Posted by mtnotary on 3/11/09 10:38am
Msg #280296

WHAT IS UP WITH LOW BALL REVERSE MORTGAGES

More importantly what is up with Notaries taking them for $75.00 don't they realize that they take 1 1/2 hours sometimes longer depending on the age of the signer.
I have turned down 2 lately from one company cause they wouldn't meet my xxx fee.
I asked them why they are so cheap they stated cause they were overnight docs. Huh?
Up here where you have to travel for along distance it makes no sense at all to low ball.
I guess the economy is that far off up here that Notaries feel the need to prostitute themselves for ridiculous fees.
Am I just seeing this the wrong way?

Reply by TRG_wy on 3/11/09 10:44am
Msg #280297

I can relate.
I sure wouldn't touch a RM for anything less than double the fee you mention. Time alone is a very huge factor. Sometimes I leave these feeling more stressed than the home owner. We are very rural here too.

Reply by Alice/MD on 3/11/09 12:20pm
Msg #280308

There are people out there who have no knowledge for running a business. It shows in the way they price their services. I wish they would get with it, or get out of the business, because they can't be making a profit. I am not here to work for free. Unfortunately these fools who are closing RM for $75 are all over our country...... sad but true.

Reply by Frank/NC on 3/11/09 3:03pm
Msg #280336

The Notary Signing Agent "business" is relatively easy for someone to get in to. The real problem arises when you try to make a living at it or attempt to even make a part time income.
So many of us really have no concept of what it takes to "make a profit" and don't even take into consideration the costs of doing business as well as the term, "net profit". We keep turning down the lowballers while others keep taking them and think they are making money. Thus, the Title companies and signing services keep their fees low. We also can keep talking about the errors that are being made by notaries who take these fees and the other problems associated with it but never the less, they seem to always be able to get someone willing to do it.