Posted by Dawwn/CA on 4/4/08 10:44pm
Msg #242259

Signing up with a Loan Signing Co.

i just recently became a loan signing agent. What is the most effective way of signing up with a co. to get work?

Reply by JanetK_CA on 4/5/08 12:33am
Msg #242270

Try reading this board before you ask your questions. Every possible question that can be asked about that subject has been asked and answered a bajillion times to the point that our eyes roll back in our heads every time there is a new one. In fact, there are some pretty good responses just lower down on this page. Also, if you go to the first page of this forum, you'll see an orange button for search capabilities. I suggest you make that your best friend...

Good luck to you. You're going to need it in this market, regardless of what you might have heard from a certain organization about there being an "urgent need". For your sake, I hope that's not what convinced you to get into this business... It's very tough out there and it will take lots of hard work!

Reply by LKT/CA on 4/5/08 1:22am
Msg #242276

Use orange search button to locate message 33325

Read all the posts in that thread. They will provide information, wisdom and guidance.

Reply by Linda_H/FL on 4/5/08 9:11am
Msg #242295

Also, what will be VERY helpful in your deciding to stay

in this line of work and will be instrumental in your marketing efforts....top of the page, second tab from the left.."Find a Nota"...click that...enter your zip code and choose a radius (20, 30, 50 miles) - that will tell you the number of notaries and signing agents you'll be competing with...and those are just the ones here on NotRot!! Since you're in CA I'd bet that number is probably going to be in the high hundreds if not thousands...if it WAS the "you know who" company who advertised an urgent need in your area you might want to throw that number back in their face...they obviously didn't check NotRot first..<G>

Whatever you do..Good Luck to you.

Reply by LKT/CA on 4/5/08 2:40pm
Msg #242320

It is a MYTH that California is....

....overrun with Notaries. Besides that, not all Notaries are available every minute and at the same time. Many have day (or night) jobs....many have set hours and are not 24/7 Notaries...some may be on vacation.....some taking classes during the day or at night....some are ill.....have an old profile and are not longer Notaries.....It just depends and varies at any given moment.

Business is picking up a bit. While I do regular notary work throughout the month and loan signings EOM (end of month), I'm now getting more calls at BOG (beginning of month). I got 2 calls yesterday but turned down one because they couldn't (or wouldn't) meet my fee.

Reply by Linda_H/FL on 4/5/08 3:03pm
Msg #242322

Re: It is a MYTH that California is....

It's a myth? I just searched two zip codes in CA...one had 208 notaries within a 20-mile radius, the other one had 353....that, to me is a lot of competition....

Although what you say is sort of true, you cannot ignore the numbers...and I just think it's a good idea for anyone just starting out to do that search...at least they know what they're facing.

JMHO

Reply by JanetK_CA on 4/5/08 4:33pm
Msg #242331

Re: It is a MYTH that California is....

" Besides that, not all Notaries are available every minute and at the same time. Many have day (or night) jobs....many have set hours and are not 24/7 Notaries...some may be on vacation.....some taking classes during the day or at night....some are ill.....have an old profile and are not longer Notaries.....It just depends and varies at any given moment. "

That is all true enough. But where do YOU live, LKT/CA? My numbers are 273 within 20 miles. (That means that Harry has done his purge here because they used to be over 700 or 800. Or maybe it's because so many people have left here because of the somewhat unfriendly reputation this board seems to have developed or because there are so many more MBs out there now, many filled with newbies.) Just in the last week, I met three people who "used to do that". I had a pretty good month last month and April has started off great for me. But I've been doing this for more than five years (five + years of building a client base) and in that time, there has been an increasing number of people acquiring some level of experience at this.

Yes, there is business out there -- and there always will be some. But it sure ain't what it used to be. By way of example, my best title co client just finished consolidating seven offices into one, just in my county. I don't know how many EOs were laid off, but it was quite a few. The point is that someone just starting out is going to have a very tough time competing. If they happen to be one of those laid off people who think that doing notary work now sounds good, they may have an advantage in terms of connections, but their former co-workers still have their stable of notaries that they've been using all along and they don't necessarily have experience being self-employed. They will still have to market, market, market.

Whatever someone's background as a new notary, they are going to have a learning curve and will need to work harder at marketing for quite a while than they do signings -- if they get any. Their best bet to get assignments would be from the low-ball and no-pay companies that most of us avoid like the plague. If one's goal for being in business is to make a profit, that would seem to me to be a questionable business plan. jmho

Reply by christiSocal on 4/5/08 5:08pm
Msg #242334

My zip has 376 within 20

Thanks for making me look. I totally spaced on paying up my Notrot membership, I don't know how long it would've taken me to notice! Ohhh, the memory's going... going... gon

Reply by Linda_H/FL on 4/5/08 5:37pm
Msg #242338

Lisa has 360 within 2o miles of her..

but the market in CA's not saturated..

