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jbelmont
California
3106 Posts |
 Posted - 05/18/2010 : 03:17:34 AM
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Many notaries are sick and tired of having difficult signings that don't pay well. Signing companies will run you ragged, and then make you wait forever to get paid. Lets see what some of our notaries have said in the past.
Here is what pplunkett says:
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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"n/a" says:
If a company pays only $50, I request to be taken off their list.
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AmandaC says:
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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loandoctammy says:
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.
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What is your opinion?
Additional reading about low pay:
http://www.123notary.com/forum/topic.asp?TOPIC_ID=156
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Low pay for a difficult closing 2010
