Posted by Anonymous on 4/29/05 6:21pm
Msg #34947

Slow month, no signings is it me!

I don't understand whats happening. I've been watching and listening out for my phone for 3 weeks and no one has called. I'm signed up with about 10 companies. I'm on NNA and Notary Rotary. Oh! I had to turn 2 down because I had problems with my phone and internet, could that be the reason? One more thing my fee was $85 for email docs and Professional Settlements wanted me to do it for $75. Help! any feedback would be greatly appreciated.

Ohio Notary

Reply by Dogmonger, Ca on 4/29/05 6:56pm
Msg #34951

You should be signed up with a MINIMUM of 100 companies

And should not slow down until you are well over 200

Reply by Roger/OH on 4/29/05 6:58pm
Msg #34952

I don't usually respond to anonymous posters, but since you're a fellow Buckeye, I'll give you some feedback. First, you need to sign up with a LOT more than 10 companies; start off with at least 50 and always add more. There may also be many other established SAs in your area that companies are calling first. Your fees are OK for someone just starting out, although you probably should have taken that $75 edocs for the experience if you weren't getting many other calls, and it was fairly close to you. Post your name and you'll get more responses.

Reply by Big B on 4/29/05 8:09pm
Msg #34957

$75.00 is the standard fee for overnight documents while $100.00 is the fee for E-Mail documents.

It also depends with which companies you have signed on, and how much business they are doing in that area. Sign up with more companies. Also, be certain all your equipment is functioning properly.

Reply by Roger/OH on 4/29/05 8:20pm
Msg #34960

While I'd certainly agree with Big B's figures as a desireable norm for experienced NSAs, the truth is that the only fee standards out there are what YOU determine to be yours. You need to look at the competitive situation in your area and determine what the market will bear in your region. Again, it sounds like you're just starting out, and in that case there is nothing wrong with taking all the $50 jobs you can get (within reasonable distance) to get some experience under your belt and make yourself more competent as you market yourself to more companies. Just don't EVER take anything UNDER $50.

Reply by DR-NoCA on 4/29/05 11:08pm
Msg #34981

No wonder you aren't getting any signing. Do you really think you are worth $85 an hour? I have to agree with the previous post that you should be taking all the $50 signings you can get for experience. You must get over thinking you are such a great professional as so many on this site think they are. When notaries are demanding as much as an attorney who has much more education we are out of touch.

Reply by ERNA_CA on 4/30/05 12:40am
Msg #34989

Re:have not met a laywer that works for $85.00 an hour

Reply by Big B on 4/30/05 1:18am
Msg #34995

I have never met an attorney who works for under $200.00 an hour, and that is usually for a C or D rated represntation. The A and B rated attorney receives $350-$500.00+ per hour.

Attorneys who used to perform loan signings were paid $500.00-$750.00 per signing. Title companies and lenders learned how to save money by using Notary Loan Signing Agents for a fraction of the cost.

My largest account has me go their offices. Sometimes I have as many as 8 signings in one day, as I did on Tuesday. I am paid $75.00 per signing, for one of the smallest loan packets I have ever seen, which takes me approximately 20 minutes to complete. That is $225.00 per hour. Yes, I am worth it. The managers receive bonuses for document accuracy, and I deliver 100% every time. for the last two years. That is why they will not use anyone else. Additionally, I hand the documents to the manager, and I am finished. No shipments to prepare, no running around. I'm done.

Let's unite and charge a standard fee.

Reply by ERNA_CA on 4/30/05 1:32am
Msg #34996

Re: Uniting is a good idea but....

most folks are too individualistic and don't look at others as fellow notaries but rather as their competition. I think most charge at least $75.00. When brand new some might accept a few $50.00 signings just to get started.

Reply by sue on 4/30/05 6:24am
Msg #35002

don't let your client find out it only takes you 20 minutes - you may end up with a 'strike'. they'll tell you you're not doing a 'thorough closing'. I got chewed out for that yesterday from them. she told me I am to be meeting with the manager for 15 minutes for loan review prior to the appointment and then spending 45 minutes with the borrowers. I held my tongue and didn't tell her I don't review with the manager because there is no need to - I know the doc forms inside and out and I don't look at the numbers so there is no way in the world I could spend 45 minutes on the docs if I tried (unless I laid the pen down and chatted about the weather after each doc). Everything you need to know is on the summary and I pull that to the top. By the way, like you, the manager loves me and requests me partly for how quickly, smoothly and naturally perfectly I get those loans signed. One more thing - she told me to be aware because they send in 'mystery shoppers' to rate us. I told her that was fine because I guaranteed that I never had a borrower with questions when I left the room.

Reply by PA Notary II on 4/30/05 8:33am
Msg #35010

You must be talking about IREP. The price and circumstances match their 'MO'.

Reply by Anonymous on 4/30/05 12:13pm
Msg #35052

Big B: Now that's what I'm talkin about....how can I hook myself up with a company like you have? Carol_CA

Reply by CarolynCO on 4/30/05 12:33pm
Msg #35063

Re: Let's unite and charge a standard fee.

That's considered price fixing and it's illegal.

