Posted by Roberto Marin on 11/14/04 11:07am
Msg #11292

Loan Signing Fees

Hey yesterday I had my first loan signing, it was the first time doing any notarial work. When I talked to the brokarage that sent me to sign she told me that they paid $125 I agreed. We didn't discuss anything else. I traveled about 80 miles each way, there was also a quitclaim for the brother of the barrower, for the brother to sign I had to go with the barrower to his work it took an extra hour to get his brother to sign the quitclaim deed. So my question is what should I do in regards to the billing is the quitclaim part of the loan signing? The extra hour spent to get his brother to sign how could I handle that on the invoice? And the mileage is it appropriate to charge for mileage even if it wasn't discussed? If somebody can help answer thsese questions I will really appreciate it.

Thank You
Roberto Marin.

Reply by Cassandra - CA on 11/14/04 11:24am
Msg #11293

Hi Roberto - well congratulations starting out! I had a similar scenario on my very first signing as well. Broker gave me one address - I arrived - waited for 1/2 hr. - borrowers called and said they told the broker to have me go to their work address another 1/2 hr. away. Surprise!

You have to take a few things into consideration. These are just suggestions:
Discuss the mileage issue before you accept the signing. Decide in advance how much extra you would charge for driving further out of your area; ie, $1.50/ mile. Since my area in particular is saturated with notaries - $1.50 per mile extra would never work - but many say that is what they charge and it works for them. You may want to just add an extra $50 - $100 to a signing like that to cover your additional gas, and time (not to mention the wear and tear on your vehicle)
As for going to the brother's office - I would definitely charge extra for that.
Just be sure you communicate the details to the person who hired you - a phone call and then some detail on your invoice would be best.
On the invoice - just keep it simple - maybe something like this:

"Additional trip required to "XYZ Address" for "ABC Signer (brothers name)" for Quit Claim Deed" @ _____ miles & _______ (time)" @ $_____

Since you are new and you want to earn more of this broker's business you might want to tell them that you will give them a discount this time because you would "like to earn more of their business" - but be sure to let them know what your usual fees are.

I would recommend designing a flier or brochure with your standard fees - listing the areas you will travel to - and any extra fees associated with your services, such as piggyback loans, extra long wait , etc...

I'm sure that others will have some very good suggestions. 80 miles one way in my area could have taken 2-3 hours one way depending on area & time of day. I would say $125 is too low for that - but I don't know what traffic, etc.... you're dealing with in your area.

Good Luck and Welcome!

Reply by Loretta Reed on 11/14/04 11:26am
Msg #11294

COngrats on your first signing. I wish that you had asked this question before you went to the signing or even took the order. They saw you coming and took advantage of you.
Sorry if I am imposing but my first question is, why did you travel 80 miles one way for $125? I would not have gone for less than $200. I have not done a signing that they paid a separate fee for travel time. I am sorry but I think that $125 is $125, that would happen to include your 4 or 5 hours it took you to do the signing, including travel time. That is a real shame that they did this to you.
I have a 35 mile limit one way on my signings. When I first started, I would travel 50 miles but it is just not worth it.

Reply by Roberto Marin on 11/14/04 12:20pm
Msg #11295

Thank You for your comments it has helped me already. This is an experience I will surely learn from. I feel fortunate to have a forum like this where everyone can help me with a question, its great. Once again I thank you both for your comments and your time.

Roberto Marin

Reply by Avis Davis on 11/14/04 1:43pm
Msg #11297

Did they email you the docs?

Reply by Roberto Marin on 11/14/04 5:06pm
Msg #11307

No they mailed them to me.

Reply by CarolynCO on 11/14/04 5:24pm
Msg #11311

When you are initially called for signings, if they don't tell you, ask what the zip code is. You can get a pretty good idea of how far you will be traveling for the singing.

Reply by CarolynCO on 11/15/04 7:56am
Msg #11336

**When I talked to the brokarage that sent me to sign she told me that they paid $125 I agreed.**

Reading down further in the thread, these docs were overnighted and not e-mailed. It would appear to me that the distance/travel fee was already taken into account when quoting you $125. I think it will be rare that you get this type of money for a signing when e-docs are not involved -- at least through a SS. I just turned down a signing that was going to take me nearly an hour to travel less than 30 miles (one way), up a winding, 2-lane mountain canyon road where the SS wouldn't even agree to give me $10 more than when I travel a mere two miles locally.

Reply by Anonymous on 11/15/04 12:55pm
Msg #11351

Hi, I have just received loan docs for which I will be notarizing 13 documents as part of an HELOC. I will travel about 6 miles one way and the docs are pretty straight forward. I charged $55.00. The docs were overnighted to me.

Do you think $55.00 is a good fee? This company gives me lots of work.

I go to the signing tomorrow (Tues) is there still time to negociate if you all feel I've charged too little?

Thanks for the input. I've was commission 2 years ago, but only began notarizing in June, 04.

Reply by CarolynCO on 11/15/04 3:27pm
Msg #11357

I can't tell you what is a good fee -- DEFINITELY never accept a signing below $50.00.

As for renegotiating your fee after you receive the loan package, unless you find that there are two loans, or something along that line, you should do the signing for the rate you agreed upon.