Posted by CJ on 9/17/07 3:38pm
Msg #211571

What do YOU say to borrowers?

Borrower: So is this all you do all day? Just drive around and get signatures?
Me: It's more complicated than that.
Borrower: This looks like fun! How much do you get per job? And how many jobs do you get per day? I could really use the mad money!

I want to be professional and polite, but I am so sick of this conversation. What do YOU do?

Reply by jba/fl on 9/17/07 3:43pm
Msg #211574

I laugh and chuckle, then I ask what they do, and since they are considering leaving would they train me and recommend me for the job they are about to leave, which helps get their head screwed back on the way it should be.

Reply by Lee/AR on 9/17/07 4:21pm
Msg #211585

Love it, jba/fl! Can I use it? n/m

Reply by jba/fl on 9/17/07 4:27pm
Msg #211587

Of course - feel free to use anything said in public n/m

Reply by justin/CA on 9/17/07 3:44pm
Msg #211576

I would be very careful on using capital letters in your sentence.

Just take a look at some threads from last Friday and over the weekend.

I always just tell them at one time it was a great business but now it has become so slow, it is very difficult to make a living.

JMO

Reply by Marlene/USNA on 9/17/07 3:48pm
Msg #211577

"Well, first you have to be approved by the state [notary appointing authority] to be a notary public. Here's their number. Now, sign here. . ."

Reply by TRG_wy on 9/17/07 4:02pm
Msg #211580

I close for a fair share of notaries and get this question quite often. Everyone seems to be interested in "extra income".

I tell them that they need to become very familiar with real estate closing documents, Federal and state laws covering real estate transactions, RESPA, types of loans (purchase, HELOC, Reverse, interest only, ARM, fixed ...). Usually that some sort of certification is required. Background checks, E&O insurance in case you mess up the documents; and oh yeah, usually there is at least a two learning curve before you are truly qualified. The there are the requirements for laser printing, bookkeeping, accurate accounting for taxes blah, blah, blah.

That pretty much stops them in their tracks because they don't really want to put any effort into actually learning the business.

Reply by Sylvia_FL on 9/17/07 4:12pm
Msg #211582

I always told them basically the same thing, and I also told them that some companies will even pay them $35 to do a signing(and the way it is said makes them think that $35 is good <g> They figure it isn't worth it

Reply by Todd/OH on 9/17/07 4:31pm
Msg #211589

I usually give a combination of what TRG and Sylvia said. I put it in such a way that nearly scares them to death. Instead of the $125 I might make, I tell them I got a whole $25.

Reply by Bob_Chicago on 9/17/07 4:41pm
Msg #211596

Tell them that you need to love putting a bunch of....

miles on your car at $3/gal, being on call and getting home at all hours.
Probably not a great idea to brag about the thrill of being asked
by some jerk about how they can get into competition with you and
threaten your livelyhood.

Reply by Les_CO on 9/17/07 4:41pm
Msg #211595

I have NEVER been asked!!!!

My "borrowers" just assume they are being afforded a 'special privilege' by me being there to help them with their paperwork. I do nothing but encourage this notion.

I SWEAR TO GOD!

No one I've EVER done a closing for (In their home, or in the TC office, has ever asked me.... “Is this a fun job? Do you do this while surfing? Can I do this in my spare time? How much do you make?.....

MY BORROWERS assume that I've been sent by someone (important) to help them with their loan closing. I do NOTHING to dispel that assumption. I am NOT casual in my dress or my attitude when dealing with "my clients" the borrowers, or "my responsibility" to them. I say I've been sent by Title, with their very important documents, to afford them the privilege of signing at their convenience, and they accept me as the professional I am.

Sorry the surf ain't up in CO!

Reply by Les_CO on 9/17/07 5:03pm
Msg #211601

Re: What do YOU say to borrowers/CJ

Sorry... If this was a joke... I took it as being serious. Prehaps I read to fast? I've had better days..... But Everything I just said (for the serious people out there) is 100% TRUE!

