Category: Notary News and Advice

Student Loans and the Housing Market

We doubt anyone was thinking about student loans a few months ago, except for those that have them. But, they have a looming effects on the housing market, already hit hard by high interest rates.

Why Student Loans will Affect the Market

Look back to the pandemic. Extreme measures were implemented to ease the economic suffering of so many people. In that regard, payments for federal student loans have been frozen.

And that is about to change. At the beginning of October the freeze ends and potential home buyers will see another bill coming their way.

A recent survey showed that the additional burden of the student loans will dissuade three fourths of potential young buyers from entering the market.

More than 75% of the survey respondents said that the payments will have a negative effect on homeownership that lasts for a year or more. About 40% predicted an even longer impact of at least three years.

Fox Business

Affordability of Houses

The potential hit comes at an already precarious time for the housing market, thanks to the astronomic rise in mortgage rates over the past year. In fact, housing affordability is worse today than during the peak of the 2008 housing bubble.

The Atlanta Fed’s Housing Affordability Monitor, which compares median home prices and other housing costs with median household income, indicates the median U.S. household would have to spend about 43.2% of their income to afford the median-priced house as of June, according to the index. That is the highest share in data dating back to 2006.

Fox Business

So, the question is if we are sitting on another bubble, or if the cooling of the housing market will level out income disparities.

Mortgage rates are higher than in decades.

The Effect on Housing Prices

Low inventory has kept pressure on the market. More buyers than sellers has led to rising home prices, as competition has led to many bidding over asking price. Because of the interest rates, more potential home sellers are staying in their current home at the historically low interest.

Higher mortgage payments have led to a massive amount of total income. As mentioned above, the average household would need to spend over 40% of their income to afford a house. Almost 40% of income is needed for the average home purchase.

The Effect on Inventory

Obviously, the fewer buyers will help to relieve the stress of the low inventory in the market. But, it remains to be seen how many houses will hit foreclosures. It is estimated that one quarter of home owners with outstanding student loans are at risk.

The average student loan payment is $200-$300 dollars per person, with some considerably higher than that, based on the school and the degree(s) the student has accrued. So, it is easy to see how an extra $600 a month bill, for a couple, will make home ownership harder to achieve.

The total outstanding balance on federal student loans sits at over ten billion dollars a month.

Still, in the end, it may not have a huge effect in the market.

Summation

Potential buyers get stressed. Home prices keep rising. More potential for foreclosures has real estate experts nervous.

It is yet to be seen exactly how this will affect the housing and pricing situation, but the ripples should start to be seen in the coming months.

Effective Leadership Skills

Effective leadership requires a combination of skills and qualities that enable individuals to guide, motivate, and inspire others to achieve common goals and objectives. These essential and effective leadership skills include:

  1. Communication: Strong communication skills are fundamental for leaders. They must articulate their vision, expectations, and ideas clearly and listen actively to their team members. Effective communication fosters understanding and collaboration.
  2. Emotional Intelligence: Leaders with high emotional intelligence can understand and manage their own emotions and those of others. This skill helps in building strong relationships, resolving conflicts, and motivating team members.
  3. Vision and Strategic Thinking: A good leader has a clear vision for the future and the ability to formulate a strategic plan to achieve that vision. They can set goals, prioritize tasks, and make decisions that align with the overall strategy.
  4. Decision-Making: Leaders must make tough decisions, often with limited information. They should be able to analyze situations, consider various options, and make informed choices. Being decisive is crucial to moving forward.
  5. Adaptability: In today’s rapidly changing world, adaptability is key. Leaders need to be open to new ideas, willing to change course when necessary, and resilient in the face of setbacks.
  6. Empathy: Empathetic leaders understand the feelings and perspectives of their team members. They can connect on a personal level, show compassion, and consider individual needs and concerns.
  7. Conflict Resolution: Conflict is inevitable in any group or organization. Effective leaders can address conflicts constructively, facilitating resolutions that are in the best interest of the team and the organization.
  8. Delegation: Effective leadership skills include the ability to delegate tasks and responsibilities to team members, while trusting them to complete the work. Delegation empowers team members and allows leaders to focus on high-priority tasks.
  9. Motivation: Leaders inspire and motivate their teams to achieve their best performance. This involves recognizing achievements, providing positive feedback, and fostering a culture of continuous improvement.
  10. Accountability: Leaders lead by example and take responsibility for their actions and decisions. They hold themselves and their team members accountable for meeting goals and fulfilling responsibilities.
  11. Problem-Solving: Effective leaders are adept at identifying and solving problems. They encourage creativity and critical thinking among their team members and actively work to find solutions to challenges.
  12. Time Management: Leaders often have demanding schedules. Effective leadership includes time management skills that are essential for prioritizing tasks, meeting deadlines, and maintaining work-life balance.
  13. Integrity: Leaders must be trustworthy and honest. Demonstrating integrity in all actions builds trust among team members and stakeholders.
  14. Resilience: Effective leadership can be challenging, and setbacks are inevitable. Resilient leaders bounce back from adversity, maintain a positive outlook, and keep moving forward.
  15. Team Building: Leaders should be skilled in building cohesive and high-performing teams. This involves identifying strengths and weaknesses, promoting collaboration, and fostering a sense of unity.
  16. Innovation: Forward-thinking leaders encourage innovation and creativity within their teams. They are open to new ideas and embrace change as a means of improvement.

