Posted by LisaWI on 12/10/07 6:52am
Msg #225250

NSA Trivia

Does anyone know who developed the term Signing Agent? And also, when NSA's started doing these remote closings? Did it start out that is was employees of a Title Comp? How did it come into play that someone could do these independently? And when did SS's come into the picture?
I find it interesting that the Signing Agent has been doing this for so many years, and the NSA isnt recognized in a lot of states or in Title Insurance. Im quessing that is because "we are just a Notary" and that is where it has stood for many years.
Just curious.

Reply by DianeCipa on 12/10/07 7:02am
Msg #225251

Lisa: I can only speak for my experience in western PA. I've been in the business all of my adult life, started working in a real estate sales office in 1973. I never heard of a witness closing until 1999 when I got a call asking if I would do one. At that time, it was an out of state title agent closing a subprime transaction in my area and they got my name form the title underwriter. They definitely wanted a witness closer who was a licensed agent at that time. I have no idea when it branched out into unlicensed closers but I did hear from others that the practice was spreading throughout the Pittsburgh area for subprime. It was driven by out of the area big title agencies who served companies like Ameriquest under contract.

Reply by Lee/AR on 12/10/07 7:16am
Msg #225253

Susan Pense-Nat'l Assoc. of Signing Agents-- (NASA--was purchased about 2001 by NNA and the juggernaut was born). No, not employee of TC. With the advent of loaning across state lines. SS came into being immediately. I've been doing this since 1993. Believe it started a bit earlier than that, but really don't know the year. Of course, back then TC & SS got people who had some familiarity with the docs involved. Perhaps some other 'oldie' can nail down dates a bit better, but I watched it happen & should have kept notes. Oh---and it paid better 14 years ago, too.

Reply by Bob_Chicago on 12/10/07 7:29am
Msg #225256

To the best of my knowledge, the term.."Notary Signing...

Agent" (NSA) was coined by Susan Pense, the founder and
former owner of the National Association of Signing Agents'
(NASA) in about 1998
A number of members here, icluding myself, were charter members of that
group.
A number of years later, Susan sold the organiztion and the name
to the National Natary Association.
Signing services were involved since the beginning and acted as intermediarues
'between the title cos, and /or lenders and the NSAs.
A number of the orignal SSs, are still around.
Most home buyers, financed theri home purchases through their local banks or
S and L and kept the loan in place until it was paid off.
In the lates 90 s as the internet expanded, lending became more of a national
busines, as and re-financing existing loans to get a better rate and to free
up equity became more prevelant.
Now the NSA is usually the only warm body that the borrower actually sees as
part of the mortgage process.

Reply by Stamper_WI on 12/10/07 7:33am
Msg #225257

I was a realtor in the 90's. I started to get calls at the office to do signings. I was not a notary yet so I sent them to another agent in the office who was and she began to make some nice pin money. The callers said they called real estate offices because 1. They usually did have a notary and 2. Real estate agents were some what familiar with loan doc's. Around 1997 I began to see ads in the newspapers for notaries to close loans.
BAck then it was larger faxes if they didn't overnight them.

Reply by LisaWI on 12/10/07 7:38am
Msg #225258

Re: NSA Trivia-Bob

Were you a RE agent also when you started?

Reply by Stamper_WI on 12/10/07 12:41pm
Msg #225327

Re: NSA Trivia-Bob

Yes. I kind of fell into this. I did more and more until I realized I was basically doing enough to consider it a living.

Reply by sue_pa on 12/10/07 8:20am
Msg #225262

I also got started in this business from ads in the local newspaper advertising for a notary to close real estate loans. Since that was what I did for aliving, I thought this was a great way to pick up a few extra dollars. I received a call or two at work also since we had a listing in the yellow pages under real estate attorneys. I had no idea what was in store. My first client was Statewide in CA (hi Tina - now at Pinnacle) who sold out several years ago to TransUnion. Can you believe it, I actually had to do a phone interview!!!!! Next client was BankServ (who as Stamper says actually paid a fair fee for faxed packages -$200 10 years ago- their base was $60). Unlike the 'expert' advise given today about setting credit limits, I was doing 10 loans a week for Statewide in the evenings after I got off work and made $500 a week. There were no message boards around then (I didn't even have teh internet) so I worked and after 2 weeks I received a check for $1000. I was in hog heaven because that was more than I made at my daytime job. I answered an ad for First Plus Direct and received $175 for OVERNIGHT packages and I set my own appts. - again, I didn't place any credit limits and I made A LOT of money over several months time - all on good faith that I'd receive my money. I bounced around and struggled and somehow found a few other people around the country doing this - thank you Tony M in Naples and Grace in Georgia and they sent me a few other contacts. OTX/SOX/Sign on the X/whatever, sent me a several page listing with signing services and I was in business. All this was in the late 1990s, again I had no internet. Title America/USA Title/AmPro/now TSS offered us $150 (again for overnight packages) if we'd join NASA. I joined and my phone started ringing off the hook and the rest, most of you people (from reading your posts) have no idea what was (and still is) possible if you're smart and willing to work.

