Reply by Scriba/NM on 7/12/13 2:32am
Msg #476520
That's Just Part of the Puzzle
Sure, there are so-called "notaries" in everyone's area. In the 12 years I've been doing this I have seen the number increase. However, when I get comments from title companies regarding the poor quality of their so-called work, I don't worry. As things slow down (as they will from time to time) some of the dumbells will drop out. Some "signing companies" will go out of business. These are usually notaries who decided to suddenly "become" a signing company but know absolutely nothing about business.
Many notaries will then clatter and scream and moan that they didn't get paid from a defunct signing service. Seen it all before. We will see it here on the forum. Moaning and groaning.
Other signing services will chisel even more and attempt to reduce the notary's fee. Some notaries will accept this. Smart ones won't. Unfortunately there is a shortage of smart ones. This is evidenced by the page after page of stupid instructions to notaries who have screwed up all over the place - but we also get the same instructions too, thanks to the dimwit patrol.
Notaries who commit to quality work and communicate with the people sending them that work, shouldn't have to worry. You have to develop relationships and you have to learn how to do that in order to be successful. So, sure there are a lot of notaries out there, but they pose no threat to people who really know what they are doing. Usually they will fade out and disappear.
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Reply by 101livescan on 7/12/13 8:41am
Msg #476530
Re: That's Just Part of the Puzzle
Amen, Ralph. You're singing to the choir here. I was at a client's house last night at 8:15pm. The evening before another notary was there with another refi package because I was already busy with other assignments. She collected a personal check when she should have requested a cashiers check (over $1500 due to close, investment property to fund immediately), and she was there for more than an hour, painfully presenting documents she had no clue about. When we finished signing after 30 minutes, it was a simple Wells Fargo refi, h&w looked at each other and said, my that was easy and quick. Thank you for making this so effortless. They shared with me that the notary did not seem to know her "stuff" and fumbled about. The first thing I do is hand the client the note and the settlement statement and most client's have their GFE to compare it to. He handed me his cashiers check to close. Easy peasy. I make my entry and departure swift, don't linger and make small talk.
Well, that's my competition, so me worry, why? It gets back to escrow and the LO and now they understand that not every notary is created with the same technique and demeanor. I am very blessed that I have the focus and the skill set to do what I do.
Plus their border collie, Maggie, loved me, sat by my side the entire time, and when I left, we shook hands and I had a treat for her. The whole family loved me.
You're right, the part timers will drop by the wayside. SS's will too, not enough business out there to share the meager slice of orders to be distributed. More EO's and LO's will carefully select their NSA. I think those who really know their stuff will still be on the horizon in five years, the others will go find other work.
I've never heard before like I've heard in the last couple of years how many notaries are getting stiffed, offered paltry fees, and they keep doing it over and over. Good grief, this would have discouraged me a long time ago if I hadn't learned to carefully screen my vendors and only work for the best. Ignore the rest. You're right, there is a growing population of "stupid" notaries out there who can't find their butts in the dark, while the best NSA's are shrinking in numbers as they retire out of this business (Dang GG, I'm so jealous!). Don't know what notary instruments need to be compliant, etc. Crazy. There is an element that is often absent from the equation~COMMON SENSE. It just can't be learned, it's inherent in one's makeup, life experience, otherwise we would be able to take a crash course, COMMON SENSE 101.
Querie: How many new notaries out there look at the package as it's being printed, discern the type of property, loan, product, rate and terms, if there are impounds being collected, so they know what the heck they are talking about when they get to the client's home and start passing documents to them? Clueless, no idea of what the heck they are doing? Don't know how to respond, when not to respond, etc. Especially savvy borrowers.
Imagine how frustrated Escrow Officers are when they get the package back with missing signatures, notary stamps. forms not filled out properly, creating even more work with PTF conditions to clean up the file for funding/closing.
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