Yesterday, (not yesterday based on when this article was published, but yesterday based on when it was written which is probably a few months before it got published) I had a great talk with a Notary in Florida. This guy was an ex corporate executive vice president who decided to become a Notary Public and do loan signings.
He left his career to do what we do? Why?
Now, the only thing that went through my mind was why would you leave your $300,000 per year (or possibly much more than that) to be a Notary? Notaries don’t get paid well. But, then he told me about all the jobs he does. He is also upset that the pay has gone down. But, he gets six to eleven jobs per day every days. So, he is making around $1000 per day of work which is about $24,000 per month and perhaps $300,000 per year. Actually, come to think of it, he left the high pressure life of executing making $300K per year to make $300K per year for a job with less pressure. Maybe that is not such a bad thing after all.
There won’t be signing companies in the future.
But, what he said about signing companies was interesting. He followed all of the mergers and acquisitions in the signing company business. He said that companies don’t normally merge unless they are not getting enough business. He also said that there was no need for their service as Title prefers to source Notaries directly. And with Snapdocs it is so easy to do that. With all of the competition out there, Snapdocs, and direct sourcing, he says there won’t be much of a niche for signing companies. If I heard that from a regular notary, I would take it with a grain of salt (perhaps Epsom salt), but from him with his business background I take it more seriously.
So, if there are less signing companies that means there will be more title work, higher wages, and less room for beginners. Will we really see this opposite swing in the industry? I have no idea. Interest rates will eventually have to fall. I am waiting for this so I can make more money.
My next worst nightmare is if Google creates self-signing loans (like self-driving cars.) Not sure how that would work technically, but the concept scares me.
After I was through talking to him I called a Notary service called, Gillette Notary Service — for a closer and smoother notarization every time. At Gillette, they don’t give discounts, instead they shave a tiny bit off the price. What do you expect. They also give you an after-notarization lotion with their company logo on it so you don’t forget them.
I think signing companies are here to stay. They have been around for a long time. They fill a niche. They typically do not hire very good Notaries, but nobody cares unless someone screws up. If they weren’t needed, they would have disappeared long time ago. It seems that they have already become a rare commodity and that this corporate notary’s opinion is more of a historical fact than a premonition. But, we’ll see. My last article about new signing companies had two or three dozen based on the last year. We used to have that many per month. My point proven! My main issue is maintaining a great directory and making sure that the serious Notaries get work. Quality is my main concern and after calling my top people tonight, I would say we have pretty good quality in the top rungs.
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He took Jeremy’s advice and got new title companies
Good signing companies – a thorough list from 2018