And you have hit the nail on the head for explaining why notary fees are dropping.
The industry is no longer viewing the signing as a service. It is being treated as a commodity. Commodities have a set price. Hence, signings now have a set price. It just happens to be lower than some are willing to work at.
This will have no bearing on whether you are viewed as an IC or employee. A company is free to set a price for a commodity or a service. As long as someone is willing to fulfill that request at the price point set, the company is happy. If no one wants to fulfill the request, then the price point will have to move up.
As long as there are takers at the price offered, the price will continue to drop. When it reaches a bottom where no one will take the job, then that will become the standard price. The price will not move up again unless no one is willing to take the offered fee.
In essence, that is the free market economy. The price of a widget is set where enough people will buy it to make the company the maximum profit. Unfortunately, loan signings are now a widget in the eyes of the loan originators. |
