Posted by TnNotary on 5/16/06 8:19am
Msg #120122

Borrowers trying to become notaries

Just wondering, I get a lot of borrowers asking me how do I get into the business. What do I tell them? All suggesions are appreciated.
T.Y.

Reply by ML/PA on 5/16/06 8:43am
Msg #120128

I get that a lot too. I tell them all the negatives about doing this such as problems getting paid, cancellations at last minute, a lot of late hours and too many signing agents already.

Reply by Loretta Reed on 5/16/06 8:49am
Msg #120131

I always tell them first how expensive it is to start and how I did not earn enough for the first 2 years to make a living doing this full time. This usually discourages them from going any further. If they ask more questions, I tell them to work for an attorney and get some experience. I even had one ask me to let them come along (won't happen in this lifetime).
I met one person here who actually told someone and the next thing she knew, the woman got everything she needed, lowered her fee $25 from the notary that "spilled the beans" and took most of her business. That is how this business is.

Reply by LynnNC on 5/16/06 10:18am
Msg #120161

Perhaps I will regret it, but I have actually helped two borrowers get into the business. My feeling is that with so many companies out there to work for, I doubt that they will register with the same companies that I have.

I get most of my business from companies that I have solicited, rather than them finding me on NotRot or NNA/NSA, and I have established relationships with them. I might be naive, but I think it is unlikely that the companies I work regularly for will dump me for a new notary charging $25 less.

Reply by Loretta Reed on 5/16/06 10:29am
Msg #120167

Yeah, if you live in an area that there are no or very few notaries. Here in MD, it happens all of the time. Don't speak too quickly. There is no loyalty in this business. There are title companies that you and I may have a good reputation with and then there are the title companies/signing companies that do not care about their relationship with you, they care about the bottom line they are bringing in. I hardly ever work with signing companies so I can make the cream of the crop with the title companies and attorneys. I am thankful every day that I am so fortunate to have been in the title business before I became a signing agent. That got me where I am a little faster than most.

Reply by cntrlcalntry on 5/16/06 10:31am
Msg #120170

I tell them we make $10.00 per notarization plus mileage.

Reply by LynnNC on 5/16/06 2:37pm
Msg #120240

In NC we only get $5.00 per notarial act - that would really put them off!

Reply by AngelinaAZ on 5/16/06 10:11pm
Msg #120366

In AZ we get $2!!! n/m

Reply by MistarellaFL on 5/16/06 10:34am
Msg #120171

Don't be too sure about that Lynn

I have spent the last 6 months struggling to maintain my relationships with certain agenices and TC's. A good portion temporarily went with the "cheaper" route, and are now asking for forgiveness, as it didn't work out to their advantage financially as they thought it would.
(Too many mistakes, and re-signs are not financially advantageous to them.)
But the point is, even short term, I have been under-cut and it hurt me.
I personally discourage borrowers who think this is easy money.
It's certainly not as easy as they think, and I'm not going to give away my education at the school of hard knocks.

Reply by JanetK_CA on 5/16/06 4:48pm
Msg #120267

I totally agree.

That happened to me just last night. I referred her to this website and message #33325. If someone really wants to do this, they will anyway. Otherwise, I try to let people know what they are getting themselves into before they waste lots of time and money. Becoming a notary is the easy part of the process. As most of us know, that doesn't make someone qualified to become a signing agent and do loan docs! Actually finding business is another thing altogether.

In a highly competitive free market, people will do all kinds of things to get business and won't care if that company is your best client. Lynn, if you are in this business long enough, I think it's probably inevitable to end up losing some client(s) to someone else, unless you're in a very remote area. In big metro areas, I'm sure it happens all the time. jmho

Reply by Anonymous on 5/16/06 7:13pm
Msg #120307

Re: I totally agree.

I am posting anonymously so I will not SOLICIT my services...please do not "out" me on this board as you will only help me solicit myself.

I received this note:

Hi xxxxx, my name is xxxxx. I am a newly comissioned signer and I am wondering if you could suggest the best way to get started in the signing business. I was on your website and noticed that [infers we have experience].

I received my comission in xxxxl of 2006. I would like to become an independent agent but I don't know exactly how to get started. Can you help me?

Thank you for your time xxxxx, I know that you are very busy.

xxxxx

= = = = = = = = = = = = = = = =

Here is my reply - This is what I do now because I feel this is a reasonable price for a service only experienced agents can provide. Please feel free to use my letter to develop your own tutorials and coaching business.




Hello - I am very, very glad you contacted me. Actually, I have an hour available tonight at 8 pm to call you and answer all questions you have during that hour.

My charge for this is an exceptionally reasonable amount of $35 per hour - you'll need to pay for 1.5 hours in advance ($52.50). This is because in most cases the conversations do go past one hour.

Of course I will be available another night or on a Tuesday, Thursday or Saturday, at your convenience, for the next appointment until your time is used up. Thereafter you may pay $17.50 per half/hr and only need to purchase 1/2 hour at a time.

If this arrangement appeals to you, please advise send a payment via "paypal.com" to xxx in the amount of $52.50.

(1) To set this up, please send your payment.

(2) Call me at 1-877-xxx-xxxx to advise me of your choice of time and I will call you back as soon as I get your message / or your call. I have a cheaper method of phoning you and that's how the coaching tutorials are conducted.

(3) I will email you and then call you to confirm our appointment time.

I am also available tomorrow most of the day.

Several queries come into my inbox each day just like yours. Many individuals want free advice, but those who are serious about starting a business are willing to pay my extremely reasonable fee of $35.00 per hr. in order to get one on one tutorials / questions and answers.

I do not provide written materials because I do not want them copied and distributed. You will need to take notes.

For your best possible bang for the buck, get at least five very specific questions ready before our session.

I look forward to hearing from you!

Reply by Becca_FL on 5/16/06 11:36am
Msg #120200

I tell them that I worked as a Real Estate assitant for three years while going to school to earn my Paralegal degree. After that, I spent two years in a Title Company starting at the bottom and working my way up. I let them know that I starved my first year in business (even with my contacts) and struggled to make ends meet. I explain that if they have not worked in the industry they may have a tough time starting out because there are many experienced people in the field.