Posted by Crossroads Accounting Inc. on 12/22/09 8:59pm
Msg #315477

New Signing Agency

I am working on starting a new signing agency. Let me know what my agency should do that others cannot or will not do. I cannot guarantee that I will do everything you ask, but I want to be different from the rest.

What can I do that is different?
What should I do that no one else is doing?
How can I insure you will want to work for me again?
What do you like most about the agencies you deal with most often?
What do you dislike most about the agencies you deal with most often?
What are your fees for edocs, overnight docs, docs mailed to the customer?
What types of singings have you done?
Are there any restrictions you have for doing a signing?

Thanks for you help. If you would prefer to make your answers private, you can email me at [e-mail address]

David G Komatz
Notary Signing Agent

Reply by John Schenk on 12/23/09 12:02am
Msg #315508

Try this on for size....

Title pays you when the loan closes. Pay us right after you get paid, as our fee is earned. That would be really unique for some companies. You do that, and you will have notaries that love you.

MERRY CHRISTMAS!

JJ

Reply by MonicaFL on 12/23/09 7:02am
Msg #315517

Re: Try this on for size....

First and foremost, don't bounce your checks, Answer phone calls and e-mails from notaries, charge enough from your clients so that the notaries can make a decent wage (without having to negotiate it), and make sure notaries have a good "after hours" number!!!!

Reply by Frances Kany on 12/23/09 7:55am
Msg #315521

Re: Try this on for size....

DITTO!!! Pay well and fast, be available, keep in touch if docs are going to be late.

Reply by PAW on 12/23/09 8:03am
Msg #315523

Re: Try this on for size.... Not so quick

Some title companies, especially those who have a long-term working relationship or contract with a signing service agency, may lump a months work into a single payment and pay the service as an A/P from operating funds rather than the individual file's escrow account.

Even as a 'remote closer' for a few companies during the boon, I was paid monthly by the title companies.

As a signing service agency, though, typically the NSA doesn't have same amount of work to be paid on a monthly pay schedule. Though many do, it is better to pay "upon receipt" rather than some arbitrary schedule. Any signing service agency probably doesn't have the capital or resources to effectively pay on some schedule, so why not pay as quickly as possible. One thing detrimental to the credibility of a SS agency, is hearing, "you'll get paid when we get paid!" That doesn't cut the mustard in a B2B (Business to Business) relationship. We're not interested in YOUR receivables, only OUR receivables.

While I'm here, there is one other issue that bugs the heck out of me. That is the "Independent Contractor Agreement". 99% of the ones that I have received, were so poorly constructed and contained fallacies and inconsistencies such that my attorney has recommended that I not even accept any "Agreement" using the work order or confirmation as the 'contract for services.' I used to send him all my contracts but it got to the point that there was too much work on his side that he would have to start charging me for his time and effort to review them, over and above what I am already paying him.

Using the confirmation as the contract, make sure it is complete, including things like your policy for no-signs, cancellations, travel and printing fees, and expected results.

Reply by Les_CO on 12/23/09 10:39am
Msg #315543

Re: Try this on for size.... Not so quick

EXACTLY!
Paul’s got it right again!
Many Title Companies will pay you on a monthly basis. The will pay you out of their operating account, rather that out of their ‘escrow’ account. From a good client you could get 100 or more signings a month. These companies don’t want to write you one hundred checks, they write you one. (One of the reasons they use a SS) If you pay your notaries say $125 per signing that’s $12,500.00. Two good clients equal $25,000.00. This is what I mean when speaking about “working capital”! Plus your overhead (payroll, postage, phones, web sites, advertising etc.). When you contract with a notary to do a job you OWE them their fee, and you need to pay them in a timely manner. NOT when you get paid, or when you feel like it, or when you win the lottery. You owe them regardless of IF you get paid or not. If the Title Company you’re working with goes belly up YOU STILL OWE YOUR NOTARIES! If you don’t have at least $50,000.00 cash in RISK capital that you can put in your checking account, stay OUT of the Signing Service business.

Reply by Les_CO on 12/23/09 7:58am
Msg #315522

Another one?

What can I do that is different? // Have working capital!
What should I do that no one else is doing?// Be honest and truthful!
How can I insure you will want to work for me again? // Pay promptly!!!
What do you like most about the agencies you deal with most often? // Honestly, and communication.
What do you dislike most about the agencies you deal with most often? // Nothing.
What are your fees for edocs, overnight docs, docs mailed to the customer? // More importantly…What are your fees?
What types of singings have you done? // All
Are there any restrictions you have for doing a signing? //I only work for people that meet the above criteria

Reply by LisaWI on 12/23/09 8:32am
Msg #315525

I currently am not working for too many SS's, but the couple that I do work for are very dear to me. We have a great working relationship based on respect and human decency. But here are few questions answered for you from my point of view.

What can I do that is different? Be personable. Talk with your notaries. Small talk is good, it lets us know you are human too. Also, know the notary laws for that particular state. Dont argue with a notary about notary laws for their state such as what is appropriate for ID purposes.