Remember that effective leadership skills are not about mastering each skill perfectly, but continually developing and refining these skills to suit specific situations and contexts. Great leaders are adaptable and always open to growth and improvement.

Inventory for Housing Highest This Year

While inventory on the housing market is still at historic lows, they have reached the highest they have been so far in 2023. While there are 10% less houses on the market compared to this time last year, current inventory is now 1% higher than it was just one week ago.

The Altos Rule

This arises in the face of still rising interest rates, which are expected to raise rates. This is according to the Altos rule.

To understand the future of housing inventory in this country remember the Altos Rule. The Altos rule says that the more available inventory of homes to buy is the result of higher mortgage rates. If rates climb, so does inventory. If rates fall, inventory will fall. 

Housing Wire

Summer is known for raising inventory, which usually peaks in August, but which is now expected to grow until September. There are now just under 500,000 single family homes on the open market. Houses on the open market is raising at a faster rate than it was at this time last year.

There are now just under 365,000 homes under contract. This flies in the face of interest rates that are the highest they’ve been in twenty years.

Current Market Prices

Even in the face of rising interest rates, home prices are still rising. In fact, housing prices are still rising in 99 of the 100 biggest markets.

But, 35% of homes on the market have seen price reductions since being listed. So, even though prices are rising, in many cases they are not rising at the pace sellers hope they are.

And we can see it in the home price reduction data too. Price reductions are about to inch above 2018 and 2019 again. 35.5% of the homes on the market have had price reductions. Price cuts always tick up late in the summer, and this year’s seasonal increase is speeding up just a bit with the recent higher mortgage rates. Each week we have slightly fewer buyers, making slightly fewer offers, so slightly more sellers cut their asking prices. 

Housing Wire

First Time Home Buyers

So, as we stand in the face of rising interest rates, there are some positives. Negatively affected are younger, first time home buyers, who are increasingly being priced out of the market.

During the 2007 crash, many first time home buyers felt compelled to buy their home before prices rose even higher. This led to many foreclosures among that group. With record high home prices, it remains to be seen if that will happen again, or if potential first time home buyers will just stay out of the housing market.

Since, historically, real estate has been one of the best investments, the pressure of rising housing prices may negatively affect this group, and the larger market, in the long run.

How to have a Successful First Signing

Congratulations, you just got your first signing!

Now is when you set yourself up for success to ensure your first signing goes smoothly and provide your signer with a great experience. Positive feedback from signers, Title and Signing Services will be a crucial part of your self-advertising and using the following tips and tricks will practically guarantee your next signing.

Read Your Instructions

It cannot be said enough that reading your instructions will make or break your first signing. Do not skim the information provided. New policies and practices are introduced frequently in this industry and taking the time to confirm what is needed on each signing will only benefit you in the long run. Reading your instructions will also answer some of your most common questions: Print size, ink color, are witnesses needed, does the signer need a copy, shipping instructions, etc.

Confirm with the Signer

First impressions matter and greatly influence the overall signing experience. Keep in mind, you are a stranger meeting them to sign confidential documents. A professional conversation over the phone confirming the time, date and location of the signing gives you the opportunity to introduce yourself and go over any other important details. You have set the foundation for your signing relationship which will lead to a better overall signing experience for you and your signer.

