Received a notice from signature signings testerday that i must have a new background report to continue as a signing agent. This prompted me to think once more about whether i wanted to do loan signings or not.
This is ny thinking;
A new background check every year
Errors and ommissions insurance
Continuing education
All these things cost money just to get loan signings. On top of they dont they dont pay squat
Most of the signings take an hour plus travel. This is not for me. I can drive 15minutes notarize a one page document and make 50-75 easy.
And bond and lender mandated training and paper and ink and time and travel and fees assiciated with NNA and dress requirements abd if you dont do this we wont pay and on and on. Something new every day. The only thing not new is the fees which get lower every day. And ghe readon they get lower every day is be ause some notaties take jobs regardless of fee or location. The only it will change is if notaries just say no
On top of all that you have to wait to get paid. I can drive 10 minutes get paid 75 cash and dont have to print 400 pages with scanbacks and sane day fedex pickup.
The bottom.line no.more loan signings for me. Its too much time effort and exprnse for far too little pay. Had a company call me today to administer an oath. Cash up front 60. 10.minute travel
Add in operating costs such as paper, toner, wear and tear on my printerâŠIâm going to be deciding if I want to continue with NSA work or shut down and focus on other endeavors.
Ive already made that decision. Im getting at least one signing every day of some sort. The NSA is just not offering the return on investment i had hoped for. I first started doing loan signings in 2005. Oddly the pay scale has not risen all that much but the requitemebts have at least tripled. I have noticed that in the past week or so the signings for loans have increased but its still the same old bargain basement fee.
Along with low fees the decline in number of signings per month has crossed the profitability threshold. At this point my Notary services are a value added service to my other endevours.
The backgrounds used to be required every two years now itâs every year that started probably about 7 years ago.
So I donât know why they would need another background check if youâve already completed one in less than one year.
To be totally candid, previously (nearly 2 decades ago) the background checks [BGCs] were only ârenewedâ at the time of the Notarial Commission renewal (once very FOUR years).
Unfortunately, a Colossus Organization decided that it would alter the renewal interval to every 2 years to increase the revenue to their bottom line (after they began providing BGC services).
Fast-forward a few additional years & that same organization altered the required ârenewalâ interval to ONE YEAR. At that point in time, they also convinced the Title/Escrow Companies [T/ECs] that the only âworthyâ BGC was theirs & that a ârenewalâ should also be required by them of their signing agents ANNUALLY . . .
Well, here we are now many years later continuing to face increasing expenses to operate alongside a strong DOWNWARD trend of Signing Order fees.
