Posted by Carla_MD on 8/7/12 10:22am
Msg #429620

Signing Agent Fee Schedule

Does anyone have a sample fee schedule or can direct me to where I can find a sample fee schedule? I am not asking for your fees, I already have my own. Just wanted to make sure I include everything in my final signing agent fee schedule before I send it out. Thank you in advance.

Reply by jojo_MN on 8/7/12 11:52am
Msg #429630

This is my fee schedule:

My overnight document fees are: $100 0-20 miles, $125 21-40 miles, $150 41-60 miles, with rates a little higher if traveling over extreme terrain. (In this area, a closing could be only 30 miles away, yet take an hour to get there).
For e-docs, add $25 per loan. Two loans are figured at 1 ½ time base fee plus $25 for each loan for printing. (i.e. 2 loans 55 miles away would be $225 for the base with $50 printing. Total $275.).

You need to set your own fees. May people charge more than me, others less. Make sure that you include your base fee for overnight and e-docs. When setting your fee, make sure you take in consideration your costs for printing, gas, taxes, and office overhead. After all the costs, do you want to make any income?

Reply by jojo_MN on 8/7/12 12:01pm
Msg #429632

Also, you might want to include your hours of availability, your experience and how you accept documents. (i.e. I can accept e-mailed, scanned, and faxed documents. Have DSL/High Speed Internet. My fax and printers are all laser. I can print mixed letter and legal sized documents)

If you don't accept anything less than the full amount for your closings, you might want to include a statement such as "I do not accept anything other than full pay for my work regardless if the closing was cancelled after travel or at the table, or if rescinded after closing."

Reply by jojo_MN on 8/7/12 12:04pm
Msg #429633

Also, if you charge extra for faxbacks, this is a good place to let them know in advance.

Reply by LKT/CA on 8/7/12 12:17pm
Msg #429637

One sentence (or some variation) EVERY notary should have in their fee schedule: "If the assignment/details discussed does not equal the edoc file received, you will be contacted to renegotiate the fee."

In other words, if the scheduler states the signing is a single refi with edocs, fax back ten pages, 10 miles travel distanance and you quote a fee for that, then you actually receive edocs for a reverse mortgage, whole package fax back, 40 miles travel distance - see the problem? You quoted a fee for one signing, only to receive a signing that commands higher fees.

Maybe the scheduler truly did not know the signing was a reverse mortgage, but was told it was a single refi....nonetheless, whether by accident or on purpose, you still need to be compensated for the type of loan signing you're handling.

Reply by Carla_MD on 8/8/12 2:19pm
Msg #429810

Thank you so much for your input!! Great pointers.