Posted by Annette Rinehart on 11/29/06 3:21pm
Msg #162792

Any Information

Does anyone know who I could talk to about starting my own signing service/agency?

Reply by Sylvia_FL on 11/29/06 3:34pm
Msg #162794

Annette
I own a signing service. Before I opened it I made sure I had the contacts and enough capital to pay the notaries, because whether the title company pays or not, the signing service is the one that contracts with the notary to do the signing, so the responsibility of paying the notary is the signing services. You need to make 100% sure that the notaries you hire know their state's notary laws as you need to be able to guarantee their work to the title company/lender.
Be aware that there are now so many new signing services popping up that signing agents are reluctant to work with a new one that has no history of payment practices etc.

Reply by Pat/Florida on 11/29/06 3:37pm
Msg #162796

What do you typically charge as a signing agent for a typical loan closing? I am in Florida and a new signing agent.

Reply by Annette Rinehart on 11/29/06 3:52pm
Msg #162798

It depends on what is all involved. If the docs are sent to me or the borrower then the fee is minimal, like $50-60 locally. If I have to print the docs from email, then the fee is $80-100 locally. If I have to travel to another city to do the signing, then there is a travel fee of $25-50 depending on mileage. Please remember that the fees that you charge are at your descretion, you should take into consideration the area you live in. I live in a town that is 25 miles, minimum, away from the next town, in any direction that is why my travel fees come into play. You should actually ask another fellow Notary in your area, but I hope that I have been as helpful as I can. Don't forget to keep track of office supplies, office equipment and mileage for tax purposes.

Reply by Annette Rinehart on 11/29/06 3:54pm
Msg #162800

Also, keep track of all your Notary fees that your state allows as you don't have to claim them only the "profit" you make, if any, from the signing.

Reply by Sylvia_FL on 11/29/06 4:14pm
Msg #162805

Annette
Notary fees still have to be claimed. You must pay income tax on them, they are only exempt from SE tax.

Reply by Roger_OH on 11/29/06 4:19pm
Msg #162808

Need to correct you on this point, Annette!

ALL notary income is subject to federal, and where applicable, state and local taxes; even if you do not receive a 1099 from a company, you must still declare it all.

Actual NOTARY fees are exempt from federal self-employment taxes, but they must be broken out seperately from signing fees.

Be sure to get an EIN number to use when filing your Schedule C form, and for all your business dealings with companies. Definitely consult a good CPA or tax pro if this is your first time filing with business income.

Reply by Bonnie_CO on 11/29/06 8:32pm
Msg #162865

Ok, Maybe I'm missing something here...

I have a dumb question. If you are going to keep charging the same rates, 50 - 100-locally or up to 150 w/ travel, how much do you plan on paying any notaries you may hire? From the rates you charge, that leaves only maybe 25-50 for the notary. At those rates, the only notaries that will work for you will be inexperienced ones or one's that don't have the 1st clue about what to do. Not trying to be hateful, just curious!

Reply by Jason on 11/29/06 7:09pm
Msg #162844

Sylvia is rt

Many good nsa's will not work for SSs

Bad pay Low pay No pay

I will only work for a SS if they pay well + have a very good pay rep on all the bds