Posted by Michael Phelps on 10/24/06 7:53pm
Msg #154770

fees

I am a new notary and notary signing agent in Maryland. Maryland says I can charge $5.00 plus $2.00 per doc and 31 cents per mile. How does this comport with a title company paying me $125 for a closing? Can I charge more than what Maryland says? how do I do this.\
thanks

Reply by Howie35CT on 10/24/06 8:16pm
Msg #154771

You may find that this topic has been covered before, utilize the orange search button near the top of your browser's page. Your notary fees are indeed set in "stone", but you may charge any reasonable fee for travel, time, wear on vehicle, paper, toner, computer/internet time for obtaining and printing docs, faxback fees, cellular phone fees for those pesky parental SS's, etc. So, you are perfectly legal to charge $125 for your services, since a lot more goes into a loan signing than just one stamp and a signature. I'm sure one of the more seasoned notaries here will give you a more intelligent answer, but I think what I have said suffices for now. Happy EOM!

Reply by BrendaTx on 10/24/06 8:33pm
Msg #154776

Re: fees - Hi Howie! Nice answer.

But, you already know I am partial to you.

Reply by Howie35CT on 10/25/06 11:40am
Msg #154868

Re: Brenda...

always nice to know I have a fan...

hope you are having a great EOM!

Reply by Michael Phelps on 10/25/06 4:43pm
Msg #154970

thank you

Reply by Dorothy_MI on 10/24/06 9:01pm
Msg #154779

Isn't MD a TPL state only? n/m

Reply by WDMD on 10/25/06 5:23am
Msg #154819

Yes it is

Yes MD is a TPL state, but if he works with FASS that doesn't seem to apply. Apparently they are exempt from that requirement as they use whoever they please.

Reply by Genkichan on 10/25/06 8:07am
Msg #154830

Where in the heck are you getting your information!?

Surely it's not from the MD Secretary of State's office. In MD, we are only allowed to charge $2.00 per notarization. If you actually read the Notary handbook from the SOS, you would know that.

http://www.sos.state.md.us/Notary/Notary.htm#fee

Furthermore, the handbook also states that you must hold a title producer license in order to notarize deeds of trust and close loans where title insurance policies are issued (which is virtually every loan transaction available).

Pleeeease do a little more research, and make sure that you are properly title licensed. With the new clarification laws as of Oct. 1, any title co. or signing service out there would be foolish to hire you without the license anyway.

Reply by WDMD on 10/25/06 1:16pm
Msg #154910

Re: Where in the heck are you getting your information!?

"With the new clarification laws as of Oct. 1, any title co. or signing service out there would be foolish to hire you without the license anyway."

There's at least a half dozen TC's and SS's who could care less if you have a TPL or not as long as they can go cheap. Maryland doesn't enforce the law.

Reply by MelissaCT on 10/25/06 3:34pm
Msg #154947

Re: "Maryland doesn't enforce the law"

If I were in MD, I sure wouldn't conduct my business on that premise. Just because it's not visibly enforced, doesn't make the law any less "law". Seems like someone breaking it is just tempting fate. I sure wouldn't want to be the ONE notary that they decide to enforce it on...

Just some "food for thought". Of course, there are always some who prefer to starve.

Reply by WDMD on 10/25/06 6:16pm
Msg #155010

Re: "Maryland doesn't enforce the law"

I wouldn't want to be the one to get caught either, but there sure are enough in my area who are not licensed going like gangbusters.

Reply by Michael Phelps on 10/25/06 5:29pm
Msg #154992

Re: Where in the heck are you getting your information!?

Well Genkichan, sorry my question offended you. But here is paragraph 55 of the SOS Handbook. Note the $5.00 reference to which I referred.
55. Maya notary public make any other charges?
A notary public may charge up to 31 ¢ per mile and a fee not to exceed $5, as compensation for travel required for the performance of a notarial act. A notary public may also charge $2.00 for certifYing a copy of an entry in the notary's register of official acts.
So as you can see I had in fact reviewed the SOS Handbook.
My question made no reference to licensing. But if it makes you feel better I am licensed by Maryland and I have a National Notary Signing Agents Certification.
NOW, if anyone can help me reconcile the travel charge of $5.00 mentioned in the SOS and what appears to be higher charges by some, I would be greatful.

Reply by Roger_OH on 10/25/06 6:56pm
Msg #155028

Mike...

when you do a loan signing, you are acting not only as a notary, but as a signing agent.
The latter includes explaining the docs in general terms, ensuring docs are signed correctly and in the proper places, and acting as a document courier. The fees for both are included in the fee you negotiate with the lender/title company/signing service.

You mentioned you were licensed in MD; I'm sure you are as a notary, but as the other posts note, you have to hold a Title Producers License to close loans in MD. This involves more education and considerable expense to obtain. As also noted, don't be the one to get caught without one.

Reply by Michael Phelps on 10/26/06 7:40pm
Msg #155312

Re: Mike...

Roger thanks for your feedback. I am new to the role and Notary Rotary so I may not be explaining myself.
I am a licensed Title Producer and I do have surety bond, fidelity bond and E/O ins.
Your answer helped explain how I can charge more than just the notary signing fees approved by state.
I am in the process of visiting about 100 title companies withing 20 miles of my residence, selling my services. This is a fun process. Next step will be to try hooking up with signing services online.
anymore advice you have would be greatly appreciated.
thanks