IMO you forgot some integral parts here in your analysis:
3-5 minutes to accept, receive, call to confirm - the call with the borrowers takes longer than the 5 minutes if all the right questions are asked and answered
5-20 minutes for docs - I’m guessing you don’t complete your certs in advance - or list the docs in your journal in advance, which would add to your table time of
30-45 minutes signing time - identifying, journaling, completing certs, closer to the 60
What you missed was time to closeout signing on appropriate platform, travel back to office, scanback time, travel time to drop package, bookkeeping and reconciliation and any other post-closing activities to close out the file.
IMO 2-3 hours is more like 4’ish when all is said and done and I think if you really monitor even one closing closely you’ll see 2-3 hours is the very very low side - and not accounting errors, printing problems, issues, and any other ancillary matters.
4 hours is a little too long for an average appointment. It would be difficult to complete several appointments in a day. I do the ID and journaling only at the appointment right at the start. I judge the signing time by the signers. If there is no table it will take longer signing on a coffee table or clipboard on a couch. I think 3 to 4 appointments a day is manageable to be error free. Now when you take on over that, up to 6 or more appointments there is so much room for mistakes or misprinting the documents.
There are times I have printed in 10 minutes without organizing the docs and went out the door for last minute requests. Those are stressful but I have done them as much as I don’t like the last minute ones.
Thank you, Exeternotary! Clients sometime over-hype or overrepresent themselves, don’t they? I think is it’s key in those situations to calmly suggest they call their loan offices and get their questions answered! Being an expert at buying houses is different from being an expert at signing docs.
I agree with you on having the borrower call their Loan Officer or Title Officer. Unfortunately these officers are sometimes difficult to contact, further delaying the closing. Despite informing the borrower(s) that I’m very limited in my roll, they often ask (complain) why the lender would send someone to close a loan who can’t answer their questions.
Great answer! I do the same…have a $$ goal. I’m fine taking a $50 deed only or $75 sellers package because they are (usually) so quick. But yep, it’s all about the weekly goal for me too.
Hi Daniel-Im in Sacramento too (Midtown) and have been fairly successful here, so I’m jumping in here…
My time to print and prep docs is about 15 minutes, I never have a drive further than 15 minutes (I could, but avoid the miserable freeways as much as possible…so over the construction!) and I can complete a refi or purchase in 35-45 minutes. Reverse mortgage is about 60 minutes, sellers take about 30 minutes. I live just 8 blocks from FedEx so mailing back the packages is negligible for me. Scans are about 15 minutes.
My advice to you is to KNOW YOUR DOCS. The reason I am able to get through a signing very quickly and smoothly is because I have extensive experience with the docs. In a signing I’m able to sum up in one sentence what each doc is, and because of this the borrowers trust me and move through them quickly. Also remind them that you are providing a copy for them to review and in the case of a refi, have 3 days to cancel should they see something they don’t like. This will put the Readers at ease. Only once have I had that experience with a Reader, so I left them with their copy and told them that after they got their questions answered to call me and I went back. Not everyone here will agree with me, but remember it is NOT YOUR JOB TO EDUCATE THEM. Their brokers are being paid the Big Bucks-its their job, not yours. I don’t care what anyone says, I’m making $100 (give or take) to verify their identity and witness their signatures… . My fee doesn’t include education, sorry… you still want to be comfortable summing up the document for them, but don’t need to go into minute detail.
I’m going back to work as an escrow officer, and there will be occasions where I’ll need a notary. Please email me your information so I can keep you in mind! I’ll be a direct client for you!
And yes, there are still plenty of signings in Sacramento…especially with me gone. Hit up Coast to Coast and Mobile Notary Zone, I was their preferred notary in the area and I’m gone…good luck!
Hi Daniel I’m a notary In the Stockton area close to you, my email is margaretlozababbitt@gmail.com.
you can also find me at lozanotary.com. If you have any signings just give a ring thank you.
No unfortunately…I’m in an office now so no dogs. Too bad. That was the part of my day I looked forward to!!!
I did do a signing over the weekend for my best client and they had two King Charles Spaniels. “Stella” and “Jack”. Stella was all over me, she loved the treats and Jack…well, he liked the treats but didn’t want much to do with me so he sat just out of reach and stared at me until I got the bag out…only then would he come close to me.
I have had more than one Signing party complement me to either title or lender Saying how much they like me doing that. And it led to me getting a direct lender as a client, bypassing the signing company!
You are so right about the docs. Knowing the summation of them cuts out about 45% of the time. However, today, I had a “Reader”. This was an attorney who was a pretty good reader and went through every document. With a medium size packet like this one was (90 pages), I can get it done in about 25 minutes. This closing took 1 hour and 25 minutes. This was only my second reader. My first reader took about 3 hours. In any case, good luck going back to Escrow work and please reach out to me for any closings in Northeast Ohio. I’m a preferred notary for Mobile Notary Zone in this area.
. My fee doesn’t include education, sorry… you still want to be comfortable summing up the document for them, but don’t need to go into minute detail.