Posted by clueless on 6/14/04 10:23am
Msg #3028
$40.00 Notary
I just turned down a $40. signing from a company that last month paid $65.
I'm willing to bet the notary that accepted the fee doesn't have a clue as to responsibility, record keeping and time invested in one signing. I will not lower my fee and only hope these "newbies" wake up.
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Reply by nsa on 6/14/04 10:46am
Msg #3029
Re: $40.00 Notary - Thank you!
Thank you for turning down a $40 job. Our fees keep getting lowered due to SSs trying to get notaries to take jobs for lower prices. Notaries who take $40 ruin payment standards for us all.
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Reply by Negretes Notary Service on 6/14/04 12:27pm
Msg #3032
Re: $40.00 Notary - Thank you!
Let me tell the notaries that visit this foram about why a company might ask you to do a $40 signing.
Thay are trying to make a quick buck from the hard work and sweat from a newbie notary.
I would never even think of asking a notary to do a $40 signing, for even my least paying company I work for. And they only have 30 pages max, and 2 notarizations on there paperwork.
Shame on a company that attempts to pay a notary $40 for a closing.
Please see comments about my company on mobilenotary.com
Anthony J Negrete
Negrete's Notary Service Inc.
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Reply by $40=Idon'tthinkso! on 6/14/04 2:39pm
Msg #3033
"I'm willing to bet the notary that accepted the fee doesn't have a clue as to responsibility, record keeping and time invested in one signing"
I'm willing to bet you're absolutely right!! I feel sorry for a borrower having their loan signing conducted by a $40 notary. Hope they don't have too many questions. LOL!! By the way, good for you, turning it down. I would have done the same thing and added my most sincere "lots 'o luck" at the end.
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Reply by Linda/NoCA on 6/14/04 4:22pm
Msg #3034
I had a company call me and ask me to do a signing, then they told me they would pay me $40. I told them I do not do signings for $40. He then said that he would take me out of their data base, and I just said thank you for doing that. I am not doing all their work while they sit on their backside, sucking up coffee. I have better thing to do than going broke.
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Reply by CA_Notary on 6/14/04 5:03pm
Msg #3035
Linda-Can u tell us who so we can all call them up 2 remov?
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Reply by Lawrence Goodwin on 6/14/04 7:11pm
Msg #3041
Would any of you do a $40.00 signing if the following applied.
1. Docs are sent to the borrower.
2. Borrower is responsible for returning docs to lender.
3. Borrower comes to your office.
All you have to do is copy the ID's, witness signatures and notarize the docs.
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Reply by Bobbi in CT on 6/14/04 7:31pm
Msg #3042
Re: $40 Notary Public ...
If someone came to me at the office with a package of documents and
1. Asked to use my photocopier to make a copy of his/her id. and
2. Handed me ONLY the documents that required notarization from the package and asked me to act solely as a Notary Public, acknowledgment and/or oath on the documents that the person needed to sign with notarization.
I would do it for CT's maximum notarization fee - $5 per notarization. I would not take any responsibility as a "signing agent" or any other service. I would not even want to see the instructions or any other part of the package.
This is not a signing. It is someone asking a Notary Public to perform notarizations, which they should not unreasonably deny the request as a public official. It could be just two documents - a $10 notarization. I wouldn't charge for one photocopy. Of course in CT, any bank customer can go to their local bank and usually get this same service for free as a "bank customer." I have heard of it being done - from some unhappy branch managers whose bank didn't get the loan from their existing checking/saving account customer who was also paying off their existing loan with that bank with a new internet banking loan.
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Reply by Joan-OH on 6/14/04 7:31pm
Msg #3043
Lawrence.
If they came to me with the package, then they mailed it, by the laws in my state, I better not be charging more than $2.00 per acknowledgement stamp & $1.50 per Jurat stamp. So no, I would not charge $40.00.
Of course, no one will ever come to me because I work out of my home and absolutely NO clients come here. My homeowners insurance is not going to cover for business liability should someone slip on my steps.
So therefore, there will always be a signing fee including travel and although I will occasionally take a $50 signing from a proven signing service, I will NEVER take one for $40.
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Reply by Lawrence Goodwin on 6/14/04 7:42pm
Msg #3045
Thank God there are people in here that KNEW that was not a signing.
