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Slow times
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Slow times
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Posted by Chip/TN on 6/7/11 2:05pm
Msg #385363

Slow times

I became a signing agent because of having a background in finance and accounting and thought it would be a great way to supplement income in retirement. My first two months I had about 20 closings each, but here lately it seems the phone has stopped ringing. Is it just me or have the brakes been slammed on in the mortgage industry?

Reply by doofus on 6/7/11 2:11pm
Msg #385364

yup,brakes

Reply by MaryAnn Cole on 6/7/11 2:40pm
Msg #385370

Chip, I too became an NSA because of my background in real estate and mortgages and I am retired. I don't think the brakes have slammed on the business but I do know we have to watch the signing companies. Dynamic Field Solutions has evidently gone out of business and they owe me. It is scary to think of $400-500 or more in account receivables and having to wait 60-90 days to get paid. What do you think of organizing - not union - just an organization where we notaries can stick together, not work for peanuts or deadbeats and run the bad ones out of business? Most of the signing companies have agreements which we sign, stating payment schedules, rules, etc. Sounds good and in the beginning most of them do as promised. Then - no payments according to their agreement and you have to fight for your money. If we don't take the assignments, the signing companies will be up that creek without a paddle!
By the way, where are you in TN? I am Nashville.

Reply by SueW/Tn on 6/7/11 2:47pm
Msg #385374

I'm in Tennessee also and I hate to be the messenger with bad news BUT...

This is my 6th year, I was full time at it for the first 4 years but when the mortage downturn I went part time and got myself a part time job...many of my peers here did the same thing. It was great while it lasted but if you want to earn a living at this...be prepared to be disappointed. The news doesn't make it better either, we've been told it could stay this way for years down the road with all the empty homes sitting and rotting.

"If we don't take the assignments, the signing companies will be up that creek without a paddle".....sounds good on paper but that's a pipe dream. Trust me on this, NSA's will absolutely NOT put signing companies out of business. Nor will we be a threat to TC's or Lenders if we "just say no". Stick your finger in a bucket of water and pull it out...that's how big a hole we'll make in their day to day operation.



Reply by Evans Mezger on 6/7/11 2:56pm
Msg #385376

Sadly you're absolutely right. If you turn down a job, they will find someone to do it for peanuts no matter their reputation or amount of their fees. It was fun while it lasted!

Reply by MaryAnn Cole on 6/7/11 3:07pm
Msg #385382

So true! Some of us will work for peanuts no matter the reprecusions!

Reply by MaryAnn Cole on 6/7/11 3:06pm
Msg #385380

Sue, I have to disagree with you in part. I have been in the mortgage/real estate business for 30+ years and this mobile signing business CAN have more of an impact than you think. Remember, the reason behind the founding of the NNA. There is power in numbers! The problems is getting peers to work together. We CAN make a difference - IF - we communicate and join together!

Reply by Doris_CO on 6/7/11 3:14pm
Msg #385386

"The problems is getting peers to work together. We CAN make a difference - IF - we communicate and join together! "

That's what Notary Rotary is all about. This site has the numbers and the power, however, you can see by the questions every day, that very few NSA's are taking advantage of the wealth of information on here.

Reply by mwm143 on 6/7/11 4:35pm
Msg #385402

One big problem in getting notaries to band together is that only a portion subscribe to this site.

Reply by jba/fl on 6/7/11 5:47pm
Msg #385410

You are so correct! Bingo! n/m

Reply by Bob_Chicago on 6/7/11 4:29pm
Msg #385400

"Remember, the reason behind the founding of the NNA."

Actually , NNA goes back to 1957. The mobile signing biz started in the late 1990s. (when I started).
The NNA got into the Notary Signing Agent business about 2000, when they purchased the National
Assoication of Signing Agents (NASA) from Susan Pense ( the "grandmother of the NSA biz, and the person who coined the title "Notary Signing Agent"). Some Notroters (including me) were members of NASA, and joined NNA, after the purchase. Some think that the situation of training NSAs got "out of hand"
when NNA started soliciting people to become Notary Signing Agents and sign up for NNA training classes.
Previously, most people getting mortgages , obtained them from their local bank or savings and loan, and
closed at the institution or at a local title company. When internet mortgages and refinances got popular, the need was created for qualified Notaries to go to the customer's home to facilitate the signing of the
loan papers.
A number of Notroters made a whole bunch of money a few years back when rates started to drop, home prices escalated, and lenders required homeownership and a pulse to give borrowers new, cash out loans. A number of us were raking in five figure money per month, and running around like crazy trying to
get all of our fifty or more signings per week accomplished. Sadly, dem days are gone forever.
Declining home values , tougher loan approvals lower signing fees and more signing agents have derailed the gravy train. Signing fees of $200 to $300 were common, and the biggest NSA problem, was trying to figure out how many offered signings to accept.
As I have said , each individual NSA has to determine what signing fee and independent contractor conditions work for them , considering all relevant circumstances.
I would estimate that over half of the companies listed on Signing Central are out of business.

Reply by BossLadyMD on 6/8/11 11:34am
Msg #385490

Excellent Post Bob!!!! Spoken like a true pioneer :) n/m

Reply by MW/VA on 6/7/11 3:15pm
Msg #385388

There's been a major slow-down everywhere. After 5 yrs., my

biz is down 40%, and that's with well-established clients. It will sound redundant, but I still recommend everyone see "Inside Job" & "Too Big to Fail".

Reply by GY_CT on 6/7/11 7:56pm
Msg #385421


After a strong run-up from Nov to Feb --a seeming harbinger of happy days here again-- everything literally collapsed in March here in CT. May and April only got worse. So bad I took a Flex (!) signing an hour away!

Reply by Rudy on 6/8/11 12:57am
Msg #385446

it's true we all are hurting for jobs, business has drop. After I lost my job as a CAD Designer in 2008, I put my notary seal to work at after 19yr in my suitcase, was busy for the 1st 3years, business has drop in March this year. working and doing other avenue to make ends meet.,

Reply by dutchcloser on 6/8/11 7:32am
Msg #385457

I've been slow as well in upstate NY. Phone is not ringing like it was Nov-April thank goodness I have a full time job. I hope things pick back up for all of us NSA.


 
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