Posted by John_NorCal on 12/27/09 10:17am
Msg #315759

So how was your year?

1, Have you made changes to the way you do business?
2. Have you had a change of opinion about how you want to approach this business?

As for myself I have done very few signings this year, I have turned down many because of low fees. And because of this forum I have turned down the deadbeat companies. Title companies in my area, of which there are few, are affiliated with nationwide companies and so they won't talk with an independent signing agent. Thankfully I am not dependent on signings and so I can be selective in who I accept assignments from as I work more with my bookkeeping and tax clients.

Reply by Linda_H/FL on 12/27/09 10:22am
Msg #315760

I too have turned down numerous jobs due to lowball fees...yes my revenue is down but at least I was paid what the jobs were worth for the most part (there WAS the occasional surprise)..

I'm now at the "am I going to continue" phase - my commission expires in June so, although I love what I do, I'm going to be evaluating if I'm staying in or if it's time to go in another direction.

Reply by Notarysigner on 12/27/09 10:31am
Msg #315762

I'm satisfied! Like the both of you I have turned down many jobs because of low pay. In fact, I have turned down more jobs than I've done. Thanks to the forum and you guys for you positive input and guidance for someone relatively new to the industry.

Reply by MW/VA on 12/27/09 10:40am
Msg #315763

I've had a very good year overall. My business has grown each year so far. Yes, it has been more difficult since the mortgage meltdown. This business is still the best option for me at this point. If it weren't for FHA & VA refi's the well would have dried up. I'm hoping we see more loan mods going forward into 2010. I certainly wouldn't recommend it to anyone wanting to start up.
Happy New Year to everyone!

Reply by Frank/NC on 12/27/09 11:06am
Msg #315764

As for me, I have also turned down many low ball fees offered. I'm also happy to know others are doing so. However, when I turn down so many low offers it makes me wonder that someone out there is accepting them and that is annoying in that those who accept them don't realize they aren't making money but the companies are still getting their work done for next to nothing. I realize that those who work for low fees will eventually self destruct but then along comes someone else to take their place.
I also am not dependent on this business as a main source of income and really don't think that many of us can with the roller coaster market that it is.
Happy New Year to all and I wish you all prosperity and good health to you and your family.

Reply by SueW/Tn on 12/27/09 11:34am
Msg #315765

I could have written John's post

Identical situation here. When the meltdown first started I found a part-time job which has really been a jewel for me. Once you've got other income it's alot easier to say no to those assignments that don't pass the smell test. I only take on those which pay well and I know their money is good. Stressors are manageable now, I doubt seriously I'd ever go back full time. This is just my 5th year but I can see the drastic changes and personally I don't see where things are "better" (at least not in my little corner of the world).

Reply by Notarysigner on 12/27/09 11:44am
Msg #315766

Re:Oh boy, I forgot to add

I must be doing something right, I think I'm the only this year being sued by a Signing Service.LOL
See Msg #310860

Reply by Linda_H/FL on 12/27/09 11:50am
Msg #315767

Maybe by an SS but, if it makes you feel any better

I've read of at least two others who've been sued - both were borrowers bringing suit regarding their loan or their modification (one posted here)...

Small consolation but I'm sure you don't wish that to be your claim to fame, James...

Reply by Notarysigner on 12/27/09 12:00pm
Msg #315768

Re: Maybe by an SS but, if it makes you feel any better

You're right Linda and I really did NOT mean to sound cocky....after considerable legal advice and support of 'other owners of SS I will use the word confident instead.

Reply by Linda_H/FL on 12/27/09 12:26pm
Msg #315770

Ohh..never meant to imply you were being cocky James

And I sincerely apologiz if it came across like that....

Reply by Notarysigner on 12/27/09 3:27pm
Msg #315782

Re: Ohh..never meant to imply you were being cocky James

No problem here, I didn't think you were...but I did sound kinda...LOL

Reply by jba/fl on 12/27/09 3:24pm
Msg #315781

Re: I could have written John's post

Same here. I'm not up for renewal for another year, so will limp along with those I trust and can count upon to pay decently and/or well. There are always those who will get a quick 'yes', others that get a quick "Thank you for calling."

Being very selective has its rewards and I do enjoy what I am doing. I also enjoy having more time to myself and doing what I want to do when I want to do it.

Reply by Todd/OH on 12/27/09 1:46pm
Msg #315774

The signing business did not meet my goals for this year from any angle. I turned down far more than I accepted because of fees. My commission expires in July and I'll probably renew it. I will likely let all else slide and move in another direction.

Reply by Henry Hicks on 12/27/09 2:56pm
Msg #315780

I agree with what all of you are saying, I too have turned down alot due to low fees. When I do take one say for 75.00 and then I get the docs and see where they're getting 350 or more for the signing. It cranks my jaw.

Reply by Linda_H/FL on 12/27/09 3:38pm
Msg #315784

If I was accepting $75 for signings there'd be no doubt in my mind that I'd be closing up shop...

Reply by 101livescan on 12/27/09 4:28pm
Msg #315786

This year was no cake walk. I worked harder, for much less than when I began this business. BUT, I'm working smarter. I have thinned the herd when it goes to no pay, low pay. I only work for people who do what they say they are going to do, edocs on time, etc. I also realized that I needed to focus on my health and my sanity. Doing yoga and pilates, and I dropped 40 pounds, I'm not done yet. Gotta get into those slim jeans, not for loan signing, but for my own fun and higher energy and longevity.

