Posted by AngiesMobile on 11/27/05 9:00am
Msg #78784

$50.00 dollar signings...???? I had to do it!

I have turned down about 12 calls since Octover 31, 2005 due to the fee allotted of $50.00.
I asked a certain company why are the rates changing... They want to be more competitive and they have found Notarys in PA that are doing signings for $50.00. They also said that mortgage companies are also looking for closers that will do it for less so they have to cut their alloted amount to the actual notary...

I have not had a job since October 30, 2005 so I broke down and i am now doing them for $50.00, after taxes its about $30.00 per job.

Reply by Lee/AR on 11/27/05 9:07am
Msg #78786

Hope you have a day job as you're going to need it when your car, printer, computer gives out or your auto insurance comes due. I'm not picking on you, but don't make this a habit or you're part of the problem. Better to be part of the solution and just say No.

Reply by CarolynCO on 11/27/05 9:39am
Msg #78789

Re: I agree Lee about being part of the problem/ nm

Reply by John_NorCal on 11/27/05 9:38am
Msg #78788

You need to know your actual cost of doing business. After you have done that then you need to have a reasonable expectation of what your time is worth. Do you want to work for $8.0, $9.00, $10.00 hour? If not then you need to stick by your guns, or find something else that will support you better. As long as people know that you will bend, then they will continue to push and push until you break.

Reply by Beth/MD on 11/27/05 10:11am
Msg #78794

Why would you want to sell yourself short? If you want to work for an average of $9 an hour, why don't you just find a job that allows for the pay without the personal expenses coming out of your pocket? Let's face it, working at any retailer for that kind of wage means you don't have to fork out money everytime the toner cartridge runs dry or the paper supply empties. And what about the wear and tear on your vehicle?

Reply by Kevin Ahern on 11/27/05 10:18am
Msg #78796

Actually, you should not have all your eggs in one basket. You should look into other related fields (abstracting, appraising, home inspections, etc) as alternate forms of income. If you have the supplemental income from the other sources, you can afford to pick and choose the closings that you wish to accept. There is no reason to allow the signing services, title companies and lenders to force you to cut your prices in order to allow them to maintain or increase their profit margin at your expense.

Reply by Kelly M Robertson on 11/27/05 10:28am
Msg #78798

Angie, I know you're seeking support...

But the replies are right-on and you are THE REASON why signing companies can offer lower fees: Because they have notaries, like you, who will accept those fees. Think about this: When I starting signing Full-Time 8 years ago, the going rate for a ss was $50. Gas and expenses were ALOT cheaper then. Why would you accept $50 now??? I am here to tell you: Lenders pay between $200 & $300 every day of the week for a signing; Escrow/Title pay $150 and up for edocs every day of the week for a signing. Work Smart! Just say, "no" and stick to a plan for higher fees and just like the other posters indicated, be a part of the solution. You'll be proud of yourself and feel better about your business and enjoy your business more! And yes, there are many other jobs you could perform to augment your income in slow times -- I used to be a Field Inspector (go to www.sofi-usa.com for more info) and still love being a Wedding Officiate (www.ulc.org is one of many sites to check out). Good luck and start your new mantra TODAY

Reply by SueW/Tn on 11/27/05 11:18am
Msg #78801

Being competitive...

is the name of the game. We ALL would like to think we're worth $50/hour but the plain truth of the matter is we're worth exactly what someone else is willing to pay. Every industry is re-adjusting their pay scale right now and if you're fortunate enough to have TC's etc. in your back pocket...savor it. If not, get flexible and real.

When I first added SA to my name I had one heck of a time! I read, researched and studied, hard. I was scared, I didn't want to have a mistake that I may make be the reason someone's dream was crashed. I checked and rechecked my work, continued my education and asked a zillion questions. I was diligent and responsible, my work ethics were firmly in place and I have done a great job,14 months error free and my reputation is in good shape. Bottom line is that I was a "newbie" taking business from "more experienced" SA's that probably had more sense than I did and made alot more money per signing. I'm still here because I adjust to the climate and I'm not worried about someone else taking my "business".