Reply by Linda_H/FL on 9/17/07 5:47pm
Msg #211615

I've been asked several times - you're lucky you escaped, Les!!

Reply by Sylvia_FL on 9/17/07 7:20pm
Msg #211638

Re: What do YOU say to borrowers? - Les

"MY BORROWERS assume that I've been sent by someone (important) to help them with their loan closing."

This reminds me of the time I had to meet the borrower at the school where she worked.
I was shown into her office and she had a young student with her. I forget what the student's problem was, but the borrower said to him (talking about me) "she has probably handled more money than you have ever seen."

Reply by Sharon Taylor on 9/17/07 5:27pm
Msg #211608

Great response, jba - I say I worked for attys 18 years....

When I get that question, I start with "Well, I worked as a legal assistant in a law office for over 18 years....", kinda trail off the sentence and quickly shove another document in front of them to sidetrack them back onto the closing process.

Reply by Sharon Taylor on 9/17/07 5:37pm
Msg #211611

Also have to love last-minute assignments and cancellations

Got a call at 4:15 asking me if I could do a 7 PM closing in a location that is typically 1-1/2 hours drive for me. No docs yet, of course. I've been cleaning closets, so I quickly put everything away, check email, print the confirmation, call the borrower and leave a message on the answering machine, jump in the shower, curl my hair, get back on the computer......and it's been cancelled for today. Sigh.

Reply by jba/fl on 9/17/07 5:54pm
Msg #211619

Re: Also have to love last-minute assignments and cancellations

Did you get your last minute primp fee?

Reply by Julie/MI on 9/17/07 6:06pm
Msg #211622

I say: I've been closing loans since 1983. That does it. If up for some humor, I tell them I'm looking to sell Amway since their are not many loans to close.

Reply by firegirl on 9/17/07 7:05pm
Msg #211635

It's a little easier for me. When I tell them about getting a title producers license, paying for a bond, E&O, continuing ed., etc. they usually stop cold.

Reply by NCLisa on 9/17/07 7:38pm
Msg #211639

I tell them that I purchased the vehicle that I use for

my NSA business ONLY on Oct. 1, 2006, and as of today I have 38,000 miles on it. When they realize how much I drive around, it is a huge turnoff. Most people don't care to drive that much. Then I tell them to come on this board, and read about the lack of business the average NSA seems to have at this point in time due to the crash and burn of the subprime market.

Reply by Cynthia Furgason on 9/17/07 9:45pm
Msg #211655

Re: I tell them that I purchased the vehicle that I use for

Good stuff here! I just make it sound really complicated and a lot of time, money, and uncertainity. Got a call from someone that had been to a well know traing course in my area and they had suggested that she find someone to "ride" with. Turns out she lives in my same city. At first I was so angry....that I wanted to give her an earful! However, I called her back and painted the "doom and gloom" cloud that is over the industry and even told there that I was no longer an NSA and that she better hold off doing this to make a living. She then said that she was "taking her time" She asked me how to get paid....and I said that most of the time it takes "at least" 90 days. Just paint the....it really is not that great of thing picture to do!

Reply by JanetK_CA on 9/18/07 2:16am
Msg #211702

Funny, I got almost the exact same question last week - "So, is this what you do all day, drive from place to place to get documents signed?" I've heard this question many times before and usually go into how this is the easy part and there is so much more to it, blah, blah. But for some reason, this time I just started laughing and said "Only if I'm very lucky!!" 'Course, I then proceeded to start the conversation about what is happening in the lending industry. In this case, she might have just been making conversation, though.

However, I had a different conversation yesterday with a neighbor. A transformer blew and we were all without power (for 16 hours... yuck!) so suddenly people are talking to each other. Even though our condos literally share a wall, we just met after 6+ years. Turns out she just finished taking the notary exam and a loan signing course (not through the NNA). After I extended my sympathies, I gave her my perspective on the current state of the business. I really felt bad that she had been sucked into this at this time. Ah well....