Posted by Mike/NJ on 2/15/05 9:01pm
Msg #20717

So how many have you turned down this month

Its $50.00 February.. We have turned down at least 7 services this month for that fee. They also have the guts and ask if they can add you to there database..

If your fee is $50.00 dollars that is why I haven't signed up.

Reply by Becca/FL on 2/15/05 9:40pm
Msg #20721

3 today alone...

one was for $55 - Yipeee! Too many this month to count.

Reply by Joan-OH on 2/15/05 9:56pm
Msg #20722

My brother got called to day to go 100 each way from SOX. Of course they thought he would do it for $45....and they weren't willing to negotiate! LOL

Joan-OH

Reply by Melody on 2/15/05 10:38pm
Msg #20727

LOTS! n/m

Reply by Linda/So. Calif. notary on 2/15/05 11:38pm
Msg #20731

Re: LOTS! n/m

Just to respond to all of your comments. Here in So. California where the NNA is located 20 miles from my location, we are saturated with Notary's. I have over 6 years of experience with loan doc signings. I do it very part time. I have my loyal companies that contact me over & over. For a loan signer to get over $50. or $60. per signing you are very lucky, unless you work strickly for title or escrow companies. I have many friends that try to get compensated the higher fee and lose the business. It is strickly back to the old principle of Supply & Demand. There are many Notary's trying to make a go of this business and will undercut the higher priced notary. Inexperienced notaries will take any paying job to try and get their business extablished. When re-fi's slow down and there is not enough work you will see that the experienced Notary's will still be in business , and then and only then, they be able to increase their fee's. I am sure it may be different in other part's of the country but the Los Angeles & Ventura County area's are completely saturated with signing agent's.

Reply by JanetK/CA on 2/16/05 2:14am
Msg #20740

Re: LOTS!

Well said - and you can probably include Orange, San Diego, Riverside and San Bernardino counties, too. And have you seen how many classes the NNA still has scheduled for this area and is actively promoting? I think it's unconscionable! They are misrepresenting the earning power of this field, while undermining it at the same time. I feel bad for the people who are getting sucked into this so late in the game, without knowing the realities of what they will be facing...

Reply by Nd_WA on 2/16/05 3:51am
Msg #20743

Re: LOTS!

The reality is they think some, most, or all of us have gone hungry because of the slow down. I turned down 3 last week with one offered a mere $65 for edoc.

Reply by CarolynCO on 2/16/05 9:30am
Msg #20758

Re: LOTS!

**And have you seen how many classes the NNA still has scheduled for this area and is actively promoting? I think it's unconscionable! They are misrepresenting the earning power of this field, while undermining it at the same time. **

It's not just happening in California.

Reply by Melody on 2/16/05 11:41am
Msg #20789

Re: LOTS!

NNA is ruining Washington state, too. Carolyn is right.

Reply by CaliNotary on 2/16/05 11:50am
Msg #20792

Re: LOTS! n/m

That's definitely one of the dangers of using the messages in this group to determine our own fee schedule. Things are so different in different parts of the country there is simply no comparison.

I see the distances that some notaries travel for signings and it just boggles my mind. Here in Southern CA I very very rarely travel over 30 miles for a signing, and most of mine are significantly shorter distances than that (dealing with traffic is another issue). And of course there is market saturation and supply and demand.

I'm always amused when I see how aghast some people get at the fees we're offered ("I won't walk out my door for less than $75"). I would love to be able to have that attutude, but I'd spend a lot more time sitting on my butt in my living room if that were the case, lol.

It's all about finding the right balance. But we all need to take the messages in here with a huge grain of salt because what's reality for one area is pure fantasy for another.

Reply by Claudia-NJ on 2/16/05 9:07am
Msg #20756

I keep on getting calls to do $50/$60 signings all this month. I have turned them down - it is just no worth it.

I would never drive 30 miles each way for $60 (which is waht they offered since it was out of my way). are they crazy?

Reply by LawrenceOK on 2/16/05 9:28am
Msg #20757

I had an SS call me yesterday to do an Edoc local (within 8 miles) and asked me if $45.00 was ok. Yes Claudia, they are getting crazy, cheap and down right stupid. They had better wise up because I WILL still be here when all of those SA's that take these cheap ass orders have gone broke and back to their 9 to 5

Reply by Marty, TX on 2/16/05 9:41am
Msg #20759

My fee is $65.00 up to 20miles. Is that a reasonable fee or do I have to increase.

mv

Reply by joe/nc on 2/16/05 9:56am
Msg #20765

marty

is that 1 way or round trip? it is low

I charge minimum $75 for overnite within 30 miles round trip of home

Joe/NC

Reply by Marty TX on 2/16/05 10:33am
Msg #20769

That's round trip.

Reply by Mike/NJ on 2/16/05 9:57am
Msg #20766

lets see

vehicle cost .33 x 40miles = $13.20
Travel time (round trip)- 1hour
review docs - 15 minutes
signing - 1hour
prep docs for shipping - 15minutes
Fax back cost - 5 dollars (time and expense)

65 - 18.20 = 46.80 /2.5 = 18.72/hour that is if they emailed the docs. Add edocs @ 65 and your hourly rate will be round $10/hour. @ that rate you might as well work at Walmart.


My hourly rate is calculated @ 40-45 dollars per hour its the only way to run a Business and pay the bills associated with it.