I don't sit back and blame a "newbie" because prices are falling and costs are increasing. I know exactly what it costs me bottom line to do a piggyback with 60 mile round trip expenses.
I worked 3 years in the automotive field making a salary of $48,000/year driving 120 miles per day. I put in long hours and was dedicated...then the oil crisis hit and we were all suddenly and quite simply out of a job. Now I'm making a bit less than my previous salary, (20%), work 1/2 the hours, and I'm able to deduct travel expenses putting more money into my pocket. Doesn't take a rocket scientist to figure out that this is a much better proposition.

We blamed the Administration for the oil crisis, folks that drive big ole' SUV's...you name it we blamed it but the fact remains that things can change overnight and what was once an ideal job market turns into a dinosaur. The keys to survival are flexibility, options, properly forecasting, staying current with the world's financial market and being smart enough to remember.....you're only worth what someone else is willing to pay. Bottom line this is a service based industry and who cares if newbies are messing up? We're going out and correcting the problems i.e. it's actually generating business! Since I have the thought process that everything is temporary, I see these fee slashing measures as tempory, I'm reacting to them in the best way that serves me, not someone else. Unions have more than proven to me that you can either go down with a group that wants to hold firm OR you can examine where you can cut corners, save money and wait it out for calmer seas. I have learned that you can't be so set in concrete that you are no longer flexible.

Each SA will have to look at their business plan and make adjustments accordingly. To point fingers at SA's and call them "part of the problem" is ridiculous. When you walk a mile in their shoes THEN you can judge. Some of us work in huge city areas where there are tons of SA's and tons of competition. Some of us are in rural areas where that doesn't matter, how can you possibly know what an SA is up against when you don't know where they're located or what their personal position is?

Reply by Beth/MD on 11/27/05 11:39am
Msg #78802

Re: Being competitive...

Sue, I'm very competitive. I'm just not unambitious and lazy. As I see my business, letting myself be talked down in fee is being unabitious and lazy. And quite frankly, YES, I am worth $50 or more per hour. I cannot accept beer pay for a champagne job just because a few SS low-balled their bid for business. I know what it costs me to do business. Therefore, I WILL stand my ground and I WILL continue to work for those TCs and SS that still pay a fair fee.

Reply by CarolynCO on 11/27/05 2:06pm
Msg #78818

Re: Being competitive...

I'm not worried about the green newcomers taking away my biz because I have many SSs and TCs that know my worth and don't blink an eye when I request it. As has already been posted, the problem, whether it is newbies or experienced signers who accept the lower fees are who are bringing the market down and the reason more and more low paying jobs are being offered. I agree with Beth and others who stand our ground and won't accept the poor fees.

Reply by Lisa Bittner on 11/27/05 12:41pm
Msg #78807

Re: Being competitive...

fantastic post SueW

Reply by Lee/AR on 11/27/05 1:50pm
Msg #78812

Sue W & Beth... you've both made some points, but

Beth is 'righter'. Sue, this being 'a temporary adjustment' might be true; but we're going to have to spend a long time getting it back to where it should be. No, I'm not worth $50/hour; but expenses, taxes & equipment chew up a good portion of that. And, last, yes, each of us has to look at our own bottom line. However, equating the automotive industry with this one is far less accurate than Beth's equating it with the 'doctor down the street'.

Reply by SueW/Tn on 11/27/05 2:00pm
Msg #78817

Lee...I'm not equating this with anything...

I'm merely stating that there are lessons to learn everyday. You don't have to be an RN to see that huge hospitals are letting senior folks go or shutting down completely to realize there's big problems in the medical community. We are put here to learn and that education can come from all areas, not just one that has to do with something we do for a living. Those that do not learn tend to repeat their same mistakes. I for one would rather learn from someone else's mistake. These are just my opinions and like eyes, we've all got em. I have found that working positively towards resolution helps much more than being negative towards a particular group, i.e. newbies. There's so many things that divide us as SA's, just look at the State specific laws and then look at this wonderful huge country we're in and you can see that some problems are generated from supply and demand, some are just plain normal for a particular area. What works in New York City isn't gonna work in Cow Springs Arizona.

