Posted by Michelle McBride on 8/17/07 3:43pm
Msg #206272

Signing Services Business Down?

I was told from a signing service that their business to down due to many mortgage companies are going out of business. Also that is why they are having such a hard time paying me promptly. Has anyone else heard anything like this? Is you number of signings going down? Thanks

Reply by ME/NJ on 8/17/07 3:54pm
Msg #206276

Unless you live in a bubble, signings have been down for the last couple of months. Payment should not matter based on business. If a company hires you for a job and if you did it they should pay you timely.

Only the strong will make it through this tough period. As a full time notary I need to adjust my business if I want to continue to do this.

SS will fall and lets hope the community keeps us aware of the bad companies out there.

Reply by Michelle McBride on 8/17/07 6:04pm
Msg #206296

Maybe I am in a bubble or cave but since I am a new signing agent, I was just looking for other signing agents thoughts. When I started I didn't see anything to show it was going down hill. Any helpful thoughts are appreciated.

Reply by Becca_FL on 8/17/07 4:18pm
Msg #206279

No offense, Michelle, but where have you been...living in a cave underground?

The mortgage industries woes have been dominating the news for the past month and have been the lead story all week long. The demise started back in January and the proverbial $hit has been rolling down hill ever since. It's important to keep current with the industry you chose to work in.

Here are a few sites that you may want to keep up with.

http://ml-implode.com/
http://mortgagechronicle.com/
http://www.mortgagenewsdaily.com/

Reply by Nancy M. Misenar on 8/17/07 4:21pm
Msg #206280

Actually my business has been steady, back in Feb. and March it was slow but I have been having a good summer. We just have to be watchful of the market now that Countrywide is having problems.

Reply by Sylvia_FL on 8/17/07 4:35pm
Msg #206282

Yes, the business is down. BUT that is no excuse for not paying notaries promptly.

Reply by REE_NJ on 8/17/07 6:02pm
Msg #206295

Re: Signing Services Business Down? 3 things happened today

1. Received confirmation letter from ATM that they have merged with Servicelink just has perople mentioned the other day - it is true.

2. Nations Signature Closers attempting to reduce their fees to $50.00 and $15.00 for e-docs.

3. Provident Funding requiring any Travelling notaries who are not employed by the Signing service to carry $500,000 in Errors and Ommission Insurance. Is this possible?

Reply by REE_NJ on 8/17/07 6:14pm
Msg #206297

Re: Signing Services Business Down? 3 things happened today

Oops, typo - I meant "as people" not "has perople"

Reply by Lee/AR on 8/17/07 7:56pm
Msg #206305

Re: Signing Services Business Down? 3 things happened today

#3. 500K E&O may be possible but it's gonna cost~~ Now, the reason they want that is to make a very large target out of you---and you're paying for the privilege. Just say "No thanks."

Reply by REE_NJ on 8/17/07 9:01pm
Msg #206310

Re: Signing Services Business Down? 3 things happened today

Yes, you are correct Lee.
I carry $1M in Commercial Business Insurance since I conduct other business services but to carry $500,000 in E&O seems a bit much. But if more of the lenders start requiring this of all the Travelling notaries then I guess it will be necessary?!

Reply by Sylvia_FL on 8/17/07 9:18pm
Msg #206312

Re: Signing Services Business Down? 3 things happened today

I carry E&O insurance which isn't required in Florida, but the E&O insurance only protects me if my bond is paid out - as a notary. They must mean a different kind of E&O insurance

Reply by REE_NJ on 8/17/07 9:45pm
Msg #206319

Re: Signing Services Business Down? 3 things happened today

Yes, I have E&O insurance that you have mentioned as well as a notary but not $500,000. E& O insurance for notaries is not a requirement in NJ either, but it is suggested and an important item to have if you are in this business - just in case....

Reply by REE_NJ on 8/17/07 9:47pm
Msg #206320

Re: Signing Services Business Down? 3 things happened today

Oops again...I meant "Yes, I havethe E&O insurance that you have mentioned as well since I am a notary..."

Reply by Becca_FL on 8/17/07 10:33pm
Msg #206332

Re: Signing Services Business Down? 3 things happened today

Sylvia, it is a different kind of E&O. One of the Florida NSA Network members looked into it and purchased it because she does ample business with Provident. If I remember correctly, I think it cost her between $700-$800 per year. Provident has been requiring the $500k E&O for a while now.

Reply by cassiewi on 8/18/07 12:26am
Msg #206344

From what I've been told

The hiring entity (ss, tc) needs to carry that amount. As long as they have that amount, it's all good in the hood.

I've done a few for them and I don't carry that much E&O or any other kind of insurance in that amount. FWIW.

Reply by jba/fl on 8/18/07 2:08am
Msg #206351

yeah cassie -that is what I 've been told. Fine by me. n/m

Reply by REE_NJ on 8/18/07 10:13am
Msg #206378

Re: From what I've been told ..Review PF's new Policy

This is just a small part of their policy titled "Addendum to Lender's Instructions - Notary Policy" which I never saw this before in other PF loans which we have previously handled.

If the escrow company employs the notary and PF is supplied the following:
Evidence of Fidelity or Errors and Omissons Coverage of at least $500,000 per occurrence; and Evidence that such coverage is in good standing

In areas where Independent Document Signing Services are used, it is acceptable if the document signing service employs the notary and supplies PF with the following Documentation.(note: the 500,000 in E&O Insurance) [Note: Independent Traveling Notaries not affiliated with a signing service are not acceptable unless they can provide their own Errors & Ommission Coverage of at least $500,000 per occurrence]

The problem is PF is using the word "employ" so the entity who called us for the assignment is clearly not our employer. They are subcontracting us to handling the loan closing. Whomever the hiring entity was dealing with wanted us to sign that we are an employee for the hiring entity on the Closing Agent Certification Form. The hiring party did not want to state we are their employee because that is clearly not the case.

Reply by ananotary on 8/18/07 10:37am
Msg #206387

The Title/Escrow company can choose to indemnify you. That

Is what has happened to me in the past. As an independent notary you would be required to carry the 500K E&O to close Provident loans assuming you are not working through a signing service.

Reply by Sylvia_FL on 8/18/07 9:05am
Msg #206371

Thanks Becca:) n/m