Reply by Marty, TX on 2/16/05 10:52am
Msg #20771

Typo in your calculation.
My mileage is .35 x 40miles = 14.00
That would = 20.40hr
It doesnt include the emailing of the docs. My fee for edocs is 25.00, Add edocs and the calculation would be 90-14=76/2.5 = 30.40 an hr.

Still this is no where near what your charging and I do understand that business is business so I will increase my fees.

thanks for your help.

Reply by Mike/NJ on 2/16/05 11:06am
Msg #20774

Edocs are a whole other can of worms..

$.05 per copy x 170-250 pages
1hour of your time

Then there is the cost of doing business, rent, internet, telephones, gas, electric and so on..

Point is @ $50 dollars or less your only cheating yourself.


The cheapest signing we will ever do is $75 for my town only overnight docs and no fax backs.

Reply by Claudia - NJ on 2/16/05 10:19am
Msg #20768

I would increase. if you work out milage/travel time/time at the signing/faxbacks/phone charges/ etc you are working for minimum wage.

The lowest fee that i will work for is $75 for overnight docs +$25 for e-docs.

Reply by Marty TX on 2/16/05 10:47am
Msg #20770

Here are my fees:
65.00 for 20miles round trip.
25.00 Edocs
30.00 Fax Back (I never get fax backs) I'd prefer to send them off overnight anyway.
My assignments avg. 45min.

My fee for over 21m-50miles is 95.00 + edoc. So far I've had 2 of these and no one has had a problem with it. Approx. 2hr's of my time. But I'm a lucky one. I've heard of borrowers who read every single page of the loan or who question everypage or who chit chat's etc.,

Reply by CaliNotary on 2/16/05 11:37am
Msg #20784

"30.00 Fax Back (I never get fax backs) I'd prefer to send them off overnight anyway."

When we talk about fax backs, it's not an alternate way of returning the documents. Some companies want certain pages faxed to them before we ship the documents, but the documents are ALWAYS returned via overnight.

There are a few companies that are pretty ridiculous on their faxback requirements, but most of the ones that ask for are looking for about 5-10 pages to be faxed back.

Reply by CarolynCO on 2/16/05 12:01pm
Msg #20797

Re: Don't raise your rates based on the rest of the U.S. ...

**My fee is $65.00 up to 20miles. Is that a reasonable fee or do I have to increase**

You will see all kinds of different rates posted and calculations of how the rates were derived.
BEFORE you go jumping the gun and raise your rates, you better check what the market will bear in *YOUR* area -- how much competition you have, and what that competition is charging, and lastly, your own loan signing experience.

Reply by yvonne78 on 2/16/05 1:52pm
Msg #20830

Re: Don't raise your rates based on the rest of the U.S. ...

I don't know what part of southern california you guys are in or how long you have been signing loans but the industry average on a set of docs is $125.00-$150.00 and has been for sometime and still is just because you are getting only 65.00 doesn't mean that is average price that means the signing company is making just as much as you and if you are accepting signings for only $50.00-$60.00 that is your fault when you get a call for a closing tell them your fee and most will try and negotiate with you ( I am not saying a ss will give you 125-150 but they may give you 75-80) or that is what i have experncied when contacted by sigining companies. I also see many notary stating that it takes 45 minutes to do a closing why so long I am usally in and out in 25-30 min max, just a tip that I found to work great always remind them in the begining and even through out closing they have 3 full days (on refi of primary res only which is what most closing are) to review docs they may take them to a attorney or account if they like this makes them feel like there is nothing fishy going on and will not ask as many questions if any. The more confident you are in what your presenting the more comfortable they feel and the faster you get out of there and that is when you make your money when you do 2-3 a day and it only takes 3-4 hours of your day total.

Reply by CarolynCO on 2/16/05 4:43pm
Msg #20876

Re: Who said we all live in California?

**I don't know what part of southern california you guys are in or how long you have been signing loans but the industry average **

um, not everyone posting in this forum lives in Southern California, or any part of California for that matter. You can tell where the majority of us live because we include the state in our signon, unlike you, where we have no idea where you live.

And as I said in my post you responded to, individial charge rates depend on how saturated your area is with NSAs -- what the market will bear.

Reply by Charm_AL on 2/16/05 5:00pm
Msg #20878

Re: CarolynCo

Awesome pics on your site of the great outdoors!!!

Reply by CarolynCO on 2/16/05 7:08pm
Msg #20918

Re: CarolynCo

Thank you. We love living in God's Country. Colorado's going to implement the same sort of gate that Brenda and Hugh have pegged for Texas. <g>

Reply by Ernest_CT on 2/17/05 2:05am
Msg #20990

Wow! Great Site!

Congratulations on some wonderful photographs, too!

Reply by yvonne78ca on 2/17/05 9:50am
Msg #21021

Re: Who said we all live in California?

I was responding to other messages that adv they lived in southern california, do you really take each individual so personally if you then I realy feel sorry for you.

Reply by CarolynCO on 2/18/05 5:27pm
Msg #21270

Re: Who said we all live in California?

**I was responding to other messages that adv they lived in southern california, do you really take each individual so personally if you then I realy feel sorry for you.**

No -- actually if you look, you will see that you were *in fact* responding to both of my messages.

Reply by CaliNotary on 2/17/05 1:41am
Msg #20985

Punctuation can be your friend Yvonne N/M