Posted by HSH/WA on 4/9/13 4:52pm
Msg #465098

Recently there was a big lay off in the financial industry

I am wondering if that could have affected schedulers and if so could have an impact on the number of loans certain NSA's would get due to the fact that the schedulers they worked with are gone? Some of the schedulers I do hear from are offering lower fees than the ones I used to get a lot of business from - is it possible the SS's got rid of the schedulers that paid better? Honestly it sounds too organized to be true.

Reply by Anita Edwards on 4/9/13 5:34pm
Msg #465110

Every aspect of this business is changing. I think those of us (yes me included) that do not lower our prices will find ourselves wishing we could get unemployment. It's been tough trying to stand my ground and not accept those fees that are so low there is no profit at all. I suppose I could go 10 miles round trip on these low ball fees they are offering. They never call back because they couldn't find anyone either. So there are notaries out there doing it. They've taken a perfectly wonderful niche business and ruined it. We are worthless to our lenders/title companies now thanks to the under cutters. Our professionalism seems to mean nothing compared to how much we do or don't charge. Sorry for the venting.

Reply by jnew on 4/9/13 11:14pm
Msg #465132

The marketplace is saturated with notaries. Unfortunately, the supply of notaries is starting to exceed the demand for notaries in those saturated markets. This always will lead to a decline in prices (our fees). When the demand for business eventually decreases, we will get the double whammy, too many notaries looking for too few jobs. I see notaries talking on the forum about customers with a strong relationship, lowering their offers. If work providers see the rates going down, they are going to take advantage of it. This is just my opinion, but I see new notaries seeking training/advice here and I am dumbfounded on why you want to help train your competition. They may not be your direct competition, but will be a competitor to someone on this forum.

Reply by Tudi/CA on 4/10/13 12:31am
Msg #465134

Interesting point, jnew. The new notaries are also likely the people taking the low-ball fees, just to get some "experience".

Reply by JanetK_CA on 4/10/13 1:33am
Msg #465136

What's old is new again...

Yes, interesting point. Reminds me of how things were after the mortgage meltdown (and even before it fully took hold). Lots of people bailed out of this business because they couldn't make enough, yet a few organizations were pumping out newly "trained" NSAs by the score, dangling carrots of huge potential earnings. So every week it seemed like there was another rash of the same old questions being asked over and over again. Maybe we're already seeing that cycle retuning.

Here's a somewhat prophetic quote from a post from a former prolific (if often acerbic) poster (whose wit some of us miss) from 2005 referring to a particular training organization (not XYZ in this case):

"I'm also seeing that it's their standard MO to use "just focus on your own business and don't worry about the competition" as a rationale. While I am not worried about new agents directly taking my business away from me, I am absolutely worried about the indirect effect that this flood of new, incompetent, and untrained signing agents is having on the industry as a whole. Look at the some of the ridiculously low fees that are being offered to us. Look at the increasing amount of faxbacks and handholding that we're dealing with because these companies can no longer assume that their signing agents actually know how to do the job. It's the ripple effect I'm concerned about, not the direct competition."

The point isn't about that company so much as it is about the changes that have taken place in this business. Perhaps it's significant to note that the person who wrote the above decided to get out of this field and get a full time job. I'd post the name and/or message numbers, but that would be contrary to the point of where this thread has headed.

Reply by NVLSlady/VA on 4/10/13 5:18am
Msg #465140

Re: What's old is new again...

saw the training web site (CA is very innovative) and it IS pretty enticing. Also, the older thread you mentioned is equally interesting/insightful. My question would be: Are these organizations churning out FT or PT trainees?? That might account for some of the "mindset." If they are thinking they can make a living as an NSA right out of the gate, they are sadly misinformed; on the other hand, they may choose to "start small," while keeping their day jobs.

I don't know if "getting out of field" FT is such a bad thing . . . and a little foresight is what every business needs to see if it's headed in the right direction (even the Best of business plans have to be re-evaluated regularly!). The traditional settlement attorneys/agents had to adapt to the change in doing business. Booksellers (I miss Borders!) had to do it. Now, television manufacturers have to do it; I don't own a TV. Or a kindle, yet - but I read/study literature online.

I have respect for the people who have made this into a "successful" Career; and I appreciate the wealth of knowledge they possess - and are willing to share in an effort to preserve what little professionalism and integrity is left in the industry.

Reply by 101livescan on 4/10/13 7:57am
Msg #465145

Re: What's old is new again...

Don't forget that Chase will be laying off 19000 in the next 2 years as it retrofits it's business model away from refinancing to wealth management.

This business will change, as it always has. I venture to say that the folks who are just getting into this business have little time to muster their rifles and hone their aims before its over, especially if they are willing to work for the low ballers and take $50 to $90 work. Anything under $100 to me is a complete waste of time. Last night I had a call for a signing in Montecito, I quoted $125 only because I'll already be there, otherwise it would have been $150 for edocs. They wanted to pay $100. I'm sure they found someone. Quality doesn't mean a thing any more. The lower they can pay the better. It was a realtor in Anaheim, REO property purchase transaction.

Those of us in the business for longer are fighting tooth and nail to hold true on efficiency, accuracy, and quality of our craft, given all the pimples of the industry these days. Last minute docs, incomplete docs, docs with errors, poorly scanned docs. I've had six redraws this month already from loans I signed in March. I find it interesting that newbies are willing to drive from as far away as 45 miles for under $100. Where is the profit in that? Especially with snarled gridlock each way. Also the newbies who appear on this board from time to time who ask "which companies pay the most" and "where do you get most of your work", well, don't expect too much from the people who've worked years and years on building their clientele list of best companies to work for, just isn't going to happen for you.

Now we're got companies emerging on the horizon all the time offering $90 fees with fax backs, we pay within 30 to 45 days. What's with that? and they are not required to have background checks, have criminal backgrounds themselves and no real work experience in the industry. That would be like us trying to become drs. with no medical education or real time experience.

It's a learning curve, that's for sure. Not for the frail or feeble minded. Better gear up or get out. Newbies with no elbow grease can't make it in this industry. Changes are on their way, it's a whole new lending age about to emerge. More purchases, fewer refinances.

I am constantly amazed and sometimes disappointed in the changes in our industry. Gotta find your niche that's for sure. And if you don't know how to negotiate your fee, you're really in a world of trouble.

Reply by JanetK_CA on 4/10/13 7:09pm
Msg #465271

Re: What's old is new again...

The comment about the big layoff coming from Chase reminds me of another thing that happened after the "meltdown"... For some inexplicable reason, lots of of the folks who got laid off from lending, title and escrow - even people on the real estate end, decided that if there wasn't enough work at they were doing before, they'd become a notary and do loan signing. ('Course, I've also learned in my travels doing notary work - and elsewhere - that lots of former LOs are also now selling cars and driving buses...)

Reply by Matt_VA on 4/10/13 12:29pm
Msg #465210

If that's your approach, then no one should talk to anyone in here! This isn't a forum for notaries with xxx years experience. It's a forum for NOTARIES. Not just you and your friends. Sorry, but it needed to be said.