This is how it works: The Title Company needs to get a signing closed at 5pm, for example, so they submit the order online. The system then submits this order to the nearest Notaries via emails and the Notary that responds first wins the prize. Oops… I mean the closing.
The word on the street is that fees are much less than what most experienced Notaries would typically receive so I immediately wanted to know what Notaries think about this. The next thing I wondered is if the Mortgage Brokers and other Lenders are aware of the game show their closings are encountering?
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I always try to be objective and non-bias so I started weighing out the pros and cons. As far as the pros of this situation, I think it would be that the Title Companies would significantly reduce the time they put into scheduling the Notaries. This allows them to focus on package preparations instead, thus probably creating lower title costs.
As far as the cons, my mind was flooded with a long list. If the truth was to be told the best Notaries out there are a small percentage in each area. So if you fall back to supply and demand, the most in demand Notaries do not have to hit that buzzer.
My List of Cons to this process in regard to what the Title Companies using the process will get:
1. Inexperienced Notaries who are desperate for any deal.
2. Unprofessional Notaries who may or may not show up. The companies better pray that they don’t get a call for another closing for money that same day and try to give it to that same no-show. (Yes it does happen.)
3. Unsatisfied borrowers left feeling rushed through the closing process, because the Notary needs to complete many more signings to survive.
4. Brokers/Loan Officers losing the existing client and potential referrals.
5. Title Companies losing business because Lenders are unhappy with the closing finale and funding issue fees for having to completely reclose the documents.
I am interested in hearing from all parties involved in the closing process. What are your thoughts on this new trend? Thumbs up or thumbs down? Please let me know here:
http://apatservices.wordpress.com/
I also have a great resource for Notaries here: http://www.apatsettlementservices.com/
I would love your input on the book as well!