Diane, you've mentioned it before about the subprime loans. I'm not sure how you make a direct connection but rather I think there was a law that changed making interstate lending much easier - don't know when or what it was called and I'm not trying to look it up. The birth of the vendor management companies (now a huge blackmark on quality and accuracy but rather focusing on the bottom line) also played a huge part in the quickly expanding business. By teh way, those of you who I see post about how great some of the vendor management companies are - I am talking approx. 10 years ago and everything was overnighted - ATM paid $110; ServiceLink $125 (more for after 5 or weekends); Express $250; GAC $100+; NASCO $100+; NREIS $100+. These were not negotiated one time deals, these were their every day fees. Those who use the criteria that a company is great because they pay every 2 weeks are a part of the problem with today's fees.

Oh my, a long rant again getting off track several times.

Reply by LisaWI on 12/10/07 9:37am
Msg #225278

Re: NSA Trivia-Sue

You are exactly on track, LOL. What a nice explanation of the history of the business.

Reply by PA_Notary_II on 12/10/07 9:55am
Msg #225280

As I remember it...

Notary demand was fueled by attornies that were high priced, unavailable except by appointment and absolutely not available as mobile entities. In addition, the sheer volume of mortgage business necessitated large numbers of qualified Notaries. So much so that TC's were unable to handle the work load alone and that gave rise to the SS businesses who were acting as recruiters. The closing process then seemed to stray from the quality standards that the TC's had in place for years since many SS's were just happy to get a cheap, warm body to the table and collect their fee. As in many, many other enterprises, greed on all levels buried the mortgage business and now everybody is hurting.

Reply by sue_pa on 12/10/07 11:14am
Msg #225303

Re: As I remember it...

...Notary demand was fueled by attornies that were high priced, unavailable except by appointment and absolutely not available as mobile entities. ...

your second two are correct but disagree, at least in PA, with high priced. If a borrower closes in the lawyer's office during business hours, they won't see the $200-$600 settlement fee on line 1101. Most borrowers don't realize what it actually costs them to settle using the lender/broker's provider rather than shopping around for their own.

Reply by PA_Notary_II on 12/10/07 11:42am
Msg #225313

Re: As I remember it...y'know Sue you're right...

but it depends on the locale as to customary atty fees. My son sold a property and the atty he used charged a total of $350. That included a sales agreement, bring down, HUD prep, closing, new deed, and filing. What a deal! I have seen others charge $350 just to close and file.

Reply by sue_pa on 12/10/07 2:31pm
Msg #225353

Re: As I remember it...y'know Sue you're right...

In PA? why did they need a bring down? The purchaser does (should) a full title search. I don't know what the reason for a bringdown is in a sale. HUD prep should also be done by the buyer's r ep along with filing. Over here, a seller's attorney can do the sales agreement (my boss would have been in hog heaven if he got to draw more than a handful of them - we usually saw them after they were signed), prepares the new deed and, if needed, represents the seller at closing. Everything else is done by the buyer's rep. All that said, looks like your son had a bargain fee wise.

Reply by ReneeK_MI on 12/10/07 11:47am
Msg #225314

Sue - yes, yes, YES, yes and yes! Esp 2nd from last sent. n/m

Reply by Hugh Nations Signing Agents of Austin on 12/10/07 10:04am
Msg #225285

Thanks, guys. This is probably the most interesting thread I've seen on this forum.

I've been doing this since 2002, and thought that I had gotten in just a couple of years after NSAs came on the scene. It's startling to find that some have been doing this since the early '90s.

Reply by Marlene/USNA on 12/10/07 11:30am
Msg #225309

Another nice discussion of history of NSA. . .

. . .by PAW and others

Msg #119835 - starting msg

Reply by cheryl/md on 1/12/08 1:47pm
Msg #230367

in the state of Maryland, a bill was passed. Officially titled, title insurance producer independent contractor. requirement to conduct closings in MD.