Review the Docs

This is your first closing or maybe it is a signing you have never done before. Either way, reviewing the docs before going to the table is always recommended. Taking this time to familiarize yourself with the signature and notarization requirements will limit the chances of something being missed during the signing. You could even go so far as to tag the package with removable sticky notes to make the signing process simpler.

Come Prepared

Make sure your docs are printed according to instructions and you have all the supplies you might need as a notary. This includes your notary journal, notary stamp, additional acknowledgements and jurats, extra pens in both black and blue. Additionally, make a note of the correct contact numbers for title or the lender to have any questions answered at the table as well as the contact information for the company or service who hired you to conduct the signing.

Be Presentable and Professional

Going back to first impressions, not many would consider their attire in these kinds of situations. But, if you think about it, you are representing the title company, lender and even the signing service when you arrive to location. All of which are professional businesses that the signer has been in contact with frequently, meaning they will be expecting the same in the representative sent to conduct their signing. Business casual or business dress is highly recommended to portray that level of professionalism.

Shake their hand, provide your business card and reintroduce yourself, confirm you are in fact the notary sent to them and the person they spoke with on the phone. This provides reassurance to the signer when letting a stranger into their home and reaffirms the professional setting.

Stay on topic as much as possible, but do not fear a little small talk. Providing a comfortable and easy signing environment is beneficial both to you as a new notary and your signer.

Review

We are all human and we make mistakes, even veteran notaries make errors. Give yourself enough time in your schedule to double check your work at the table. Collect any missing signatures, initials or information while you are still at location, so you do not need to return for a correction.

Do not hesitate to review your portion of the docs again as well. Ensure all your notary blocks are properly filled out and notarized to decrease the likelihood of a correction coming back.

The goal of any notary is to provide an enjoyable signing experience for their signer and return accurate documents back to title. These steps are just a few that can be taken to assure your signing completes without a hitch and boost your confidence going into the next one.

Sunshine Signing

Get Any Document Notarized Right Now! Let’s Start!

Go with the Industry Leaders for over 15 years. Mobile Notaries, Online, Remote, Sunshine Gets the Job Done Right…

Or Call us at (727) 817-0000

Avoiding Document Errors

No matter your profession or standing in a company, errors are things we all try to avoid.

Our goal as notaries is to send back a completed package with no errors so the transaction is approved with no delays. There are many reasons a document can be rejected by title including: Missing signatures, unclear stamp, incomplete notary block, etc… Here are a few steps to take to reduce the likelihood of errors or catch them before submitting to title.

TAKE YOUR TIME

This is going to be your most important step in reducing errors. To often we see notaries rush a signing to move on to their next closing causing signatures to be missed or items forgotten. Go over each document carefully, ensure there are no blank lines, and all signatures and notary requirements are met before moving on.

CHECK YOUR WORK

Take the time to review the package once completed before you leave location. This way any missed items can be corrected there at the table verses having to schedule another appointment and delaying funding or closing.

MAKE SURE YOUR STAMP IS CLEAR AND NOTARY SECTION IS COMPLETE

A document can be executed perfectly, but still rejected due to an unclear stamp. If your stamp is distorted or faded in any section where your information can be deemed illegible, strike a single line through that stamp, initial the correction, and re-stamp the document. All stamps must be legible on a scan and the original to be approved.

Ensure your notary section is filled out completely. There should be no blank lines on a document for the signer, the same goes for your notary section. We see many notaries who assume that their stamp is sufficient for the notary block but that is not the case for most title companies. To save yourself a possible rejection later, fill out the notary section in full.

INITIAL CORRECTIONS

Documents can be rejected for something as simple as a missing initial on a correction. No matter who makes the correction on the document, signer or notary, that party must initial the correction to verify that they were in fact the one who corrected it. This includes corrections to state/county in the notary section.

PRACTICE MAKES PERFECT

One of the best suggestions we can give you is practice.

Try to complete a few sample packages with a friend or family member so you can practice not only your table side manner, but signature placement and filling out notary acknowledgments. The more signings you conduct, the better you will be at executing a signing with little to no errors.

CONTACT YOUR SIGNING COMPANY

The signing company is a resource, not just the company that hires you.

