Hi, I have been a notary for a year now. I am working for many different companies. Bancserv, ServiceLink, Signature, MortgageConnect and Snapdocs being the biggest job providers.
I have been trying to get a consistent work flow but have been unable. It has been really slow with work. Some days its good. But for weeks it can be slow. Is anyone else having the same experience as me?
Any insight into the current market and how it is effecting notaries? Any advice please?
This is the nature of the mortgage business. It’s busy then it slows down. Now is a down time because of the higher interest rates. Enjoy it while it’s here!
It’s the same everywhere, so utilizing slow time to do some marketing and GNW would not bad at all :-).
Unfortunately, you came in at a bad time I think. Rates going up (5-7 more times this year alone) and next year as well. Even the fast ride we experienced the last few years was unique with the historical low rates that are now gone. From what I have heard and read, even prior to 2008, when they were giving mortgages to anyone with a heartbeat, wasn’t as busy as it was the last few years. The last few years appeared to set a precedent (a high bar) that most were expecting to last forever. When COVID hit, I was convinced we were done. How it lasted as long as it did makes sense to me now after the fact. Inflation is currently higher than GDP growth, meaning, if you pump more money into the economy, people will spend it knowing the value of their money will eventually be worth less in the future (otherwise why inject the extra money in the first place), combined with the supply chain issues from COVID from the on set, created the perfect storm. Everybody wanting everything (because they have all this extra money) when product availability is limited increases prices. As a result, the FED needs to raise interest rates to try an correct the inflation. Gonna take a while. The stock market performance over the last year only backs this up. Those who didn’t take advantage of the super low rates the last few years are sitting back waiting for them to come around again, and I don’t see that happening again, considering the learning curve we got from this recent turn of events, and if they do, it wont happen without causing another economic crisis anyways. The low rates and influx of extra cash was done to try an “save the day” but obviously economists were either not involved or ignored. “Consistency” is gone! Clients can’t give you what they don’t have themselves.
Very good answer thank you Jeff.
I can relate to your struggles with finding a consistent work flow as a notary. I also went through a similar experience when I first started as a gardener. I remember asking myself “Should you become a gardener?” and eventually taking the leap. It has its ups and downs, just like any job, but I’ve learned to embrace the slow times as an opportunity to catch up on other tasks or network for future work. Regarding the current market for notaries, I’m not sure but it might be helpful to reach out to some of the companies you mentioned or network with other notaries in the community. Keep in mind, it may not always be consistent but try not to let that discourage you. Keep pushing and I’m sure the right opportunities will come your way!
I can relate to your struggles with finding a consistent work flow as a notary.
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