Posted by Resilient/MD on 2/14/13 1:08pm
Msg #455832

Notary Signings FULL-TIME

Is there anyone doing Loan Signings full-time? The reason I ask, I am strongly considering. I been in this Real Estate Title business for 27 years and doing independant signings for 14 yrs. and now strongly considering doing this full-time. Tried of working for someone else. When I have the mindset to do this on my own. That means leaving my State job. But, I'm a little afraid to let go of my steady income because of the fluctation in the industry. If anyone have insight, and want to share there personal experience, pls send me a private email. Thanks.

Reply by MW/VA on 2/14/13 1:13pm
Msg #455834

That's a hard call to make. I'm in it full-time, but didn't

give up a job to do it. Self-employment has advantages & disadvantages. If you have paid benefits for insurance, etc., you might want to hold onto that job in this economy. Again, only you can decide after weighing out the pros & cons.

Reply by Resilient/MD on 2/14/13 1:20pm
Msg #455838

Re: That's a hard call to make. I'm in it full-time, but didn't

Thanks! Been weighing the pros and cons. I did a business plan and the market for refinances is looking downward on the Forecast.

Reply by ToniK on 2/14/13 1:19pm
Msg #455837

Im full time after being terminated from my defense contracting job due to lack of a govt budget. Decided I was in no rush to go back to working in that field. Was going to open up my own fitness studio when the loan signings picked up and from then has been a steady income where Im making monthly as much as I was working a govt contract job. Plus I was working a background investigator.

Reply by Resilient/MD on 2/14/13 1:23pm
Msg #455839

Thanks Toni! I regret taking that advantage when I was laid off in 2009 but I was so pressed and stressed to get another full time job, that I wasnt even thinking clearly at the time. I have everything in place to let go, but, I need a cushion. I also plan on doing Bookkeeping.

Reply by BossLadyMD on 2/14/13 1:46pm
Msg #455843

Husband works and I get a govt pension. Need income stream

If you dont have another source of income, you may want to keep your day job.

Reply by Resilient/MD on 2/14/13 1:51pm
Msg #455845

Re: Husband works and I get a govt pension. Need income stream

Thanks BossLady!

Reply by ToniK on 2/14/13 2:27pm
Msg #455853

Re: Husband works and I get a govt pension. Need income stream

I agree. My other income stream is investigator work. So I always have something coming in.

Reply by JanetK_CA on 2/14/13 3:48pm
Msg #455877

I think forecasting in this business requires a long-term perspective. In the 10 years I've been in this business, I've seen a fair amount of ups and downs - and that's not a long enough perspective to judge what the future holds. We can only speculate. But you've been watching this for longer than I have...

As you probably know, there seems to be a pretty close correlation between volume of business and interest rates. As interest rates go down, people have an incentive to refinance. That accounts for a great deal of the business we've seen in the past year or so. Lots of us have seen the same people over and over again as rates have kept dropping.

As they go up, why would anyone want to refi to a higher interest rate unless they had to (e.g to get out of an ARM - if they can) or they were relocating? Most who are planning to stay where they are and have enough income and equity to qualify for a loan have already refinanced and locked in an historically low interest rate. There's still something of a backlog of people who are underwater or because of previous economic circumstances couldn't qualify before, but long term, I don't see the volume being anywhere near where it has been. We may have a few more boomlets here and there short term as HARP 2 loans come through the pipeline and banks (and the feds) come up with various plans to deal with the inventory of REOs, etc., but long term...?

Other factors to consider are the number of other notaries in your area and what the potential is for general notary work. For example, do you live near business complexes with lots of small businesses? Or are the businesses near you mostly larger organizations that are likely to have notaries on staff?

Only you know what your financial situation is and what you can or can't afford. But if you'd lose your benefits if you went full time, I suggest that before you make a decision, you do some research on what it will cost you to replace them as an individual (vs group). You may find yourself with sticker shock! Also, check into how (or if) it will impact the amount of Social Security you will qualify for when you retire.

Reply by Resilient/MD on 2/15/13 8:31am
Msg #455949

Thanks Janek, I have considered and evaluated and re-evaluated all of that. And still evaluating. That's why I took a chance to get some feedback.

Reply by Linda_H/FL on 2/15/13 9:32am
Msg #455965

Karen, something else you need to consider...

I did a zip code search for your area - you have a LOT of competition - and that's just those notaries listed here on Notary Rotary.

I'm not saying you can't make a go of it with your background, but with the amount of competition you have you're going to have to price competitively - which in the end can bet counter-productive.

Just something else to consider in your evaluation - along with the benefits you'd be giving up by leaving your state position.

Good Luck to you.

Reply by Jessica Ward on 2/14/13 5:16pm
Msg #455889

Full time since 2008.

I like it.

I'm really thankful that my husband has a government job with benefits though. I wouldn't want to have to be paying self-employed medical insurance rates during the lean months (though I haven't seen a lean month in a long time--knock on wood--)

Reply by COpink on 2/15/13 2:29pm
Msg #456041

I've been at this full time for since November 2012. And February has been the most stressful month yet. The calls are few and far between. If you have a decent job that you can actually stand to go to work everyday, keep it. That's my opinion. You don't want to have to stress out every single month wondering where your money is going to come from.

Don't get me wrong - I love working for myself and the flexibility that it allows me. And getting a job with regular hours would be awful. But I may start submitting my resume here soon.