Posted by Jersey_Boy on 4/4/06 8:39am
Msg #110809

And another one bites the dust...

An attorney that I have been working for quite regularly over the last few months dropped the "I have to lower the fee" ball on me. I am already cutting this guy a break because of the quantity of work, but I am not going to work my @$$ off for half the fee. I very nicely explained to him the "you get what you pay for schpeel." I also told him that if he needs me to go out and fix a "fly-by-night" notary's mistake... I am only a phone call or email away.

Reply by Beth/MD on 4/4/06 8:46am
Msg #110811

Did you get the "everybody's lowering their fees" pitch? That's what I got from a particular TC a month ago.

Reply by Colonel_IA on 4/4/06 8:53am
Msg #110816

When will the NNA lower their fees? n/m

Reply by Jersey_Boy on 4/4/06 8:58am
Msg #110817

Yeah... I got the "everybody's lowering their fees" pitch.

I just told them that I don't belong to the "everybody" group and that my fees are staying put. I am be "flexible" with my fees, but I won't "flex" them into a U-Turn.... lol

Reply by Jersey_Boy on 4/4/06 8:59am
Msg #110818

I am be? I think my fingers are on strike today... n/m

Reply by Teddog_CO on 4/4/06 9:03am
Msg #110821

Good for you Jersey Boy! It's to bad that the folks we work for don't get it. Absolutely everything is going up in cost gas, paper to mention a few. I am going to stick to my fees!! The people who are taking these low fees are going to be "belly-up" soon. There is NO way you can make a profit doing signings for the fees they are taking. It is going to be quite the Shocker for the lowballs when they fill-up the gas tank and purchase supplies. I'm assuming the lowballers can count? Personally, I would much rather put a few extra hours in at my side job, where there are no expences and a lot less hassle then take the fees that some of these companies are offering.

Best to you

Teddog

Reply by Colonel_IA on 4/4/06 9:17am
Msg #110827

Well, Teddog I think the lowball notaries are probably people who do closings as their side job and just put in a few extra hours and don't figure the expenses. The reality of the closing business today is that companies are going to keep cutting fees to notaries to maintain the company profit margins. And with the NNA and others constantly getting new notaries there is an unending supply of newbies. Granted low ball newbies make mistakes but sometimes they do it right too. So from a company's viewpoint notary mistakes are a cost of doing business like shop lifting at WalMart and lawsuits for stock brokers.

Reply by azrattler on 4/4/06 9:28am
Msg #110837

I think it is the new Notaries coming onboard. Like the comments in the thread, the experienced Notaries will have to go out and fix the loan documents. I know when I talk with people who ask me what I do, and I tell them, they think I have a cushy job.

Needless to say, they do not know about the calls you get at the last minute to do a closing in an hour, or the fact you do not get the documents until the last minute when the appointment was scheduled the day before, or the fact that you have three closings in one day and one of the companies decides to hold up on the documents which can cause you to be running late. After experience, I have learned that I let the SS and Title Companies know that I work for others to, and courtesy must be shown to all. So if you want me to do a closing for you, realize I work for others too and keep to the schedule.

Reply by Jan_In on 4/4/06 9:28am
Msg #110838

I got a letter from a co. wanting me to give them a single price for all closings, including travel, e-mail, etc. with 1/2 price if it doesn't close, with deductions for errors. The distances I travel it would have to be high to cover everything. Any thoughts on this?

Reply by SarahBeth_CA on 4/4/06 9:32am
Msg #110841

Jan they would have lost me at 1/2 price if it doesn't close. If you go out, complete the signing, and do your job correctly and the loan doesn't you charge full fee. If the borrower resinds or the paperwork was incorrect causing a redraw, or anything unrelated to your job performance it is rediculous for you to not be paid full fee.

Reply by Lee/AR on 4/4/06 9:48am
Msg #110847

Educate them. It's YOUR business; not theirs. n/m

Reply by Teddog_CO on 4/4/06 9:46am
Msg #110845

Colonel_IA

How true! It just warms your heart! NOT. The way I feel about it "push comes to shove" I'll just do something else. With regard to the NNA "No makie money! No spendie money!" and that will be the end of the NNA, that is if they don't get nailed for fraud first. Companies that are lowballing, well they will pay a price by getting sued. Either from Notary error or internal error. My example to you, look at the people we speak to on the phone everyday and they are at best uninformed. Then there are the documents we receive incorrect terms, typo's, missing forms and the list goes on. I have seen more and more errors lately. Maybe I notice more details then other people having worked for many years selling loans for a bank. You work in every area related to creating that loan pkg before you ever step on the floor to sell a loan. I can tell from some of the errors it is lack of training and not rechecking your pkg. It appears they are depending on the notary to "catch" any of their errors and follow-up on them. BIG mistake ! It takes years to gain the knowledge that is needed. Sorry ! Lowballers are doing the "volume thing" and have NO time to catch any errors, let alone have them corrected. As they say "You get what you pay for!"

It will have to get Very Expensive for the lowball companies before it "dawns" on them. Sure hope they still have a business when the "light" finally goes on.