If you are a member of Linkedin please read this conversation from Howard B. : Click Here
Basically a few people are speaking out about companies requiring us to go through NNA to get our back ground checks.
The other part of the conversation is that we can expect to have companies try to get us to take less money for assignment and there will be less assignments to go around.
Howard B.Owner at Pro Mobile Notary
Their outlook is suggesting to them that refinances activity will be down 60% relative to 2013 while purchase loan activity will rise by only 3.8%.
Let me pose a rhetorical question to you. If you owned a signing service and your escrow company or lender clients demanded that you maintain certain documents/records for all your subcontractors, are you going to comply or tell them to take a hike?
No doubt everyone already understands that there is going to be dramatically fewer signing assignments this year relative to last year as evidenced by what happened in the last quarter of 2013.
As a signing service owner are you going to use undocumented signing agents that are trying to fight the government mandates (as interpreted by those clients) or are you going to use NSAs that provide what is being demanded?
No doubt many NSAs will leave the business the same way the Dodd-Frank requirement of national licensing of loan originators (on top of state licensing where required) drove many of them out of that industry.
There are a few comments so please go to the link above.