Communication is key to understanding and solving problems at the table. Do not hesitate to contact your signing company so they can assist you with getting questions answered or going over a document you are not familiar with. It is better to ask questions than assume and have a correction later down the road.

How to Conduct a Signing with an Impolite Customer

The hope and goal for any signing is a smooth transaction and a likeable signer. We all love these types of signings and cross our fingers for this kind of outcome every time.

But…. this is not always the case.

This article will address how to handle a rude or impolite signer properly and professionally.

First and Foremost, Stay Calm.

Keep in mind that they are more than likely not even upset with you as the notary and more with the situation. Real estate transactions can be a long and tedious process that can take anywhere from a few weeks to almost a year depending on the signer’s circumstances.

They are having to deal with multiple people from the lender to title all the way down to you, the notary. It is easily frustrating, and the smallest thing could be a trigger for impolite behavior.

Empathize with your signers.

We all want to feel heard, and our problems validated. A little empathy goes a long way to diffusing an upset client or atmosphere. You understand their position and why this is frustrating, lets find a solution or explanation for the problem.

Loop in Title or the Lender.

Often, the signer is upset over incorrect information or figures on their docs. Docs they have been negotiating and working with their LO on for months! Incorrect numbers when they finally see the light at the end of the tunnel can lead to a quick decline in the signer’s demeanor.

Offer to let them speak to their LO or title contact so any questions or incorrect information can be resolved quickly. Providing solutions to their problems and contacting the correct individual quickly goes a long way in decreasing tension at the signing table.

Do not force yourself to stay in a potentially dangerous environment.

An upset or rude customer comes in a variety of levels. While most can be diffused and the signing put back on track, there will be those few who are unwilling to work with you. Your safety should always come first, meaning if a situation continues to escalate and your attempts to help them or find a solution have not produced the desired result, excuse yourself and offer to reschedule at a later date. Contact title or the signing company who contracted you to explain the situation so they can address the signer directly.

These kinds of situations can be unpleasant, and they are never the types of signings we want at the end of the day. However, by using the above tips and trying to keep in mind their side of the story, practically any situation can be resolved where everyone leaves the table with a smile.

Sunshine Signing

Get Any Document Notarized Right Now! Let’s Start!

Go with the Industry Leaders for over 15 years. Mobile Notaries, Online, Remote, Sunshine Gets the Job Done Right…

Or Call us at (727) 817-0000

Tips and Tricks for Staying Safe on a Mobile Signing

What are two factors that we all share in our job as a mobile notary?

Travel and meeting New People

While these two things are par for the course for all notaries, our goal in this post is to provide a few tips and tricks to help you stay safe on the road and encountering new people in their home.

There is always a risk in going to a new location, but in following these few steps we are hoping to provide you with the tools and knowledge needed to keep you safe during your signings.

  1. If you are able, always let someone know where your assignment is taking place and the general time it will take you to return
  2. Make sure your phone is charged so you have the ability to contact someone in an emergency
  3. We know this line of work can mean back-to-back signings with minimal opportunities to go home, so bring a mobile phone charger with you just in case
  4. Share minimal details of your schedule with anyone you do not fully trust or know
  5. All though a great concern for safety, we know it is frowned upon to keep your phone in Ring mode vs Silent or Vibration mode. We suggest one of the latter, only so you can make a quick emergency call if needed.
  6. Make sure your car has routine maintenance to reduce possible breaks downs
  7. Invest in a reliable GPS system or app for your smartphone so you are limiting the risk of getting lost
  8. Make sure you are calling the signer to confirm- introduce yourself by full name, include a description of your car. This ensures the signer knows who and what to expect upon your arrival to location and decrease any potentially hostile encounters since you’re a stranger coming to their home
  9. There is always the potential for a client to get upset. Handling the situation calmly and offering them the option to reach out to their title contact, or us, can go a long way in diffusing the tension and regaining control of the signing. Keep the contact on the phone till the signer is calm and a resolution or decision has been reached.
  10. Your safety is priority number one, never keep yourself in a potentially dangerous or uncomfortable situation for a signing

Setting the Stage

While these few points do not cover all the potential situations you may encounter on the job, they lay a foundation for risk prevention and increase your awareness of possible situations to prepare for.

