No worries ananotary. It's fine if you think $100 is not "good" pay. It may not be "good" pay out in California but for here in Minnesota and for the scope of work that was involved, it was "terrific" pay. You are free to run your business the way you see fit and what's even better is I am able to run my business the way I see fit. We're all winners! I'm not going to judge you for the fees and terms you accept, so please don't judge me. It works for me and that's all that matters. I'm going to tell you a little bit about my $100 closing though.
NexGen calls me and asks if I can do the first part of a dual signing. Borrowers have the docs so no printing involved. Borrowers will be coming to me on their way to the airport (even better, I don't have to leave my office). I sign daughter and son-in-law who live here in Minnesota. Son-in-law takes signed docs with him to the airport to fly out to California and meet with the second notary the following morning for his mother-in-law to sign (which means I didn't even have to go drop the docs at Fed Ex). I think I spent a total of 20 minutes on that one. Still think $100 is not "good" pay?
As far as payment times go, I don't have a problem with net 45-60 days. I have been self-employed in the mortgage business for over 15 years and it's not uncommon to wait 45-60 days to get paid for a transaction. I understand that some people have a problem with this, but I'm just so used to it that it doesn't bother me. Some people have a problem with sending an invoice . . . that doesn't bother me either.
One thing I would like to say is that we need to start being a little less judgmental of our peers for the types of business and payment terms they accept. Each and every one of us is our own business owner and we run our individual businesses as we see fit. What works for me here in Minnesota probably won't work for a notary in California, I respect that. I am able to accept $85.00-$100.00 closings, I am able to run my receivables at net 45-60 days, I am able to close 900-1,000 loans per year due to the close proximity of my signing appointments, and I am able to make a profit. Not everyone can model their business that way. I respect the fact that others can't do that and I would never put you down for that or tell you that taking a $100 signing is not "good" pay or that net 60 is unacceptable. We are all our own boss and we run our business as we see fit. This just so happens to be the way I run my business . . . and it works for me. |