Reply by Lee/AR on 11/27/05 5:28pm
Msg #78833

Now...THIS I can agree with...

Yes, there are lessons to be learned everwhere. No, one size does not fit all. I don't believe newbies are to blame--it's simply that the boom is over and things are back to normal. THIS is the lesson that needs learning now: The high volume is over and nobody should expect to maintain previous standards at someone else's expense. We all need to find ways to cut expenses, costs. But I don't think that working for the equivalent of minimum wage while the people we work for attempt to maintain former profits is the way to go about it. They are trying to work with less experienced/expensive people--which creates more work for them. Just think about the increase in 'instructions' this year alone. From maybe 1 paragraph to pages (usually poorly written). It's just counter-productive all the way around for everyone. It does sadden me to see this thinking continue and become the 'new norm'.

Reply by BrendaTx on 11/27/05 6:04pm
Msg #78837

Notary Fire Sale - $50 ea. Liquidating Inventory

**I don't believe newbies are to blame--it's simply that the boom is over and things are back to normal. **

I don't believe newbies are to blame either. There's not really anyone to "blame" - there's just our way and their way. Those who take this seriously don't like to see it become a Notary Fire Sale and those who help that concept along will just have to deal with dislike of them making us a liquidated inventory.

My way was to be paid what I believed I was worth once my expenses were factored in. My way was not to work for companies who did not value me and who thought they needed to call me to tell me "Come in! It's raining out there!"

I charged $50 - $60 when I started two years ago. However, very quickly I realized I was good at this and I should be making more or I was not going to keep any kind of a business going. Plus, it's just better to work for the companies that pay what they should. Right??

Lee - you are so wise at this. The refi boom is over! Yes, people it is OVER. You must work with an eye to your future. Be ready to do something besides being an NSA - don't be like a deer stairing in the headlights.

I was one who came on board as part of this refi boom and my time may be over in Texas, however, if I can hang in here as a real business and not as a $50 signer for companies who WILL eventually go away from Texas, I also might be one of the ones who has a future. This much I know: I will go under quicker by taking signings that make -$5 to +$5 in profit to band aid a symptom of cash flow problems, than I will if I work temporary to make a definite amount, or I take a part-time hourly job to supplement my income, or if I start another business to take up the slack as Keven Ahern stated.

It will be snowing in July before I say "I had to take a $50 signing." The truth of that statement is that "No, actutally I could have taken a job cleaning out dog kennels. It pays better and no fax backs."

Reply by Margaret_FL on 11/28/05 3:48pm
Msg #78948

Re: Notary Fire Sale - $50 ea. Liquidating Inventory

Brenda and I think alike. I have been doing inspections almost as long I have been doing signing. I realized early on that this work would be on and off. I just did an analysis of my earnings and I did 3 times as much in inspections as I did in loan signings. I will be attending HUD training next week for 5 days to get certfied to do another type of inspection for HUD. I will eventually be phasing out of loan signing and doing inspections fulltime. Right now I am doing HUD inspections for FEMA. FEMA has purchased HUD foreclosures for the Hurrican victims. I am doing the Move-In inspections, takes 20 min and pay $90. No people to deal with, just a vacant home and a checklist and my digital camera. Whole inspection process takes less than an hour, including download form/pictures. Yes these inspections also will go away but it has given me income and experience to qualify for more types of inspections. Do a search of my previous postings. I even have a Ebay store and ship products everyday. I do not spend a lot of time on the chat boards anymore as I am too busy making money.

Reply by sue_pa on 11/27/05 10:56am
Msg #78799

There are also many of us in PA who don't work for $50 and we stay as busy as we want. If you work for $50, be sure they are easy orders (HELOCs, overnight same lender refis, no broker involved) and keep the work close to home. If you are in Pittsburgh or Philadelphia areas, I don't know what else to tell you. If you are in any other part of the state, you are falling for a line of BS.

