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PWinFL
Florida
469 Posts |
 Posted - 04/28/2009 : 10:58:59 AM
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quote:
Originally posted by gjk-fl
Notaries WHAT? Bobbie please preview and edit before posting!
I guess that would be the same a notaries PRIVATE! 
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
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gjk-fl
Florida
151 Posts |
Posted - 04/28/2009 : 10:23:23 AM
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Notaries WHAT? Bobbie please preview and edit before posting!
gjk |
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BobbiCT
Connecticut
135 Posts |
Posted - 04/28/2009 : 09:37:59 AM
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"...new notaries are taken advantage of, while ... hurting themselves and long time notaries. Considering that that a loan signing takes approximately 4 hours ... notaries have unlimited liability for any mistakes, and that notaries have to go into strangers' homes ... price of gas, paper and ink ..."
Just a reminder that notaries PUBLIC do not do all of the above. The notary's liability is unlimited for notarization services, but notaries who do not act as a loan document signing agent have no liability for other documents. (For those of us who get the "I have a loan document package. The instructions say find a notary, notarize these two forms" calls.)
You are correct that new vendors who undercut their competitors to get business hurt the income stream of higher-fee vendors. Over the years of reading posts and meeting these vendors, many of them are not being taken advantage of. They accept lower profit margins or accept a loss on some to "make it up in volume" on others. I've heard of many who use their employer's equipment (no expense for printing eDocs) and others who believe a net of $7.50 per hour before taxes is "good pay for what I do." I've heard boasts of "not reporting any income if I don't get a 1099" and "my husband pays the taxes, this is all my money." Appraisers do it, financial planners do it, real estate offices do it (anyone remember 6% residential commissions and 10% commercial and vacant land commissions ... before there were thousands of part-time real estate agents working for less), lenders under cut each other. I hear your pain; however, the national trade association that came up with a model fee schedule (which was far less than the established signing agents were currently being paid) and encouraged more people to enter this business is STILL encouraging new people to enter this industry - without a true profitability analysis.
It may be a higher profit to "charge by the notarization", but you never know how many notarizations will be required. Most of the loans I've been working with these past few months have averaged 2-3 notarizations. That would be $10-15 as a "notary," so I quote a signing agent fee and take the risk the notarizations won't exceed my fee quote. As a Notary Public, I've notarized many documents for $5 - at my home office and a time convenient for me. With over 53,000 notaries public in CT, I don't worry if the caller doesn't want to use my services.
(one spelling mistake corrected.)
Bobbi in CT |
Edited by - BobbiCT on 04/28/2009 12:08:50 PM |
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12059
California
8 Posts |
Posted - 04/28/2009 : 08:40:45 AM
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| Also, I'm not sure what the max notary fees are in Florida, but in California, they are a max of $10 each, per signature or oath administered. |
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12059
California
8 Posts |
Posted - 04/28/2009 : 08:23:35 AM
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| The original post was just a suggestion. Often new notaries are taken advantage of, while simultaneously and unknowingly hurting themselves and long time notaries. Considering that that a loan signing takes approximately 4 hours (from printing to shipping), that notaries have unlimited liability for any mistakes, and that notaries have to go into strangers' homes (i.e. putting their safety at risk), the price of gas, paper and ink, around $200 is a bargain. |
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12059
California
8 Posts |
Posted - 04/27/2009 : 6:38:30 PM
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I'm not sure what notary fees are in Florida, but in California, they are a max of $10 per signature and $10 per oath administered. Also, the original post was information/a suggestion to help new notaries and long time notaries. New notaries may be taken advantage of while simultaneously hurting long-time notaries by working for too low a fee. Again considering that loan signings take approximately 4 hours to complete (from printing to shipping), and that notary public's are open to unlimited liability, and the risk associated with going into a stranger's home, around $200 or so is a bargain.
_____________________________________________________________________
quote:
Originally posted by LindaH
Tell you what - you test that theory for 30 days...tell every company that calls you that your fee is $190 - let us know how it works out for you. I'll put my money on your having a lot of free time on your hands.
Although your theory is mathematically sound (but I think your math is off about signatures plus oath, but that's neither here nor there), from a practical standpoint no one is going to pay that. You'll be pricing yourself right out of business.
MHO
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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LindaH
Florida
1754 Posts |
Posted - 04/27/2009 : 6:27:05 PM
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Tell you what - you test that theory for 30 days...tell every company that calls you that your fee is $190 - let us know how it works out for you. I'll put my money on your having a lot of free time on your hands.
Although your theory is mathematically sound (but I think your math is off about signatures plus oath, but that's neither here nor there), from a practical standpoint no one is going to pay that. You'll be pricing yourself right out of business.
MHO
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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12059
California
8 Posts |
Posted - 04/27/2009 : 3:48:07 PM
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In my experience notaries (mostly new ones) are taking loan signings for to low a fee (I'm in los angeles area). A typical loan signing with borrower and co-borrower, requires notarization of 10 signatures (and countless non-notarized signatures), and 2 oaths administered - that is $120 ($10 per signature and oath - max allowed by law in CA), just for the notarizations. Add in a $50 travel fee, and a $20 printing/copy fee, and the minimum that notaries should be charging for loan-signings is $190.
Considering, that notaries have unlimited liability for any mistakes, may have to make a 2nd trip, and are putting their safety at risk by going into a stranger's home, $190 is a bargain. So if a loan signing company calls you, say that your fee is $190 - don't ask them what their fee is. Loan signings companies should be asking for higher fees from the title/escrow/lenders, and eventually they will get the picture is no one does loan signings for less than $190.
Accepting less than $190 makes it difficult for all notaries to get paid appropriately for notary jobs. |
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minimum loan signing fees
