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jbelmont
California
3106 Posts |
 Posted - 08/16/2012 : 1:58:44 PM
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The controversy of signing co's on 123notary
This is a serious issue that we have been having for close to a decade now. There are a small handful of signing companies who advertise on 123notary.com. Some of them buy high spots, while others don't. A few are Attorney Signing Companies who are in attorney states where non-attorney notaries can not sign without being affiliated with an attorney at at all.
There are several sub-issues here which are:
(1) Should signing companies be allowed to advertise on 123notary?
(2) How do you DEFINE who is a signing company?
(3) How do you KNOW if a company is a "signing company"?
(4) Do signing companies damage the potential of notaries in their areas?
Here is my commentary below:
Should signing companies be allowed on 123notary?
I feel that 123notary is an equal opportunity site. Nobody is barred from the site unless they have a record of troublemaking.
How do you define who is a signing company?
Defining who is a signing company is an interesting question. Any individual who has an enterprise signing loans is a signing company. They don't think of themselves as a signing company, but rather as an independent notary owner-operator, but in fact they SIGN in their capacity as a COMPANY, hence, they are a SIGNING COMPANY. OH, BUT THAT IS NOT WHAT WE MEAN!!! Well, what dod you mean? We mean, well you know... that a signing company is one of those mean companies who is a 3rd party that charges $200 to sign a loan and then offers $40 to the notary and requires them to do lots of fax backs. So, for the sake of clarity, I will just say that: a signing company is a company that accepts loan signings and outsources 90%+ to independent notaries. There are a few smaller companies that do 30% of the loans themselves and outsource the rest, who are sort of like signing companies, but a HYBRID between a notary and a signing company.
How do I detect who is a signing company?
It is impossible to know if a company is a signing company, because companies sign up on 123notary under different names. You might have a husband sign up, a wife, their kids, their partner, and a company name, and then an alternate company name, and then perhaps an unregistered company name. We had one lady who had gotten in a lot of trouble for docjacking, and she got kicked off 123notary permanently. In any case, she SNUCK back on under a different name. It took me four months to catch her. The same signing company can sign up ten times on 123notary.com under different names, and I would have no way of knowing until long after the fact when someone tips me off, or until I read something somewhere that alerts me to the fact.
Additionally, a company might be a signing company, but they might show no evidence of it. After all, individual notaries have names that are "notary company names", and so do signing companies. Unless I see someone buying up 10 areas under the same company name, I wouldn't know if they were a signing company.
Is it damaging to notaries if a signing company is above them?
My salesperson Carmen gives me feedback regularly. Feedback about signing companies started about eight years ago. There was an area in the midwest where a signing company (2005) had purchased a few spots. They were #1 in a particular metro. Carmen told me that once that signing company was in the top spot, that the people below them were not getting hardly any work, and that they would not RENEW. At first I was afraid. But, I reviewed the STATS, and saw that everyone was getting their fair share of clicks (that was the only stat I had then), and that everything was okay. Renewal time came, and most people renewed. After a few years, the signing company dropped out, and others stopped renewing in that area AFTER that. The whole area went down hill for everyone.
In my experience, signing companies on 123notary come and go. They usually come in, buy a bunch of areas, and after two or three years they leave and someone else in another area takes their place.
We had ANOTHER signing company (2012) purchase areas throughout the county. In one particular area they have a #1 spot. Once again, Carmen stated that the signing company was getting almost all the business and farming it out to the notaries on our list for a much lower price.
My attitude is, that if the Title companies want experienced notaries, they will go directly to the notaries, and not hire a signing company.
In any case, I checked the stats in this county where the signing company is on top, the #2 person gets more clicks than the signing company, and the top four people have gotten an equal share of jobs. Once again, I do not see a problem. Sure, I understand that notaries don't like signing companies, but shouldn't we respect their equal rights, and the right to fair trade?
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The controversy of signing co's on 123notary
