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vince
Kansas
324 Posts |
 Posted - 04/10/2010 : 1:46:10 PM
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quote:
Originally posted by Shannon
I really try to avoid the whole subject because certain companies are quite happy to have the services of "any" notary with a stamp that will accept the lowest possible fee.
I, for one, reject lowball fees because they don't reflect a number that would allow me to stay in business over the long haul. I also hold what I do in high esteem and recognize [even when others do not] that I have a talent for what I do at the closing table. I am a professional who not only conducts closings in a lawful and professional manner, but who assists many fearful borrowers to walk away from the signing table feeling better than had they been thrown to the wolves or an inexperienced notary.
The way I see it, accepting low paying assignments is a form of "rewarding bad behavior." Further, it hurts the companies that are competing with them that pay a reasonable fee. Let them all compete on a more level playing field. |
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Shannon
California
360 Posts |
Posted - 04/10/2010 : 08:45:38 AM
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I really try to avoid the whole subject because certain companies are quite happy to have the services of "any" notary with a stamp that will accept the lowest possible fee.
I, for one, reject lowball fees because they don't reflect a number that would allow me to stay in business over the long haul. I also hold what I do in high esteem and recognize [even when others do not] that I have a talent for what I do at the closing table. I am a professional who not only conducts closings in a lawful and professional manner, but who assists many fearful borrowers to walk away from the signing table feeling better than had they been thrown to the wolves or an inexperienced notary.
It seems that others who have posted on this thread fail to calculate many real world costs. In a most recent calculation, the time a notary must spend waiting for documents, printing documents and traveling to and from a signing are not even mentioned. Many times when a signing takes about an hour (document sets today have me estimating the signing to take between one hour and one-and-a-half hours when scheduling with borrowers) there are about 2-3 more hours involved in preparation and travel. There is in fact a great deal more time involved waiting for docs to arrive, printing two sets etc. I for one, always review instructions given by the hiring entity [which are usually too long and too complicated for their own good] and then I actually review/flag documents to be notarized. Sometimes, when scheduled for a specific time, a borrower arrives late and there is zero compensation for that.
I build all of these costs into every assignment and then reduce my overall price by about 15% from that number. Sometimes it is not what the hiring entity is willing to pay. But, those who accept less will not be in business long. By the way, I haven't changed pricing since 2004* [*messenger fees did go up but are strictly fuel related]. Many signing services add what I refer to as "hoops" to the signing [faxbacks/approvals/call before doc return] which is fine, but I insist to be paid for my time.
All this being said, I continue to offer what I believe to be very competitive pricing. You may disagree-but we probably won't be working together unless I'm the one fixing the signing conducted by the inexperienced notary you hired the first time around. Anyone hiring a notary for a $50 signing will get EXACTLY what they've paid for.
"A Quick Note"
www.aquicknote.net
Follow me on Twitter:
https://twitter.com/aquicknote |
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Lee-AR
Arkansas
678 Posts |
Posted - 12/17/2008 : 11:29:26 PM
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20 minutes/100 pages! No way. Either your watch is broken or you're deluding yourself. Also, your scenario says 1 hour = $66 (at $85 w/edocs, 20 mi. RT). You must not understand that printing docs is TIME. Driving to/from signing is not just gas, it's TIME. A QC check, prepping the pkg., statusing, even 2 minutes preparing an Invoice is TIME. Driving to FedUps is TIME. And that $66 for 1 hour now becomes 2 1/2 hours. SE Taxes, insurance, cell, equipment, materials take another bite out of that.
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9633
New York
13 Posts |
Posted - 12/17/2008 : 09:01:57 AM
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20 Minutes? Good for you!
On your list, however, you did not factor in printer depreciation and automobile depreciation. You have left off the cost of toner, binder clips, gas, oil, phone, printer, wear and tear on your tires, etc. So, as a business person, I must first figure in the cost of doing business. My time is valuable, as is my expertise. However, the above listed costs must also be factored-in during each closing.
Further, I live in a rural area. There is one FEDEX drop-off. If the signing I after-hours, another trip is required the next day to drop off the package.
Good try. That is the reason why I only work for title companies. What is your cut on the fee of making two phone calls? The maximum should only be a couple of dollars. After all, what expenses and time are involved to make a few phone calls. My question is … do you give the rest to the agent who has done all of the work?
Finally, with the FED dropping the rates on a daily basis, your statement with regard to a slow industry is just rubbish and meant to scare notaries into taking your ridiculously low fees. Shame on you!
Finally, you should really take a brush-up course on grammar and spelling. Yipes!
