Posted by Ceci, CA on 10/18/04 9:34pm
Msg #10006

Fees

If a borrower is signing two sets of loan documents for a purchase, do you normally charge your client double for two sets of documents, or do you just consider it as one signing job and charge your normal signing fee? Thank you.

Reply by KC/IN on 10/18/04 9:54pm
Msg #10007

I would ask for a little more, given you're doing twice the work. I doubt you'll get double the fee, but I've seen companies that offer 1-1/2 times the fee for "piggy back" docs. Sometimes, though, signing companies try to sneak the double docs in on you. (you don't find out until you get the docs and the fee has already been agreed on)

Reply by Roger/OH on 10/18/04 11:57pm
Msg #10023

Docs come from the lender, not the ss, and the ss often doesn't know there is a second set until you tell them. Most are pretty good about adding the extra fee, usually 50% of the first loan.

Reply by nah_AR on 10/19/04 11:16am
Msg #10040

When a company contacts you for a closing it is always a good practice to confirm exactly what type of loan you will be closing before a fee is ever discussed.

Reply by Dotti_CA on 10/19/04 1:34pm
Msg #10047

IMO if a fee is agreed upon based on incorrect information (2 loans as opposed to 1) it is never too late to demand a corrected confirmation. No corrected confirmation, no signing. Since I make only one trip for the 2 loans I usually request at least 1/2 the fee for the 2nd loan (plus all edoc fees) but I've had companies offer double the amount when 2 loans are involved.

Reply by Barbara/CA on 10/19/04 2:12pm
Msg #10052

Ceci,

The industry standard for signing a 2nd set of docs concurrent with the 1st set of docs is an additional $25.00. (the fee for the 2nd seems low, but it didn't require any more of drive time to get the docs signed).

Reply by Industry Standards? on 10/19/04 5:10pm
Msg #10065

So sorry - never heard of an "Industry Standard" for a 2nd Loan package (piggybacks). My minimum fee for the 2nd has been $50 from Signing Services, but I have been paid as much as double ($150 + $150 = $300) from several Title Companies/Lenders. Many have also paid me $75 - $100 for the 2nd & the 1st was $125 to $150. I think you might be saying that some Signing Services only pay $25 for the 2nd, but that is usually not the case with Title Companies/Lenders. And, remember, it is YOUR business, so it is the fee YOU CHARGE, not the fee THEY PAY! And even though some SA's only charge 1/2 of the 1st for the 2nd loan, I personally have never done that.

Reply by Ceci, CA on 10/19/04 6:41pm
Msg #10075

Thank you all for your feedbacks. I guess you as an individual should charge what you think is fair. Have a nice day.

Reply by Stephanie/CA on 10/20/04 3:05pm
Msg #10131

Re: Fees...Where do I find a copy of the Industry Standards?

Reply by PAW Notary Services on 10/20/04 3:49pm
Msg #10135

Re: Fees...Where do I find a copy of the Industry Standards?

There are no published "Industry Standard". We are independent contractors, with emphasis on the word independent. That means we establish our own fees and schedules. If there were published fees, then the fee structure would have to be regulated and there's no agency in place to regulate our services (though the NNA tries and has even tried publishing fee standards). Without an regulatory agency, establishing and agreeing on a fee structure, may be entering into the realm of price fixing.

Read the boards and you can get a feel for what other notaries charge and what some take. Fees for services range from $40 to over $175 depending on many different circumstances and the willingness of the agent.