Posted by Monica/OH on 10/21/06 7:22am
Msg #154113

New signing agent need advice

This board was recomended to me by a member and has given me plenty of insight on being a signing agent. I have not done a signing yet but I am very familiar with the loan pkg I was previously a laon officer and I have invested in real estate. I have been to hundreds of closings over the years. I also recently completed the NNA course. My questions are:

1. Laser vs Ink jet- I know laser is best but are there any of you who use ink jet without problems? I just purchased a new ink jet and not ready to purchase laser printer.

2. Being new to the biz what should be my starting base fee?

3. How do you get signed up with country wide?

Thank you for your help.

Reply by PAW on 10/21/06 7:39am
Msg #154116

Do not print docs on an inkjet

There are two major reasons not to use an inkjet for printing mortgage docs. (1) The recorded security instrument must be archived without ink cracking, fading or dissolving. Therefore, many recording offices require that a 'bonded' method of printing be used. Laser printing bonds the toner to the paper at the molecular level to ensure that the printing will not crack, fade or smear over time. (2) The second reason is printing on laser printers is much cheaper (about a quarter or a third of the cost) of printing on inkjets. It just makes more sense to use a laser printer.

Reply by Monica/OH on 10/21/06 7:46am
Msg #154117

Re: Do not print docs on an inkjet

Okay, now I understand the difference. Laser jet is a must for this business......Thanks

Reply by Stamper_WI on 10/21/06 9:01am
Msg #154127

Monica

I just bought a cheap ($128) samsung laser printer. By the time I get my rebates back it will be $49. I use it for a back up. It doesn't hold much paper in its tray but it reall spits out doc's at a rate of about 19pgs a minute. Surprising! I got it at Office Depot. Just watch the ads. Something witll come up you can swing.

Reply by CaliNotary on 10/21/06 3:14pm
Msg #154260

And make sure the printer has PCL n/m

Reply by Raimond on 10/21/06 9:21am
Msg #154133

Welcome

Shop around for the bast deal that fits your needs and price. Not only the reasons stated above about using inkjet, but it would take you over an hour to print the docs.

Use the search button and enter "printer" to find lots of discussions on this issue.

Costco has a Brother DL-5250 that comes with a secnd tray for legal size paper for about $270 out the door. It will print an entire loan set (2 copies, 100 pages each) in less than 10 mins. I have 2 of these and an older HP. I work from 2 locations.

As far as pricing goes.... its hard to say where you need to start but I would suggest asking the person calling what they are authorized to pay.

I post my fees on my website and usually get them without a problem.
Good luck.

Reply by AngelinaAZ on 10/21/06 1:20pm
Msg #154244

For the new signing agent....

As far as fees... do up a business plan and figure out what you need to make a business work. Be conscientious of undercutting and de-valuing what we do.... that's not very smart for anyone in the long run. When I was brand new I started at $75 for overnight docs (less than 20 miles away from me) and $100 for E-doc. I charged $10 for faxbacks. Now I charge more all the way around but I tailored my pricing as my business plan evolved and I learned what everything was actually going to cost versus what I had estimated. If a company won't pay you at least $75 for overnight as your base... then in my OPINION... they aren't worth working for at all.

As far as signing up with Countrywide, some branches of Countrywide do hire direct but you have to have a lot of experience. If I were you I would get my feet wet with companies that call you and get some good experience under my belt. The companies that call you will give you Countrywide loans and you can get familiar with them. Sign up with Signing Services and get to know the business... and then you'll have a better idea of what you need to do to market yourself. If you charge out of the gates too quick... you will risk losing much more than you will gain.

Reply by Pamela on 10/21/06 1:54pm
Msg #154255

Monica, Re: New signing agent need advice

Hello!

Regarding starting fees, I recommend the following:

1.) Choose a service area. Determine the number of miles you
are willing to travel one way. For example, you may travel
30 miles to x town one way, for a total of 60 miles round trip.
How much gasoline do you think you will use?

2.) Determine approximately the number of minutes or hours
it will take to arrive at a given destination (take into account
"rush hours" as well).

For instance, You may travel 20 miles (one way) at 10am on a
Saturday, and it will take you approximately 25 minutes.
However, on the next assignment, in the same area, at 7:30am,
on a Monday, t may take you 50 minutes.

3.) Determine too, the type of conditions you are willing to travel.
For example, in your service areas, do you travel within city limits
only or do you also venture into the country side? Are the
highways easy to travel, or will you be driving on long-winding,
hill-top roads etc. . .Take this into account when setting your fees.

4.) Learn as much as you can about the areas you will be servicing.
For example, you may list a given town because you have travel
there a few times to visit. You list it as one of your service areas.
However, this same town, may have very violent "pocket" areas.
If so, and you have no problem traveling there, that is fine.
Adjust your fees accordingly.


5.) Do an informal survey of the notarial services and prices within
your service area. Are you the only notary and or loan signing agent
within 15 miles of any location? Or, are there already 200 notaries
and signing agents *actively working in these areas?

*(Note: Some people, although notaries, do not do loan signings.)

6.) Are you bilingual? Is there a special need for the type of language
that you speak (read and write)? If so, again, adjust your fees to
include this.

7.) What hours do you work? Are you available on holidays? (Some notaries
charge extra for holiday work, others do not). Will you accept an 11:00pm
Friday night closing? If so, will you charge extra or will that be included
in your base fee?

8.) Are you available for last minute signings? If so, set a price for this too.

9.) How much does it cost you to maintain your printer, paper etc. . .
Take these expenses into account as well.


Remember, when setting a base fee, try to set a price which is not only
competitive, but is realistic and which you are comfortable with.

For instance if you charge $150.00 as your base, and the other notaries
(in your service area) are charging $125.00. You may or may not want to
adjust the fee (Again, determine if you have "extras" which are unique to you.
Such as your closing experience, speaking a certain language, very late night
or very early morning work hours etc. . .).

Hope this helps!

Pam

Reply by Pamela on 10/21/06 3:38pm
Msg #154263

Re: Monica Reply Corrections!

Sorry for the errors (trying to do too many things at once).

Here is a "correction" to the earlier reply:


For instance, if you charge $150.00 as your base fee, and the other notaries
(in your service area) are charging $125.00, you may (or may not) want to
adjust the fee.

Again, determine if you have "extras" which are unique to you (such as
your closing experience, speaking a certain language, very late night or
very early morning work hours etc. . .).


Pam