Posted by Claudia, CA on 2/28/05 12:02pm
Msg #22848

List of No paying companies

Hi, I am fairly new (meaning I just took my notary test on Saturday!) and I would like to know where I can obtain a list of non paying companies. I am going through this message board and am feeling extremely apprehensive in starting in this buisness. It seems that there are many non paying companies. Does this really happen a lot or does it just seem this way? Antoher question I have is, how can the mortage companies pay us less when the documents clearly state that the notary fees are $175 - $250. And these are the fees that I've seen in my own personal docs. I mean how is legal for them to charge the borrower an amount for a specific action and pay less for that action. How is it that they are able to pocket that extra cash? They are already making so much money off the borrower with their owne fees. I just don't understand. Then I see people here posting that they will do jobs for $45-50. I mean what is that? Are we not worth what they are charging the client. Someone please help me understand . I wanted to go into this business because I thought if I worked hard it would pay off, but I don't want to go into a business where I know I'm getting ripped off.

Reply by Shane_IN on 2/28/05 12:19pm
Msg #22850

Sounds to me like you didn't do you homework before you jumped on the band wagon...

You often times won't get paid what you see on the HUD. Unless you actually get hired by the lender.
Ameriquest is the only company I've ever closed for that puts what i'm actually getting paid on the HUD.

Just get used to knowing what you get paid, and not paying attentin to what is on the HUD

Reply by Joseph_CA on 2/28/05 12:24pm
Msg #22853

What part of Ca are you located, Claudia. If you took your test this past Saturday, you will be getting you commission like in three more months, I did my test Dec 11 and I havent been able to ready for doing signings since I havent got my seal yet, Im going today to perform the oath in the county clerk.


Thanks


Joseph

Reply by Claudia, CA on 2/28/05 12:36pm
Msg #22855

I am in the city of Norwalk, LA County. I'm pretty centrally located so I thought this would be a great way to earn income. I recently got injured at work and am unable to return to my regular duties. I am not expecting to get rich overnight doing this, but I just wanted to get a feel for the average income. To reply to the previous person's reply, I did do my homework, I never jump into something that I am not sure I will be able to do. I know I can do this, so I don't have a problem with that. All I wanted to do was to get an understanding for the fees charged and how someone can charge such a low fee and then not even get paid! To me, that just seems that you are working way too hard for so little money.

Reply by Claudia - NJ on 2/28/05 12:57pm
Msg #22857

Claudia,

THe only way to get the full fee is if you were being hired directly by the lender. The Signing Service or Title Co will have to make their share for outsourcing you. I'm not saying that they are giving us enough of the fee but you have to look at it as "a bird in the hand is better than two in the bush".

Set your fees - do some research on this board regarding fees for Title Co's and SS' (a title co will pay more than and SS) and work only for what you are willing to work for. If someone calls you and offers you $45 and you feel that's too low don't take it! or negotiate to what you feel is reasonable for you.

You just have to start somewhere and build up from there!

Claudia

Reply by Nicole_NCali on 2/28/05 1:16pm
Msg #22861

Don't limit yourself to just loan closing

Hi and good day..

Don't limit your notary skills to just loan closings. There is a vast opportunity for other work that will more than make up for the occassional loan that you close. Adverstise in nursing homes in your area, contact attorneys in your area and post at senior centers. You will be amazed at how many calls you will get and set a base fee for travel and in california $10 per signature notarized.

These notarizations when I can do them, are very profitable and you receive payment right at the time of signing. I did a jail signing 2 weekends ago and made over $80

Reply by Adrian CA on 2/28/05 3:01pm
Msg #22887

Joseph what part to CA are you located in

I'm a new notary as well and will be taking my oath and registering my bond next week. I will be notarizing loans for loan officers in the mortgage co. I work for. I also took my test in Dec. probably the same day you did.

Reply by Stephanie/CA on 2/28/05 4:09pm
Msg #22898

Claudia:

I understand that you are excited and yet at the same time aprehensive about getting into this industry.
Please allow me to state an opinion.

1.) You just took your exam on Saturday; I'm not even sure you would know if you passed, as today is only Monday and results aren't available for a few weeks.
2.) Before you start to even thinking about Loan Signing, it is my advice that you handle many basic notarizations first.
By doing this Claudia, it will be easier for you to apply become a Loan Signing Agent - you will have an understanding of the basic notarization of documents.

REMEMBER: You are a Notary Public first, the a Loan Signing Agent.
***It is best to become familiar with the core of being a Notary Public prior to branching off into a Signing Agent.

Good luck, but please don't put the cart before the horse.
Most importantly, this is not a "get rich quick" industry...it takes ALOT of hard work, sometimes with many frustrating moments - days.

Sincerely,
Stephanie

Reply by Tom on 2/28/05 8:32pm
Msg #22938

Claudia, I hate to burst your bubble, but if you just became a notary and have yet to do a loan signing you are probably not worth more than $50. This is not intended as a put down but is merely a statement of fact. I know you see folks on this and other boards saying they get $125+ for signings but they have probably been in the business for a number of years. This is like any other business. The more experience you have and the better you get at your job the more you are worth. When I started my career (from which I am now retired) 30+ years ago I was a trainee and got paid a trainee's salary. When I retired I was a senior manager and got paid a senior manager's salary. Right now you are a trainee so don't expect to be paid at a manager's or even a journyman's level.