Posted by Brijoe_WA on 6/26/05 12:45pm
Msg #47936

Get a load of this from Nations Direct

I just recieved a rather amusing letter/ solicitation today from Nations Direct in the mail. It was basicly a pathetic way for them to get Notarys to work for them for $40, we must be makeing an impact by standing our ground and saying no to $40 signings.

Their letter basicly said this. "If you want to increase your signing volume tremendously, then sign up as a premier provider with Nations Direct. You will be the one and only provider we use in your area. BUT you have to conform to our conditions. 1. accept all our signings wether e-doc or overnight for $40. (and a couple more that were pretty dumb too)"

I cant believe this, they are now resorting to bribing us to do $40 signings....what a joke!!

Reply by Dmartz_IN on 6/26/05 12:52pm
Msg #47937

I had one of their Reps. call about 2 weeks ago and ask me if they could send me a sign-up pkg. i asked him if they still were on their $40 fee, he said yes i told him to save the postage. Never heard from them.

Reply by Rick_In_NY on 6/26/05 12:54pm
Msg #47938

Soon they will ask US to PAY them for the honor of doing their signings.

Reply by BrendaTx on 6/26/05 1:53pm
Msg #47948

Unfortunately, there are people who work for free.

Unfortunately, there are people who work for free. There is little you can do about this except to figure out who it is and work it to your advantage.

The woman who undercuts me in this area drives a huge "dually" (big truck with lots of tires) and will come from 50 miles over to my area to do a signing for $55-$65. I don't find that offensive - it's "free" enterprise. (Pun intended.)

Knowledge is power in our jobs, folks. I have found a way to stop her from taking some of this business from me and made $375 from one of the clients she was getting for $50 each in my area. I said no way I will jump and go for you when you are calling me as a last resort.

(1) You need to know who the cheap notaries are and who is using these cheap/free workers.

(2) You have to be serious enough about business to say "no" when one of the last minute calls come in from those who regularly hire them. Tell them why you are saying "no." Tell them you want a fair share of the business or you won't do their jobs as their last choice. Let them look around a little while and if they call you back, state your price (fairly) and tell them that this is the last time unless you hear from them within the next two weeks with something other than last minute.

(3) Every time you get a cheap caller, refer the cheap notary to the all cheap business companies -- keep the cheap notary too busy to take business from the ones who will pay you more - congest their schedule with $50 signings they will drive all over creation to do. That way they are not available for the $100-150 jobs at EOM.

Reply by rlogan-ca on 6/26/05 2:04pm
Msg #47949

Re: Unfortunately, there are people who work for free.

BrendaTX, seems you have this business down to a science. Great info!

Reply by Rick_In_NY on 6/26/05 2:12pm
Msg #47950

Re: Unfortunately, there are people who work for free.

That is really really really good advice and strategy. People have to stand their ground and respect their own work and talent. If we don't respect ourselves, then who else will?

I love part 3.

Thank you very much!

Reply by BrendaTx on 6/26/05 2:19pm
Msg #47953

Re: Unfortunately, there are people who work for free.

Rick,

I gave this gal a $65 assignment by referral for Friday evening. If I would have taken it, I would have missed $215 (two assignments) in income that evening. Shoot, I'm about ready to hire her myself...except that I could not ask a notary to do what she does and still sleep at night.

Reply by missy_socal on 6/26/05 7:04pm
Msg #48005

Re: Unfortunately, there are people who work for free.

I have a gal in my neighborhood that does Countrywide Full Spectrum edocs for $85. I know that everyone has to set their own fees, but that is too low for me...esp. for a Full Spectrum!

The SS uses her exclusively because of her low rate. They will pay my fee, though, when she's not available.

Reply by SarahBeth_CA on 6/26/05 7:12pm
Msg #48009

Re: Unfortunately, there are people who work for free.

Missy, what do you normaly charge for Countrywide Full Spectrum edocs?

