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March 4, 2017

SnapDocs is a bigger operation than I thought

Filed under: Popular Overall,Uncategorized — Tags: , — admin @ 10:34 pm

123notary is a small, but high quality organization that has a database of Notaries that is nationwide. We offer refined information that we check regularly for accuracy. We never experienced any serious competition until SnapDocs appeared in 2012. SnapDocs didn’t get too much serious traffic until 2015 when we started to really feel their presence.

But, they are not a mom & pop organization like we are. They are a huge technology company that processes 40,000 loans per month. They automate a lot of the back office processes that go into preparing a loan for the closing process as well as parts of the loan signing process such as finding a Notary.

SnapDocs charges $8 per loan signing according to what I have heard. If they have 40,000 loans per month, their income is $320,000 per month or about 4 million per year. They also have a team of programmers and engineers to keep their operation afloat.

They are located in San Francisco, CA with another venue in San Jose, CA which is the tech capitol of the world as far as I’m concerned.

I’m beginning to be concerned that we will lose a lot of market share due to them, especially if they get smarter about taking market share.

You might also like:

See our STRING about Snapdocs
http://blog.123notary.com/?tag=snapdocs

The Uber principle at Snapdocs — new blood
http://blog.123notary.com/?p=18868

The History of 123notary
http://blog.123notary.com/?p=18868

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7 Comments »

  1. I get many loans from those involved with Snapdocs….all my information is inputted there so all the vendors can see my credentials, etc. for me it is very convenient …great to send fax backs to the website.

    Comment by Ann Dye — April 25, 2017 @ 7:36 pm

  2. 123notary.com provides a resource unequaled anywhere, including snapdocs… and i refer people to the site almost every day because people looking for a notary in their area can usually find one on this site simply by zip code.

    Comment by William Ponsot — April 25, 2017 @ 7:36 pm

  3. they have cheapened the industry. no need to be professional anymore. anyone that is willing to take $50-$75 for a closing …i don’t see how they can take any pride in what they do. after all expenses are calculated including drive time, paper, ink, time to print and time spent with the customer, you average maybe $10 hour before tax and insurance, fee’s etc. SD are a joke. I have still not been paid by NotarySpot since last August. When I questioned Snapdocs and sent them links to complaints asking them why they are willing to continue marketing their services, they said it was not their problem. That is unethical.

    Comment by tin dinora — April 25, 2017 @ 7:45 pm

  4. I was one of those who paid you $350.00 for a higher listing. I had moved to a different county, so I wished to make the proper adjustments with 123 Notary. After speaking with your rep Carmen, I felt insulted a couple of times during the conversation. As a result I longer wished to pay such a large amount of money with that type of treatment. It seemed more appropriate to simply dress up my actions with Snap-Docs with no expense, and pay you 10% of what I paid you before. You could say Carmen made it easy for me to make that decision.

    Comment by Robert Loos — April 25, 2017 @ 10:59 pm

  5. Careful of what you get from Snapdocs; I have much success but have also had trouble getting paid. especially by Notary Spot from Seabrook TX. They owe me over $1400. I did not hear from them for months, then got a 1099 and oddly another closing request from them off Snapdocs. Just let me know they are still around. I think I may vacation in TX this year, if you know what I mean.

    Comment by RD Bueter — April 25, 2017 @ 11:32 pm

  6. SnapDocs dose make it easy for the Mobile Notary/Certified Signing Agent to open & close files. I use to do a lot of files on SnapDocs but not so much lately. Back in the early days of SnapDocs I was making at least $100 a file. Lately I see jobs paying $45. to $90 in my market. I want at least $100 + a signing. Looks like it’s making the end notary take a huge pay cut to make SnapDocs rich. Just a thought. Got to love technology!!!

    Comment by Alan Friedland — April 26, 2017 @ 7:32 pm

  7. I have accepted a few signings from Snapdocs recently with great satisfaction so far. Their automated system works well and though I can’t call with an issue, like getting edocs in a timely manner (which falls on the lender and Title ), when I communicate on their system the Title rep is the one who answers my questions and will even email me directly. They pay me via eft when Title pays them. Also, the latest re-fi started out as a deed for $50. When I read the order I realized it was a re-fi. I asked, was told I was correct and the order changed to $80. I told them I charge $125 for a re-fi and the order changed to $125…I think Title companies are using them to find CSA’s based on my most recent experience. I am still trying to understand the process. At least I don’t have to wait 30 plus days to get paid. First American is also good about paying quickly and signingagent.com emails a Deluxe check on the 7th of the month for the previous month’s work. I hope this helps in some way. No matter who we work through our jobs are driven by the market. ..just hoping it stays strong and active.

    Comment by Sharon Gorry — May 6, 2017 @ 2:27 am

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