I was recently contacted by my mentor and good friend, a signing agent in CT.
CT was a state, with mandatory attorney clause in purchases and it can only be done by them at their office?
So he contacted he and told me that a bunch of notaries who used to rely solely on Refinance, HECM and HELOC are effectively out of business, job and livelihood.
Refinance used to be a big part of their portfolio of signings and many have exclusively depended on income from this to raise families, have kids and hold a mortgages. Now the state basically railroaded them and they are in up the $|-|IT creek without a paddle.
He called me in panic & explained the sudden loss of job opportunities and significant hit to his income.
He has been doing signings for many years, but will accept any job for any price as long as the day averages. It came back to bite him. I have many times implored him to refuse $75 and $85 jobs, and yet he used to do it. That had an unintended side effect.
I would only assume that encouraged signing agencies to lower the prices even more as prices went down, quality of notaries & signings went down and quantity of notaries from the street went up.
Lower prices meant, to average a certain amount a day, one had to rush thru the signing.
Apparently , a few attorneys witnessed it often. The notary saying that “Just sign here, & here & here”. The attorneys approached a few law makers and impressed upon them that a notary is basically doing a dis-service and clients do not know what they are signing. Hence it needs to be advised by attorney.
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So the state now forcing people to go to an attorney for a transaction. should they, Do people have free will to conduct business as they seem fit and are people told the expensive attorney option vs other non expensive options?
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Low prices , being poor quality notaries who spoil it for every one and thus its like sitting on a tree and cutting underneath or shooting oneself in their own foot. Adages are dime to dozen.
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Are people going to be justified by the extra cost , by paying the attorney fees. Does it / can an attorney change any other aspect of loan or language. Rate/ Amount/ CD / NOTE / Mortgage all are standard and what exactly is attorney going to protect other than his high fees?
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Is is an attorney sitting for an hour and half , explaining 100 plus pages, and changing $500 or $1000 per closing or is it his paralegal / office temp doing the job? What service is exactly going to be provided?
It is an interesting time and things are changing. So notaries, get united ( NO … I did not mean an union) , more like a professional organization or meetup ( like in meetup.com) …
Discuss your issues, Protect your vocation & your income.
So unless you play poker and know how to bluff. call, fold or show, u need to get out of this business. Not just wing it, but stand for some principles or one day your job will be gone, because u concentrated on just surviving the day and get by.