Posted by NMSBTB/TN on 1/10/11 2:48pm
Msg #367843

15 notaries in my area close for $100 or less

Just had another phone call for a $100 refi signing. Declined and was told no problem they had 15 other notaries in my area that all close for $100 or less.

So far in Dec I was offered $50 for a single refi that was 40 miles one way; $70 for a 50+ mile away, and approached to sign up for bulk signings by 2 companies paying $100 per signing because they'll offer bulk.

It might give cash flow but it doesn't give income. How can anyone accept these offers and still keep going?

Reply by Jeff Ortler on 1/10/11 3:02pm
Msg #367846

You can make a profit at $100 or less signings. When things started to get slow for me I looked at ways to cut costs and get more efficient. I actually upgraded to a more efficient printer and saved a bunch of money on toner. I make borrowers sets on letter instead of legal and got rid of nonessential items for my business. If you reduce your costs you can take a lot less than you think and still make a decent profit.

Reply by Roger_OH on 1/10/11 3:10pm
Msg #367847

About average here...

Each to their regional variables, but a $100 refi from a reliable SS is OK for me in this area.

Reply by ikando on 1/10/11 3:14pm
Msg #367848

But Jeff, isn't the point of reducing costs to make MORE profit? When the prices being paid keep diminishing, yet the costs over which we have no control (i.e., fuel) keep rising, at what point will yet another reduction in pay benefit us?

I'm finding more and more general notary work which entails less stress and frustration on my part for about the same amount I frequently get offered to do a 130 page closing. I require enough to cover my costs and be able to enjoy my life, not scrimp to accommodate low payers.

Just my 2 cents.

Reply by James Dawson on 1/10/11 3:33pm
Msg #367851

I have learned to handle the flames so here goes. Ask at least 4 to 5 questions before making a decision about taking the assignment or not. The dollar amount/profit margin varies widely so it is important to know these cost to you per question.

1. Overnight or eDocs.
2. Where, how far to do you have to travel.
3. The Lender, you should be knowledgeable about the their type of loan package and process.
4. How many borrowers, pages.
5. Hiring parties payment policies, rating.

Knowing the answers to these question before you accept a fee will keep you out of the red. IMO

Reply by NMSBTB/TN on 1/10/11 5:17pm
Msg #367874

Actually took all of the items from those who responded into consideration. All are e-docs. Almost never receive overnight packages.

The 1st $100 company has a good rating as they pay 15 days out. I really do like the folks that run the business. The packages are usually 110 pages or sometimes less. Don't even mind fax backs as you know going in you'll have them and it will be under 10 pages and it's a 2 step process rather than dropping the docs at the courier after closing. Just mind that the payment keeps going down. Started working for them 3 1/2 years ago at $125, then $115. distance was 15 miles to 25 miles one way.

Unfortunately the one I did take they needed quickly and could only pay for $110 "just down the road". Turned out to be 48 miles out on country roads. The time increased as well as the mileage and gas consumption. and the fee was the lowest yet.

Taking everything into consideration it was less than $8 per hour. When I called to say it closed, I received a reply saying I was one of the higher paid ones and if I would reduce my fee to $100 or less they could give me more!

The 2nd $100 company requires going through a specific settlement company that uses a specific SA who has a 2 star rating on NotRot. And yes, the SS and broker know about the rating.

City traffic and widespread urban sprawl can make a quick 15 to 25 minute one way trip turn into an hour plus Rush hour runs from 3 to 7 p.m. Your profit margin goes way down along with you gasoline in your tank and with little mileage to deduct.

As for the other low low priced ones, unless you are aren't paying for equipment, supplies and time and you walk to the signing site, there is no way there can be anything other than a loss.

Appreciate the points of views rendered. It's a business and breaking even or losing money isn't good business.

Reply by roger/ms on 1/10/11 3:51pm
Msg #367853

It's because they have not taken the time to do the math and see that they are not only working for nothing it is costing them money.

Reply by Ari/NJ on 1/10/11 3:54pm
Msg #367854

I just got a call for a closing tonight at 9:30 pm about 23 miles away and was offered $85.00. Really??? and at 9:30 pm. They would call me back if my fee was approved. We know how that goes.

Reply by Roadie_MD on 1/10/11 5:12pm
Msg #367870

I agree with others...

I can live with $100 if it's less than 15 miles, if it's under 125 pages, if there are no special instructions (split pkgs, fax backs, etc.) It also doesn't hurt if the company pays in 30 days, and doesn't handhold. It seems to me that most companies that won't even offer $100 for a refi are usually not worth my time anyway.

Reply by CommLoanPA on 1/10/11 7:10pm
Msg #367916

Re: I agree with others...

I, too, try to find out the size of the document package. However, the signing service doesn't produce the docs...the number of docs is determined by the Lender's and Title Company's signing requirements. If only each of these parties would take a look at the entire closing package and realize how ridiculous it appears to the borrower to have two sets of w-9's; two sets of 4506's, two applications, duplicate affidavits, and identification verifications,etc. . I"d consider a reduced fee if I didn't have to print, explain, and take the time to notarize and make journal entries for duplicate forms. If a broker is involved, the packages are even more complicated.

Reply by Cari on 1/10/11 5:16pm
Msg #367872

I hear you! And then some say that 'volume' is worth the

low pay...ridiculous!

Reply by Donna McDaniel on 1/10/11 6:07pm
Msg #367900

Re: I hear you! And then some say that 'volume' is worth the

I received a call from an SS that I haven't heard from in a while for 2 signings. When I called the BOs to confirm, both told me that another notary had called them a few days earlier to confirm with them.
I thought maybe the SS double booked us.
I called the other notary and she said she had to cancel because she was sick. I asked her what she was charging this SS and she told me $75 but she gets a lot of calls.
I try to look at the big picture. I told her, if I do 100 signings a year for a company for $75, that's $7,500. Or I can do 100 signings a year for $100 and make $10,000.
So if they only call me for 75 signings because my fee is higher, I get the $7,500 and work less.
I only hope she gets it.