No Loan Signings? Now What?

by Sharon Hassler, President, Go Get Experts

We’re hearing from some members that their loan signing business has dried up, and they’re giving up and looking for regular employment. What does that mean for you? Less competition if you can hang on. There will be a shake up among signing agents just as there is among loan originators and real estate agents. Those who jumped in within the last three years when real estate-related work was falling in their laps aren’t prepared to generate new business on their own and tough it out during this cycle. Those who have been around longer understand real estate is cyclical and know it will turnaround eventually. (The future of real estate looked pretty bleak back when mortgage interest rates reached 18%!) But how do you survive in the down times?

  • Market your services with a vengence. Mortgages are down but not completely out. In fact, some members have told us recently that their business is slightly lower but still steady. Contact lenders, title companies and signing companies and let them know you’re staying in the business and will still be available to do signings.

  • Check out reverse mortgage signings. Reverse mortgages allow senior citizens to get paid for their home equity. This mortgage product is becoming more popular and isn’t affected by the current mortgage crisis. With more baby boomers becoming seniors, this area may show substantial growth in the coming years, too. Leon Austin, Colorado Springs Notary Signing Agent, says he learned all he needed to know about reverse mortgage signings from Chapter 3 of the NNA’s Complete Handbook of Loan Documents and Transactions (click here then do Supplies Search for: loan documents). Laura Vestanen recommends Reverse Mortgages for Dummies to become an expert on the product itself. She recently published Marketing for Reverse Mortgage Notary Signing Agent Work, to help you add reverse mortgage signings to your list of services.

  • Look into non-loan signing notary services. There is life outside of loan document signings. Read the articles by Laura Vestanen or purchase her ebook, Marketing Your Non-Loan Signing Services (under $10) for more tips. If your state statues allow notaries or those ordained online to officiate at weddings, consider adding weddings to your services as described by Kelly Robertson in her August article. Also, read Barbara Sonafelt’s recommendation about retirement homes, assisted living facilities, and hospitals.

  • Learn more about non-notary work, such as field services. Many companies need someone to be their eyes and ears locally, doing on-site inspections, taking photos, serving as mystery shoppers, etc. (Mystery shopping may not pay much but you may earn free dinners, groceries or other products and services!) You can learn more about field services by doing a Google search or visiting:

You’re an entrepreneur so you know you have the drive and skills to continue your success. Look around, be open to new ideas and new streams of income, and you’ll turn this challenge into a triumph.


©Copyright Sharon Hassler. All rights reserved. Sharon Hassler is president of Go Get Experts, LLC, owner and operator of GoGetRealEstate.com, GoGetLoan.com, GoGetNotary.com and GoGetEscrow.com. A former loan officer and real estate agent in Southern California, she served as Communications Manager for First American Title-Arizona for 11 years. For more about Sharon, visit GoGetNotary.com/Get/Sharon.