The United Kingdom’s decision to leave the European Union has become good news for Notary Signing Agents in America. The nation’s move, dubbed “Brexit” has pushed domestic mortgage interest rates to a three-year low, which means lower rates for American home buyers and owners. It also means more signing assignments for NSAs in the coming months.
Total mortgage applications rose 14.2 percent in the week following the Brexit vote, according to the Mortgage Bankers Association, and mortgage refinance applications posted an even stronger performance as interest rates dropped to near historic lows.
“Interest rates continued to drop last week as markets assessed the impact of Brexit,” said Mike Fratantoni, MBA's Chief Economist. "In response, refinance application volume jumped almost 21 percent last week to its highest level since January 2015."
With such rates, homeowners will be encouraged to refinance their homes. MarketWatch reported that an estimated 7.4 million borrowers can potentially refinance their homes. And that will mean more signing assignments for Notary Signing Agents everywhere.
Stand Out As A Signing Agent
Signing services and title companies already depend heavily on SigningAgent.com to find qualified NSA’s to facilitate loan signings. The uptick in lending activity will make SigningAgent.com a more important resource for settlement services and NSAs alike.
Updated profiles with current information will raise your visibility and show companies you are prepared to take on their assignments.
If you are an NNA Certified Signing Agent, make sure your profile has an updated photo, your Notary commission information, all your certifications and proof of E&O insurance coverage.
Make sure to include any pertinent information, such as having a certified diversity status.
Such changes will make you more competitive when picking up assignments.
It’s also a good idea to keep in regular contact with signing services, lenders, and title companies you work with to keep up on their requirements.
The effects of Brexit may not be instantaneous, so don’t forget to stay current with industry trends and news.
Cindy Medrano is the Social Media Coordinator at the National Notary Association.
Related Articles:
Connect To Signing Companies With 'Old School' Networking
How To Use SigningAgent.com To Get A Leg Up On The Competition
Additional Resources:
Signing Agent Tools
NNA Webinars For NSAs
Signing Agent Certification