Posted by LilyMD on 12/1/05 8:05am
Msg #79500

SS new fees!

Can you believe I was told that if I take a lower fee from a certain company that I would have preference over other notaries in my area that won't accept a lower fee. I was told that if I took the lower fee, I would have a higher rating! So this means that a crappy notary who's willing to take a low fee will get used sooner than a good quality notary who won't take their new fees. This is Lender's First Choice?! What happened to their quality of work?

Reply by Anonymous on 12/1/05 8:22am
Msg #79503

I have done many signings for LFC and always found them to be completley professional and also payment is very prompt.They were never a high paying company, but pretty fair and negotiable depending on the circumstances. Back in Oct, they informed me that they were lowering their fees. I was really shocked and told them I would not be willing to work for less. They did call me a few times after that, met my fee after having to check w/a supervisor...but it occurred to me recently that I have not received a call since Oct 30th. This was a company that I was working for several times a week. It is also hard for me to understand how a company that seemed very professional would completely change there way of doing business.I was getting calls from all 3 of their locations, yet obviously they noted on my profile that I would not agree to lowering my fee, and have chosen not to use me any longer. It is very aggravating, especially because I always performed accurate signings and they gave me ALOT of business.

Reply by LilyMD on 12/1/05 8:42am
Msg #79505

After 2 years of professionalism, Lender's First Choice has chosen to restructure their fees. They may not have been a "high paying" company for you, but for myself and several others I know, they met fees. Real fees. Matter of fact, the very first loan I ever did was one of theirs and I was paid $125 for overnights just 11 miles from home base.

Reply by Nate_MN on 12/1/05 9:09am
Msg #79506

I think all signing agents should charge what they are comfortable with and meets their business needs. I however, don't think you can say that the more a signing agent charges the better the work. Ultimately, you have a business that has very few barriers to entry, and very low overhead. You are going to have a lot of competition, and as a signing agent there are very few competitive advantages that can set you apart from the rest, therefore price will be the major thing signing agents compete on.

Reply by Allison_Mich on 12/1/05 9:20am
Msg #79509

Lenders First choice was paying fairly and always on time. I told them I wouldn't lower my fee also and haven't heard from them since May of this year. I was previously get 1 or more a week. This is getting ridiculous. Who would close a refi e-doc package for 50 bucks?

allison

Reply by LilyMD on 12/1/05 9:29am
Msg #79510

Yes, Nate, I agree with you. My post is strictly about my personal history/relationship of 2 years with this company. It has nothing to do with implying that a higher paid notary is going to work better than a lower paid notary. But, as you've stated, this business has relatively low overhead and easy entry. And THAT'S why this has become an issue with so many SAs. And to add salt to the wound, Maryland requires a lot of expense and overhead when you figure in all the bond/licensing requirements, so yes, this is more than a concern of business competition. I do set my fees as I am comfortable, taking into consideration my entire cost of doing business.

Reply by srnotary_CA on 12/1/05 10:00am
Msg #79515

I just did to signings for them this month. They paid me more than $50 thats for sure and I have already received payment from them for one. I have done some research and because my area is fairly saturated I lowered my fees just a bit so that I can be more competative(sp). I do not go out of my house for less than $75.00. I factor in distance and mileage when I am quoting and usually when an SS calls they are willing to pay the fee I quote. I may not be making as much as some of you but when you are in an area that is saturated with notaries you have to be cometative(sp) to get the business. Especially when you first start out.

Ok bracing myself for the lashing.

Reply by Glenn Strickler on 12/1/05 11:01am
Msg #79541

No lashing here

Like it or not, market forces will apply. Cost factors will apply to the minimum the notary can charge and still make money. Supply and Demand will apply to the top of the scale. The ability of a NSA to hang in there during slow times will control the supply after a while. I have only done 1 $50 signing in the past year, but have turned down quite a few meaning someone is taking them. But I have other income and don't need the notary business to pay the bills and put food on the table. It represents my extra activities. I will also look at how many signings I got off of various websites when it comes time to renew and probably narrow that down to two or three next year.

However, if I were needing a few dollars to make the house payment next month or put food on the table and a $50 company called? Hmmmmmm

Reply by srnotary_CA on 12/1/05 11:16am
Msg #79546

Re: No lashing here

Yeah I sat down with my hubby and we did a cost analysis before I started this and I know what the minimum I can charge is so that I can still make money. I know that alot of people think that a $50.00 signing is bad but if it is five minutes away and the docs are overnighted then all I have to pay for is gas. Yes I did take a $50.00 signing once but tha was because the docs were being brought by the lender and I was already in that area doing another signing that evening. So I figured why not I can make an extra $50.00 while I am out.

I am also doing this part time because my hubby works during the day and with 4 kids child care would cost me more than I could make. LOL So I do them in the evening and on weekends and no child care needed becasue he can watch them himself I am hoping to go full time when they are a little older or at least my youngest is a little older. But that is a a year or two off still.

