Can anyone else see this on the horizon, or is it just me? I can foresee a rise in mortgage modification signing orders and they are likely going to start competing with us on some of our existing, traditional signing assignments.
I just got a phone call from a signing services company and they were having major issues locating a signing agent who was willing to drive an hour to complete a mortgage modification. The company had offered $60 for the trip. I offered to go for $190, which would covered my time, gas, and other out-of-pocket expenses. I’m waiting to hear back. NOT!
Yes…it’s going to be a problem in less notary-saturated areas. Seems they don’t recognize that mileage and drive-time are MAJOR factors in our fees. 20 pages or 200 don’t change that!
Knowing your region remains very important. In my area, HELOC is the product. People who financed at 3 or 4 percent are keeping that rate and getting a HELOC.
I’m afraid loan modifications will rise. Lenders still convince homeowners they can afford mortgages that - seem pretty high. It’s going to be an interesting couple of years in this area. I hope some of the mobile notaries discover they should do something else.
There have been many that have dropped out in this area. So it appears to be cyclical. They sign up, they drop out. How it’s going to go? I guess the way it always has. When I started there were 10 mobile agents in the county in 2021. When I checked earlier this year there were 24. I don’t think that number will hold. I also don’t believe there are many that do nothing else.
