I got a call yesterday to do a Reverse Mortgage closing. The closing is scheduled for next Monday at 10 a.m. I checked my calendar and saw that I had that time slot open. I have another closing scheduled for 12:15, but I believe I can fit the reverse mortgage closing in. I told the caller that I could do it. We agreed on a fee. I was sent a confirmation.
After the closing I will provide the company with a status report, then drop off the loan documents to be delivered. In a few weeks I will receive a check as payment for doing the closing. What will I do with the money? Perhaps I'll use it to buy supplies, or to pay my bills. I haven't yet decided.
The main thing is that, it adds to the bottom line. And if I had not gotten that call, I would not be in a position to earn that extra money. I had nothing else scheduled for that time.
The way I see it, if I'm not working, I'm not making money.
What I didn't mention is that I am doing the Reverse Mortgage closing for a signing service.
Ideally I would get the assignment directly from the title company. But the title company is using a signing service. I'll have to settle for less than what I would have received, since the signing service will have to get their cut. Let's be real. They are not going to give me 100% of the fee. But they are giving me a fair share. It's a reciprocal relationship. I am helping their business by doing the closing, and they are helping my business by giving me the assignment. And the percentage that I am getting paid is that much more than 0%. That's the way I look at it.
A lot of notary signing agents have negative things to say about signing services. And to some extent the comments are justified. There are some bad companies out there. But if you have an opportunity to work with a good signing service -- one that is going to pay you fairly, and pay you in a timely manner, then by all means work with them. They are going to get you closing assignments that you would otherwise not be able to get.
I'm a businessman -- not a crusader. I'm not going to set out and try to rid the world of signing services. I get my fair share of assignments directly from the title companies. And I will also accept assignments from signing services, as long as the assignment is a profitable one.
So instead of having 10 a.m. vacant on my calendar for January 12th, it is filled. And, in my opinion, that's what it's all about --
keeping the calendar full, and adding to the bottom line.
Good luck.
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