Posted by ME/NJ on 10/13/13 8:43am
Msg #487921

What gets me when business is slow

Many people who have lost jobs in this industry try there hand at being a signing agent. Granted some will do well, but most will fail. If you lost your job with a bank, title company etc why would you even think you can make good money in this field? Fact is at the rates companies want to pay and time to wait for payment you might as well pay them.

You know NNA pushes all these standards how about pushing standards on hiring companies make them put up a 250K bond or more in case they fail, make them go through a background check and credit check.

Up the standards of pay. Cost of Living is different from state to state. NJ COL is very high compared to WV or TN. $75 may work in one state but not in others. National poverty rate is 19K in NJ it is 49K for example.

It takes years to develop this business and rises and falls, when I started the avg fee was $175/signing by 2008 the avg was $125 and 2013 the avg is $105 for me. That is 40% decrease in price vs my taxes in just the last 3 years have gone up 36% cost of everything else has gone up. Because this field is flooded with people the price has gone down. We fight to get scraps now.

So if you have a business savy tell me can you really make it.

Reply by Les_CO on 10/13/13 10:16am
Msg #487932

Because of the factors you mentioned, plus the fact that at one time Title using a NSA simply put the fee on the HUD, and cut the NSA a check at funding…. The borrower paid, like an appraisal or survey, and Title could not care less. Then some bigger companies started their own in in-house SS's (like FASS) and started paying the NSA far less that they charged the borrower, using the “notary fee’ as part of their (hidden, undisclosed) profit. Now many, many Title Companies bundle the “notary” charges, many times in excess of $300, into their ‘closing fees’ the borrower pays ‘X’ amount, they pay out ‘Y’ amount and keep the difference; again in my opinion an ‘undisclosed profit’. Also thanks to the NNA now most realize they CAN find a so called NSA to do the job for $50, and they make an extra $200 or so. In lean times with half their business gone, who is NOT going to try and make an extra $200 per deal? This NSA business has now become a job for the bored housewife, the part-timer, or those with some income wanting a few extra dollars. This is no longer a viable full time profession. JMO

Reply by Darlin_AL on 10/13/13 11:15am
Msg #487943

Les, you left out bored retiree...moi, bored no longer. n/m

Reply by Les_CO on 10/13/13 3:24pm
Msg #487957

Re: Les, you left out bored retiree...moi, bored no longer.

Yes, I also left out Donald Trump, and all Government employees, and the many ‘military personnel dependents’ that need an extra $50 a week to feed their kids. I don’t like the sorry shape our country is in any more that you other poor, but working people. Why don’t WE change it….It’s OUR country?