Does anyone know? It seems like there are tons of New signing agents. Not so many old ones. What do you think?
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Now that youâve askedâŠYes, there seems to be way more newbs than at any other time in the past. Most seem to have bought into the Loan Signing System over-the-top hypeâwhich is mainly CA-centric, as some have discovered. The only constant in this business is change. The old ones (like me) see the changes as contributing to the decrease of fees, while increasing labor & cost. The annoyance factor of ever-more platforms is driving everyone into a new kind of rat-race to the bottom. What a few companies can still do with one phone call & one e-mail takes platforms 14 e-mails and nearly endless âcheck-off stepsâ to accomplish.
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Some seem to forget that thousands of people lost their job and income when the pandemic hit and needed to find an income revenue. Yes their are probably way more LSA than ever before but I would be safe to say that their is probably way more transaction going on to.
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Yes there is. As @Arichter stated, thereâs a lot of new notaries buy into the LSS hype in hopes to quit their job and get rich quick.
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Yes it is. I average about 10-15 closings a week, however I have been doing these for 5 years or so. I try to explain to those who are interested in becoming a signing agent, its pretty much like a cattle call. Seniors like myself grab them first and newer notaries only get what we turn down.
Yes there are many many more, I have been signing full time since 2009. This always happens when it is busy. Unfortunately the time always comes when it slows down. The flood creates less business for all of us unless your willing to not make a profit.
That really annoying âMake 6 figures as a Notary!â crap?
People, if the jerk (yes, that guy - I mean, seriously, he even looks like the stereotype of a used car salesman) truly had such a great system, why wouldnât he be DOING it? Oh, right! Because he makes more money conning - excuse me - convincing other people to pay him for a bunch of tired old advice he cobbled together out of ancient marketing texts and old Zig Zigler lectures.
6 figures? Uh-hunh. And just where is that decimal point, buddy?
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âŠUntil the Refi gravy train rolls off the tracks. The fact the signing fees are on the decline is a clear indicator that the Ratio between LSAs and Available Engagements is high.
Yes, there are more signing agents this year. A couple weeks ago I had a call from a SS I do work with on occasion. When they call me it is usually because they need someone soon, someone reliable and on an assignment that is important to them that they are not going to quibble about fee. I chided them about âdumping a girlâ and I was told directly â âthatâs not it, this year we have hired literally hundreds of new notaries. Itâs a testing season, but sometimes itâs just not worth it!â You are all familiar with this company who was so blunt. But, I do not share secrets so donât PM me to find out anything. This girl doesnât tell!!!
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He might just be talking about all the Fees collected without the Expenses. Add expenses and Working 70 hour weeks â he is probably Netting $50k-$60K No paid Vacation, No Benefits.
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I am also interested in knowing this! I started to wonder when I was looking at all the notaries in my state listed on NNAâs website. I noticed what looked like many were not certified anymore or have not renewed their NSA certification. It seems like many let their NSA certification expire. I donât know if itâs because of Covid and traveling into homes or if theyâve quit doing NSA work. I also have no idea how many new NSAâs have signed up in my area. Would be interesting to know.
Quite honestly, the NNA âcertificationâ was a bunch of hype fed to hiring parties so they would demand it and thus force notaries to pay for membership. Later, they may have gotten some legal antitrust flak and, suddenly, you didnât have to be a member to do the newly required money-making background checkâwhich includes the certification test & SA listing. Fact is, no hiring party has ever really cared about the test, it was just one of many items on a checklist of requirements (commission, minimum E&O, bgc). HintâŠyou can do the certification test months after getting the really-required bgc. I didnât do the cert test for many months just to see if it made any difference to hiring parties. It didnât. They will let you know that your E&O and/or Commission and BGC are expiringâŠno hiring party has ever asked for new cert test.
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Iâve spoken with several NSAs in my area. Some are going back to work after the Covid quarantine, some canât make a profit in the business, and others have started a new business venture. Give this another year and we may see more fall out. In the mean time Iâm building a second business and waiting for the foreclosure uptick.
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