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n/a
New Jersey
2 Posts |
 Posted - 05/20/2009 : 07:10:05 AM
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| There is actually a company who contacted me to do closings for $40.00, with me printing the edocs!! I told them that I don't perform closings for that price. Then they ask how much will I accept. When I tell them, they tell me that they will get it approved and get back to me. Then they never do. So it looks like the actually find somebody out there to accept these jobs. Too bad for us, or too bad for them?? |
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n/a
2 Posts |
Posted - 08/09/2007 : 2:07:18 PM
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As a seasoned independent IT Consultant, I have always been able to set my time and fees for most projects. This is what I also do as a Notary. Most title companies call too close to the appointment time that they have no choice but to pay your price asked. I have not had any problem with my fees simply because I refuse to work for nothing. If I have a full closing with (100 pages) edocs on legal paper (usually, 2 copies), I will charge a minimum of $250 because there is a lot that goes into closing. Closing involves more than signing and notarizing, I have to give 110% attention to details and watch the borrower sign correctly. Once I drove about 45 mins to a client only for him to refuse to sign because of issues with his lender etc. I had no problem taking it back the next day but that was a double pay for me.
My advice to us all is to charge a professional fee with each service and let your professionalism and excellent work sell your next appointment. |
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n/a
Oregon
4 Posts |
Posted - 08/06/2007 : 07:28:23 AM
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Lee-AR you took the words right out of my own mouth. I agree with every sentence you wrote. I have been saying that for years now.
In my opinion, an hourly fee is much more appropriate than a flat fee. The only one who benefits from a flat fee is the SS company. I myself base all my signings on an hourly basis, estimated of course, because they want to lock you into a fee right then and there. I feel this is the only way to make money in this field. If we all accepted their flat fee's, we'd all be out of business in no time. Now, the drawback to any signing or the way it's priced out, is to 'get the check', HA! What a joke!
Anyhow, I just wish all of these companies out there would read your report and really think about all that's involved in it. Not just their take on it, sitting in their cozy little offices, never having to venture out.
I think that we, the signing agents, need to start regulating ourselves in this business. I thought we were all 'INDEPENDENT' signing agents'. As for me, I will no longer sign any of their contracts. Any suggestions out there?
sbs |
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Lee-AR
Arkansas
678 Posts |
Posted - 08/05/2007 : 11:10:05 PM
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Tammy, there are many more factors involved in fee/pricing than simply how long you were at the table & actual cost of printing.
It takes time to print & drive to/from signing location. Time to fax, if needed. Time & expense to drop docs. My time spent doing this is, like anyone else, billable hours. Equipment doesn't grow on trees & purchase/repair/replacement costs need to be factored into the equation. Additionally. there is the 15.3% self-employment tax the IRS wants, etc. Fees are not 'cost of gas, toner, paper' divided by 'time spent at table'. And if you think that's all that's involved, you're doing yourself a disservice. |
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007
Kentucky
26 Posts |
Posted - 07/08/2007 : 3:59:38 PM
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I am an experienced Notary, can explain docs, and also a Real Estate
Professional and I do not rush anyone thru their docs, they deserved
to be treated like intelligent people, not robots sitting at the other end, so sorry Tammy, don't know where you work but that much
pushiness and aggression would probably not work in this market |
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jbelmont
California
3106 Posts |
Posted - 03/12/2007 : 4:41:01 PM
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pplunkett:
There is one signing company that only pays $50 for closings with delivered documents. One of their loan companies has an extensive number of pages (over 140 pages) with tons of blanks. There are also two pages that the borrowers have to fill out with the last 10 years history which can take them anywhere from 10 to 15 minutes per page. The hurricane affidavits require notarization, but have absolutely no part of the acknowledge printed. Half of the documents don't even have the borrowers name on them. And we are expected to do them for $50.
I've spoken with the signing company. They say there is nothing they can do as they are under contract with this loan company. We should all boycott this particular loan company until they get the message.
AmandaC:
What is the name of the signing company and the lender? I am sure the lender is paying a higher fee than 50, that is the signing company's choice to pay you 50 bucks. I say, stop working for them. I have told several companies that pay 50 to remove me from their data base. I refuse to work that cheaply. If we all refused that then guess what? They would have to pay a decent fee. What will happen next? Will they go down to 40 bucks and find people that will do it for that fee? Of course they will. We degrade our work when accepting anything lower than $75.00 (without edocs! $100 with)
spnkybnky:
When a $50 company calls me for work, if I can't get a higher price, then I have them remove me from their list. And it always seems like the low pay compaines have the most problems with their paperwork. ..
AmandaC:
That is so true. I did recently accept work from a local company that only pays 50.00 I decided to "try them out" (they fully know this, they contacted me because they heard my work is good) because they promise prompt payment and seem to have a decent pay schedule in place. Plus, they promise that I can negotiate higher prices as we go along.
So I have had two signings from them, #1 the settlement was so far off the amount the borrower was expecting it was ridiculous. Then they expected me to spend more than 20 minutes trying to track down the lender to rectify the problem, and then expect me to accept $25 for non signing. #2, they have the deceased spouses name on all of the paperwork, causing me to get a copy of the death cert and have a million crossouts in the paperwork. More time less money. So far this company is not impressing me. If there is a #3 gone wrong then 3 strikes they are out.
loandoctammy:
I operate a reputable signing service and I agree that $50 is too low for a notary depending on the job. I do have a few companies who have packages that are maybe 30 pages... I also close loans all day long, so I feel your agrevation. I see it from both perspectives. I don't try to lowball notaries.. I always ask, what is your fee ? I do however want to say that many of the notaries are pricing themselves to high. This industry is about to slow down and those who have set their fees too high, won't get the work. I have many good quality notaries who close overnight packages for $60 and $85-$90 for edocs. I think it depends on the job, how far you travel and the extent of the job.
Scenario: EDOC JOB pay is $85 - 100 pgs (200 w/borrower copy - 10 miles to borrowers house.
I am completely experienced with all documents and can explain each document in length. I can close an edoc loan with 100 pages in 20-40 min... (at the table). 15 mintues for filling out shipping label and package, then you factor in you drove 20 miles RT, $9 gas, $10 print. So, you have just neted $ 66 for an hours worth of work.
I think this is a fair amount.... You can ask any notary who works for me.... I pay fair and pay fast... Greed is an ugly monster. Signing Service are an asset to the industry and there are many, many bad companies out there, but this is true in every industry.
JMoore:
Are you talking about global notary? I have went round and ro |
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Low Pay for too Difficult Closing
