply by Anonymous on 11/18/05 12:56pm
Msg #77469

Re: Nd_WA I agree with you.

SA's, TC's and LO's will be going out of business too.

Reply by Bonnie_CO on 11/18/05 2:13pm
Msg #77481

Re: Nd_WA I agree with you.

I agree also... My business has taken a drastic turn the past few months from being about 60% SS and 40%TC to 90%directly from the title co's and lenders, and 10% from SS. Lots of return TC customers, so it makes me wonder if more TC's are doing away with using SS and going directly to the notaries. I guess we'll see what happens! IMO, I love dealing directly with the TC's and lenders.

Reply by Anonymous on 11/18/05 3:14pm
Msg #77498

Re: Nd_WA I agree with you.

That would possibly suggest that Title Companies are starting to feel the pinch and are bringing the scheduling of their appointments back in house because the pace has slowed down, and they want to start earning some of the money they were paying to the Signing Services.

Reply by eXpedN_TX on 11/18/05 3:25pm
Msg #77500

Re: Nd_WA I agree with you.

Anonymous,

I think other brilliant SA's on this site also hit the nail on the head when they said that the SS's are willing to take less experienced SA's to save a buck. I am sure that might have bitten them as well. For the SS's that are staying competitive with their rates and not low-balling the SA's, they will probably last the longest and I hope things will pick back up for them!!!

Reply by Anonymous on 11/18/05 3:31pm
Msg #77501

Re: Nd_WA I agree with you.

Perhaps. But I think that is the less likely scenario. I have often wondered what value signing services add. It surprises me that Title companies don't pay someone in house to schedule the closings. Maybe I have no clue what I am talking about. I am guessing they got sold on the idea of signing services when they got really busy, the cat was fat, and everyone was happy. Now things are slowing down, the cat is losing some weight. I don't think it will take title companies very long to figure out that signing services are expendable. SA's should take pride in the fact that they actually add value. SS's just cost the borrower more money.

Reply by Anonymous on 11/18/05 4:06pm
Msg #77512

Re: Nd_WA I agree with you.

TL/Escrow companies are saving themselves a lot of money Not dealing with SS's. I do not know if anyone has noticed this or not? I have had a lot of those low-ball ss call me recently, and I have Never worked for them before. Never once in the conversation did they ask if I have E&O insurance or how much coverage, or how much experience I have or if my state license is even current. How would they know I never signed up with them.
TL/Escrow companies would be wise just to contact us directly-save money and we can fax our policy & referrences to them. Sounds simple to me. TL/Escrow companies are my main source of business. I don't see any value in them being with a SS.
Those of us that have been Professionals for a long time surely are a Safe and Cheapier alternative. Utmost we will be here a year from now.

Reply by LawrenceOK on 11/19/05 9:09am
Msg #77633

I agree Ted. The market has slowed down enough that all the SS's that have popped up within the last two years are struggling to compete with the big boy's on the block. How come the SS's that I do work with are not lowering their fees and are more then happy to meet mine. I say that by the end of 2006, all the $50 companies and many of the NNA newbies will be history. jmo

Reply by Roger_OH on 11/19/05 11:10am
Msg #77657

Hope so, Larry, but...

unfortunately by then, NNA will have recruited a whole new crop of starry-eyed, easy-money seeking incompetents, and the cycle will continue ad infinitum.