Ever wonder how the notary field developed? We thought we’d devote this post to answering those questions for you. It helps to see what the background is so you can also have a think about the future.
Prior to the year 2000, when a person wanted to buy a house or refinance their home they contacted their bank or the mortgage company for a loan. After filling out mountains of paperwork the “borrower” (aka homeowner) would drive back to the bank to “close” the loan. But, that wasn’t always so convenient because of “bankers hours.” So…a homeowner would be forced to take time off from work to get all their documents sorted and signed. What a pain!
At the time of the appointment with the bank, there had to be two witnesses to witness the signings. And, of course, a notary, typically a bank employee, who then notarized all the documents.
Then times changed, the interest rates plummeted and the real estate field became very competitive. In order to compete, the bankers were forced to offer special incentives to borrowers to win their business. In addition to lower rates, they stopped forcing homeowners to take vacation time to get their documents signed and began offering convenient times and home visits – sound familiar?
More importantly, during this time there was a change to the Uniform Commercial Code (UCC), the law that governs the sale of goods, including lending practices. The law now permitted notaries to both serve as a witness to lending documents and notarize the documents too. Out of this law came the birth of the notary signing agent field. Notaries who kept up with the laws recognized a new opportunity and paved the way for the field as it stands today.
This is why it’s important to keep up with the laws in your state as well as changes in the notary field. New laws may present new opportunities and you can build you notary practice by getting in on the ground floor.
We hope this introduction helped answer your questions on the development of the notary signing agent business and inspired you to get out there and gain some new business. Stay tuned to future blog posts to learn more about the notary field and get tips on how you can grow your business. Don’t forget, to get listed in the fastest growing online notary directory, sign up for free at NotaryCRM.com.