Posted by Sylvia_FL on 11/8/05 2:45pm
Msg #75127

Vital Signing lowering their fees

Just got this from Vital Signing. Haven't worked with them in a while as they don't meet my fee. Now they definitely don't meet it!



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.

Again we appreciate you and we look forward to continuing our relationship.

Sincerely,

Vital Signing, Inc.®

Reply by Becca_FL on 11/8/05 2:48pm
Msg #75129

OMG!

Do people really work for those fees? What an insult. How do they survive?

And the birds go...cheap, cheap, cheap.

Reply by PJM/MI on 11/8/05 2:49pm
Msg #75130

Well... I guess they told us, huh? I don't do much work for VS due to the major lender with them is Ameriquest....all 300 + pages of e-docs. I told them over a yr. ago what my base fee is due to the package size, docs NEVER here on time, and ALWAYS problems at the closing table. I guess they won't be calling me anymore.

Reply by LauriecPA on 11/8/05 3:05pm
Msg #75142

I haven't done a closing for them since May. I see them on my caller ID and don't answer. The main reason was b/c they always had Ameriquest loans. I remember the last loan I signed for them, sitting in this awfully hot house in a horrible neighborhood, while Mr. Borrower puffed away on cig after cig after cig while he had to fill out his whole life story on doc after doc after doc....I had to shower and change before my next appt.

Reply by Charles_Ca on 11/8/05 3:06pm
Msg #75143

SS have become a commodity as have many notaries

Commodities are usually priced on the availability of the commodity. When there was more business than there were service providers the service providers became valuable. Now that there are more service providers than there is business the service providers have become less valuable in propotion to how many service providers are vying for the same pool of $$$$. SS if they are to survive have got to find ways to differentiate themselves from the pack. This is the slippery slope we tread when SS and SA have only price to differentiate themselves. When you compete on price alone you are always going to be victim to the lowest price that the commodity can be bought for. Since we are past the crest on this economic cycle only those who have the staying power ($$$) and the ability to re-invent themselves will survive.

Reply by LisaV_MN on 11/8/05 3:17pm
Msg #75144

I got this email, too! WOW!
Last time and only time I did a signing for Vital, they met my fee - BUT...called me on a Friday EOM about 25 times!!
"Did you get the docs?"
"Did you print the docs"
"Did they print ok?"
"Did you call the br?"
"Did you talk to the br?"
"Have you left yet (3 hours early)?"
"Have you left yet (2 hrs early)?"
"Have you left yet (1 hour early)?"
"Are you there yet?"
5 mins into signing - "How is it going?"
30 mins in "How is it going?"
35 mins in "Are you done yet - how did it go?"
"Where are the fax backs (5 mins after leaving br)?"
"We don't see the faxes (15 mins after leaving br)?"
"Thank you for your faxes"
Next day --- "How did it go?" and .... "Good job, you can mail the package"

I am SO not kidding! I then made the nice journey to the NNA confrence - where I happen to meet the Vital signing folks. I told them I do not like or need to be baby sat, explained to the gentelman what had taken place... His reply... "They only called 25 times? I need to speak with them as they did not meet their per signing quota of 30 calls!!"

This is what you can expect from a company whom does not ever exceed $100!!

hehehehe I am amazed by this email.

Reply by Lee/AR on 11/8/05 5:18pm
Msg #75168

Glad I'm not alone in this opinion, Lisa. This is the only co. I've ever 'fired'... and, gee, it really felt good! Still does; especially now.

Reply by Anonymous on 11/8/05 3:49pm
Msg #75150

I'm very disappointed that Vital has seen fit to reduce their fees. I don't think it's worth it to drive 40 or 50 miles one-way even with the temporarily lowered gas prices for $100 or less.

Reply by Ted_MI on 11/8/05 7:46pm
Msg #75182

Hi Anon,

That is exactly what they wanted me to do - head off an hour north of where I live (and this on Wednesday evening of crunch day last month). They called me at 6:00 p.m. And were the docs ready. No........ probably wouldn't be ready for another hour or two. I believe the most they said they could pay was $100. Well, who knows? Maybe they found someone a lot closer or someone a lot cheaper !!

Reply by peterole_MN on 11/8/05 4:38pm
Msg #75161

This company can join the rest in the bottom of the "no-no" dump.

Reply by NY_TaxLady on 11/8/05 5:13pm
Msg #75167

I think the SS are going to have to go out and sign their own loans. It will come a time they will be asking us to chip in for their office personnel and equipment.

Reply by Nate_MN on 11/8/05 8:14pm
Msg #75186

I have not done a signing for Vital Signing since 2002. I don't remember them being that bad, and the reason I stopped working with them had nothing to do with our relationship, it was just that the dynamics of my business changed. The fees they are offering are pretty low. I don't do any Ameriquest loans, since I think they are pretty much all crooks, but what I find interesting is that most often you can get paid pretty well for Ameriquest loans, since some signing services want you to sell your soul to close the loans. Vital Signing must be making a killing on those Ameriquest loans. Or, maybe Ameriquest has dropped them. I think the future for signing agents (and for that matter any industry tied to real estate) is going to be pretty interesting. Could get kind of ugly.

Reply by TCMN on 11/8/05 10:59pm
Msg #75227

How's this???


This was quite the email. I'm glad I haven't worked with them. I have had them call often but have had the great insight of hearing the complaints first to know, I don't need the headaches.

I think the SS have it backwards....seems to me that most companies give raises as the cost of living goes up, etc. What am I missing here?



My thoughts....

Cost to buy a home = astronomical

Cost of gas = your first born

chance of getting paid for a honest job from the average SS = fat chance

nerve of some SS to contact us to work for those fees = priceless, don't think so, more like dumbfounded

Reply by DeeB/Fl on 11/8/05 10:10pm
Msg #75204

It just shows you that they just don't value their notaries if they have to stoop that low to lower the payments...which I'm sure they are hogging for themselves. Companies like that will go out of business in time when they can't find notaries who will be willing to work for them...at those rates....sorry its just plain common sense!!!

People are looking for pay raises, NOT a decrease in pay. Its bad enough they take forever paying us...but now to decrease it at the same time....I don't think we have "stupid" written on our foreheads!

<wink>