Posted by GulfCoastAgt on 12/10/13 4:23pm
Msg #495730
Signing Agent to Signing Company?
I've been a Realtor since 2007 and a signing agent since 2009, now I'm feeling like I may want to expand my horizons to a signing company. Any insightful thoughts or advice?
| Reply by Luckydog on 12/10/13 4:33pm
Msg #495731
Just my opinion, you cannot be the "jack of all trades". Unless you have great connections with lenders and title companies, making that jump takes a lot of connections and a good reputation. Being a SS, you need to be available to your notaries and title companies almost 24/7. If you are showing properties or at a closing, I do not see how this would ever work. My suggestion is stick with the one thing you like and do it well. There are a zillion SS's already out there, why start another one when you can make much more money selling homes as a realtor?
| Reply by Linda_H/FL on 12/10/13 5:00pm
Msg #495734
Not to mention you need to be well-capitalized
so you can pay your notaries within 30 days regardless of whether title pays you or not...and pay them a respectable fee.
If you're thinking of doing it to increase your own revenue stream, remember times are tough for everyone and even SS's are struggling in this economy and asking their notaries to help share the burden by cutting their fees. IMO, you can't do that.
| Reply by JanetK_CA on 12/10/13 6:08pm
Msg #495741
Re: Not to mention you need to be well-capitalized
I agree, Linda. Financing is key. I think this business is going to get tougher, not easier, starting right off with the new year. And it may be even worse for signing services than for notaries, and I suspect many will go out of business. Tf you can't pay your notaries, you not only risk losing more money than you would with your current business activities, but you could get into legal trouble, as has happened to many others.
I just recommend doing your homework thoroughly and having a viable back-up plan.
| Reply by Shoshana/AZ on 12/10/13 5:25pm
Msg #495737
You should talk to Sylvia Meese.
She ran a very successful signing service in FL until she retired.
| Reply by PegiT_MN on 12/10/13 8:50pm
Msg #495748
The market is already saturated with signing companies as it is. I predict that a lot of signing companies are going to be shutting down in the upcoming year because of all the no-pay, no-money, fraudulent, and felonious signing companies that have been in business in the past. Lenders and title companies can't take on that liability any longer. Amanda Kirkish of Accurate National Signings had no business ever being in this industry with her criminal record for identity theft, yet alone owning a signing company where she had access to borrowers' personal financial information. With the NNA implementing the SPW and more detailed background checks, training, scripts, and certifications for notaries, it is only a matter of time before signing companies will be held to the same high standards.
If you do decide to start a signing company, be prepared to be available 24/7. And while there are many very good notaries out there that do a fabulous job, there are just as many idiots and felons. There will be days that you will feel like you are running a babysitting service.
Good luck to you whatever you decide to do.
| Reply by JanetK_CA on 12/10/13 8:55pm
Msg #495750
"there are just as many idiots and felons"
I'm going to nitpick, here... I imagine that was only meant as an expression, but lest anyone take it seriously, I'd agree with the fact that there are ALSO idiots and felons, but I'd take issue with the "just as many" part. I'm not aware of any way of measuring that tidbit of info and I don't believe it's true.  However, I also don't believe that negates your point.
| Reply by jba/fl on 12/11/13 1:59am
Msg #495767
"With the NNA implementing the SPW and more detailed background checks, training, scripts, and certifications for notaries, it is only a matter of time before signing companies will be held to the same high standards. "
This is conjecture still - there are warring factions, not factual information at this time. Why throw that out?
| Reply by MW/VA on 12/10/13 9:13pm
Msg #495751
Considering that the market has slowed as much as it
has, I can't imagine that would be a good move at this time. The few ss I'm still working with have an "inside" connection with a tc. Even so, one of those tc's recently cut back to a 4-day work week. The majority of the loans were with WF, and refi's have fallen off sharply. My biz is down by 50%.
| Reply by C. Rivera Chicago Notary Services on 12/11/13 9:10am
Msg #495771
Make sure you are in compliance with the CFPB rules
and regulations regarding Service Providers.
Make sure the NSA's that register with your company, or that you hire for closings, are in compliance.
Also, you will need lots of cash on hand to pay the NSA's no more than 2 weeks after closing.
If pay out 30+ you may not get the qualified NSA's you need.
CYA yourself, and your business with E & O insurance, and professional liability insurance.
Be truthful, pay the NSA's you hire, and your business will take off, perhaps slowly, but it will.
I'm sure others will give you more advice, but these pieces seem to come to mind as important to me.
Good luck.
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