Posted by Paul2/FL on 5/29/05 9:08am
Msg #41090

Simple fee calculation - love to hear from Sylvia on this


Below is a simple calculation that highlights what one could earn/hr based on the criteria shown. It does not take into consideration any frustration factors such as; calls to SS or LO, angry spouses, dirty homes, pit bulls, high crime areas, etc, etc., etc. Only you can judge what that does to the bottom line.
For Florida notaries you will note that there are 13 notarization in this example. On the basis of what you could charge for these alone, you could make $130 without leaving your home! Obviously, since you can't charge separately for your notarial seal, you are strickly a SA that happens to be a Notary. Sure would be nice to charge separately though!!

Delivery Method Edocs
Type of Loan Refinance
Number of pages (total) 228
Number of Notarizations 13
Distance to Borrower (R/T) 40

Print Time (min) 15.2
Review Time (min) 30
Travel Time (min R/T) 60
Signing Time (min) 90
Total time (hrs) 3.25

Agreed Fee $75.00

$/hr $23.05

Reply by Calnotary on 5/29/05 9:53am
Msg #41091

Re: Simple fee calculation - love to hear from Sylvia on thi

23.00 could be your gross income/hour.

But in CA
15% Fed.income tax depending of your tax bracket
10% Ca income tax
15.3% SE tax I know you dont have to pay SE on your notarization, but travel fee its 100% taxable income
You dindt mention printing cost. I would say around 10.00 your cost.
Depending of distance from your fed ex box. another miles right there.
And wait for 2 months to get paid.
And if you do lets say 10 loans at 75.00 and you end up with a deadbeat SS that doesnt pay you one,
your average for that will be 67.50per loan.

Do the math and see if you get 23.00 dollasr net.

Reply by Sylvia_FL on 5/29/05 11:10am
Msg #41100

Paul
I once saw a calculation of what a mother/housewife's time is worth. Was mind boggling!

We do signings as there is volume. Where else would you get to do 13 notarizations in an hour or less? As a regular notary we don't make much money. I do a lot of regular notarizations and weddings too, but don't make as much as when I do signings.

There is no way I would do edocs for $25, unless it is a small HELOC. My edoc fee is $45, besides the cost of the paper and toner you have to figure in the time spent waiting for the edocs, the babysitting them as they are printing in some cases, as well as the wear and tear and the cost of the printer.

Reply by Paul2/FL on 5/29/05 12:22pm
Msg #41107

Of course both of you are correct. I didn't add in all of the extraneous charges (paper - toner taxes etc) because the net result of all of this would probably indicate we are working for minimum wage!
This does bring me to another subject that maybe you Sylvia can answer. The question is this: How much does the SS know about a pkg BEFORE contacting a SA? Do they have any idea about the number of pages, notarizations, fax backs etc.?

Reply by ERNA_CA on 5/29/05 12:30pm
Msg #41109

Some SS never see the package. Lo and Title email directly to the notary. They just find us give them our email addy and contact info. Others seem to be involved it the whole process and they do get the package and have it in their system.

Reply by Sylvia_FL on 5/29/05 3:09pm
Msg #41133

No, the SS does not see the package so has no idea. On one of the title companies I work with when the loan is through a particular lender, then I do have an idea of the package as I have done signings myself with the particular lender.
But generally speaking I have no idea.

Now, there are some SS companies that have the package e-mailed to them, and then send it onto the signing agent (why, I have no idea, seems like a waste of time), now they will know exactly what size package it is.

Reply by CaliNotary on 5/29/05 12:46pm
Msg #41117

I never understand the point of examples like these. It's just a bunch of random numbers assigned to arbitrary values. What exactly is it supposed to prove? I almost never have signings that last 90 minutes, and I don't take 30 minutes to review the documents before a signing, and I usually don't have 13 notarizations in a package, and I won't travel 20 miles 1 way for $50. So what exactly am I supposed to get out of this example?

Reply by Paul2/FL on 5/29/05 1:04pm
Msg #41125

A quick peruse of the the responses on this forum regarding the amount of time notaries take with borrowers would suggest that you are indeed a very fortunate person. I have to assume that you have been in this business a very long time and that you have figured out how to streamline your time and that of the borrowers. Good for you!
With regards to the example, you can only get out of it what you want. If nothing then nothing. Some may find it interesting others, like you, may not. Say la vie!