What should I do that no one else is doing? How about What not to do? One thing that bothers me about some agencies, is their mile long instructions. With most of the instructions being what should be considered common sense in this profession. Its really aggravating to read four pages to find the 2 to 4 items that actually are important to the loan signing, ie: 2 mortgages signed and/or call company after closing, etc KISS is the key

How can I insure you will want to work for me again? Pay timely, be honest, and again, be personable.

What do you like most about the agencies you deal with most often? Refer to first one.

What do you dislike most about the agencies you deal with most often? I dont work with agencies I dont like. I pick and choose who I want to work with based on a few factors with the number one factor being timely payment.

What are your fees for edocs, overnight docs, docs mailed to the customer? $125-$225

What types of signings have you done? Refinances, FHA, some Purchases, and some RM's

Are there any restrictions you have for doing a signing? Illegal notarizations (backdating), borrower not having a valid ID.

Reply by mwm143 on 12/23/09 9:57am
Msg #315534

Be loyal to your notaries

Give folks more than 1 minute to respond to a phone call/email before moving on to the next one on the list.

Reply by SharonMN on 12/23/09 11:04am
Msg #315547

Pay a reasonable fee, and pay it on time. Hint: expect to pay a signing agent more than you would pay a taxi driver to go the same distance.

Send the documents all at once in one pdf file, not as 15 separate attachments. Don't send documents and then 30 minutes later send additional or revised documents without calling us. Better yet, overnight them.

Set deadlines for YOUR clients so we can meet ours. Ask for documents to be ready a few hours before the appointment.

Keep us updated (by phone) as the situation changes. Remember you have booked a certain block of time and we may have other commitments to work around if things are not ready on time. Also note that the fee quoted typically does not include being "on call" all day.

In an ideal world, signings would all be booked a few days ahead, and documents would be ready to print the night before the appointment. When this happens, signings are easier and more stress-free for everyone involved. If an agency could consistently make this happen, I would be dying to work with them and could probably even charge less than my standard fee.

Reply by Elisa_CA on 12/23/09 2:19pm
Msg #315576

Don't Notary shop, you get what you pay for.

Reply by JanetK_CA on 12/23/09 7:59pm
Msg #315616

I agree with most of the comments above, but a few stood out. Here's my list:

* Charge your clients enough to cover your overhead and a reasonable profit, leaving enough to be able to pay *US* a decent enough fee to help us cover our overhead and make a reasonable profit. Market yourself based on service rather than price. To me, this is much more important that getting paid right away, but my invoices say net 30 and I think that's a reasonable expectation. There's a difference between being paid fast and being paid on time. I think most of us would be very happy with "on time"!

* I really agree about the instructions. I love seeing all the key information on the first page of the confirmation - including borrower full names (both, if applicable), address, working contact numbers, YOUR contact information, return shipping instructions, and of course, any specific instructions that will vary by borrower, lenders, etc. (like if they have an ink color preference). The stuff we should already know should come AFTER that. And putting your instructions in big capital letters with bold type doesn't make it any easier to read - it makes it harder to read. Plus, it ticks me off because it's using up my paper and toner over and over again, especially if we do volume together. [I've been wanting to mention that one for ages, but would never say it directly to a good client -- not wanting to be petty, of course... ] It's more effective, imo, to have it well written with clearly understandable grammar in simple bullet points with some white space around it. Much easier to read - and you'll get better compliance.

* A little thing: put the borrower's name in the subject line on your emails to us. Pleeease?

* I agree about poorly written Agreements, or ones that are full of "gotcha" language or things that would be foolish for us to sign. Let's treat each other with respect.

* Confirmations with agreements with detailed step-by-step instructions, check-off lists or things for us to initial that are full of threats and/or penalties for the slightest infraction are a big turn-off. I know that none of us are perfect, but I doubt those things help. They're just annoying and make the more experienced notaries have second thoughts about wanting to work for that agency. We want to get it right, too, and most of us that are worth our salt will guarantee our work and do whatever it takes, within the law, to get it done right. Also, I'd like to think that a notary professional would be willing to make some reasonable accommodation on their fee if they make a whopper mistake that creates a big problem or additional costs.

* One other biggie I didn't see mentioned: stick up for your notaries if they've found themselves caught in a situation where they're asked to do something illegal or are accused of doing something unprofessional, or if there's a personality issue. I can't think of a good example, but give them the benefit of the doubt in a "he said, she said" situation, at least until you hear both sides of the story. Some LOs and brokers will try to blame everything on the notary instead of taking responsibility for their own shortcomings. I can't think of a better way to earn the loyalty of your notaries. This board is full of those stories.

* As for late docs, I know the ss doesn't usually have much control over that, but be honest with us about the status. I'd MUCH, MUCH rather someone tell me they don't know something than tell me what they think I want to hear to get me to accept an assignment. This goes for everything, not just when docs will be ready. [A little pet peeve of mine... ]

* I think the point about being properly financed was made well enough, but I agree wholeheartedly.

There are probably more, but my docs just got here... I believe that if you can follow these suggestions, you'll be able to hire the best of the best. Having great clients doesn't hurt, either! You will only look as good as the notaries who do the work for you. And having great notaries should help you find great clients!

Best of luck!