Dmitriy Skornyakov
4 Posts
(Santa Clara, CA)
|
|
Hi, new loan signing agent here, just want to get a general feel for the industry.
Based on your personal experience, is the mortgage industry doing good right now? Are you able to generate enough income from signings?
I am wondering if times are good or bad right now in terms of loan volume. Do you feel a spike? A valley?
Thank you!
|
Lisa Thornton
288 Posts
(Upland, CA)
|
|
For me, loan signings are practically non-existent. No, I cannot generate a livable wage from loan signings.
|
Marian Harmon
271 Posts
(Lancaster, CA)
|
|
Same here... even with lots of loan signings, I couldn't survive on them alone. Now? They are, like Lisa said, pretty much non-existent. The majority of my notary work right now are general mobile notary calls. But even that isn't enough to make a livable income.
Honestly, it's not a good time to be getting in to this business. Not at all...especially if you want to do real estate loan work.
|
Dmitriy Skornyakov
4 Posts
(Santa Clara, CA)
|
|
Ok thanks again! I got through to a signing company that claims they can assign out 4-6 loan signing per DAY to experienced Signing Agents. I was a bit skeptical... Maybe they are good.
Sorry, I can't name company, I really need the $$$ if they really have the loans. If I don't qualify, I will post the company info with their permission.
|
Marian Harmon
271 Posts
(Lancaster, CA)
|
|
I think you'll find there are quite a few signing services who will promise you a lot and never end up fulfilling the promise. Many of those that do are trying to convince you to accepts really low fees per loan, hoping you can "make it up" in bulk. You'll do one, maybe two jobs for them and you'll never hear from them again. Happens all the time.
Now, not ALL of them are like that... but I've found the ones who try to make grand promises like that (especially in this market) are usually the ones to avoid. Don't let the need for money overtake common business sense.
|
Paul Williamson
103 Posts
(Inverness, FL)
|
|
... a signing company that claims they can assign out 4-6 loan signing per DAY to experienced Signing Agents.
While it may be true that a signing service gets enough volume to claim 4-6 signings a day, that certainly doesn't equate to any one signing agent getting that same volume. Quite the contrary. Figure a signing service has hundreds of signing agents at their disposal, so handing out less than 100 per month makes for pretty slim chances of getting any type of volume from any particular SS.
|
Paul Pitt
28 Posts
(San Diego , CA)
|
|
You seem to be a very astute Notary with many posts and excellent responses and I only recently received a commission so I want ask your (and others) opinions (and [provide some food for thought)... imagine a Dagwood sandwich with many layers in it. Which of these seem to be the better layer (income producing): (three licenses -- PI, RE broker, Notary)
RE Broker with a flat fee for service (such as show an
apartment, get application and check ref,
obtain signed lease) (also do move-out inspections etc.)
PI - help plaintiff/defendant gather facts for
Small Claim (Judge Judy) and serve process for parties,
File the papers (also simply serve legal process)
Notary -- setup a booth at open air markets, be available
at airports, assisted living homes, civic center
Skip Trace -- find dead beats, serve them
Which seem like better marketing exposure: web page, flyers, Craigs List, R.E. office mail boxes, open air markets, network with lawyers or auto dealers etc.?
Last -- do you put your comm. number on you bus cards? (required for PI and DRE)
|
Robert Koehler
103 Posts
(Tampa, FL)
|
|
Definitely, of the ones you listed, a private investigators license would be the most lucrative. This county is so oversaturated with notaries...even if you set up a booth you are unlikely to receive much business because so many people know a notary at their place of work, bank, lawyer's office, etc., who will do it for free. But the legal field will always need process servers and private investigators, and, at least in Florida, it is much harder and more expensive to become a private investigator, and therefore there are not many of them. Not nearly the amount of competition you have as a notary.
Regarding the commission number on a business card, I don't see why not... Unless you are in a state like Florida where our commission numbers change with each renewal.
|
Paul Williamson
103 Posts
(Inverness, FL)
|
|
Paul, In most states, it is difficult to earn a reasonable living as just a notary. However, in California the fees make notary income better than most other states. But, it will still be difficult to earn a living at it. There are other avenues that you can pursue in conjunction with your commission. You mentioned some. Others include Field Inspections and Property Management, for example.
Do your homework, as it seems you are, search the forums and discussion groups (Yahoo has many discussion groups for notaries and signing agents).
There are lots of things you can do to help your business venture, which boils down to primarily advertising and getting you name and what you do in front of the proper audience. But that's a whole other issue.
|
Paul Pitt
28 Posts
(San Diego , CA)
|
|
Thank you. That is a valuable response. I received my PI license in 1978 (a very low number for California -- PI 7217) and my DRE Broker's license in 1995 (was then both a real estate and mortgage broker). But I closed the office in 2007 because nothing was selling and it made no sense to remain open. We actually stopped originating in May 2005 because I could see that someone was going to be in trouble with the (foolish) loans that were being made. So I have been on the "sidelines" since 2007 and now I am looking at doing something purposeful (gainful). I can see that the Notary is a nice add-on but not a primary enterprise. Real estate will be in trouble for the foreseeable future because the credit strength does not exist to invigorate a buy/sell market. So I see (then) that the PI license might be the main area to focus marketing and work effort together with apartment management and notary as a convenience to my customers. My PI license was based on experience (as a Trooper) investigating major injury accidents on interstate highways in Illinois. I graduated from the Illinois State Police Academy AND the Northwestern University Traffic Institute. I also received an MPA (Master of Public Administration) from Roosevelt U. Chicago and undergrad from Loyola U. Chicago. So I will begin a business plan with the PI as the primary enterprise together with flat fee apartment services. I will also create an "income" plan (which focuses my time- activity-word of mouth marketing - and network). I will use the "four pillars" of marketing together the "by referral on;y" system.
|
Paul Pitt
28 Posts
(San Diego , CA)
|
|
I like this forum because the participants are sincere and willing to share actual experiences. It is not "bookish" but rather practical and a way to glean from experience that we would otherwise need to acquire over time. By quickly studying experienced responses it is possible to see HOW-TO handle passports, protests, suggestions (avoid ULP) and others things that could be expensive for the neophyte. Thank you for offering this forum and for being willing to share as you do. It is quite valuable (and generous)
|
