I've been a successful home loan document signing agent for a few years. I've had the most success by doing it on my own without the help of an agency. While business has been great, I still have a lot of free time on my hands. To fill some of that time up, I decided to hang out my shingle so notary agencies can send me on appointments. It didn't take long for me to change my mind. While many notary publics probably love the ease of having document signings fed to them, and there is nothing wrong with that, I've found some very specific benefits to going it alone:
1. I don't get scammed by document signing companies. The biggest reason I got burned was I didn't do my homework. After doing the signing I got a little suspicious so I checked out the company online. The Blogosphere was eating them alive about their non-payment and legal issues. I wrote that experience off as the cost of learning and didn't care much that they never paid me.
2. I don't share my income. I charge the industry's going rate for home loan document signings. If I relied on a notary signing service, their cut of my work comes off the top before I get paid (if I get paid). If I can get my own work, I may have fewer jobs, but I make more per job so it's okay.
3. I build relationships that expand my business. I would rather have relationships with loan agents than notary services. A great relationship with a high-producing loan agent is far more valuable to me than being notary #347 at a document signing service. I have a great connection with two high-producing agents who work for a local mortgage broker. They give me 90% of my business. One of them is also hiring agents to come work on his team. Guess who he introduces them to for their notary work. I would much rather new agents get introduced to me rather than get a phone number for a great notary service. I will have a future blog on the importance of building these relationships and some tips to keep them strong.
4. I learn about the home loan industry. By interacting with home loan agents, I pick up very useful information about the mortgage industry. Even though I was a loan agent for two years, it's very easy to become rusty on important topics. If I relied solely on a notary service for my work, I would be less valuable to my home loan agents. As I mentioned in #3 above, relationships are very important. Knowledge about the industry and your agents is almost as important. Having knowledge about the industry helps me have intelligent conversations with borrowers about the market without talking specifics of their loan (I avoid talking about their agreement with the agent because it could harm the deal).
5. I become more valuable. I love to brag on my agents to their borrowers. Bragging helps borrowers have more confidence that they are getting an honest and fair loan while increasing their appreciation of their home loan agent. When their agent is more valuable to them, clients will be more likely to refer more business to that agent. When the agent has more business, I have more loans to notarize. That's all great. There's a bonus, though. When I am building up the agent to the borrower, I become attractive to the client. Positive people are typically very well-liked. Clients frequently comment to agents about how much they like me. How can I lose? Building up my agents has solidified my place as their go-to notary. I could never get that kind of loyalty by signing loan documents through an agency for agents I don't personally know.
- Dennis Beckner
If you are a Southern California home loan agent reading this blog entry and would love this personal level of service please don't hesitate to call (949) 842-7682.
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