Posted by EP_VA on 8/3/04 8:21pm
Msg #5430

Making Money in this Business

I was contacted to do a signing approximately fifteen minutes from where I live. No sweat -- good deal. However, my question is the signing service wanted to pay a base fee of $85 plus $25 for e-docs. I quoted $50 for e-docs. I was then told that they only pay $25 for e-docs (which includes a copy for lender and a copy for borrower). I went ahead and accepted the assignment. Unbeknownst to me, the entire loan package totaled 119 pages (or 238 pages for two sets). After giving it some thought, I'm thinking that there is no money to be made here especially considering my time to print the documents (paper & toner), and then travel (gas and wear and tear on vehicle) to the borrower's home to get the documents signed and notarized, and then to travel to the FedEx office to overnight the documents back to the signing service, and fax a confirmation of whether the loan closed or not. Can anyone see where any money was made here? If I get any more signings like this, I feel like I am paying the signing service to have me in their data base. Any thoughts would be much appreciated. Am I selling myself short??? I'm not looking to get rich but I certainly don't want to come out on the short end either.

Reply by Steve /Fl on 8/3/04 8:53pm
Msg #5431

I actually am not clear on your story. You say the signing service quoted a base fee of $85, then you go on to say only $25 is what they were willing to pay. Did you misunderstand them...did they mean $85 for the base fee + $25 more for the edocs? Check your writing. It was not really clear to me what transpired on the phone with the ss company & you. Maybe it is me, but I don't follow your story too well! By the way if they offered $85 + $25 for edocs...why on earth would you then quote less...$50. for the edocs! Hard to follow your story!

Reply by Steve/Fl on 8/4/04 7:51pm
Msg #5522

It must have been late...I read your original thread posted & I do understand now what you wrote...my bad! Steve/Fl

Reply by EP_VA on 8/5/04 12:53pm
Msg #5557

Thanks. I was beginning to wonder if I had a problem expressing myself. Sometimes I do though.

Reply by Andy_WA on 8/3/04 9:01pm
Msg #5432

Depend on the level of your experience, but $110 for a signing 15 minutes away doesn't sound bad at all. I would do it. 119 pages is little to much (average is about 65pg), you might want to view the file to see if the lender included borrowers copy to print also. I have had this happen and ended up with 4 set of docs.

Reply by CA_Notary on 8/3/04 9:08pm
Msg #5433

You just described a typical loan signing. $110 total for a signing with e-docs that's only 15 minutes from your house is a perfectly reasonable fee. Your actual charges incurred for supplies - approx. 1 gallon of gas - $2.10 or so, 1/2 a ream of paper - $2.50, about 7% of the toner in your cartridge - $7 if your replacement cartridge is $100, more than likely much less than that if you use toner refills or can get cheaper cartridges. So we're talking $10-$12 in actual tangible supply costs.

Which leaves you with about $100. If that's not enough to cover the time involved in the signing (2.5 hours max) and any depreciation costs on your car (30 miles worth of driving is NOT that much wear and tear) and equipment then you're probably not in the right business, or at the very least you should not be dealing with signing services and should try to get work from title companies directly.

How much do you think you should get from this signing to make it worth your time?

Reply by CarolynCO on 8/4/04 9:31am
Msg #5469

Additionally, depending on how much your state allows for notarizations ($X for each signature or each document), you are allowed to deduct that amount from what you are claiming on taxes.

Reply by Jon on 8/5/04 11:56am
Msg #5553

You are not allowed to deduct from your taxes, only to deduct from income subject to SE tax. There is a big difference between the two. One will get you in trouble for tax evasion and the other is perfectly legal.

Reply by sue on 8/5/04 8:07pm
Msg #5582

even though I am just me, I am a business and my business must make a profit. hourly employees don't take the risk but business owners do and for that risk I want compensated. you forgot in your formula what all I pay - health, life and disability insurance, retirement, higher homeowners and vehicle insurance, the equipment to run a business, , SE tax, E & O insurance, membership dues & fees, advertising, training/cle (i.e., seminar, updated notary guide, paralegal assoc., etc). you say 30 miles wear and tear isn't that much but I put between 3000/4000 miles on my car a month. I got a new car in December and I already have almost 30,000 miles on it. I also don't get paid for sitting at my desk doing book work or marketing. I have to absorb bad debt (just realized that 21st Century got me for $75). so, you ask how much to make it worth my while - $150 for e-docs and I get it in numbers most would never believe.

if someone is in this fulltime to earn a living as a business owner and they are experienced, professional, and smart, they need to earn a different fee that someone part time who is doing this to earn a few extra dollars.

Reply by HisHughness on 8/3/04 10:14pm
Msg #5440

EP_VA proclaimed:

***Am I selling myself short??? I'm not looking to get rich but I certainly don't want to come out on the short end either.***

You sure you're not just really happy about a $110 fee and want everyone to know about it, EP?

Reply by Stephanie/CA on 8/3/04 10:48pm
Msg #5444

Re: Making Money in this Business...Ditto with CA_Notary n/m

Reply by Stephanie/CA on 8/3/04 10:48pm
Msg #5445

Re: Making Money in this Business...Ditto with CA_Notary n/m

Reply by NJ Notary on 8/4/04 7:45pm
Msg #5521

Part Time is the way to go!