| Posted by ItsMe on 9/29/04 11:44am
Msg #9034
Who I am, What I do and What I Charge
Well here I am in the Great Lake State. Michigan is also the Great White State in some months. (remember when it is a blizzard/or some other weather event and you are asked to go out and sign a loan when the roads are impassable you tell who hired you this and add a "life retention fee" for your services.
I might be pricey but if I accept an assignment I give it MY ALL to get it signed and signed right, I answer questions to the extent I can and if there are any problems at all I excuse myself for a moment, call the LO and tell him/her straight up what is going on out of the earshot of the borrower so he/she can hold on to their loan.
I also for no extra fee get referrals for my LO. I ask my borrowers about their experience and ask them if it was positive if they know of anyone else who may be in need of a loan. This is the most valuable thing you can do for your LO. I print a referral form that I have stored on my computer and fax it to the LO. I take it out of my package as one of the loan docs, explain it and wait for them to fill it out then and there. I do not leave it as if I did it won't get done. I also ask my customers if they feel I did a good job (I do a thorough close if they could pass on their experience with me to the LO. This is good for me and my employer, the SS, as it helps them retain their relationship with the LO.
Re SS----I do agree that cost is sometimes not an ideal predictor of performance but in most cases it is. When contracting with a SS to negotiate my fee I first ask "Who is the lender?". Some are easy-squeezy and then there are those that we will just call a challenge. It is also very important as I have a very good idea of who is going to pay what and how much work/time waiting for docs/ borrower conversing with terms with LO it is going to take me personally from accepting the assignment to actually getting signed docs. I am sure all can relate to that. However if I take the job I take 100%. I get done what needs to be done and I do a good job which as mentioned previously I ask them to relate to the LO. This I do for the SS that extended the job, it keeps them busy and thus keeps me busy.
Another sound practice is keeping track from each HUD of what each SS company is charging the lender/borrower for their service of guaranteeing a correctly signed package.
A lot of people slam on the signing companies but as a former originatator I can personally vouch for the complexity and sometime outright frustration on their (SS) part. Logically they deserve to be compensated but what is fair is where we come into play.
My fees are 125 BASE and 25-40 Edocs, yes I am expensive and yes I do work. I am a Cadillac/Lexus of signing agents and I will not be paid a Ford Fiesta price. Please do not confuse working for a living with arrogance.
Bond with the other notaries in your area. Call the ones up listed on the boards and go to lunch. Talk open and honestly about who you are and what you do and what you charge. Don't let the SS companies play you against each other but rather show them what a good network of independent notaries in an area is. They will realize that one call into a area network that you and your colleagues make will get what they need to get done done. The SS would sign it themselves if they could but distance prevails so they need you and your fellow colleagues. Cover each others backs in lieu of vacation, other obligations and such. If you can't do the signing refer them to a colleague and vice versa. It will be appreciated by all in the transaction. Bottom line is loan needs to be signed and you are always an asset if you are a part of a network that can help that happen.
| Reply by BrendaTX on 9/29/04 1:10pm
Msg #9044
Thanks, Michelle.
You have a lot of good info and good ideas.
I agree with a lot of it and I invite any signing agents in Texas to give me a call, or email me at [e-mail address].
| Reply by rouj on 9/29/04 9:51pm
Msg #9072
ItsMe, thank you for the insight. I am interested in networking with other notaries in Maryland. I cover PG, Montgomery Co, and Anne Arundel Counties. Email me at [e-mail address]. Maryland notaries must have title producers licenses and title surety bonds. It's critical that we are pricing our services equitably to cover the costs of these additional credentials and requirements.
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