Posted by davidK on 11/9/05 12:42pm
Msg #75422

Vital Signing new fee structure

I turned down a signing last night from Vital because of their new fee structure.

They wanted me to print e-docs and do a signing at a location that is at least 25 miles away for $70 total. Previously, I would have charged (and have been paid) at least $100 depending on the appointment time.

They never called back, as they frequently do when we differ on price offered and wanted, so maybe there are some notarys out there that will do the job cheaper than they did before. I guess I'm just not going to be one of them.

Perhaps enough "no's" will get them to rethink their policy change. I certainly hope so, as I believe Vital is one of the good guys when it comes to their actual payment policies and practices, but I'm in business, I'm not a charity, and I expect reasonable compensation for my efforts. IMHO, their new fee schedule is very much unreasonable.

If and when I start seeing Hud-1's that show the notary fees have come down from their common levels of $150-$200 to $100-$125 then maybe my attitude will change. Unfortunately a 50/50 split has been common between the SS and the notary, but without the borrower paying less for notarizations, it just means that the SS is taking a larger share of the pie.

I hope those of us who do like working for Vital will express our feelings by just saying "no" to the new fee structure. Corporate policies can and do change, as I hope this one does real soon.

Reply by eXpedN_TX on 11/9/05 12:49pm
Msg #75428

David,

Sometimes I wonder if other SA's are really going down in price, or maybe the last person the SS calls is the one they go with because they exhausted their other possibilities?!?!?

Reply by NY_TaxLady on 11/9/05 10:57pm
Msg #75546

eXpedn_Tx. I have been thinking the same thing. Why make

another call call back to me.

Reply by MsRobbo on 11/9/05 12:51pm
Msg #75429

It seems that a number of companies have lowered their signing fees. I have run into this myself this week. These are SS that would normally pay my standard fee and are now looking to lower them.

Reply by eXpedN_TX on 11/9/05 12:56pm
Msg #75433

If SS keep lowering their fees to "stay competitive", I fear they will hurt themselves more and possibly have to go out of business. They should stick together and charge what they need to in order to stay in the market just like most of us NSA's are doing. If we all lowball ourselves, we too would have to go out of business.

Reply by davidK on 11/9/05 1:02pm
Msg #75436

But are you seeing reduced fees on the HUD-1? It seems to me that unless the borrower's are paying less on a regular basis then any reduction by the SS of fees paid to the notary is just profiteering.

Reply by eXpedN_TX on 11/9/05 1:59pm
Msg #75459

Nope, not seeing reduced fees on the HUD-1 either. I think I was more referring to the earlier postings that SS are lowering their prices to remain competitive to the other SS. If they go so low in price, SA's won't work for them and title co.'s will go straight to the SA's and skip the middle man. Some of the SS might want to think of other ways of being competitive than to sell themselves short.

Reply by TCMN on 11/9/05 12:55pm
Msg #75432

50/50


I like to see at least 50/50 if not more in my direction from the title companies. When I get a job from a SS and the HUD reads that they are getting $250,$350 or whatever and then they are paying me $100 (or $125 if I print), and the docs were sent overnight and directly from the lender, and then I return them to the lender and the SS never sees them...they shoudl get LESS than 50/50, maybe more like 90/10 with me getting the 90 side. They did nothing but a phone call and then take a risk of NOT getting paid...that's the part the lenders need to reevaluate.

It's a little ridiculous don't you think? NOW the title company who has done some work and marks up the HUD, etc. they should split it closer to the 50/50 side of things. They've DONE something to earn payment.

Reply by Calnotary on 11/9/05 12:59pm
Msg #75435

Re: 50/50

Vital requires faxback right? Well I sign up with them a few weeks ago, and the contractor form
took 18 minutes to the fax, so if Im going to be faxing back to them on each signing its like
2 dollars just for the faxback, I dont have unlimited minutes in my landline.

So everytime you do a vital signing just remember that its 2 dollars on your part just to fax them.

Reply by MonicaFL on 11/10/05 5:37am
Msg #75561

Re: 50/50

I have made it a point to ask when called if there are faxbacks involved. If they say yes then I ask them how many pages (approximately) and charge them accordingly. If they don't like it then I tell them to find themselves another notary. Plain and simple!

Reply by John_NorCal on 11/9/05 2:15pm
Msg #75463

Good for you! IF, and that's a big if, other SA's will take that stance, they will be forced to come around. As you stated, we are in business not operating charities. I sent a reply to their email and stated my fees. If they want to pay them great, if not, so be it. I have other companies that pay my fee. To accept anything less is cheating them as well as myself.

Reply by CA_Jeanet on 11/10/05 2:52am
Msg #75556

I've turned down more signings the past few weeks that I never would have in the past due to reduced fees. I live in a remote area where the nearest drop box is a 20 mile round trip, and I have also noted that the notary fees on the Hud ARE NOT reduced. Agreed, I think the industry is slowing down, but if the SS are still being paid the regular fees, then they will have to find notaries who have no experience in this business, and pay more in the long run for return visits. Too bad for all involved. I simply will not work for nothing. My costs have increased, and it is not business as usual.