Reply by LilyMD on 11/27/05 12:58pm
Msg #78809

Re: $50.00 dollar signings...2 points of view

both SueW and Beth make valid points but are from opposite ends. SueW's statement about a changing market are true. Let's face it, prices change with everything. Not just our business. If a landlord can no longer get $1000 rent for his property due to a declining economic situation, he'll lower his rent. On the other hand, I would bet there are industries out there that don't lower their fees simply because the economy is on the decline. When was the last time your dentist/doctor lowered his fees because the doctor down the street is doing the same thing only a few dollars cheaper? During the recession did your hairstylist lower his/her fees? No, some fees do remain at a professional level and I think we as SAs should do the same, after all, aren't we professional?

Reply by Glenn Strickler on 11/27/05 1:54pm
Msg #78815

Putting things in perspective

I get work from collection agencies sometimes where I only need to notarize one or two documents at a remote location. They pay $60 for that. Compare that to doing an entire loan package for $50. I don't know, but if you are taking low paying jobs, perhaps you are not marketing properly or looking for other notary jobs at such places as hospitals, nursing homes, prisons. If you have any of those near you, drop off a few business cards.

Also, at least twice a month, I get called from a TC or Lender to fix a signing that was done by a $50 notary. Sometimes it is a complete re signing (yes, I get my full fee), or my personal favorite, a DOT that a notary printed on an injet. I have to believe that compaines will realize sooner or later that you get what you pay for and it is more cost effective in both time and money to just call an experienced notary.

Personally, if I have to take $50 signings to stay in business, I will hang up my stamp and go back into retail part time. In terms of total expenses, it doesn't make sense. But I have faith that things will work out in the long run

Reply by SueW/Tn on 11/27/05 2:16pm
Msg #78820

yes, putting things in perspective...

I would like to share a "need" as opposed to a "want". Certainly I "want" to make $200 per signing. I "need" to make x amount to cover expenses. I always ALWAYS get what I need. One day per month I volunteer my services at the various senior community centers. I donate my services to active members of the military. I give back because I feel very honored to be in the position I now find myself in. Greed doesn't run my train, control does and I am in control of my horizons. I am thankful for all the things that I have, for my health and for my abilities. I am thankful for the gifts as I have been at the other end and it wasn't too pleasant. Yes Glenn I do $50 signings, they are over night docs to the borrowers and take 30 minutes of my time and are within 10 miles of the house. Frankly I hope all the other SA's in my area continue to turn them down because they're the easiest money I've ever made. Those are decisions I make for my own business plan and hey...they work for me. What works for one doesn't work for another but I'm still comfortable, I still work daily, and I know that no one is being harmed by my personal business decisions.

Reply by Glenn Strickler on 11/27/05 3:23pm
Msg #78829

Re: yes, putting things in perspective...

Sue, I understand that what works for some, may not work for others. I don't know what the economy is like in your area. I do know that there always more one can do to increase income. I retired early from a good paying job for health reasons, and I needed something that would fill the gap for a few years and still allow free time to do other things and not kill myself. I had a commission anyway, so I reasearched loan signings. I wrote a business plan. Statistics show that right now Southern California is one of the most expensive place to do business. I live in the High Desert where distances between addresses in the same zip code can be 30 miles or more even though it shows "0" in the listings. I calculated the expenses of insurance, equipment, time etc, and quickly came to the conclusion that $50 signings weren't going to produce much of a profit and allow me the time I needed to do other things. So I learned as quick as I could about the documents and what is required and marketed myself based on information available on this board and from some of my peers and went for the TC and lender work directly. The high dollar signings are there for the taking. You just need to go after them, you can't sign up at several signing services and wait for the phone to ring. I have full time work and actually refer signings to others. None of these are low paying jobs.

