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Posted by Yoli/CA on 8/19/18 2:25pm
I became a notary January 2006. My first signing with Notary ASAP was April 2008 for $100. July 2009, I emailed Velvet advising that effective August 1, 2009 my edoc fee to her company was going to $125, the same fee I was charging other companies since January 1, 2009. She responded:
"We will not be able to use you if thats the case. I have a few clients (*First American to name one) that will only pay $125 total and we only make $25. I cant afford to pay you $125. I would hate to loose you as a notary but Financially we cant do $125.00. If you can continue to do our signings for $100 that would be great."
After attempting to negotiate with her, she further stated:
"We are struggling here as it is with the market on the files that we get to bill $175 on that makes up for the difference on the one we only get $100 on. The $125 Clients are half of our business. So when we can bill the other clients $175 that extra $25 makes up for the short files. I have to make $50 on every file to stay afloat. On the esigns I can do $125 but only $125 I couldn't do $150 at all.
The best I can do is $100 on all files and $125 on esigns. If that works great...if not I honestly can go more.
Not that I need to explain but we have our overhead and not that its allot but the problem has always been not getting paid on time from Title companies and me having to pull from my savings to cover notary's pay every two weeks thinking when I get the money from Title I can replace it and that never happens so its a fight every month to get paid from these companies."
I hate to break it to you, Nick. But, Notary ASAP is not fighting our battles. It is up to us -- each individual NSA -- to stand up, push back and demand respect. TC/escrow is not lowering the fees. Look at any ALTA you come across. Closing fees are still the same. Borrowers are still paying the same (or higher) title fees.
As a side note: Notary ASAP has been paying $100 per signing for as long as I can remember. When they joined SD, their fees went to $85. Apparently, Velvet's business plan allocates $100 per signing and the SD $15-per-signing fee just gets deducted from the notary's remittance. Ergo, it doesn't cost Velvet any additional funds to use SD. If anything, her overhead costs dropped (less staff hours searching for notary) by using SD = a little more in her coffers. I would hazard a guess the same holds true for many other SD subscribers.
jmo |
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