In the old days, Notaries did a lot of Refinance signings. Then after the financial crisis of 2008, there were many changes in the Notary world. There was less work at first, and then new types of work sprouted up in the ashes of the lending crash. The new types of work for Notaries included:
Types of financial products
Purchases, Sales, Construction Loans, Annuities, Structured Settlements, Loan Modifications, Debt Consolidations, Reverse Mortgages, and also Applications. Additionally, there have been more VA, FHA, Jumbo, Conventional, Non-Conventional and other types of financial products.
Ignorance can cost you
The problem is that not all Notaries are familiar with all of these financial products, and ignorance can really cost you. The first problem with inexperience is that you might not know how to price particular Notary jobs. If you are doing signings for the elderly, that can take a lot longer. Reverse Mortgages are normally for older folks and it can take up to two or three hours to get in and out. FHA’s involve much longer packages than good old fashioned Refinances. Then there are loan products that I never saw such as Annuities, Structured Settlements, etc.
Loan Modifications
Loan Modifications were a source of legal concern as many of these packages involved suspected fraud. Many states required Attorneys to be present at the signing of Modifications as well. Perhaps the borrowers were getting scammed, but many Notaires were paid on time by Modification companies.
Construction Loans
I remember signing a few construction loans back in the day. There were more packages, but the signer was a saavy business person who had signed these types of packages many times before. He signed so fast I couldn’t believe it. We were done in twenty minutes! Then, there was a signing for a literary type which was a deconstruction loan — just kidding. In Vegas they have demolition loans — anyone seen one of those?
Applications
I cannot comment on whether a Notary can legally assist with applications. That is up to you to research, but many Notaries get large amounts of work in this department and it is good business sense to know how to get this type of package signed!
Your Notes Section
At 123notary, we recommend that you impress the world by telling them not only how many signings you have done, but what types of signings. The longer your list of types of financial products you know how to handle is, the more you will get paid.
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Apps that Notaries have never heard of that could change your life
Here are some apps I researched that you might really like. The last app article we wrote was so popular, that we decided to create another one. Let us know which apps you are most “apt” to use in the future!
ORGANIZATIONAL
The 16 best scheduling apps
Just see this list and decide for yourself which one you like the most!
https://zapier.com/blog/best-meeting-scheduler-apps/
4 best shipping apps
These can be used with UPS, Fedex and other carriers. Read the list for yourself.
http://www.entrepreneur.com/article/224495
Wave
https://www.waveapps.com/
Create invoices wherever you are using your i-phone. Don’t wait until you get back home to bill that signing company, wave them an invoice right when you drop the package at Fedex. Wave will tell you if your invoices are past due, or have been viewed.
MileIQ
https://dashboard.mileiq.com
Track your miles for the IRS tax deductions with this app.
MileBug
http://milebug.com/
Keep a log and track your expenses on this popular app.
Evernote
https://evernote.com/?var=2
Evernote is a modern workplace that helps you can write notes of any type from lists, to research projects, to articles written by yourself or ones you found on the web.
NAVIGATION
On The Go Map
http://onthegomap.com/#/create
Map your route with On The Go Map with ease. You can even send it to your clients at a touch of a button.
Inrix
http://intrix.com/
Check road conditions at a glance. Map routes, get traffic maps and road alerts.
Waze
https://www.waze.com/
This app is a GPS, and community based traffic and navigation app. Waze will also help you find the cheapest gas on your route.
Beat the Traffic
https://www.beatthetraffic.com/
This app will tell you which route has the least traffic.
GENERAL
Lockify
https://lockify.com/
Send information to your clients encrypted. That way you ensure the confidentiality of the information just in case. Nobody has the key to your info — not even lockify. Your secrets will be bound, sequential, and under lock and key — all lockified up!
123notary.com/s
123notary.com/s
Look up signing company reviews. 123notary already has this for i-phones. It is a page, not an app, but what is the difference right? www.123notary.com/s
Gas Prices in US, Canada
https://chrome.google.com/webstore/detail/gas-prices-in-us-canada/ogiokghpcdfhbhfpmaapaniooojfigga?hl=en
This app helps you find out what up to date gas prices are like in any neighborhood in North America. Of course with gas getting so cheap, perhaps we don’t really need that app appter all…
TRANSLATION
iTranslate
http://itranslateapp.com/
Get Notary documents translated with this app. But, beware, not all computers translate as well as a professional human translator.
Google Translate
https://translate.google.com/
This is one of the most renowned hi-tech translation devices. Try it — it doesn’t cost anything.
iHandy
http://www.ihandysoft.com/apps.html
This app will help you translate directly from one language to the other. Just write a word or phrase in the box. It might really help when you have to ask your signer to raise their right hand and swear under Oath. “Tu jura esta documento es correcto?” “Oh, Ci….”
FICTIONAL APPS WE MADE UP
Notaryz
Find a Notary who does it all, and compare scores on standardized tests as well. (sorry, fictional app just for fun.)
Kullect
Trouble getting paid from signing companies? Use Kullect and let us do the work. We’ll harrass the signing companies until they pay you.
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