I was not meaning to put anyone down for taking $50 signings. I simply meant to get them to ask themselves "Am I doing everything I can to get the better paying jobs". There is plenty of marketing advice available on this site. If you use it, it will pay off in most cases.

But you are right .. To each his own.

Reply by John_NorCal on 11/27/05 5:33pm
Msg #78834

Re: yes, putting things in perspective...

Actually, if Sue is taking $50.00 jobs as she has outlined it, that would make sense. What doesn't make sense are the SA's who take $50.00 jobs, drive umpteen miles, spend 1-2 hours at a signing, drop off docs then wonder where the next job is coming from. Like so many have posted, know your worth and stick with it.

Reply by SueW/Tn on 11/27/05 7:57pm
Msg #78845

you're definitely right about...

California and the high cost of living. I was born and raised in Southern California and watched it grow. I take my hat off to anyone that can be self-employed there because rent alone would choke me. That's one of the reasons I relocated, just too darn many people, too much traffic, too much of everything! I appreciate your comments and I listen with an open mind. Several things you have said here today and your past posts have always been good reading for me. We never know who's going to have that magic sentence that will put us on a different path and I appreciate the diversity of this board. I just don't go for the militant attitude of some of the posts because I don't think there's really any right or wrong way for an individual to handle their personal business, what works for them does exactly that, works for them. Have a glorious day and thank you for your input!

Reply by BrendaTx on 11/27/05 5:42pm
Msg #78835

Perspective helps!

**yes Glenn I do $50 signings, they are over night docs to the borrowers and take 30 minutes of my time and are within 10 miles of the house.**

Perspective helps! That explains why you construed the posting from Lee and Carolyn as being judgmental. I thought that they answered nicely to Angie and stated their opinion openly.

Sue, since you are not in CO, or AK, or TX you cannot understand perhaps that for us to take $50 for any signing is not profitable, or if it is even slightly profitable it is not wise any more than we can understand why you can profit at $50 and see no harm in it.

In my situation, the $50 signings are going to help SSs stay in business in Texas when there's really not enough business to for ss's any longer, IMHO. And, this is only my opinion. The number of signings are going to plummet quickly because of the reasons I have listed below and even now, they are narrowing down so much that it's not going to be so difficult for a title company to regain their ability to schedule them. I just figure not taking the $50 signings so I can get a net of $5-$10 for my efforts is a way to keep for giving a SS I want to go away the pleasure of making $50-$100 from my work while I make $5.

(I want to emphasize I have no problem with SSs who do not question a $75 base locally, but there's just not that much refi biz to keep them busy in Texas; they waste my time and cell minutes if they call for a $50 job, and I think that the sooner they are gone the better for me as I will make $150 - +++ rather than that $50 they are offering. It is not personal, it's just smarter business.)

If they are able to make money on me sufficient to sustain them a little while longer that is a little while longer I helped them keep me from profiting more. Like you said yourself, looking ahead is the key to staying in business.

We know this in Texas:

1) Refis will eventually disappear

2) HELOCS are coming under close scrutiny by "the powers that be" as to whether or not they can be closed by NSAs working independently - title companies and signing services assigning this work would do well to re-examine what legal advisories have been going to attorneys and title companies allowing courtesy closings. It's very interesting. It also makes me wonder how the title companies/signing services who are sending out HELOCs are oblivious to this.

3) Rev morts may increase but I still think that adding the LOC to them in the Nov. 8 election may take them out of our hands

So...based on the above, yes..the Texas NSA may disappear from the landscape. And, there is no way that I can profit from $50 signings since the profit margin is so slim so why should I help keep $50 signing services in our business population? And, it could be that others from other states are working off a similar set of ideas or factors.

Sue, one fact is true for all of us: $50 signings are not as profitable as signings for more and as a general rule it is barely any profit and it takes volume to achieve a profit with them. Maybe AK and CO don't see you kind of $50 signing volume.