Reply by missy_socal on 6/26/05 7:18pm
Msg #48011

Re: Unfortunately, there are people who work for free.

$100 for a SS. I don't think that $75 base, plus $25 edoc fee is anywhere near excessive for that much paperwork. I don't seem to leave the table in under an hour for those refi's...even if the borrowers aren't really 'readers'.

Why? Do we compare?? :-) What area are you in, by the way?

Reply by SarahBeth_CA on 6/26/05 7:30pm
Msg #48012

Re: Unfortunately, there are people who work for free.

I'm in Victorville. I haven't done a Countrywide Full Spectrum yet. It is good to know what a good rate would be for those for a couple of reasons. I don't want to unknowingly undercut, and I don't want to unknowingly be lowballed or suckered by what sounded fair until it's time to print and you find out that the package is 150 pages.

Reply by Brijoe_WA on 6/26/05 3:24pm
Msg #47958

Re: Question for you Brenda

How did you, or do you know how this lady does the cheap signings. I have always been curious who undercuts me but how would I find out?

Reply by BrendaTX on 6/26/05 3:40pm
Msg #47960

Re: Question for you Brenda

If I get signings from Platinum Mobile Service out of San Antonio for MIC / Commerce Title in SA, Texas and all of a sudden they disappear, I ponder this and wonder why.

After the EOM, I putter over to the county courthouse and look up Amerigroup (aka Mortgage Investors) in the county records and pull up the notary page.

My goodness...low and behold...look who the notary was! It was not B S Stone....and, I look to see how many times they are doing these. And, I think of the times I was so nice about the price and cut my edoc price for the group who said they called me first.

No loyalty to me... right? So then I now feel that soliciting Commerce Title in San Antonio directly to get the business for me and my group at the Texas NSA Network is not such a bad idea either.

Let no grass grow under thy feet! Go to the courthouse and find out who is NOT your best friend.

Reply by Margaret/Florida on 6/26/05 4:48pm
Msg #47989

Re: Question for you Brenda

Brenda,

Great minds think alike. Here in Duval, County, Florida the court records are online. I can pull up the mortgages by lender and by borrower name. That way also, if they tell me the loan did not fund, I have proof. I just got paid by title company when the signing service did not pay me because he said the loan did not fund. WRONG They do not know they are dealing with when they tell me that

Reply by Jimmy_FL on 6/26/05 5:57pm
Msg #47995

I had a company offer me $50.00 with e/docs.. She said that if I did this one for her that I would get alot of singings. I said no way. I have my fee and I stick to it.. I have found that if you stick to your ground on your fees that most good companies will meet your fees. These type of companies that offer such low fees scare me..

Reply by Barry/FL on 6/26/05 7:42pm
Msg #48016

Aside from that, they may be in a bind and are offering volume just to get the one closing covered. If you cut your fee even a little, you might still never hear from them again.

Reply by Joel CT on 6/26/05 8:10pm
Msg #48021

Hey, the TCs and SSs are reading this board right along with us! They must be laughing at those of us who set our own price structure and actually stick to it... because SOMEONE is obviously taking these $40 and $50 jobs! Mind you, the smarters TCs and SSs have caught on that someone who is desperate enough to take pennies for their labor will give them the quality that they pay for.

Notice that I said "us", as I am one of the sticklers too! Even the easiest HELOC with only one or two notorial acts, FedEx'd to my home to be signed 10 minutes across town still takes 2 hours of my time, takes my gas, and ties me up from other work or my family. Frankly, its not really worth $40 or $50 especially when I start to add up the confirmation calls, fax-backs, trip to the FedEx box etc.

There are plenty of us out here... and I have turned down plenty of cheap work... and performed excellent work for those willing to pay a fair wage. So which are you? Is your time worth $12-$20 an hour, or is your time worth more like $30-$50 an hour? There is really no "right answer" to this, as we all value our tiem and skill differently.