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Reply by John/OH on 6/15/04 6:54pm
Msg #3079
Look I can see how the very experianced notaries can be upset by this fee reductrion but it is life and it is for sure business. For all of those non-educated in business, there is a thing called "supply and demand." There will always be newbies that will do them for less. If you want a job that pays you for senority, then find a new career. I dont know what else to tell you!! Look you gotta stay competetive. Suck it up and do the cheap ones and the ones scheduling it will remember that. If not then play your "absent" games. But until you wanna actually wanna work hard for your money then sit at home and cry about it on here. God Bless you all
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Reply by John/OH on 6/15/04 6:55pm
Msg #3080
Look I can see how the very experienced notaries can be upset by this fee reduction but it is life and it is for sure business. For all of those non-educated in business, there is a thing called "supply and demand." There will always be newbies that will do them for less. If you want a job that pays you for sonority, then find a new career. I don't know what else to tell you!! Look you gotta stay competitive. Suck it up and do the cheap ones and the ones scheduling it will remember that. If not then play your "absent" games. But until you wanna actually wanna work hard for your money then sit at home and cry about it on here. God Bless you all
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Reply by PAW Notary Services on 6/15/04 8:47pm
Msg #3082
Here's the problem with doing $40 signings: You don't make any money doing them at $40. You have to look at what it costs you, counting everything (time, supplies, gas, depreciation, etc. etc. etc.). Granted, I could make a profit if I did $40 within a mile or two of where I live, but what happens when the 23 houses are all refinanced. Then what do I do. Sell loans to the cows and chickens. (Trying to be humorous here.) The second reason I don't do $40 or even $50 is because if I make a commitment to do it, then I loose the potential of making the $125 signing. At $125 each, I can afford to do one third of same number of signings.
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Reply by Bob/Ventura on 6/15/04 11:29pm
Msg #3084
Heres my view. Ok I'm new, but I've been around awhile too. I'm so fresh out of the chicken coop, I can still feel the egg yoke. ( Alright, stupid humor) but here's the point. I live in Ca. gas is $2.49 a gal. I drive 23 miles one way, fight traffic and drive back thats 64 miles. My auto gets 12 miles to the gal which figures out to 5.33 gals @ 2.49 per gal. The trip cost me $13.28 just in gas. At a $40.00 signing, I'll need to pack a lunch and take public transit. What fool would kill their chances for success, right from the start. What kind of lie can you come up with for the signing co, or broker or who ever, why after a few months you now need $95.00 to do the same job for the same company. Your ego can't be that shallow. Any newbie including myself, that starts out for less than $75 is only taking a whiz on my paycheck and my their future. I rest my case........
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Reply by teri on 6/16/04 5:38am
Msg #3086
Further costs which many do not consider are the depreciation on a car, car insurance (these two alone cost me a little over $400 a month)---divide that by the number of signings in a month - and vehicle expense + gas/tolls becomes expensive. Then the cell phone costs me $80 per month and my internet connection is $42 per month. That's just my fixed costs. Depending on the number of signings I take a month - that's a hefty charge. Then we have our self employment tax which is out of pocket again. At $40 for a signing after all costs I lose money when looking at the big picture. My "cost of sales" in aggregate is 33%(with 70% of my work being title company) and adding my FICA to it I net 50% on average...dividing that by the number of hours yields in some cases a loss (at low $ signings) or minimum wage...So, if I am better off cleaning houses or working McDonalds, I pass on the signing.
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Reply by sue on 6/16/04 7:28am
Msg #3089
and
if you do this fulltime you have: health insurance, disability insurance, vacation/sick/holiday pay, retirement, rider to your HO policy, dedicated business LINES, highspeed internet connection & expensive (translates into fast) laser printer, car insurance rate hike due to business usage. and, your most expensive cost - your time. You don't get paid when you're not 'signing' but you still have a business to run, marketing to do (if you don't find clients you won't have any signings), bookkeeping, downtime waiting for docs, time spent printing docs, doublechecking & packaging packages and yes, even fooling around with message boards because most of us have no or little direct contact with any other signers. Finally, since you are a business and not an employee, you should be making PROFIT, not just a pay check.
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Reply by Melanie on 6/16/04 7:47am
Msg #3092
Re: and
This is what I planned on doing but the signings aren't coming quick enough for me to stay afloat.
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Reply by Melanie~~MS on 6/16/04 8:24am
Msg #3094
HEY BOB!
ARE YOU AN ATTORNEY? LOL. BOY DO YOU TELL IT LIKE IT IS. I PROMISE AFTER THAT CLOSING STATEMENT NOT TO TAKE A 40 CLOSING~~NEWBIE OR NOT.
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Reply by Bob/Ventura on 6/16/04 8:42am
Msg #3096
Hi. Sorry, my humor is a little colorful sometimes. I have LOL every day.
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