Oversaturation of the Loan Signing Agent Business

I entered this field in 2015 when the fees were beginning to decline. At that time, experienced signing agents were offering workshops and training courses. There was also a signing agent promoting the idea of achieving a “six-figure income”. In 2015, it was possible for a signing agent to earn a “six-figure annual income” by averaging $150 per signing order and completing 13 to 14 assignments per week. However, it is important to note that these figures were gross amounts before taxes and operating expenses. Like the “California Gold Rush”, once this information became widely known, many people entered the industry. As the saying goes, “all good things must come to an end.” Over-saturation is a business cycle that all businesses must deal with, our field is no different. The trick is being able to identify the new trends and opportunities and quickly pivot.

5 Likes

The IRS mileage rate for 2025 is $.70 per mile, making today’s notary fees even worse.

1 Like

@nance832 Yes & there are posts throughout that thread (see direct Notary Cafe url link below) that specifically identifies that; however, the Original Post on the thread is not Editable. Ergo, the recent posts providing the current IRS mileage rate must suffice for the updates. :growing_heart::hugs:

ORIGINAL:

UPDATES:

:swan:

1 Like

Pete… Thanks for the walk down memory lane. I have records going back to 2001 and checked my ‘average’ fee for 2007. It was $119. (Low-$65/High-$275). What kinda surprised me is that a great many of those did NOT include printing the docs. Many were overnighted to me and some were o/n to the Borrower. Not sure, but think this was when they were paying $50 if notary printed. That $65/low was actually 2 pages that I printed and got signed as Title had lost the note!

1 Like

What in the world are you talking about?

I posted to update on this year’s IRS mileage allowance and was pointing out that with increased mileage costs, profit on low fees is even further reduced. Perhaps I wasn’t clear enough. Sorry to ruffle your feathers.

Didn’t bother me was just wondering what your point was.

1 Like

Isn’t that a business deduction for tax purposes? I am not a tax expert, but would not that be a plus? The more business deductions, means more earnings we get to keep? You know, I get this tax stuff all fuzzy…

Plus right now…pain when you realize how much those deductions will cost you in your future SS amount. Consider yourself forewarned…

2 Likes

You are correct, CFLETCHER - increased deductions mean lower tax liability and more money, net, in one’s pocket.

Of course, the mileage rates are calculated by the IRS based on trends in actual costs for gas, oil, parts, repairs and the like. So, in general, higher deductions are coupled with higher actual expenses.

We just can’t win for losing, can we?

HWB.

1 Like

Keep spreading the word about low fees. Recently, I’ve been seeing a slight increase in fee offered (still not high enough–ALWAYS COUNTER). As business is still very slow, maybe we’re getting smarter and so they have to offer more.

2 Likes

Which company did you not get payment for. What city

Wow, I am curious about how are things now?
I am spanking brand new and your recent experience would be helpful. Thanks.

1 Like

There seems to be yet another decrease in business and doubt that will change as interest rates have not dropped. Yet newbs still take the bait.

2 Likes

In my area, the number of signings per month has been steady Jan - 24 Feb 17 Mar 22 Apr 25 May 21 and there are some days to go. Fees have gone up but so have distances, there are counties I am getting a LOT of orders out of, leads me to wonder if that’s because some notaries are just not going anymore. It’s also possible there are fewer full time mobile agents. What’s frustrating is, I charge what I charge for some counties and those counter offers don’t get accepted until the day after and sometimes last minute - like yesterday. And I told the company yesterday, I take other orders while you’re trying to find someone for less, had to move the signing time to accommodate them. It was the same order I had countered on for Saturday I couldn’t do Saturday because I took something else. Sure enough the signer had expected someone Saturday so when I moved the appointment they were afraid it wasn’t going to happen. Then come to find out it was supposed to be LAST Monday originally - and they had not accepted my counter last Monday and lost me. So schedulers need to keep that in mind. They don’t because they don’t understand my geographic region when they’re in a different state. It’s steady here. But snapdocs is down and signing order is slow. A new notary would have a tougher go these days for sure.

2 Likes

Yep. Another thing I’ve noticed lately is an increase in ASAP/TODAY requests for a signing I’d countered 3 days ago. They fool around looking for ‘cheapest’ for so long, by the time they finally assign the order, the selected notary/s have already booked another job or it’s so late in day that it’s simply impossible to accept/print/drive/sign/drive and drop same day.

5 Likes

@Arichter Thank You :tada: It’s important to ensure that the Truth of the matter is known. Yes, I will continue to help others fully comprehend what’s at stake for all of us & our sector of the business industry. :smiling_face_with_three_hearts:

Truly a symbiotic relationship in which ALL benefit when valid consideration is proffered with respect to Fees for the professional services provided.

.

:swan:

Exactly they fool around wanting cheaper. I also now get phone calls - you offered to go here for x are you still available? It should tell them who they should go with, I don’t wait for anyone to accept. Dropping the same day here has become almost impossible for same day signings. The best companies are the ones who still have human beings contacting the notary and scheduling the job. I notice with MC there are a couple of settlement agents there who accept my counter and assign it immediately. I’m doing more and more with them. Which I am glad about because it’s steady deposits.

2 Likes

@Arichter Noticing the same here. :white_check_mark:

:swan:

Is it a good idea to counter when getting back in to singings?