This is definitely a difficult time for the signing agents and abstractors. The past two months have been unusually slow. However, real estate is cyclical. We go through a down turn every several years. It will turn around. It is simply a matter of waiting it out. The impact of new $7,500.00 tax credit for first time buyers of foreclosure properties has not yet had time to be felt in the reduction of properties on the market. State and federal legislation is reducing the number of new foreclosures. New construction has slowed further reducing excess inventory.

The signing agents who will last are those that find a way to supplement their income with other work while waiting out the slump. Those that drop their fees in the hope of taking clients from competitors will not be able to cover their expenses, and will be driven out of business as will the under capitalized no pay/slow pay title companies and signing services.  The dead wood will have been reduced.

I would not worry too much about e-signings and e-notarizations. They are very slow in catching on. I have only had one request for one in the past year. The title company was so confused in communicating its instructions that I withdrew from the job. The signing agents as a group are very mindful of the additional expense in performing e-signings and e-notarizations (lap top computer and air card) , and are factoring these expenses into their fees. The companies requesting them are going to have to accommodate the higher fees. The length of time it takes to complete the closing is roughly the same whether it is an e-signing or a wet signing. The main difference is reduction of the expense to the signing agent for printing costs. The cost of printing is offset by the ongoing monthly expense of the air card.

I do think that technology will effect the way business is conducted in the future. However, I think the abstractors are going to be more adversely effected than the signing agents because of the outsourcing of title searches,  increased use of on line abstracting and industry wide lack of concern with the accuracy of the search.

We were working with over 2000 signing agents and courtesy closers and conducting over 400 closings a month.  You are right when you mentioned that they had taken other work.  We have found that not only have they taken to other full time professions but many have moved out of state.  We believe that there is always more room for new blood, the seasoned veterans will prevail and in the same is true for many of our clients.  Those who filed for bankruptcy, those who rose from the ashes and the new ones who have launched. 

In terms of the e-notarization, it's almost laughable in the face of the mortgage fraud that was prevallent during the past few years.  Having worked with numerous title companies, lenders and brokers hearing the stories of "identities" being created or fraudulant signatures for spouses who were not present or aware of the proceedings.  I believe that the role of the notary/ signing agent is more vital.  I think they should be given a greater role in the closing process.  Having been witness to many mortgage brokers who "explained the terms of the loan to their clients" and who never did give them the whole picture or who stated that they knew what was going on and to sign here, here and here.  Yes we can point to the terms but we tread a very fine line, which is strange because ultimately, we are the eyes and ears of the process, and legally mute in the proceedings.

Business is picking up, wishing you the best with yours.

warm regards - Heidi and your A+ Closing Team

My name is Jacqueline Norris and I am a certified closing agent in Michigan.  You are correct that business has been slow and many notaries have taken other employment.  I am one of those who love what they do and just trying to hold on through this cycle. It doesn't help at all when some  closing companies won't pay.  I am rated #1 with the companies I work with and I always try to help in a crisis situation.  I did a closing for Dynamic Field Solutions on july 9, 2009 and they won't compensate me.  They were very desperate to get someone to do this closing for them.  The job was over an hour away from my home and the borrower was here from out of town.  The lender was anxious and the previous notary had bailed.  Now after repeated requests, they won't pay.....This makes it really hard for notaries to try to help companies out of a bind and survive during the hard times.

My name is Jacqueline Norris and I am a certified closing agent in Michigan.  You are correct that business has been slow and many notaries have taken other employment.  I am one of those who love what they do and just trying to hold on through this cycle. It doesn't help at all when some  closing companies won't pay.  I am rated #1 with the companies I work with and I always try to help in a crisis situation.  I did a closing for Dynamic Field Solutions on july 9, 2009 and they won't compensate me.  They were very desperate to get someone to do this closing for them.  The job was over an hour away from my home and the borrower was here from out of town.  The lender was anxious and the previous notary had bailed.  Now after repeated requests, they won't pay.....This makes it really hard for notaries to try to help companies out of a bind and survive during the hard times.