Reply by Linda_H/FL on 4/5/08 5:38pm
Msg #242339

LOL...that's "20" miles...sorry... n/m

Reply by SueW/Tn on 4/5/08 6:08pm
Msg #242341

In my area there are 9 within 20 miles listed...

Three SA's that are NOT members of NR live within a few miles of me and advertise on other sites $75/e-docs. It's not so much the number of SA's as it is the low ball fees both requested and accepted. Cannot compete with that, will not slash rates so these days I'm doing O/N's and frankly loving every minute of it!

Reply by Linda_H/FL on 4/5/08 6:25pm
Msg #242342

I have 3 within 20 mi of my zip..<G> n/m

Reply by Dave_CA on 4/5/08 7:12pm
Msg #242346

Re: I have 459 within 20 mi of my zip..<G> n/m

Reply by Dave_CA on 4/5/08 7:32pm
Msg #242348

XXX lists more than

900 with their default setting of notaries with LESS than 1 year experience!!!
They list more than 400 with more than one year.

This made me ill enough to not look any more.

Reply by MichiganAl on 4/5/08 7:30pm
Msg #242347

And the moon walk was a myth too.

I have 70 SAs within 20 miles, and many SAs in MI are hurting. In CA you typically have 200 - 400 SAs within 20 miles, and that's just those that list on NotRot. Professionals with years and years of experience have gotten out of the industry in California because there's such a glut of notaries. No way would I want to become a SA in California right now.

Reply by BrendaTx on 4/5/08 8:36pm
Msg #242354

Re: It is a MYTH that California is....


There may be enough people needing an occasional notarization in California to "justify" more notaries for occasional notarizations (like in the old days before notaries were making livings off of loan documents/notarizations), but there isn't enough high end business any longer to support so many notaries in a decent business.

LKT, are YOU making enough to support yourself/your business? Or are your goals merely part time figures? Are you getting more business than you can handle?

I cannot believe that anyone would say that 200+ notaries trying to make a living out of the same pool in a 20 mile radius isn't a glut of notaries.

I understand that people who sell notary classes and nsa classes say Texas has the most notaries/# in population, but that's really more about how many notaries are in banks, law offices and local government for convenience at no charge. It's not about notaries trying to make a living off their stamp in Texas. Don't buy that argument.

Reply by BrendaTx on 4/5/08 9:26pm
Msg #242356

Sorry...

I sounded sort of irritated and snappish in that post. Didn't mean to. I should have re-read before I posted. I'm tired. Long day. Being lazy.

Reply by JanetK_CA on 4/5/08 9:30pm
Msg #242358

Re: Sorry...

I didn't read it that way. And, BTW, you were right on the money with your comments, imo!

Reply by Joan Bergstrom on 4/5/08 10:47pm
Msg #242364

Folks we have 36 million people in CA

We have 1 notary for every 123 people in CA.
Florida has 1 notary for every 41 people
Texas has 1 notary for every 62 people
New York has 1 notary for every 68 people
New Jeresy has 1 notary for every 32 people

We have one of the very lowest per capita of notaries in the United States (49th out of 50) and will have thousands less notaries in 2008.

Reply by jba/fl on 4/5/08 10:52pm
Msg #242365

Re: Folks we have 36 million people in CA

Hmmm- I suppose your cost to become a notary is quite a bit more than the national avg? In FL I can be in business for $100 +/-. Don't know about other states, but I am guessing that others will weigh in shortly. LOL

Reply by LKT/CA on 4/5/08 11:17pm
Msg #242368

Re: Folks we have 36 million people in CA

To be a Notary in California:

Class................................................. $125
Livescan fingerprints.......................... $80
Passport photo for application............$10
Test and Application to CA SOS...........$40
Kit (seal, journal, thumbprint pad)........$75
4 yr Bond.............................................$38
To file the bond and take oath.............$48
Locking briefcase (cheapo)...................$25

So far $441
For optional loan signing add:

Loan Signing class...................$200
Laser printer.............................$500
4 yr E & O Insurance.................$600
Business cards, paper, pens, stickies, etc........$$$$$$$$$$$$

Reply by SueW/Tn on 4/6/08 4:41am
Msg #242376

Of course you'll push this issue Joan, you have a vested

interest in getting as many new NP's taking your classes as possible. This topic "works" for you, you do well regardless of the outcome. Students = Income. No Students= Income.

Reply by MikeC/NY on 4/6/08 12:26pm
Msg #242417

Per capita is a meaningless statistic in this case

State populations aren't evenly distributed within a state, so you can't just divide numbers and come up with an answer that means anything when you're discussing this.

