Posted by MSFlorida on 12/12/06 11:57am
Msg #165390

venting

received job couple days ago docs going to borrower heloc 50 no fax backs then I get email from title today saying 1st and 2nd unsure email or overnight CW both would need faxed back for Funding that day. I called SS and stated the info that was given to me in the email from Title and let her know fee would have to be adjusted she stated yes we did adjust your fee it will be 90.00. I told her that it would be no less then 150.00 she stated well I will not be able to get it approved for that so we will have to schedule someone else. Apparently they did it has now been taken off my schedule. Thankful the closing was not until Fri. and this was taken care of ahead of time otherwise I probably would've felt obligated for the borrower's sake Would anyone accept this?

Reply by TRG_wy on 12/12/06 12:16pm
Msg #165397

No, I wouldn't accept either. CW is good for this too. I also hate the split package and fax back requirements, takes a lot of time and can delay shipping docs. I now have to charge a fax back fee if more than 10 pages plus a split package fee because it takes time to sort, split and triple check because if wrong docs go to wrong people they are more than happy to reduce fee. I hate doing their work too!

Reply by ZeeCA on 12/12/06 1:00pm
Msg #165408

yes I hear you... I did one and they pulled this piggyback on me w/ fax backs to at least 2 numbers and this and that.....and refused to adjust the price after I got the package and saw what it was (not upfront on the call)...

they refused as they told me they could find a ton of notaries willing to do it for 1/2 the price... and I guess they did....

sad some give themselves away so cheap

Reply by Nancy Korb on 12/12/06 2:01pm
Msg #165428

It might help if there were somewhere that the new notaries could find out what they should be charging.

Reply by PL on 12/12/06 2:28pm
Msg #165433

Shouldn't one have an idea of that, before starting? n/m

Reply by TRG_wy on 12/12/06 3:24pm
Msg #165439

Re: Shouldn't one have an idea of that, before starting?

Actually, I would have to NO.
How are they supposed to get a clue when everyone shuns the topic. That is precisely why you have so many $40-50 agents out there. If they knew a reasonable fee should be $100+ for O/N don't you think they would going for that?
Competition is one thing but it can get to the point where you shoot yourself in the foot by not telling them. The SS will always go to the low-baller - experience or not.

You would think that this would be the one area where we stood united.

Reply by PL on 12/12/06 3:38pm
Msg #165443

Re: Shouldn't one have an idea of that, before starting?

To hear those in Southern California tell it, there are more notaries there then perhaps people in Wyoming. Having worked in Rock Springs, Evanston, etc., I would have to agree with that. You say a reasonable fee for O/N docs is $100, that might be true for you, but in a more competitive place it maybe less or it might be more.
That's why I think if you are going into this business or into any other business, it would behoove you to know what is prevailing and how you can fit your business into it. As for $50.00 signings, I do one or two occasionally and I would venture to say that most folks do also. If I can line up 2 or 3 in the same area and complete all in an hour or so, I'd be hard pressed to turn down $150.00/hour.
As for having everyone united behind one thing or another, in my opinon it's easier to herd cats.

Reply by TRG_wy on 12/12/06 4:04pm
Msg #165450

Re: Shouldn't one have an idea of that, before starting?

I agree. I just threw out that $100 as an example, I only wish. But if $65-75 were all I were asking here, but someone in Denver is getting $150 for the same type of closing I am only hurting myself. It shouldn't be unrealistic for me to ask more. That difference is going into the SS coffers.

There are only three of us here (ok, don't laugh) that are truly mobile. We work together and refer each other if booked and we try to price about the same as well. None of us had a clue when we started as to pricing. Who do we ask in the industry if no body talks about fees?

Reply by John_NorCal on 12/12/06 10:14pm
Msg #165489

Re: Shouldn't one have an idea of that, before starting?

Might one consider that talking about fees might be construed as price fixing?

Reply by Nancy Korb on 12/13/06 12:47am
Msg #165522

Re: Shouldn't one have an idea of that, before starting?

