I am a seasoned expert in parsing complex legal documents and translating them into laymen's terms. I've done this through most of my career history as a Chartered Financial Consultant, ChFC. I am not a Lawyer and I say so. I am basically a translator. That being said, doing Loan Signings as an NSA is something I am just now venturing into. I am now listed on a number of databases, this being one of them.
I am confused about the dynamics in this particular field of endeavor, if you will. The middlemen are making more than the people that are making it happen. That is human nature on the one hand. If they can get away with it, then as numbers games go, they will of course. BUT, the Borrowers are the ones paying the cost associated with our role and that charge isn't going down even though what is actually offered to us appears to be doing so, constantly.
What puzzles me is that we Notaries are in the shoes of 'deal breakers', so to speak. We are up against tight time frames for rate locks and so our expertise, attitudes, and reliability are all very critical to not only those middlemen, the Loan Signing Services, but the Lenders and Borrowers as well. ALL of the players are depending upon us. If we decline a job because it would require us to be carving out 48 hours or more of our availability not knowing when the documents are to arrive and so needing to be at the ready for that entire window of time just to be prepared, we could be working a regular job at minimum wage over that same 48 hours.
Aside from the fact that it is not an attractive option to toss aside all of the costs for training and office equipment to merely take a job at minimum wage, it seems to me that it still works out to be mathematically equivalent, more or less. Approximately. So, why are Lenders and Loan Signing Services going so far out on a limb when offering their most important people, the deal breakers, a crumb? As I say, the Borrower is paying the same for the service. It all depends upon the loan being funded, so why are the most important people to that final moment, the NSAs at the signing table, finding themselves in the position of taking crumbs and being pushed around in some all or nothing proposition when it all hinges upon them in the first place, at the end of the day?
I just don't see it is all. Could somebody please explain to me how this happened and how it makes any sense? Please?