P.S. it is
"Signing Services out there" grammatically
aggravation,
"Pricing themselves too high"
minutes not mintues
netted not neted
hour's or hours' worth of work not hours worth of work
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Ms.Notary
California
8 Posts |
Posted - 02/23/2007 : 4:22:07 PM
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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.
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I absolutely agree with Janet!!! I cannot believe the statement that Tammy made about 100 pages in 20 min!!!! Maybe 45 min, but not 20!! I personally have conversations with my clients, so they don't feel like I am another person out to get their money!! I also compliment them on something, and try to make them feel comfortable. With all that said I am still able to do a job in about an hour. I do not mind spending an extra few min. to make the client happy, and I just do not see how that is possible in 20 min!!! Maybe if you clients do not look at anything, and just sign every page without a question, I could even see 30 min, NOT 20!!! How is your customer service??? As a home buyer, I don't think I would want that type of service!!!
~Ms. Notary |
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JanetK CA
California
7 Posts |
Posted - 12/07/2006 : 04:23:49 AM
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quote:
Originally posted by loandoctammy
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.
Tammy, no offense intended, but I think your math needs some serious work... 100 pages in 20 minutes averages 12 seconds a page. When do you do your notary work? Do you keep a journal? Are your borrowers always sitting at the table with ID ready and pen in hand when you arrive? Do they never have questions? Also, where do you live? Maybe your state has easier certificates than mine and zero traffic...
I can appreciate where you're coming from, but forgive me if I find your conclusion a little self-serving. My average fees are increasing, not going down and my volume of business has been increasing, as well. In most cases, I prefer to find a new client rather than reduce my fees to accommodate someone else's marketing plan. [I.e. if you discount your fees to your clients to get business, that's not my problem.]
In all fairness, this might not work for a fairly new notary/loan signer who is just trying to get established. However, this business is how I support myself and my expenses are going up, not down. For those of you who are doing this as a business and not a part time activity or hobby to make a few extra bucks, you need to be sure your fees include overhead costs, such as supplies, insurance, taxes, automobile and equipment (upkeep and replacement) and all those non-billable administrative hours (like chasing after payments), just for example.
I personally feel that $50 for overnight docs is not enough for anyone but the newest people who are just wanting to get some experience under their belts. It's been my experience, too, that the less a company pays, the more likely they are to cause you headaches for a couple of reasons: their margins are probably low, and they need to hire less experienced notaries, resulting in more hand-holding and busy work. [jmo] |
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carson
North Carolina
30 Posts |
Posted - 08/07/2006 : 1:36:55 PM
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Yes, I'd say it's true that the lower paying companies are usually the ones that you have issues with.
I have done work for Tammy at Loan Documents Now, and I'd say that yes she is very fair and pays ON Time! Thank you, Tammy.
I realize as well that the industry has slowed down terribly where I am. However, you can't burn out your gas at $3 a gallon and put all your time and energy into a $50 job. There are times that you could probably make more at Walmart with what you have to deal with on count of some of these companies. |
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dfye@mcttelecom.com
New Hampshire
681 Posts |
Posted - 01/14/2006 : 10:19:30 AM
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I pay a minimum of 75 dollars to my notaries and I still do not think that is enough. If there is much traveling to be done, I compensate them for that as well. As a notary myself, I find it insulting that someone would offer me 50 dollars to do a signing. I have 258 companies I am contracting with and the majority of them pay me what I want. Granted I am seasoned but I am also persistent. Don't let your company walk on you. You are their bread and butter and they cannot complete a loan without you.
Legal Eagle Para Professional Services |
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n/a
Alabama
2 Posts |
Posted - 10/27/2005 : 05:29:42 AM
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Are you talking about global notary? I have went round and round about there low fees. They want to offer 40.00 a pop and I would have to drive 55 miles one way. They said, they could not do anything about there fees. I told just don't call me because I can't work for peanuts. I am loosing money with your company. Bad thing is, they have a good rep. on paying on time. They always have your check to you in a timely manner. Until they come off the dough, they will have to look for someone else. Where I live mobile notaries are like gold. Not many of us here in the area plus willing to travel. |
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n/a
5 Posts |
Posted - 10/15/2005 : 11:26:26 AM
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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.
Tammy Mazak
Loan Documents Now
www.loandocumentsnow.com
tammmm |
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AmandaC
18 Posts |
Posted - 08/16/2005 : 01:58:19 AM
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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.
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n/a
California
2 Posts |
Posted - 08/12/2005 : 03:19:10 AM
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| 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. .. |
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AmandaC
18 Posts |
Posted - 08/11/2005 : 02:36:15 AM
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| 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) |
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pplunkett
Florida
6 Posts |
Posted - 08/05/2005 : 01:52:08 AM
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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. |
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Low pay for too difficult closing
