Posted by ANONYMOUS on 5/31/04 11:36am
Msg #2526

Fees for new notaries, what should we charge?

I am a new notary, & am wondering if notaries can charge a higher fee for bilingual services, I am also curious as to what a new notary should charge for different types of documents ie. E-Docs, closings etc. I realize some companies will pay the minimum (fifty bucks or so) due to the lack of experience but what about E-Docs and such? Any suggestions would be greatly appreciated.

Thanks again.

Reply by notary on 5/31/04 12:21pm
Msg #2527

For brand new notaries:

You will have to endure $50 for signings (delivered via overnight service) until you get more experience - at least 50 signings under your belt.

$50 is for any type of loan (first, home equity, whatever).
+$25 eDocs including borrowers' copy set
+$25 faxed docs including borrowers' copy set
+$25 second loan in package.

Unless you are absolutely broke, never accept a job that requires more than 20-25 minutes of travel each way for the above prices. The SS contracts will tell you they expect to pay the above for 50 miles of travel each way! Don't fall for it.

NEVER accept less than the above. These are rock-bottom prices. Even if you are really broke. Keep your day job or pick up something else to supplement until you get enough NSA work.

Doing 50 jobs will teach you more than just how the docs work. You will learn about eDocs, faxed docs, last-minute changes, confirmations, how to handle borrower questions during the weekend, etc. Plus you need to get a business license and pay estimated income taxes. Everyone thinks they only need to learn the docs. There's lots more to doing NSA work than that.

The NNA fee list is a joke. None of the SSs are paying any attention to it.

Reply by Anonymous on 5/31/04 2:07pm
Msg #2528

Thank you very much for your response, and for the list of prices, I have a few more questions, if you don't mind?. How do i go about getting a business license & pay the estimated taxes. Do I just call a tax company to set up a business account, or are there specific company's that help you star your own company? What are the taxes based? Are they based on the projected income of notaries in your own state,my own income, or based on whether you work full or part time? How is payment of taxes set up yearly, quartely, or does it just depend on the notary?
I realize there is so much to learn when becoming a notary,& although I feel like I'm taking such a slow route in gettign started, I am trying to learn as much as posible before marketing myself. My worst fear is to get jobs, & be completly lost, when it comes time to do my first signing. I also realize, i need to work in order to learn, & be proficient in my job, but I wanted to be as well prepared as possible before i embark on a new career.
Once again thank you for any advice/ info you can provide.

Reply by notary on 5/31/04 5:44pm
Msg #2532

Re: Fees for new notaries, ?s re gov't business requirements

quote from previous question:
"How do i go about getting a business license & pay the estimated taxes. Do I just call a tax company to set up a business account, or are there specific company's that help you star your own company? What are the taxes based? Are they based on the projected income of notaries in your own state,my own income, or based on whether you work full or part time? How is payment of taxes set up yearly, quartely, or does it just depend on the notary? "

You have asked a ton of questions! Some of the answers vary by city, county, and/or state.

A good place to start: the Small Business Administration, a federally-funded agency for small business owners. Their website:
www.SBA.gov

Regarding *federal* income and business tax questions:
http://www.irs.gov/businesses/index.html

Reply by Anonymous on 5/31/04 5:57pm
Msg #2534

Re: Fees for new notaries, ?s re gov't business requirements

Thank you so much for taking the time to answer all of my questions, I realize I have quite a few, but I'm sure the web sites you provided will be very helpful.
I have to say this web site has provided one of the best tools a new notary could find: information. Information you can trust because it isn't coming from a company trying to sell their product, or trying to sway you to incest in their ideals but rather from other notaries, who at some time or another have been in your shoes.

Reply by notary on 5/31/04 5:36pm
Msg #2531

Sorry, I forgot the part about second language ability.

It depends on
*where you are,
*how many non-English speakers (and which language they speak) are getting loans in an area, and
*how many NSAs know that second language in that same area.

For example: If you are in So. Calif and speak Spanish, you don't have an edge. If you are in the SF Bay Area and speak Hindu or Korean, you do have an edge. (Even speaking Chinese or Japanese in the Bay Area will not give you an edge. Too many Chinese- and Japanese-speaking NSAs already.)

It all depends on the SS's chance of finding another notary who speaks the second langage. If you are the only NSA speaking that language in your area, they know they will not get the job filled unless they agree to your higher fee.

If have the edge, charge an additional $25 for loans specifically needing a bilingual notary.