Posted by nobhill on 1/8/11 2:01pm
Msg #367608

RED ALERT - CitiBank Renegotiating Low Ball Fee Contracts

We loan signing agents need to form a strategy as one body to deal with the greedy banks that are renegotiating their contracts with agencies in order to short us $20-30 per signing. Here's how I came to understand what is happening. Because it was a Saturday signing, I allowed a $80 low ball fee from my usual $100. It was nearby and convenient, the docs were easy to print, etc. Regardless when I arrived, I learned the transaction was for a 3.5 million home refinance and the lady was wiring Citibank $239,000 for a lower appraisal of her home, to pay the difference. Upset I received less for my fee, I called the agency I never worked before (theY found me on SigningAgents.com which is why I'm not renewing!) I'm in San Francisco, CA.

The agency told me two weeks ago Citibank told them another agency they signed with agreed to a lower fee for its signing agents so they had no choice in order to get business, but to sign the contract for less. This is a problem for us Signing Agents that the agencies are unable to stand up to these greedy banks that could careless they're not paying us properly for our time, experience, notary commission and materials.

As a signing agent, I have no choice, but to turn down any future work from an agency that has low balled its contract fees with banks. I suggest others do the same and not be "desperate" to affect all of our wages as such. I apologize for accepting this one time for $80. I will never accept any fee less than $90. I was able to convince the agency to give me an extra $10 for $90 under the circumstances of the lady taking more time for her large cash transaction papers.

We need to band together because the banks have no choice but to use us, and we shouldn't accept low ball fees for our work or it will be downfall of us all.

Reply by JulieD/KS on 1/8/11 2:15pm
Msg #367613

I don't need to band together with anyone. I set my own prices and if they want to pay $80...or even $100, I would decline. My minimum signing fee is $125; for same-day service - minimum $150.

I set my fees...as does everyone else. If CitiBank wants to hire the lowest-cost provider of signing agent services, they'll get what they pay for. I'll be there (at $125 a pop) to clean up the mess.

Reply by Calnotary on 1/8/11 2:19pm
Msg #367614

"We need to band together because the banks have no choice but to use us, and we shouldn't accept low ball fees for our work or it will be downfall of us all."


And you took a signing for less than 100.00?

You are funny.

Reply by Les_CO on 1/8/11 2:26pm
Msg #367616

“Our” problem is not the banks, lenders, or even the title companies or SS’s. It’s notaries like you that “took the low ball assignment because……..”
JMO

Reply by Linda_H/FL on 1/8/11 2:40pm
Msg #367621

I agree with Les..

I've done 3 in the last 2 days - $150, $130, $150 and have one for Monday - $150

You make your own bed in this business...make it right the first time and reap the rewards.

Reply by Linda_H/FL on 1/8/11 2:47pm
Msg #367624

Should clarify here..my loans were not Citi... n/m

Reply by James Dawson on 1/8/11 2:22pm
Msg #367615

That's funny....I do citibanks all the time......that is not true....for me and I work the entire bay area.

Reply by HisHughness on 1/8/11 2:28pm
Msg #367617

You were satisfied with the fee before you learned any of this.

It is the job of the hirer to obtain the requisite services for the lowest amount commensurate with its aims. Those aims can, but do not necessarily have to, include paying a fee sufficient to maintain a cadre of experienced and <loyal> signing agents.

It is the job of the signing agent to set a fee sufficient to meet his/her needs, irrespective of the aims of the hiring party.

You did that originally. To complain afterward of the hiring party's goals simply won't wash. If you wish to seek some sort of joint effort to raise NSA fees, that's fine, but to premise it on a fee that you willingly agreed to accept is simply inappropriate.

Next time, just insist on an appropriate fee at the outset. And, by the way, $90 is NOT appropriate, even if the closing is at your own dining table.

Reply by nobhill on 1/8/11 7:39pm
Msg #367673

No, I questioned the fee. You may want to add question marks to your projections. They gave me some story about how citibank lowballed their new contract. As I stated, it was a convenient signing. I questioned afterwards why it was so difficult to pay me a fee based on the $3.5 transaction and $239,000 wire transfer.

People can be so rude on this forum.

Reply by 101livescan on 1/8/11 2:34pm
Msg #367618

The problem with this industry is the notaries out there, like you, who entertain and accept the low ball fee, so don't cry a river, dear. Stick to your guns. Why bother with such paltry offers. I had one yesterday for $90, I negotiated higher, got it.

In my area, there are low ball fee notaries accepting the jobs I don't want. Gives me the opportunity to stay focused with the larger paying vendors.

I suggest any one accepting low ball fees get in touch with reality. Gas prices are on the rise, so is the cost of paper and toner, cell telephone use, telephones, not to mention what your time is worth. Sounds like you need to do an indepth analysis of what you're really making if you continue to entertain these low ball vendors.

Reply by nobhill on 1/8/11 7:40pm
Msg #367675

Wow, you guys are rude. Nevermind.

Reply by nobhill on 1/8/11 7:42pm
Msg #367676

What a Bunch of Rude A-holes! Nevermind

I suspect agencies are writing here. Certainly not on the side of notaries sharing information.

Reply by nobhill on 1/8/11 7:49pm
Msg #367677

Maybe Low Balling The Way To Go Afterall After That Reaction

Wow on second thought if notaries are this arrogant and rude, maybe I'll start accepting lowball fees because I really hate the people who post so rudely here. The work you guys do isn't brain surgery, really ridiculously easy. If you want competition you've got it. Don't be rude to your fellow notaries because I'm serious, I'm very upset by the responses here. Psychologically sadistic, rude and nasty. I'd like to price you all out of business and get all the work now. A-HOLES!

Reply by jba/fl on 1/10/11 9:30am
Msg #367808

Aren't you Little Miss Sunshine! (That was sarcastic) n/m

Reply by Donna McDaniel on 1/8/11 7:58pm
Msg #367680

When you say "agencies", do you mean title companies or signing services?

Reply by HARRY_PA on 1/9/11 10:11am
Msg #367733

Nobhiil<

Have you had a mental health evaluation lately. Your aggressive and hate filled posts may indicate your need for one. My .02.

harry

Reply by Jessica Ward on 1/9/11 11:36am
Msg #367737

I've been getting great fees on Citi loans. I think you're getting played. If someone isn't willing to pay their notaries a reasonable fee, they likely don't have the scruples not to tell them a tall tale about why.

Keeping your fees high will steer the lowlifes away. It's worth it. Besides, once you've set your fees properly, you won't have to take an assignment just because it's Saturday. You can choose your days off and stick to them.

I'm fortunate that even with fees high, I'm able to fully book my workweek each week without hunting up work. I've even cut loose my 30 slowest-paying, or lowest-paying clients to free up more time for the better ones. The result; a fourfold increase in income and a six-fold increase in profit since cutting loose the companies that weren't hitting my "four star or better" mark.

The key isn't banding together, nearly so much as respecting yourself enough not to tolerate some companies baloney.

Reply by barkaroni on 1/10/11 12:45pm
Msg #367830

I'm just curious. Are any of these Citibank loans HELOC's or are they straight refinances?