Reply by Brenda_CO on 12/1/05 11:25am
Msg #79549

Re: No lashing here

The thing is, for notaries first starting out with NNA, they post a fee guide and list $50 for non-certified notaries. So, until I became certified, I used that fee structure. Then, after the NNA certification, I used their guide for that. It was only when I started with Notary Rotary that I realized that I was selling myself short by charging those low fees, running around all over the place, and printing, printing, printing.

Reply by srnotary_CA on 12/1/05 11:29am
Msg #79555

Re: No lashing here

I have taken a certification course though not through the NNA. I do have my certificate. I figured If I was going to do this I may as well take both courses and get the cert. The instructor said that when you get into this there are companies that are willing to only pay a $50.00 dollar fee and those that will pay more. But usually the $50.00 comapies p[aid whether or not the loan funded and that some of the higher paying ones would only pay if the loan closes and funds. She said to way them both and go from there.

Reply by Beth/MD on 12/1/05 11:35am
Msg #79559

Re: No lashing here

Everyone makes a good point. Yes, I too, feel that I would not do myself any favors if I accept $40 or $50 signings. I also don't see myself facing early retirement thanks to this business. I'm seriously considering finding another line of work after the first of the year. I'd rather do that than argue with fly by night SSs that don't care that their payment restructuring is hurting not just their side of the business but every other side as well. As for LFC, they haven't called since I told them I wouldn't do a loan (edocs, 31 miles, 102 pages) for $100.

Reply by Glenn Strickler on 12/1/05 12:16pm
Msg #79584

Re: No lashing here

Well my early retirement was for health reasons, not because I wanted to. So I am not rich, but you would be surprised what you can get by on considering no commuting, lower tax rates and whatever else. But I am not going to sit here at my computer and tell everyone I won't make any adjustments in my rates to get business if I have some kind of financial emergency. Right now, no. But my back to the wall??

I also have faith that the market will prevail and things will get better once everything settles out. I know there are a lot of adjustable rate loans with a 2 year fixed that are going to get refinanced.

Reply by PA_Notary_II on 12/1/05 12:50pm
Msg #79601

Re: No lashing here

I don't think NNA has any interest in anyone's welfare except their own. If THEY suggest a fee of $50.00 who do they think they're helping ?? Certified, Schmertified....if you don't know what you're doing, you can have a BS (bull s***), MS (More sh**) and a PHD (Piled higher and deeper) and it makes no difference. An SS may tell you how you will be a preferred Notary if you're certified....but they really only want a 'cheaper' Notary, ($50) I'm through with NNA after they took my money for my wife's re-commission on May 9 and messed up her paperwork so that her new commission was 1 month late...Oct 21. I told them as far as I was concerned, NNA stands for Never, Never Again.

Reply by Kristen_FL on 12/1/05 12:45pm
Msg #79599

Re: No lashing here

i have a bone to pick with NNA about putting it out there that "Certified" Signing Agents do higher quality work than non-certified.

i've been a notary for almost 6 years now, and have been in the mortgage industry for almost 12 years. i know these loan docs like the back of my hand, and certainly don't need to take a course to be "certified." it's very frustrating when i'm signing up with a new signing service and they make a comment like: so you're not a "certified" signing agent? ... uh, no, i'm not. i feel my work experience speaks for itself. i'm not going to waste my hard earned money on some stupid course where i have nothing to gain, except the title: Certified Signing Agent.

and i've known "Certified" Signing Agents ... and believe me, half of them STILL don't know what they're doing! now, i'm not saying those of you on Notary Rotary don't know what you're doing, as i have great respect for all who come here ... but the certified agents i know personally, are still in the dark. oh, they're "certifieid" alright ... just a different kind of "certified." hehehe. (nudge, nudge, wink, wink).

sorry for the venting! it's just been on my mind for some time. thank you for listening!

happy signings!

~Kristen

Reply by Beth/MD on 12/1/05 12:53pm
Msg #79604

Re: Certified vs. non certified...

I wonder just how many certified SAs have actually had to prove their certification?? Let's face it, anyone can say they're certified, but who really checks? As for me, Maryland requires way tooooo much to make me think I need to rush over to NNA for certification.

Reply by srnotary_CA on 12/1/05 12:56pm
Msg #79605

Re: Certified vs. non certified...

My thing is... Whats the difference between NNA certification and the other certification prgrams out there I mean certification is certification why take multiple courses just to say you have ceritfication through xyz and xxx and aaa.

Reply by Dee_Fla on 12/1/05 12:57pm
Msg #79607

Re: Certified vs. non certified...

Depending on where they find your name...that is determine.And what I mean by that...hyperthetically, if you were certified at NNA, and listed in their database, NNA has it that you are certified through them. And if you are not certified, they also make sure there is that disquish who is and who is not.

I'm not sure here, cuz I still need to join, so I"m not sure how it is determine if you are really certified or not.

just an observation! <wink>...<grin>!