For instance, NY's population is about 19 million. Over half of those people live in NYC and on Long Island, both of which are financial and legal centers and are more likely to require the use of in-house notaries (who rarely, if ever, serve the public at large). Saying that there is 1 notary for every 68 people doesn't take any of this into account - and I can assure you it is NOT true in some of the rural counties in the northern and western parts of the state.

To come up with any sort of useful figure, you would have to use the population per county vs. the number of notaries per county; even then, it wouldn't be entirely accurate (since notaries can serve multiple counties), but it would be a lot closer to reality.

Reply by LKT/CA on 4/5/08 9:47pm
Msg #242359

LET'S TRY THS AGAIN, SHALL WE

Heehee!!

I said that it is a myth that CALIFORNIA is overrun with Notaries, I said nothing about *my specific area*. There's a post that Charles wrote where he titled it, "every tom, dick and sally are notaries CA" <or something like that> and Joan Bergstrom responded that is incorrect and gave info to support why what Charles wrote was incorrect.

I tried to find that post but couldn't. And about all the Notaries in my area - I bet if you called the first 20 on the list for an appointment - try 10am or 10pm, you might get 3 available or even willing to take the job. Heeheeheeeee!!!!

Reply by Joan Bergstrom on 4/5/08 11:17pm
Msg #242369

The reasons we have so few notaries in California

We have a 6 hour study requirement every 4 years starting in 2005 which can be accomplished by attending a class for 6hrs. There are study programs which can accomplish this requirement but most notaries attend a class. It might change to 3 hrs in 2009 for renewing notaries, but I wouldn't count on it.

We have to take a 30 question test that is changed every month.

We have to submit our fingerprints every 4 years to the FBI & DOJ (Dept of Justice) This new requirement started 2008. We use to only have to submit prints once if we renewed every 4 years. The FBI requirement is new in 2008.

We have to submit a passport photograph every 4 years starting in 2008.

Our notary commission seal can only be made by an "authorized manufacture."

We are required to purchase a $15,000 Bond to protect the public. This is not insurance for us.
Most states don't require any of this regulations.
Also starting in 2008 if we don't report our change of address/or business address we can be subject to a $500 fine.

All of this stuff cost money and all of the above are the reasons I think we have so few notaries.

Reply by LKT/CA on 4/6/08 12:00am
Msg #242370

Thanks Joan

This puts it all in perspective...plus, it's not cheap to be a Notary in California, and even cost more money to be equipped for loan signing. I enjoy meeting people and the flexibility being a Notary provides, particularly regulary notary work...nothing like cash on the spot!!

Reply by JanetK_CA on 4/6/08 1:17am
Msg #242372

Number of notaries isn't the issue...

I don't disagree with the points Joan is making at all. However, the real issue is not how many notaries there are per capita in this state, but how many who are -- or are trying to be -- signing agents, compared to the amount of loans being generated. I can't think of any way to accurately calculate those numbers. However, that ratio seems to be pretty high. When someone calls me and says about my fee "I'll have to get that approved", unless they are looking for a Spanish speaking notary, I can guarantee I won't be hearing back.

The NNA is still holding numerous classes a month for loan signing agents (and advertising that there is an "urgent need". I've also been told that the company that Joan teaches for (or at least used to?) is once again running radio ads. (Fortunately not the same ones!) Please correct me on this if I'm wrong...

The point of all of this isn't to say that there isn't any regular notary work out there. It's just to make sure that someone starting now who thinks they are going to make a full time career out of this knows what they are facing and has realistic expectations of how much work and how much time it will take. I've just run into too many people who have said they tried this but........... And they feel they've wasted their money. It's just kinda sad.

Reply by Dave_CA on 4/6/08 9:50am
Msg #242395

Re: Number of notaries isn't the issue...

Exactly. I will accept Joan's numbers for total notaries but finding over 1500 signing agents within 20 miles sucks and this is just the ones listed with 1 or 2 years of experience on the XXX site.
How anyone can maintain that there is a urgent need for more is beyond me.

Reply by BrendaTx on 4/7/08 9:17am
Msg #242479

Re: Number of notaries isn't the issue...

**How anyone can maintain that there is a urgent need for more is beyond me.**

I'm not in California, but based on the concerns I read here about decreasing business for notaries I think the only "urgent need" for notaries is the urgent need to fill up classes.

Reply by CaliNotary on 4/7/08 2:17am
Msg #242468

Re: The reasons we have so few notaries in California

"All of this stuff cost money and all of the above are the reasons I think we have so few notaries."

Of course you were saying the same thing before we had the 6 hour class requirement or before the fingerprinting requirement or before the passport photo requirement, when the cost of becoming a notary was pretty minimal.

But nice try.