Posted by SheilaSJCA on 8/25/05 12:47pm
Msg #61692

Finish Line...$50 company?

Finish Line in the Sacramento area called me (to maybe sign up with them,) and they told me they only pay $50 for signing with $25 for e-docs.
The woman went on to say that after taxes notaries "clear" $39.50 an hour, which in her opinion, is ALOT more than attorneys make. Where she got this information, I don't know. Those of you working in the bay area, understand how expensive it is to live here. I would love to hear from those of you who work with this company. I did a search, and it sounds like a different company then the one who called me offering $50 signings. (I checked the phone number in a past post and it is the same as the one who called me today)

Reply by buylamb on 8/25/05 12:52pm
Msg #61695

Last time I heard an attorney fee quoted it was nowhere near $39.00 an hour....More like $500.00 and up......She must know some really cheap attorneys.......it is hard to drive a benz or a lexus on $39.00 an hour....unless you are single......and thatis in rural PA.......

Reply by fiKS on 8/25/05 1:05pm
Msg #61703

$39.50 an hour? Hmm....would really like to see her math. Might she be thinking that the elves come to print the docs while we are at another signing, we get teleported to signing location, we just point and borrowers have rubber stamps for signatures and they stamp without any questions. Then the elves come back after the signing to do all the post signing stuff and prep docs for return and do the billing. That-a-way, yeah...we can probably accomplish everything in less than an hour.

Reply by SarahBeth_CA on 8/25/05 1:09pm
Msg #61705

Next time someone says that remind them that there is paper, toner, gas, vehicle and printer depreciation, print time, prep time, drive time, actual signing time, return drive time, packaging and drop time, cell phone bills, and miscellaneous office supplies. When you put all the time together just for print, sign, and drive you are already over an hour for a refi. Now if it's a HELOC within 2 miles you could make a profit at that rate. Otherwise "no thanks". (and none of this even considers the cost of living in the bay)

Don't know who gave her those numbers but she certainly hasn't done any real research on what you must charge to cover expenses AND make a profit.

Reply by Bonnie_CO on 8/25/05 1:12pm
Msg #61709

$39.50 an hour? Clear? What about adding in the cost of gas to go to the borrowers home? Or gas to go to UPS/FedEx? I don't know about all the rest of you, but I have yet to do a Refi from start to finish in an hour-even thought the actual signing takes less than an hour usually, you have to figure in the travel time, time for printing and making copies of the docs, what about fax backs and things like that, are they included in the "hourly rate"? As far as the attorney thing goes, the one I worked for charged 650.00 and hour for billable hours....hmmmm, maybe we should charge 700 since we "make alot more than attorneys make". Some of these signing services, (NOT ALL), are really unbelievable! (Sorry...just had to vent for a minute)

Reply by taxpro on 8/25/05 1:31pm
Msg #61719

Do the math

I'd love to clear 39.50 an hour after taxes. Full time, that's a NET PROFIT of $82,160 per year, AFTER TAXES. RIGHT! Apparently she doesn't understand the economics of being self-employed. First of all, we're not always doing signings 40 hours a week, so our income fluctuates up and down. But even if we give her the benefit of the doubt and assume we'll be busy 40 hours a week, steady.... then we have to cover our overhead expenses such as gas, repairs, advertising, supplies, equipment, toner, paper, insurance, licensing fees, etc. Add to that the signing companies who pay late or never... If your federal rate is 28% (it would be at LEAST that much in that income range) and your state rate is 7%, that's a minimum of 35% for income taxes, not counting self employment tax, for the non-notary portion of income. Without regard to SE tax, you'd have to have a PROFIT of $126,400 to clear $82,160 after taxes. To have a PROFIT of $126,400, and your expenses are about $33,000, you'd have to GROSS about $160,000 before expenses. Add in SE tax, on say, one-half of your profit for non-notary fees, and you're up to about $174,000 in grossed up income you'd need in order to clear $39.50 an hour. At her proposed fee of $50 per signing, you'd have to do 67 signings a week, in 40 hours. That allows 36 minutes per signing, including driving time, printing edocs, and taking appointment calls. (If it took you longer than 40 hours to do all that, your hourly rate would drop below $39.50.) The next time she calls, explain all this to her. I'd love to hear her response. P.S. Most attorneys I know charge anywhere from $200 to $400 per hour. If she thinks attorneys are cheaper than notaries, why don't they just hire attorneys instead?

Reply by Les_CO on 8/25/05 2:21pm
Msg #61738

Consider the source!

Reply by Susan Lewis on 8/25/05 2:30pm
Msg #61741

Stephen Williams/Finishline is a great company. They pay on time, every month, are always their to help day or night and weekends. There are a million SS out there... most close there doors at 5pm M-F and your out of luck if you need to call someone after hours or on weekends. His staff are some of the nicest girls you'd ever want to deal with. I will work for them anytime. Finishline has always been fair with me.

Reply by CaSigner on 8/25/05 3:34pm
Msg #61754

Same here and I get more than $50.00

Reply by Anonymous on 8/25/05 4:59pm
Msg #61775

Re: Same here and I get more than $50.00

Please call them at Finish Line at 916-735-1255 - you will be very busy if you do depending on your notary skill. They always pay on time and are a pleasure to work with. ny babz.