Posted by GOLDGIRL/CA on 6/5/10 11:29pm
Msg #339974

Curious borrowers

What are borrowers really asking when they pose such questions to us as: "Is this what you do all day - go from one house to another?" Or my favorite: "Is this all you do?" (with the emphasis on the word "all." Or "How long have you been doing this?" and "What did you do before this?" - implying nobody would do this as a "real" job ...? (I'm not talking about the borrowers who clearly are interested in what we do because they're thinking they might be interested in doing it themselves.) Today, a borrower asked me if I actually made a living doing this ... why they are so curious ...?

Reply by cadmonkey/CA on 6/6/10 1:58am
Msg #339980

I get a lot of those questions too. Especially the one asking if this is my full time job. I say yes and keep moving on with the signing, no distractions and no small talk!

Reply by kmontyCA on 6/6/10 2:31am
Msg #339981

When I refinanced seven years ago (that started my career in this field), I remember asking a lot of questions to my signing agent. I was signing with a POA and it took forever, so we chatted a lot. She was very personable and we got along well. I probably asked her all those questions and I feel she answered them honestly. She was a single mom raising a couple of kids who understood what she did it to support them. She was making a pretty good living and would travel a good distance if it paid well. BTW that was in 2003!! I decided to look into this field and it panned out for me.

I get questions from borrowers that can be interpreted in many ways. I'm always honest and say, I love this as a job. It wouldn't pay the bills fulltime. I have a husband with a good job which is a good thing because it allows me to do what I love to do and it pays for vacations and the occasional credit card bill.

Many of the borrowers, especially wives, are asking because they are looking for a way to add to the familty's income.

Reply by CopperheadVA on 6/6/10 5:15am
Msg #339984

I do the same when people ask me if I do this full time. I tell them yes, but it doesn't keep me busy with anywhere near full time hours. I then tell them how slow this biz has been the last few years and how I'm actually looking to get into another line of work - that usually nixes any more questions.

Reply by Maureen_nh on 6/6/10 8:05am
Msg #339985


I have had a few people question me who were looking for another source of income. I point them to the NR booard, tell them to follow it for a week or so and call me back. Never had a call back.
Mostly I feel that the borrowers are letting a stranger into their home who is handling hundreds of thousands of dollars of their money and they are nicely questioning your competance to handle their transaction.
The biggest misconception I have found is that I am working for the bank. Once we get that straightened out and I explain my role, we are usually good to go.

Reply by Notarysigner on 6/6/10 9:27am
Msg #339987

I'm always asked, " What did you do before this?" Or "how long have you been doing this?" They are usually shocked at both answers I give. Specially when I tell them I retired 13 years ago!

Reply by Art_PA on 6/6/10 9:37am
Msg #339990

What you are doing looks easy. Say nothing ..... anything you say may encourage competition for you.

Reply by MW/VA on 6/6/10 12:09pm
Msg #339995

I get the questions also. Why not, I was first interested in this business because of a notary that did my refi? She was not, of course, encouraging. It's looks easy when we're at the signing table, but like every business there is all the "behind the scenes" issues. I also tell them frankly that this is not a good time to consider the profession. It's no different that anyone contemplating getting into real estate, because the money seems so appealing.

Reply by pat/WA on 6/6/10 1:12pm
Msg #340001

I am 72 years old, you would be surprised that they ask me!

Reply by kcg on 6/6/10 1:33pm
Msg #340005

My last appt of the day of May EOM, Mrs. said......"in my next life that's what I want to do, no stress, no worries, just take papers out to be signed". I almost choked. Then I explained the stress of just that one day.

4 appts....1st one great.

2nd, no docs, no docs, no docs, finally had to turn it back. Frustration level high.

3rd appt...no docs again. And of course when I called I got the ..."docs will be here shortly" speech. Finally had to turn that one back. FRustration level off the charts.

4th appt - docs arrive with just enough time to print and run.

In the meantime, I turned down 4 offers - 2 of which had docs in hand.

And that was just one day in the life.

BO smiled and said "....oh, well, I guess that's not the stress free job I'm looking for".

I smiled and thought.....No ma'am it's not - but when it's good, it's really good.

Reply by LynnNC on 6/7/10 9:34am
Msg #340022

I get all those questions from borrowers and answer them. What we do looks interesting to them and they are curious. I also tell them that I expect business to dry up when interest rates go up, which will happen by all indications.