This month I upgraded my laptops, satellite service and printers. I still enjoy the biz, albeit the lenders are so aggravating, I can anticipate now what will happen as I begin contacting the borrower (have you seen your settlement statement yet?), there is cash to close, or cash coming to you, how do you want to receive it. I can't even begin to anticipate how next year will be, this was such a roller coaster year in this biz. I did have the best December and year end I've had in years. Lots of REO purchasers, another kind of beast to finance, and many refis. My bread and butter was once HELOCs, that is gone! Poof! Hardly any esignings. Probably ditch the air card soon. I think it is key to have many skill sets in this business, it may no longer reliable as a full time endeavor. The big boys in Washington are driving our business. Nothing will surprise me, we've seen so many drastic changes in how this business ebbs and flows.

I've found eternal happiness and joy in a wonderful man who will soon join me in CA permanently, for now it's long distance. The courtship is the best I've ever experienced. Meanwhile we're both working hard so that we can be together! We had a great Christmas and soon New Years Eve in Santa Barbara, New Years Day at a local spa for massage and hot tubs. Best holiday I've had in years.

We must keep the faith that somehow this industry will turn around in time. I see foreclosures mounting in California. I see a demand for me in this arena for the next three years. We are far from the end of the tunnel on this one. Monday, January 4 will be killer for me, as the lenders postponed every thing during November and December until 2010.

Wishing you all growing success, health and prosperity in 2010 in every facet of your lives.

Reply by LKT/CA on 12/27/09 7:01pm
Msg #315799

As far as loan signings, I share your experience, John....I've done few signings. But I do three times the general notary work than loan signings and actually became a Notary to just be a Notary. I never became a Notary for the purpose of being a Signing Agent. In fact, I had never heard the term "Signing Agent" until I took the notary class and my instructor mentioned it and while I waited six weeks for the CA background check to be completed, I took a loan signing workshop. For very obvious reasons, I enjoy general notary work more than loan signings. I just show up and get paid on the spot, plus I have repeat customers. I do understand that it's not profitable for Notaries in other states to do general notary work because their since their "per signature notarized" fee is not as much as CA. Thankfully, I'm not dependent on loan signings.

One change I will definitely make is if I get a call from a lowballer I will immediately ask that they remove me from their list - or add me to their "do not to call list". Recently, I was offered $65 (single refi-edocs) and when I countered with $125, I was put on hold to "get it approved". Well, the scheduler got it approved, sent a confirmation only to call back within 30 seconds of the confirmation to say, "Sorry, the signing is canceled" (she found a $65 notary). I will not waste time playing that game again with ANYONE. So in addition to asking that my name be removed from their call list, I will save their phone number and assign it a "silent ring" so that if they call again, I won't hear the phone ring.

Reply by Notarysigner on 12/27/09 7:37pm
Msg #315802

I like ALL your ideas, I do use the silent ring. I have mixed feelings about removing my name altogether as I think it is important to know first hand whose offering these low-ball fees. The dialog up to the offering of the low-ball fee is always so innocent. Example, "can you help us out?" Funny.

Reply by Joan Bergstrom on 12/27/09 10:10pm
Msg #315806

My results, for instance during the last 7 days, are somewhat similar to Lisa experience for 2009.

I did 8 loan signings and did 9 notarizations for general notary work.

We are fortunate in CA that our $10 per notarized signature, and not having a limit on mobile fees, greatly help us to make money on general notary work.

This is pretty typical for me for most of 2009.

Reply by Hart - Marilyn on 12/27/09 10:23pm
Msg #315810

In Maryland we can only charge $2.00 per signature, for a notary signing.

Reply by Susan Fischer on 12/27/09 10:03pm
Msg #315805

Happy New Year, John. Great year, but I've scaled back due

to increasing needs here at home. My long term relationships are strong and supportive, and working well for me, borrowers, and our clients. So my approach doesn't look like it's going to change - except to let the family CPA handle the taxes now.

Many of my borrowers are repeat customers, and only a teensy itsy bitsy fraction of a percent are a bother - and usually things end up happy in the end.

I travel up and down the glorious Central Oregon Coast, visiting some of the most beautiful, or simply modest, homes filled with facinating people and their fur-faces of all kinds and stripes.

My signings are little respites from the intensity at home with an aging parent and all that that entails in the family dynamic.

A very Happy, Healthy, and Satisfying New Year to all!

Reply by Daniel Woodman on 12/28/09 12:40pm
Msg #315861

Growth for 4 consecutive years, but November was slow and December has been dead for me here in western KY.

One of my very first questions for the scheduler has become "approximately how many pages will be included in the document package?" It used to be, we could count on between 70 and 100 pages for a standard refi. But now with more and more FHA and VA loans, I'm frequently seeing packages between 120 and 150 pages. That's a 50% increase in my printing costs and my printing time. So now I give my "standard rate" quote but also tell them that if the package runs much more than 100 pages, I will have to adjust my fee accordingly. I am not a printing company nor a courier service. I don't print and deliver an endless number of papers to the borrower, ESPECIALLY when they are NOT necessary for the loan to close (like closing instructions or privacy policies) or they do NOT require notarization (like older versions of the 1003 or the HUD/VA addendum). Lenders are continuing to take advantage of us, and I'm getting sick of dealing with their incompetence and ignorance. So I'm taking the necessary steps to ensure I make a profit on each and every closing.