Here is a comparison from my other life: I am a licensed EMT, and as such have an earning potential of between $11 and $18 per hour working for a commercial ambulance service. I did that for years, and made a fair living. Since then, I have developed a safety consulting firm, based solely on my EMS experience and personal study, no college degree or specialized titles. I now bill out at $100 per hour , and would never look back! Similarly, a notary in CT can charge $5 per notorial act plus $0.35 per mile traveled. Surely, there is a notary SOMEWHERE who views $20 plus $7travel as a good income for an hour or two of work, but I feel differently...so I charge more.

Sorry for the long post, but there are clearly some folks who just don't understand the concept of pricing and service quality.

Joel

Reply by Barry/FL on 6/26/05 8:35pm
Msg #48030

I'm with you, Joel. I proudly boast of 100% document accuracy. The loans close, and sometimes the documents arrive at the TC before they are expected. Aside from my time, accuracy, and promptness, I have a demeanor that puts even the most uptight borrowers at ease. This is a value all to itself, as some of these borrowers (as we might all know from experience) are inclined not to sign, cancel, or find a reason to nitpick and do it another time at great expense to all concerned.

I think the greatest compliment I received occurred about a month ago when I went to close a refinance contract for 1.85 Million. The borrower, an executive type, hated the unprofessional manner with which the lender sent a barely readable HUD, and the first page of the document misspelled her name. She was angry, not with me, but with the lack of double checking for accuracy. She wanted to cancel immediately. I made a couple of calls on her behalf, and encouraged her to do the same. I spoke in a friendly manner and with some small talk discovered that I was able to help her in several areas regarding education (I am a retired teacher) to knowing her next door neighbor in Malibu, CA. It took two hours, some creative suggestions on my part, and a knack for making smalltalk until the proper parties could be reached, but the loan closed.

I was called by the TC the next day and was told the borrower turned her documents over to her attorney when she found out how much the LO in Sherman Oaks, CA lied to her. The result was that the lender and the TC had to split the closing costs, including her attorney's fee. She made it a point to call the TC and tell them, "I don't care how you pay your share, but not one penny comes off that notary's check!" That's class!

The TC paid me very well for that closing. It was the largest loan they ever processed in their office, and they were happy to see that a loan that could have easily been blown was saved. I also won that TC's account for nationwide closings. Not bad, hunh?

I wonder what the SS expect to get for $40.00-$50.00!

Reply by FL Notary on 6/26/05 8:55pm
Msg #48033

Nations has done this to me too. We'll give you volume if you will do $40. I simply stated I can't do that. I mean think about it 100 x nothing is still nothing. What are they thinking. They need to renegotiate with their clients for a larger price if they can't afford to pay for the service. Either that or look at their internal cost controls. What is with this company. How can people not realize that if you want quality, you pay for it. In turn your client base increases and is more devoted. Stand your ground ladies and gents!!!

Reply by Lee/AR on 6/26/05 10:38pm
Msg #48045

Nice job, Barry! (nm)

Reply by Anonymous on 6/27/05 1:09am
Msg #48052

Check out the Hud 1 where you see the borrower being charged $175 to $250 in notary fees!!! If you charge $75 and $25 for E-docs the signing companies are making a killing, while you do all the works. Had a last minute call 9:30 on Thursday night. It was in a bad neighborhood and I didn't really want it, so I said I would have to charge extra, the lender didn't hesistate offered $250, so I took my husband as a body guard and went. Now the Question is will I get paid????

Reply by Barry/FL on 6/27/05 7:20am
Msg #48069

To date, the lenders are the only ones who have never hung me out to dry when it comes to fees.

Reply by BrendaTX on 6/27/05 7:53am
Msg #48072

**To date, the lenders are the only ones who have never hung me out to dry when it comes to fees.**

I guess I am fortunate. I have collected 100% of all fees I have contracted for.

Reply by Teasa/NY on 6/27/05 9:09am
Msg #48085

I received a call late friday night from ND to do a full refi edoc signing on saturday for $40. I quoted my fee and he said he would call back which of course he didn't.