Another fact is true for all of us: If NO ONE took those prices, the fees available to be paid would increase - even if slightly. That means if they paid $10 more, for every five that would be $50 more - A $50-$100 per week raise would make a considerable difference to a business about to go under.

Your posts are quite well written and I enjoy reading them.

BrendaTx

Reply by Glenn Strickler on 11/27/05 6:40pm
Msg #78843

I was thinking (dangerous for me)

that since the banking stocks have been edging up the past few days, that insiders and iinvestors may be thinking that the last FED increase may be the last for a few months anyway and keep the market going. Fortunately, the Victorville area is one of the largest growing areas in the country with new industry being built and 30,000 new homes either being built now or in the planning stages. Also the past couple of years, we have been signing an awful lot of adjustable rate loans with a 2 year fixed rider that are comming due and they are going to want to refi into a fixed before the rate adjustment. I don't think the bottom is dropping out ---- yet.

Reply by BrendaTx on 11/27/05 7:07pm
Msg #78844

Re: I was thinking (dangerous for me)

Glenn - You are not the only person who thinks as you do about the ARMs. Two ss owner friends have told me the same. However, neither of them do a huge volume of business in Texas. One does zero in Texas.

For my particular area, I have done 80% locked and 20% ARMs on a no cash out loan. In my courthouse, this is about the same for all in my area done.

This is Texas and it is different. Our market is great where I am, but it's not the market I am concerned about - it's what is still within the hands of an NSA as far as loan signings.

This whole concept of equity loans in Texas, as well as reverse mortgages, took a lot of marketing to get these two products to sell..and nearly seven years to really get people comfortable with them. So things are starting to roll for HELOCs and Rev Morts.

Unfortunately, the Tx Constitution makes it impossible for notaries to do HELOCs in a bwr's home. They must be signed in a law office, lender branch or a title co.

Since Rev morts have recently had LOCs added to them, this may also cause the NSA a problem. One indicator to me that the State of Texas is going to put the Rev morts into the above venues has been that the NNA did not come here and recruit. Predictions are that there will be three times as many loans of this type signed in the next couple of years as was in years before. The NNA would have been here to cash in if they thought it would help, but they have not. Not long ago the NNA did a story on Kentucky considering something similar to Texas and in that story they stated that Texas is not the NSA's place for making a good income. I was lucky and did rather well for awhile, but it's over for the most part.

The Finance Commission of Texas will soon be re-examining the Tx Const as far as how these loans rules will be written for rev morts. They have the power to decide on how to do the signing documents without much input from anyone else. In other words - where they will be signed.

That's what I refer to. (Below is more on Texas loans, but kind of another subject about the venue.)

Now, what's been happening is that ss's have been getting notaries to go into one of those venues to close loans. Some have been sending notaries into parking lots of these venues, or into lender branches that are not the lender branch of the loan's lender to get around this.

And, sadly enough, some notaries have signed these loans in homes under due pressure from signing services which are under due pressure from title companies who established fee offices in Texas just for the purpose of accommodating the refi boom.

So, what's the penalty? Well...according to the mortgage bankers website, it may be that the lien is not perfected and therefore it cannot be foreclosed upon.

It's come to me from two good sources that letters from "legal sources" (not sure who exactly) have been circulated to attorneys and title companies where these courtesy closings were taking place and they have been told not to allow these closings to happen in their offices or they may be in some kind of trouble. I have heard it is malpractice insurance carriers, I have heard it was underwriters of title companies and I have heard other things.

But, as far as the refi boom -

It's true...in Texas, I can assure you...the refi boom is over for the NSA - UNLESS the interest rates on loans suddenly go down again. Then yay, we will all be happy again.

I feel if rev morts can stay within my signing range then I will still have a business. If not...I'll be busy doing something else.

Reply by Glenn Strickler on 11/27/05 8:19pm
Msg #78850

Makes me appreciate where I am at.

Good info. I hope things go your way. When you say "I'll be busy doing something else" its an example of your great attitude. I have a feeling you already have your work lined for when the bottom drops out. You always have a positive attitude. You got to have more than one iron in the fire in this business.

