Scott’s Thoughts On: The Definition of a Signing Service
October 18th, 2007Written by: Scott
I had a notary contact me recently and say that she had received a job alert (sweet! we are still in beta) from NotaryBay. But, she said it was from a signing service. In looking at the account, it was national title company, not a signing service (In my opinion. and these are my thoughts of course).
So what is a signing service?
Here’s my definition (and this is what we use to define who can use the automated features of NotaryBay):
A signing service is a company who’s sole purpose is profiting from the difference between its charges and what it pays its notary vendors.
For example (not to pick on anyone): NationsDirect.
From what I know of them, they are the exact definition of a signing service. They charge X amount on the HUD and pay X-whatever (very little) to the notary. Signing Service.
John Smith’s Signing Service (fictional company). They cover mostly a regional area, but advertise “national coverage”. They charge their client’s $250 for a single edoc closing. They pay their notaries an avg. of $100. Signing Service.
Examples I wouldn’t consider a SS:
MIS (mortgage information services). These guys are a national escrow/closing/title company. We’d love for them to use NotaryBay to speed up their notary search. (feel free to send them an encouraging e-mail!) Would definitely not consider them a signing service.
Netco Title. A national escrow/title company (you can e-mail them as well!). Not a Signing Service. LandAm…not a signing service.
Many large national escrow and closing companies have in house divisions and schedulers that handle mobile closings. We WANT those companies using NotaryBay.com. They pay fast and decent. We want the local title and escrow companies as well.
Am I wrong here in my definition? We don’t want bad companies using NotaryBay. But we totally want some of the national title companies on board. What do you think?
October 18th, 2007 at 11:48 am
Scott,
I find your definition to be right on target.
October 30th, 2007 at 10:01 am
I agree with you Scott. Not everyone is going to be pleased with any one company, especially the NNA.
They right now hold the market for all notaries because they have been the one around and there are some things that they do that benefit us notaries.
Their fees are a little steep on things, but what I always say is shop around and find what benefits you and what you can afford.
October 31st, 2007 at 5:53 pm
Hi, Chicago Title ownes Ticor and the signing service that they also own is Bancserv , who pays low. I have had different Chicago Title co offices call me directly and bipass their own signing co (Bancserv).
December 21st, 2007 at 2:20 pm
Scott you are right on target. I love working with title companies - the fees are higher and they have people who can actually answer a question.
Signing companies pay 1/3 what I get otherwise and always try to cut their prices. Plus they want you to call them with questions and wait while they call someone else.
I have even had a SS call me on the way to the signing, during the signing 3 times, after the signing 3 more times! I will not work for them anymore - they drove me nuts and the customers were annoyed - I asked the customers to tell the title/escrow about the phone calls too.
December 28th, 2007 at 9:54 am
ABSOLUTELY Scott, I would have to agreewith you on this!