Posted by Marie_MN on 11/9/05 11:14am
Msg #75377

Did anyone else get this letter?

We, at Vital Signing, Inc.® , thank you for the work that you have done for us and for being a team player. Due to changes in the industry we have had to renegotiate contracts with many of our clients in order to remain a viable option to them. We are the desired signing company for many lender/title companies but cost continues to play a big role in their decision-making process. We have therefore re-examined our contracts to suit a slower mortgage industry combined with an increasing competitiveness among signing companies and changing market trends.

Your time is valuable and we have built a reputation as a company that takes care of its notaries. We are accepting lower fees from most of our clients in order to remain their signing company of choice and we must now ask you for your cooperation in these changing times.

We have not changed our base fee: this fee remains $50. The additional fee for signing an extra set of loan documents , however, will now be $20 . Our e-mail fee will also be $20 up to two loans. If there is a great deal of driving or other extenuating circumstances we may pay more than the base but the total fee will never exceed $100.

We will now pay a 50% fee for no signs if procedures are followed and Vital Signing, Inc.® is contacted from the signing table. Please understand that Vital Signing, Inc.® will no longer be paid for no signs by some clients, so the 50% fee will be entirely footed by us. Vital Signing, Inc.® will no longer be paid for loans that do not fund (post-signing), either, but we will not pass that cost on to you. You will still be paid your full fee for loans that are signed even if later these loans do not fund.

We will continue to analyze this fee structure to make sure it is profitable. Our goal is to make sure we are fair to our notaries but please remember that we are now working with a much smaller margin.

We appreciate your understanding and we know that as an independent signing agent you are free to charge as you wish. We always look for the most qualified notary in the area but we do feel it is necessary to let you know that cost will now be a crucial deciding factor for us, as it is for our clients.



For those of you who have been in the business for over 4 years, what is you opinion on how business looks?

Reply by Stacie Page on 11/9/05 11:24am
Msg #75379

Yes, It was posted yesterday in message # 75127 & 75146.

Reply by Marie_MN on 11/9/05 11:25am
Msg #75380

Thanks. I will look it up.

Reply by Marie_MN on 11/9/05 11:25am
Msg #75381

Thanks. I will look it up.

Reply by Rebecca Fair on 11/9/05 11:26am
Msg #75384

Don't you people READ. Sheesh................n/m

Reply by Teddog_CO on 11/9/05 11:35am
Msg #75385

Marie,
I didn't get the letter, but My opinion is being a Full-Time notary is expensive. I know what it cost for me to do business. I do cater to TC/Escrow companies. I like doing business with them because they are professional and very nice to work with. No Notary fee auction!!
As far as where this profession is going ? If you run it like a business and keep your fee structure as it is you should be ok. I fear that $40 notaries have to many downsides that these companies are not going to like. Will they be here a year from now-Reliable?? I contend you get what you pay for Experience,professional and reliable service. In the long haul these bargain notaries are going to cost them "Big Time" unhappy clients, sloppy work<they have to rush to make any money! Here today and gone tomorrow. God help the ss that has to find these notaries a year from now. I have been told Horror stories from TC's trying to backtrack because of an error (Can't find the notary) Then there's insurance, I carry 100K and a lot of little extras that Weekend Warriors don't because they will not pay for it!
So again "You get what you pay for." And the ss will know where to find us a year from know.
Trust me companies can't afford to lose loans because of a Flakey notary - no shows.., etc.

Teddog

Reply by Teddog_CO on 11/9/05 11:41am
Msg #75388

That should be "A year from now." not know LOL

Reply by Marie_MN on 11/9/05 12:02pm
Msg #75395

Re: That should be "A year from now." not know LOL

Teddog, thank you for your reply. I was looking for a professional opinion on the business not a "snippy" reply. I need to market myself more to the local title companies, just haven't taken the time to do it. I love this business and will not accept any lowball fees from SS's. I know there are a lot of notaries in my area that do accept those fees, and that's okay for them, but when SS companies need the job done right, they call me and give me my fee.

Reply by Teddog_CO on 11/9/05 12:05pm
Msg #75398

Marie!! And that's what we call doing Business!!

Reply by Nate_MN on 11/9/05 12:09pm
Msg #75402

Re: That should be "A year from now." not know LOL

I think Vital Signings fees are pretty low, too low for anyone to make much profit. However, if volumne drops, signing agents will be taking pay cuts, as will signing services, and title companies. Your only salvation is having strong relationships with your suppliers, and even then when they get squeezed, they will squeeze you.

Reply by Teddog_CO on 11/9/05 12:22pm
Msg #75411

Nate_MN

Is it getting a little nippey there? You are correct about it "rolling downhill" but I can tell you that after being the business world for a verrrry long time. Don't believe everything ss and other people try to feed you! No one stays in business unless they are making money, us included. Once you lower your fees you will have a He... of a time raising them. This is just a slow time of the year and will recoup. Everyone should know how much it costs them to do business and what they need to make a profit. To those taking these low paying signings, they might as well send the ss $40 because they are doing Charity work<which is not tax deductable LOL Nate, just look what it cost us to belong to nna-notary boards,...etc. Do you notice how all they do is go up in price? Supplies<Up - Phones<Up and everything else UP!
Just my opinion !

Reply by TCMN on 11/9/05 12:16pm
Msg #75405

so my understanding is


with this part of their email:

We appreciate your understanding and we know that as an independent signing agent you are free to charge as you wish. We always look for the most qualified notary in the area but we do feel it is necessary to let you know that cost will now be a crucial deciding factor for us, as it is for our clients.


Vital Signings is willing to compromise the quality of work they get, to hire $40 & $50 signing agents JUST to save a buck since that will be a crucial deciding factor. Wonder if their clients know that.
Maybe the clients need to take a portion from the LO's commission when they don't do their entire job and give their borrower the specifics of their loan prior to us showing up at the table (i.e. rate, monthly payment, etc.) Hate when that happens, then I get the "hope this wasn't a waste of printing and driving" man talking in my head while borrower is trying to reach their LO who has now disappeared.

Just a thought to help the dollars go where they are deserved.

Reply by Teddog_CO on 11/9/05 12:33pm
Msg #75415

Or, Just plain old Charity Work f/betterment of SS's

Reply by newlysmomva on 11/9/05 2:40pm
Msg #75471

Re: Or, Just plain old Charity Work f/betterment of SS's

I won't waste my time. If they can't pay me what I'm worth, I'll stay home!

Reply by newlysmomva on 11/9/05 2:40pm
Msg #75472

And starve-n/m

Reply by LawrenceOK on 11/10/05 8:04am
Msg #75571

Re: And starve-n/m

Starve? I could stand to lose a few pounds. Thank the good ole notary guru that everything I own is paid for. Vital used to be one of the best out there, but they have gone lower in fees that are even suggested be the NNA. I will be here when most of the bottom feeders are out of business, and my fees will remain as they are (might go up a little)