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Kelly
California
105 Posts |
 Posted - 08/27/2007 : 07:23:09 AM
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GAWD, I'd love to get paid outside of closing (POC) like appraisers do. Wonder what we can do as a smart group to get something like this (Fed Law -Reg Z, etc) changed??
Kelly Robertson, California Notary Education Instructor
One-of-a-Kind, "How To" Workshops for New Notaries & Signing Agents @ http://www.LoanSigner101.com
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Renee
Michigan
549 Posts |
Posted - 08/26/2007 : 10:34:43 PM
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Jeremy - For all the noise the political voices make about lending, this ONE thing could change SO MUCH (mandatory pre-disclosure of the Hud & loan terms). Why can't they just follow the KISS rule on all this noise. All they have to do is just TELL the public "Hey - you already HAVE this right - USE IT!"
AND to every L.O. that answers that request (for pre-disclosure) with "Oh but your RATE will EXPIRE" - I say you better be able to PROVE that to be true or get nailed for FRAUD.
Pre-disclosure of the HUD would slow the whole machine down. Less errors, more time for everyone to THINK and work with more diligence. More time for the Borrowers to THINK and CONSIDER things. Less 'need' (lack of a better word - perhaps 'motivation'?) for sending title searches overseas and less risks to absorb on those. |
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lkassis
Iowa
60 Posts |
Posted - 08/26/2007 : 02:21:31 AM
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So many questions about fees and so many variables involved. Do you live in a saturated area? Do you live in a rural area? How long does it take you to commute through a large city to get to a signing? If your commute through a large city to go 10 miles takes you an hour then you will want to charge according to your time not the miles. Time of day: Are you traveling in rush hour traffic such as at 5:30 when everyone is getting off work? These are all variables that have to be considered as well as the mpg your auto gets and if you have to hire a babysitter while you are away at a signing.
Think of this factor though. You have a 9-5 job that takes you 20 miles from home. Does your employer pay you for your travel time as well as your hours spent at work? Not likely. Do you get to deduct mileage on your taxes for travel to and from that 9-5 job? Not likely.
So when you are complaining about the 20 miles you have to travel to a borrower and being compensated for that think back to that 9-5 job.
Just some food for thought.
Now let’s get down to it.
Read more..........http://unitednotaries.org/content/view/22/6/
Linda Kassis
United Notary Association (UNAA)
www.unitednotaries.org
www.halitek.com
If you are not riding the wave of change, you may find yourself under it. Ride the wave with the UNAA. |
Edited by - lkassis on 08/26/2007 02:22:00 AM |
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jbelmont
California
3106 Posts |
Posted - 08/25/2007 : 11:02:02 PM
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| I wish I could be in charge of systems worldwide. Then, I would require sending the basic info and fees to the customers before the signing. Maybe a total of two pages. Its so important and so easy to do. It should be mandatory. |
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Renee
Michigan
549 Posts |
Posted - 08/25/2007 : 8:28:55 PM
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Jeremy - RESPA does already provide the borrower with the right to REQUEST the settlement statement prior to close, it's just a rarely exercised right.
It sure would be great for everyone across the board, if borrowers DID use that right. It's the only way the process will ever slow back down to a more reasonable pace, allowing everyone the TIME to perform more optimally. |
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jbelmont
California
3106 Posts |
Posted - 08/24/2007 : 8:34:14 PM
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Fixed prices don't make sense because the level of experience and expertise of the notary has to be taken into consideration. Also, the mileage and time of transportation of the notary has to be taken into consideration. Perhaps, a fixed, standarized cost per mile, or estimated minutes of transportation would be a good component of a fixed price if there were going to be one. With gas prices fluctuating and timings for distances unpredictable and variable based on time in urban areas, fixing prices wouldn't make sense.
But if the NNA wants to make recommendations, why not? They are not God, and you don't need to confuse them as being an authority, or "higher" authority. They are just a really large private business with a well educated point of view.
Some signings are longer than others. If there were a formula, a price per page, plus a price per notarization should be part of the formula. An additional set fee should be added for when the lender misinforms, uninforms, or deceives the borrower which happens all the time. I think that borrowers should be emailed or faxed a summary of the salient features of the loan such as rate, APR, prepayment, autopayments, fees, and whatever seems important. That way, if there is a problem, then the borrower will know BEFORE the notary has to get involved and twiddle their thumbs during long phone calls with the lenders.
Imagine if there were a national track record for notaries that kept track of experience, reliability, expertise, etc. Then the notary's "fixed" fee could be adjusted based on their track record.
I am against the idea of fixed fees, but if we did have a formula, it would be a very complicated formula if it took in to consideration all of the necessary components of determining a fee. You would need a very complicated database and formula to price each job. |
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Kelly
California
105 Posts |
Posted - 08/08/2007 : 01:34:48 AM
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I am personally against price fixing in our industry. I recall that last year or the year before, the NNA actually PUBLISHED fees that they thought were appropriate and those fees were way below my personal fees. I didn't appreciate that at all!
My spin is that this is MY business and I don't want anyone telling me how much I can charge for my specialized services (travel) since here in CA there is no limit to travel fees. My fees depends on distance, time of day and day or week, charging more for further travel, hott traffic times, early morning or late evening signings, and holidays. Do I get more money for this? YES! If I spoke Spanish, I'd charge extra for that too and believe me, I'd get it.
I also don't ever say, "I won't leave my house for less than $____" because SOME MONEY is better than NO MONEY when you get a call for a job close to home and you're doing NOTHING at the time. I've left the house to sign one document a couple miles away and made $60 - what's wrong with that!?
Don't forget where you came from friends!
All the best,
Kelly Robertson, California Notary Education Instructor
One-of-a-Kind, "How To" Workshops for New Notaries & Signing Agents @ http://www.LoanSigner101.com
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n/a
California
4 Posts |
Posted - 08/06/2007 : 08:20:25 AM
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It would be wonderful if we established a min. base price and no notary would do a loan signing for under $100.00.
OK I woke out of my dream!
But really, I do not go out of my home for under $125.00. It's interesting that various signing companys will call and say they will check but they really can't offer more than $65.00. Some call back and meet my price. So stand firm notaries. OK off my soap box.  |
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Establishing a base price for signings
