Posted by Anonymous on 10/15/05 12:57pm
Msg #70730
Future of the industry
I am interested in what people think will happen to Signing Agents in the coming months or years. Clearly, it is not as busy as it was back in 2002-2003. It does however sound like some people are staying very busy. Will this continue?
I personally think their are many challenges in working in the industry, and I actually only do closings part-time. There are very few barriers to entry so competition keeps increasing. There is going to be downward pressure on fees as the number of notaries keeps increasing due to promotions by NNA and other such organizations.
I think all parts of the Real Estate / Mortgage industry are going to go thru some pain. All this being said I have no plans to leave the industry, it's far better than any other part-time job I could think of.
| Reply by SoCal Signing Co. on 10/15/05 1:46pm
Msg #70739
McDonalds is hiring
| Reply by ML/PA on 10/15/05 2:31pm
Msg #70745
I just had a call today from a borrower...
who called me and wanted me to notarize a few documents for her this evening. I asked her what had to be notarized and she said she had loan documents for a HELOC and only needed me to notarize 2 documents. She did not want to pay a travel fee, wanted to come to me so she would only have to pay for the notarizations, it's Saturday and she wasn't sure when her husband would be available. She was concerned because the documents were dated for today so I told her maybe she could find a notary who was close to her that could help her. She said nobody is available tonight , including me. I have read about some lenders doing this, I just hope it is not a new trend.
| Reply by DC_NV on 10/15/05 4:32pm
Msg #70766
I am with you, I do this part time. I have a friend in another state who does this full time, but she does not have much competition. Just in the Reno area we went from about 10 of us to 36 in under a year. So I gave up trying to do it full time. I would hate to have to depend on this for our mortgage payment.
I also refuse anything under 65-75 no matter what they say. If someone wants to give away their time for cheap companies more power to them. At 3.00 a gallon they are nuts. I have had this discussion many a time with my friend. There will be someone who will work for 50.00, let them have it.
When you add in all the cost of doing business with licenses, bonds and equipement, 50.00 is just silly.
I do enjoy the tax breaks now without working every single weekend, work pt time and find this to be an excellent source of second income.
The industry seems to be in a downward spiral, I agree.
| Reply by Anonymous on 10/15/05 5:11pm
Msg #70768
I do this full-time and am busier now than I ever have been. It has taken me alot of time and advertising to get with the "good" companies. Granted, I do not have alot of competition (and I don't want any). There are too many people in my area that would rather not work the 12-14 hours per day I do. But.. I am making more $ now than I ever did at a full-time "regular" job. There are days when I make what I made at my salaried position.
It does help that I live alone and have no one to answer to when I walk in the door. (Except for 2 cats). I am able to work all the hours I want and cover as much distance as I want.
This job covers not only my mortgage,but I was able to pay off my truck in record time. I know not everyone is as fortunate as I am to be able to "get up and go" when the calls come in..that is to my advantage.
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