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Posted by  Cari on 5/29/16 12:53pm
<<That is why every professional, knowledgeable NSA should be able to garner this work directly, and leave out all the middle men shopping for rock bottom fees, while keeping most of the fee for themselves.>>
I've noticed in many of you similar posts, you seem to put the above blame on the "middle man" mainly the SS. But this is not entirely true. There are many reputable TC’s doing the same damn thing as many of us have seen in past HUDs and current CDs. They’re overcharging the BO in nsa closing fees and then turn around and pay us our fee, minus the 10 to 25% markup. I’d name the TCs doing this, but risk being black listed. But we all know who they are. So what can WE do about that? Really nothing because they pay us “our” fee and as long as this doesn’t change, nothing else matters. We are not going to stop working for those reputable TC’s or SS because of this, right?
So much of what you and others have written about the "middle man" in the negative is tiresome in that it is always one sided as it is really BOTH the SS and the TCs fault fees are at an all-time low. They say or excuse is that they're allegedly under pressure (by pushy lenders) to make sure the closing happens on time, that most have totally bypassed the NSAs credentials. It is no longer who is the MOST qualified, but who is the cheapest of the most qualified. The cheaper the NSA, the richer their bottom line is per closing.
Our profession is, unfortunately, the easiest to manipulate as we continue to see low ball fees, by BOTH SS and TC's.
This is not necessarily the fault of one entity in the real estate closing, but is the end result of all players involved trying to save much of their fees. WE will always be last on the totem pole.
Also, there is no "fix" to this. Low ball fees have been the norm since 2011 and have steadily increased over the years. These low ball fees will continue to be accepted by many nsa's new and old, no matter how low they go, because the mindset for most of these folks is some work is better than no work. Getting paid something is better than not getting paid. And this damn attitude has been driven by the stingy SS and TC's that have purposefully driven our fees to ridiculously low fees.
I totally agree with you as to "why" EO's need to invest in competent NSA's, 100%. So let’s all start thinking about how our own marketing efforts can convince SS and TC’s to hire reputable NSA’s and not just any ole’ notary.
We MUST PROVE our self-worth to them so we can get paid OUR worth, for starters. It takes convincing your current clients that pay you $XXX to continue to hire you. It must be a constant reminder.
I also believe that the NSA profession should become an “official” profession in addition to the notary public and become “regulated” same as the appraisers and/or independent brokers, then maybe we'd be able to get our fees and get paid when the loan funds instead of waiting to get paid 30 to 45 days out. But that’s a whole other conversation for another day. |
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