Sunshine has always put the safety and well being of our notaries first and we encourage all notaries to contact us with any potential safety issues or concerns so we can be another added safety measure.

Why are Notaries so Important in Today’s Legal System?

While we have all undoubtedly heard about notary work at one point or another, what really makes a
notary so vital for a legal transaction to take place?

The role and responsibilities of a notary have evolved over the years since their origin, which can
be traced back to ancient Egypt. Back then, the main tasks performed by a notary were transcribing and recording public and legal proceedings. And while these duties have changed over time, the role a
notary serves are no less significant in today’s day and age.

The primary service offered by a notary is acting as an unbiased third-party witness to legal
transactions. By validating a signer’s identity and the documents being signed, they are offering a layer
of protection that would not be available otherwise.

Let’s be honest, fraud is a very real concern in our current society and the role played by our
notaries is a significant deterrent. They are also valuable in preventing contract disputes and possible
litigation, as all signers would have to be present and acknowledge the documents being signed in front of a notary.

Remember, having a document notarized makes it legally binding and holds all signing parties accountable for any terms or transactions listed in the document, so long as they were verified and credentialed by a notary.

So, while hiring a notary may seem like an unnecessary step in an already long process for a
signer, they are obtaining a layer of safety and credibility that will ensure a smooth transaction for all
parties involved.

Notarizing Someone’s Blood

We’ve seen some strange individual signings, but our tales of the bizarre has a new story. One of which a notary had to notarize someone’s blood for authenticity.

Wait, Did You Say Notarizing Someone’s Blood

This is already the talk of the skate board industry. Skating legend Tony Hawk had blood removed so it can be added to paint. The paint would be used on a limited line of skateboards.

We’re not talking about mortgage or title. The integrity of blood is on the line.

Those skateboards would then be sold at a high price to collectors of skateboards, as well as fans of bloody things.

We imagine the conversation went like this:

  1. Collect blood
  2. Mix blood into paint
  3. Paint neat designs with said blood.
  4. ???????
  5. PROFIT!

And at the end of the day, they needed a notary to certify the blood was authentic, and not some blood from someone pretending to be Tony Hawk.

But the real question is:

Did the notary ask for Tony’s signature in blood for their kid’s wall? We kid, we kid.

It is All for a Good Cause

If we can get serious for a moment.

This limited edition of one hundred skateboards helps a couple of charities, not the new vampire skateboarding team.

Ordered by bottled water company Liquid Death, proceeds will go to 5 Gyres, as well as Tony’s personal charity, The Skateboard Project.

100 of the fully notarized and bloody skateboards will be sold for $500 apiece.

And that is the story of person who was notarizing someone’s blood.

Sunshine Signing

Get Any Document Notarized Right Now! Let’s Start!

Go with the Industry Leaders for over 15 years. Mobile Notaries, Online, Remote, Sunshine Gets the Job Done Right…

Or Call us at (727) 817-0000

Notary Fees are Decreased in Mississippi

In a defeat to static notaries, Mississippi has passed a bill to lower notary fees in Mississippi.

The changes essentially make the maximum amount that can be charged for a signing to five dollars. That is five dollars a signature for documents notarized.

This may be a blow to storefront notaries, as the benefit of offering notarizations may have decreased as a different loss leader may offer more value.

A Move Towards Electronic and Mobile Signings

The interesting part of the bill eliminates the fee cap for both mobile and electronic signings.

Additional fees may be charged with services that go beyond the normal notarial act. This includes things like travel and digital fees like web streaming or video and doc storage. The only caveat is those fees must be agreed upon in advance.

The lowering of static fees, in conjunction with higher fees allowed for electronic and mobile signings, seems to pave the way for more remote signings in the state.

Here is the full text of the updated notary law.

This is a reminder we are not lawyers. We are not giving legal advice.

Attribution: We would like to thank By Rocky Vaughn, Sue Anna Joe, Dominique Pugh, Clay Moss, Kara Giles, and the Mississippi Department of Archives and History for the illustration of the Mississippi State Flag.

Sunshine Signing

Get Any Document Notarized Right Now! Let’s Start!

Go with the Industry Leaders for over 15 years. Mobile Notaries, Online, Remote, Sunshine Gets the Job Done Right…

Or Call us at (727) 817-0000