These types of actions can erode the public’s trust in our profession.
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I’m not sure it’s the newbs that are causing the low fees. Many $85 fees are being accepted by experienced, accurate, reliable LSA. That makes SS even less motivated to raise fees. If only newbs were accepting, the SS/TC would be inundated with mistakes.
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Nope. Newbs…that’s why the huge increase in required scanbacks (for far less money than we used to get just for printing). And, this isn’t rocket science, it just takes a lot of equipment, driving and costs that are not being adequately compensated.
On the subject of newbies, something else to consider is the topic of “getting your foot in the door”.
When I first started, a lot of the advice I saw/read went along the lines of “establish a good reputation with the SS’s/TCs”. That’s hard to do unless you accept and successfully complete a lot of signings in a short amount of time to get that reputation.
I jumped on just about every appointment I could (fee be damned) for the first three months. After that, I started getting more priority and, by the time I had to walk away in 2022, I was getting much higher rates and first or second pick for assignments(especially for Rev Morts), but those first few months were all about getting my name out there.
For those who are just starting out and trying to make a name, it won’t matter how low the fee is, they’ll take it which will keep the SS’s low-balling.
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I’ll agree that this m/l worked…until 2023, which is when the double whammy of oversaturation began while demand fell. NOW, they just move on to the next newb who’ll take a loss.
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Yes, as @Arichter notes above in her post, but ALSO the dramatic increase in the overblown number of pages instructing the Professional Signing Agent [PSA] in ticky-dot-detail HOW TO provide their services . . .
Clearly, the handwriting is on the wall.
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@countsjd admittedly, I used a similar strategy in the beginning too. My goal was to get a magical number, completing 200 up to 500 assignments, that opened the door to better paying companies. The difference in my approach, I knew my numbers and covered my breakeven point along with a small profit margin. Not once did I accept an assignment that would put me into the red. This may not be the case today, even the so-called better paying companies have cut their signing fees too.
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@jacksteinfeld you made a valid assessment. I have accepted assignments for $85, where the printing was under 50 pages and distance within 10 miles radius, no fax backs, and no witness. Usually those types of assignments can be complete in 30 minutes. For instance loan documents such as a mortgage modification, deed in lieu, or etc No refinance, Helcos, reverse mortgages, or etc… Most of us know, newbies are not totally the blame for the low fees. It’s a combination of factors, then there’s this thing called “the invisible hand” (economics) that have influenced our market. Some newbies come to the table with work skills and experience that a good fit for being a LSA. While other newbies haven’t a clue as to how to navigate the waters on how this business functions. This business is cyclical and will constantly change. Just imagine how “AI” is going to become a disruptor our industry and nobody is talking about that yet.
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I don’t understand. I believe most Notaries are honest, reliable and professional. But to think that my nextdoor neighboror anyone else can’t do what I do – and maybe better (and I do a great job) – is foolish. I am retired now – but I am a Licensed banker with 30 yrs of Lending, Banking, Legal, and Investing background. And I still think, I could teach any of my nephews to become an excellent signing agent.
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