Posted by Mysti_FL on 5/6/05 7:35pm
Msg #36341

When SS Says "that's more than I make"

I have seen on the HUD where it will say that the notary, notary fee or outside closer fee is between $200 and $350. If the signing service is making less than what I am quoting as my fee, then who is getting all of that money?

What is the minimum that a ss is seeking? Aren't I basically the one with overhead? Or, at least, with the highest overhead (not to mention the labor costs!!!)?

Can anyone clue me in?

Thanks, Mysti

Reply by Anonymous on 5/6/05 8:34pm
Msg #36351

they lie

Reply by CaliNotary on 5/6/05 10:38pm
Msg #36378

I don't think I've ever seen a signing fee for over $200 on the HUD. Most of the ones I see are $125 or $150. I've even seen them as low as $100. I don't know if it's a regional thing, but that's how it is in CA.

Reply by Don NoCA on 5/6/05 10:49pm
Msg #36379

What makes you think that SS don't have overhead. They have a bldg., employees, taxes, telephones, etc.? What makes your business have so much more costs associated with it than a firm with 4-10 employees? Get a gripe, our expenses are minimal compared to them. Why should we make as much as they when they too have expenses?

Reply by Donna CA on 5/6/05 11:56pm
Msg #36386

Re: When SS Says "that's more than I make"To DonnoCA

Don where in Northern CA?

Reply by Mysti_FL on 5/7/05 2:35pm
Msg #36436

Cause they are taking the call and seeking someone to do the work, and I do the work. You get a grip!

Reply by SDgirl on 5/7/05 5:17pm
Msg #36452

I did a signing yesterday and the HUD said Notary Fee $350. Of course I was only asking for $150. The borrower looked at me and made a rude comment when she saw the fee.

Reply by Jon on 5/7/05 12:48am
Msg #36398

Like it or not, many TCs and lenders pad the signing fee and keep the change for themselves. I have seen HUDs that list $50 to $100 more than what the SS was getting. Just because it's listed on the HUD does not mean that the SS actually gets that amount.

Reply by Mysti_FL on 5/7/05 2:40pm
Msg #36437

OK, well, that is exactly what I wanted to know and I appreciate your response. If the SS is not making the amount shown on the HUD, then obviously they have to make money as well, and them telling me $75 or $50 with e-docs makes sense.

So, in theory, possibly the SS is third in line and that amount has been cut that far too. By the time I get it, it is low.

Well, I sort of figured that but because there was so much back and forth here, I was not sure. Now I know to only work with an SS that, although will offer lower prices, may be able to offer volume (and I do have one I work with).

Thanks for all the replies!
Mysti

Reply by Sylvia_FL on 5/7/05 7:31pm
Msg #36460

Re: When SS Says "that's more than I make" - Mysti

$75 or $50 with edocs does not make sense at all.

SS should pay a base fee of $75 for signings, and whatever the notary's edoc fee is.

It is hardly worth the time to do a signing with edocs for $75, and certainly not for $50.

Reply by Anonymous on 5/7/05 8:05pm
Msg #36461

It's quite frustrating to know that is what is happening. It's basicly a double screw job. First the tc taking out what they are could call a finders fee (or what else could they call it). Then the ss taking a finders fee and a service fee. But reguardless of what the ss says the fee is for they spend at the most 1 hour (unless there's problems with paperwork), and the notary spends 3x that in time in prep, travel, signing, faxing, and shipping.

Reply by Paul_IL on 5/8/05 11:23pm
Msg #36590

Jon,
When the fee is more there is oftem things that the title company does that you are not aware of so it is not always padding.

Reply by Jon on 5/9/05 12:17am
Msg #36593

I have seen first hand by several companies what can be called nothing less than padding. One I stopped working for because they listed one SS as the signing fee, another SS as the notary fee, and another as the courier fee. All of the amounts were not actual costs, and they only used one of the services. They have since been closed down by the DRE.

When a company lists a SS as getting $175 and in reality the SS only gets $125, that is padding. The cost for other things that a title co does should be listed under a different category.