Posted by supersigner on 2/28/13 1:12pm
Msg #458486

End of month rush

I found there wasn't an end of month rush in February. Also, the better signing companies are lowering their fees.
I will not lower my fees. Gas has gone up and I have done my income tax which is taking a nice bite out of my fees.
Anyone else find this was a slow month?

Reply by JanetK_CA on 2/28/13 2:54pm
Msg #458523

I hardly did any work this month for several of my previous regulars who would only pay at the lower end of $XXX - and some of whom are now saying they can only pay a little less than that ($90 - $95). As a result, this was the best February I've ever had - by a significant margin.

Who knows what will happen long term. I have no illusions that the volume is likely to remain stable as interest rates go up, but I don't plan to take a hit on my per-signing profit. If I've got the printer smokin' and I'm piling on the miles, burning up gas, time and effort, I'm sure as heck going to make a profit on what I do! At the $90 - $95 range, imo people are likely better off getting a part time job (with benefits and a more predictable schedule), by the time they allow for taxes, expenses, stress and liability.

Also, to put this in perspective for the newer folks on this board, I've been doing this for 10 years... Those kinds of results are likely to be more challenging for someone without lots of experience, unless they're in an area with little competition. But that doesn't mean you should lose money on every assignment you take! I see signs here and there that we may be at the beginning of another downward cycle in the loan signing business and I worry that lots of people are counting on the continuation of the recent boom the last couple of years, which has been fueled by very low interest rates. I recommend you all have a contingency plan, just in case. It just makes good sense, even if I'm wrong. (And I hope I am! )

Reply by GOLDGIRL/CA on 2/28/13 3:17pm
Msg #458529

I hear ya, Janet. Seems the spiral in the loan-signing business is mostly downward. I'm appalled by the recent posts about previously good-paying hiring agencies informing their regular notaries that they will be dropping their fees to below $100. I'm positive their salaries are not dropping, I'm positive they are not dropping their fees to borrowers, etc. But these hiring entities seem to be oblivious (AKA don't care) that we have big expenses (gas is $4 gal at Costco!). They treat us like hired unskilled help (because they know they can). They don't look at us anymore as professionals but as part-time workers scratching for pin money or as hobbyists who should be grateful they pay at all. I think the days of the professional loan signer are sloooowly ending, and that, as you said, it would make more sense for many to get a job, hopefully with some benefits.

The Fed has said interest rates will hold steady through next year. Establlished notaries can probably hang on with reasonable fees, but that would probably include some smart marketing, too. Frankly, I see little hope for the long-term future for IC loan signers as a viable money-maker or as a profession. I say this because any news for loan signers is seldom good. But like you, I hope I'm wrong!