Reply by BrendaTX on 4/30/05 1:05pm
Msg #35080

**Attorneys who used to perform loan signings were paid $500.00-$750.00 per signing.**

I have been in closings all of my life--well, since I was eleven or twelve. The only time an attorney was involved was when I was donating property to a non-profit organization and he wanted his picture taken for the newspaper--it was his abstract company, after all.

The usual way it was done was with an in house closer.

Reply by Big B on 4/30/05 1:08am
Msg #34994

Accepting $50.00 signings is problematic at best. If notaries do not require a proper fee, they will not be respected. All notaries should be familiar with the tasks of being a notary, thus there is nothing wrong with requiring a higher fee regardless of the amount of experience. I sometimes receive 67-100 page sets of documents. There are numerous notarizations that need to take place, especially on the "junk docs." My state allows me to charge $10.00 per notarized signature. If I charged on that basis and added the travel fee, I could price myself out of business. I thnik $75.00 minimum is fair.

As Notaries, we should set the standard for fees. I believe we should advise fellow notaries to charge the apparent standard rate of $75.00-$100.

I charge more and get more signings than I can handle. As long as you are efficient, and make clients feel at ease, you will continue to get signings at the higher rates.

Signing companies that have offered me $40.00-$50.00, which I turned away, in the past now pay me $100.00-$125.00. I guess they were tired of, "getting what they paid for."

Reply by Anonymous on 4/30/05 10:15am
Msg #35028

Thank you for that information. Actually I have only been doing signings for about 5 months. The edocs have really been stressful. My second signing, I received the docs at 8pm for a 9pm signing. The borrowers didnt want to do it that late but the loan officers demanded that I did it. I had a problem printing the docs and didnt leave my house until 9:30. I really had stressful experiences my first couple of signings. Returning the docs, faxing and everything else. Printing out 2 sets of docs 120+ pages gets expensive. So thats why I thought $75 was too low. I will think about making $75 the minimum until I get a little more experience.
Thanks again for the info.

Reply by BrendaTX on 4/30/05 1:35pm
Msg #35087

eDocs should not be so stressful...

Experience will cut down on that.

You learn which edocs will come on time, and which ones won't. You learn to work like a smooth politician with the borrowers to make them understand if you are doing last minute edocs; and you will explain that you'll get there when you get the docs...no sooner, no matter what they may have been told by the LO or TC who told them to expect you.

The most stressful thing about eDocs for me now is a 3 Level process of engagement.

Do I need to put on $2 worth of mascara (Level 1)?
Put on pantyhose (Level 2)?
Put on my work clothes (Level 3)?
Or, do I stay in my pj's/aka what I wear around the house in between signings?

The other night I took a Countrywide signing at the end of the day. I was already back at pre-Level 1...in my pj's and with a clean face.

Level 1 - I put on the mascara, printed out the edocs...saw it was a HELOC and stopped. It came from another state and sometimes they don't remember a HELOC has to be signed in a TC in Texas. Took a look at the docs I just printed before the Level 2 pantyhose mode when I saw that...no can do...called the California TC who had hired me and referred them to a local attorney I pass such types of assignments off to.

Be prepared ahead of time for the Level 3 Process of Engagement: Have plenty of mascara and pantyhose on hand, have your work clothes ready to go.

It goes without saying that you have your equipment ready to spit out docs at a moment's notice.

Today...Level 3 Process of Engagement is in place and...

My two printers are sitting here after the EOM with plenty of paper and five full toner cartridges on the shelves - two full in the printer. Both of them will print 5000-7000 sheets while I engage my Level 3 P of E.

Reply by HisHughness on 4/30/05 1:42pm
Msg #35093

Re: eDocs should not be so stressful...

Brenda says of being prepared for edocs:

***Do I need to put on $2 worth of mascara (Level 1)?
Put on pantyhose (Level 2)?***

I just shed the makeup entirely once I'm home; too likely to get smeared. The pantyhose, though, I tend to keep on till after 6 p.m. when I finally feel comfortable taking them off.

Reply by BrendaTX on 4/30/05 4:24pm
Msg #35134

Re: eDocs should not be so stressful...

*The pantyhose, though, I tend to keep on till after 6 p.m. when I finally feel comfortable taking them off. *

That's Man-ty-hose to you, buddy.

--------

The edocs point is that as you get more experience you learn.

You handle the late edocs people with a Yes or a No thank you...then, there's no more stress.

Reply by Anonymous on 4/30/05 10:25am
Msg #35031

From my experience with edocs, I think $50 is way too low. With the prices of gas. The printing of 2 sets of docs. And if you dont have a fax machine you have too pay to fax the docs back. I would really have to think about accepting $50.
Thanks for your thoughts

Reply by Becky on 4/30/05 2:08pm
Msg #35108

Woah!!! I was just about to move on to the next thread and then I read your last post. When the previous posters mentioned $50, I'm sure they were talking about base fee. If it is an edoc, you should add at least $25 on top of the $50.

In the beginning, until you are fully equipped, yes your profit margin is very low. You're lucky to even make any profit, actually. When you're much better equipped later on, you'll be more efficient, be able to accept more assignments back to back and have learned ways to cut back on your expenses. For instance, do you use toner refills instead of buying a whole new cartridge each time? If you need info on proper equipment, do some research on this board. Good luck and don't forget to sign up with more companies. You're lucky you have received any work by signing up with only 10 companies. Did you sign up with referral companies like NotRot and 123Notary?