Well, I don't think charging a generally set fee would be considered price fixing. However, what do you think of the settlement companies and others putting a paragraph in their agreement, AFTER the fact, that we cannot get paid if we do not do such things as getting copies of the idenfiication or we don't get paid if we make an error, even if we go back out and rectify the problem. Isn't that what we pay errors and omission insurance for? Do you think it's accidental that those companies are beginning to do the same things? Isn't that price fixing? Or is it price gouging and attempting to bring the prices down to a point where we can't make any money in this business?

Reply by Nancy Korb on 12/13/06 12:44am
Msg #165521

Re: Shouldn't one have an idea of that, before starting?

I think we have to begin to speak with each other. I think we need to have a place where only notaries are allowed and I think we need to tell each other via a list, etc. who we should not be dealing with, and what prices, approximately, we are all charging.

Reply by Nancy Korb on 12/13/06 12:41am
Msg #165519

Re: Shouldn't one have an idea of that, before starting?

Well then we deserve what is happening. The major loan companies can organize and shut people out, keep people from making money and the smaller companies can set up rules that keep us from getting paid. I, for one, would rather make nothing than to allow someone to blatantly steal my fees. In addition, I want to know what I'm doing before I go to a client. When I got there, I don't want to have to renegotiate my fee AFTER the fact, which by the way is ILEGAL. You can't negotiate a contract with someone verbally or otherwise and then when the job is completed, you can't then renegotiate a new contract by threatening to not pay the person if they don't agree to it. That is called extortion and these companies are getting away with it because we're so busy "competing" that we're letting them do it.

Reply by Nancy Korb on 12/13/06 12:36am
Msg #165517

Re: Shouldn't one have an idea of that, before starting?

It makes sense to me that we establish a standard by which we all work. Maybe a couple of us go under or over by a couple of dollars, but pretty much stand by a certain price. Newbies who are undercutting are only serving to make this particular way of making a living seem alot less professional. That's what I'm running up against.

I'm finding settlement agencies who build in a way out of paying notaries because they know we're competing with each other and haven't established these kinds of prices. They can lowball, they can not pay notaries by using these weaknesses against us and guess what, while we're competing with each other and trying not to teach the newbies, the newbies are getting the business and making the notaries look uneducated and unprofessional and that reflects on all of us.

Reply by CaliNotary on 12/12/06 1:10pm
Msg #165415

"Thankful the closing was not until Fri. and this was taken care of ahead of time otherwise I probably would've felt obligated for the borrower's sake"

This attitude drives me crazy and I see it on this board all the time. People willing to let themselves get screwed for "the borrower's sake". If the company who hired you isn't concerned enough about the borrower to pay you a fair fee for the signing, don't put the burden on yourself to make everything right.

A lot of these "borrower's sake" charity closings are something that can be just as easily done the next day. And if it HAS to be done that day, then it's the company who hired you who is at fault if they're not willing to pay to get it done.

Reply by TitleGalCA on 12/13/06 12:42am
Msg #165520

Re: venting - vote with Cali and Beverly

***otherwise I probably would've felt obligated for the borrower's sake***

But, you are NOT obligated! you are only obligated to yourself and making your business work. If you are accepting work from a SS with this attitude....you are losing money.

Reply by hcampersFL on 12/12/06 1:15pm
Msg #165417

Why do you feel a responsiblity to the BR? You don't even know them. If SS can't get it covered for the fee they are willing to pay then maybe you will get a call from Title directly and get an even bigger fee than $150. They are planning on you feeling "responsible" and trying to take advantage of it.
One more thing. Keep the BR's name and address handy. Wait a few weeks and look up who did this closing. Now you know who to refer for all your low ball SS calls. This will free you up to take the high $$$ jobs. Work your business, don't let it work you!

Reply by MSFlorida on 12/12/06 1:42pm
Msg #165425

I was thinking if the borrower had been waiting on me to show up you know one of those last minute deals where the appt. was already confirmed and then they threw all this at me
10 minutes to closing at 9:00pm at night. But your right I didn't think about it that way maybe I would've gotten a call with a better fee. OK I think I need to go grow a bigger back bone LOL
Thank You for responses.