Posted by Serina/VT on 8/3/07 6:51am
Msg #203717

I just don't get it sometimes

Got a call from a signing service who posts on this board and has many fans here as a good company. 1st time I've been called by them. For a 1st and 2nd, 1 hr drive away over mountain roads, late evening. Probably about 5-6 hrs for total time to do this job. I quoted my price and was told it was way too much, they only pay XXX for that, and since they couldn't find anyone (I'm 'IT" for these 3 counties) they were going to tell the title co they couldn't find anyone?? So what now? The borrowers just don't get their loan?

Want to bet I get a call at 4 pm today from a title company?

Sometimes I just don't get signing services.

Reply by Sharon Taylor on 8/3/07 7:02am
Msg #203719

They probably bid on jobs...

Many signing agencies bid for jobs from the title companies - like "We'll do ALL of your assignments for XX." And when title companies pit the agencies against each other, the "winner" is the agency with the lowest bid. So the agency has XX for themselves and the notary. If they have to pay the notary XXX, then they are paying the notary more than the title company is paying them. Sad, but it happens.
The title company is paying the agency the same low fee whether it's an in-town closing or one that is umpteen miles away as the crow flies.
I too have had some signing agencies offer only XX, and I've turned down the closing since I do try to run this as a (hopefully) for-profit business, and later I've received a call from a different signing agency that will pay my standard fee without question.
All we can do is stick to our fair and reasonable fees. Eventually the notaries accepting the low fees will figure out that they're either running a non-profit business or are paying the companies for the "privilege" of doing those closings and will drop out of the field or will raise their fees, the low-paying agencies will have to bid more next time or will go out of business...I wish, and title companies will be stuck having to actually pay a little more of that big "closing fee" to the notary instead of keeping most of it for themselves.

Reply by Sylvia_FL on 8/3/07 7:16am
Msg #203722

Re: They probably bid on jobs...

I have had a couple of signings where the signing agent's fee was the same as I was getting from the title company - the signing was a little farther than the particular signing agent went so she needed extra. As the signing agent was the best one for the signing, I gave her name to the title company and she worked directly with them for that signing.
The important thing was to get the best signing agent for the signing.

Reply by Serina/VT on 8/3/07 7:24am
Msg #203725

Re: They probably bid on jobs...

I've seen the lowballer notaries come and go, last summer there was 2 'new' notaries I had to clean up for and low and behold they aren't listed here or on the other notary search engines anymore. I guess driving at -10 over snowy mountain roads for 2 hrs for a $75 fee wasn't worth it. Kinda wish some new ones would take their place, at EOM I can only be in so many places at once. My title companies that call me every month, pay on time and pay me well will ALWAYS get my priority service over a SS that calls me once a yr and tries to get me to donate my time.

Reply by MelissaCT on 8/3/07 7:51am
Msg #203729

Re: IF a service has to pay more in the rare instance as

the one described, I would think it would be better to honor the commitment (we can do ALL of title company's volume) and take a small loss on ONE project, rather than hand it back stating that they CAN'T DO what they initially said they could. Considering that they're making XX more PER JOB than what they're paying out to their notaries, there should be funds already set aside to cover that difference. AND in future negotiations, they should be able to cover that loss. I'm sure they don't only have a contract with ONE title company, either -- that would be foolish.

For those who do own/run signing services, am I incorrect? This is what makes sense to me (on the oustside looking in) from a customer-service perspective.

Reply by Sylvia_FL on 8/3/07 8:21am
Msg #203736

Re: IF a service has to pay more in the rare instance as

Melissa
I agree. In one instance - and it has only happened once - I actually paid the signing agent $25 more than I was getting, it was worth it to keep the title company happy. Since then though, when I have had to pay more I have explained to the title company and they have covered the extra. Keeping signing agents and title companies happy is paramount.

Reply by Glenn Strickler on 8/3/07 7:27am
Msg #203726

The TC will probably tell the customer to drive into their office and they will do it in house. The other week, I was called to drive 2 hours one way by a ss for a double digit fee ("but it's in your county" . Later that day I was called by a title company to do a few signings in their office. One of the bo's told me "I had to drive in from XXXX" I put 2 & 2 together. The kicker was I made a little more than the ss offered for the 4 hour round trip.