Reply by SueW/Tn on 11/27/05 8:03pm
Msg #78848

TY Brenda

I have enjoyed your posts and have read your blog and one thing I can say, you definitely are able to make me smile. I sincerely hope that things change in the very near future, sometimes hope can move a mountain. I am truly blessed in that my family is raised and although I am alone I have managed to find myself in a place where the cost of living is very low compared to the majority here. Collectively speaking we're all on the same page, no one wants to work for low wages...face it, that's why we've become SA's to begin with. No tougher audience than a group that is INDEPENDENT with a capital I! Have a glorious evening and a great week!

Reply by CarolynCO on 11/27/05 8:18pm
Msg #78849

Re: TY Brenda

Sue,
I believe that many (maybe not all) of the NSAs that got on board in this biz within the past 6 months have no idea of the true cost of self-employment. I don't recall now how much the original poster said she was clearing after taxes, but unfortunately, taxes are not the only expense we are faced with. True we have many biz deductions that we are unable to take as an employee, but there is still a much bigger picture that is *new* to most who have always been an employee. I'm also sure that to many people who have been signing for less than one year hear $50 or even $40 for a signing and it sounds like a lot of money. But it's not FREE money. For me personally, factoring in taxes, equipment, all the costs of a vehicle, my own benefits, i.e., insurance, vacation, sick time, retirement and profit, that $40 or $50 equates to approximately $8.00. I certainly can't afford to work for $8.00.

Reply by AngiesMobile on 11/28/05 2:54pm
Msg #78934

I never take less than fifty if I have to do much more work than necessary... This rate is what I have been accepting on packags that come pre-printed, overnighted and same lender.

Reply by Anonymous on 11/27/05 10:01pm
Msg #78857

$50.00. I do them and profitably.

Did about 20 of them last month within 10 miles of my home. Turned a few down when I had other business. I often do them midday or early afternoon before the local companies start. I do enough that if I turn the $50.00 signing companies down due to a conflict that they still call me again.

I have a pretty good relationship with the people at these out of state companies. I have become convinced that if I turn it down due to scheduling conflicts there are others that will take the assignment. There are about 30 notaries on this board alone within 10 miles of me.

I concur that the refi boom is over. The title companies here are laying people off. A couple of the mortgage banking firms are consolidating offices. This is only the beginning more pain is coming. Days on sale on the real estate muliple listing service is going from 30 to 90days and prices are flat to falling.

Plus, with cheap nationwide calling, one of the signing people told me their bosses attitudes are that they can make a few more phone calls to save $25.00 to find a notary that will do it for $50.00. Plus, they are dealing with lower volume so they have time on their hands. I asked one several months ago and was told they usually get them placed in under five telephone calls. One of the $50.00 signing companies use to express me the documents, but I hhave now noted that they send them to the borrower, it gives them even more protection if a notary fails to showup, they can get another notary and not have to chase the documents down. I expect documents to the borrower to be an expanding trend.

What would you do if you were running the signing company and could your people had time on their hands and could get it done in five phone calls s for $50.00 and make an extra $25.00 for the signing companies bottom line on volume that might be shrinking?

$50.00 signings give you a baseline income and may help you bridge to other more profitable opportunites. If you have better signings to do, then do them, if not, why lose out on the cashfow? It seems pretty clear the 12 signings you references got done by someone. Chances are the docs were signed correctly and the transaction closed just fine. If not, the $50.00 signing companies would not be in business very long with their title companies and lenders.

Reply by AngiesMobile on 11/28/05 2:59pm
Msg #78936

Re: $50.00. I do them and profitably.

I would rather make the fifty bucks for a 20 minute signing within a ten mile radius then give 50.00 bucks to one of the 12 notaries in allentown, Pa that do do them for $50.00. I wish I could figure out who it was around me that does them. I don't make a habit of doing them for fifty dollars. I always look on the hud as well to see if there is an amount for the notary.