Posted by Elizabeth Holtman on 2/27/07 2:19pm
Msg #177358

Fees

What is the best way to determine fees? I'm a new notary so all the charges are foreign to me. I don't want to undercharge and I certainly don't want to ask too much so I'm never called.

What is a rule of thumb when it comes to charges for basic job, e-docs, miles, copying and faxing back?

Thanks.

Reply by Sylvia_FL on 2/27/07 2:23pm
Msg #177361

Elizabeth
Read Msg # 33325. There is a wealth of information there.
I would suggest you gain experience as a notary before risking someone loan. The fees you can charge as a notary are determined by your state, and should be listed in your State notary handbook.

Reply by Elizabeth Holtman on 2/27/07 2:39pm
Msg #177363

Sylvia, thank you. I have taken two courses on becoming a notary and done two signings. I just took the job at $60 to get experience.
I have printed out msg 33325. Wow, lots of sites I've not heard about so I'll be busy checking them out.
I'll take your advice about continuing education so maybe somewhere in the sites and study, I'll learn how to determine charges for my services.
Thanks for replying to my question.

Reply by Regal/NC on 2/27/07 2:56pm
Msg #177365

Elizabeth,

I am an independent contractor. I determine my fee based on: hiring party, type of loan, distance to location, time of the month, time of the assignment & lender. These are some variables that should be taken into consideration when establishing a fee structure. There isn't a cookie cutter template that can be applied to every NSA. Once I have determined my Value, then I try and negotiate my worth from the hiring party.
Good luck in your endeavors!

Reply by mertie little on 2/27/07 5:01pm
Msg #177392

Elizabeth,
I have research fees as a notary. If you are good at what you do you should charge about 100, plus milage, and etc. Some companies have predetermined prices, and other ask you how much you charge. $60.00 is low.
You only can do so much studying. You have to get your feet wet. Get the experience if you feel confident. I am new just like you. I like to review the loan documents so I can be familar with what to do with them. Between the blanket snow there is a lot of knowledge you can gain from this site. I like this site because people respond to your comments good or bad.

Reply by TitleGalCA on 2/27/07 9:21pm
Msg #177426

***Between the blanket snow***

I like that...it's poetic and reminiscent of Robert Louis Stevenson's "Land of Counterpane".

Reply by Leon_CO on 2/27/07 3:15pm
Msg #177367

>> What is the best way to determine fees? <<
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Charge enough so that you make a profit.

Write a business plan. Know what it costs you to do business. Know how much you are spending on supplies, communications, transportation, etc. Take into account your living expenses as well.

Don't set your fees in stone. You will find that some companies are willing to pay more than others. A lot of times I will simply ask, 'what do you normally pay for a X type of loan?' If it's too low then I'll say what my fee is. So you want to be flexible.

There are some companies that have standard fees. It helps to know what their fees are. If you quote a fee that is too high, they'll tell you they "have to get approval." That means they're going to find someone who is willing to work within their fee structure.

A lot of times the fees will be outlined on the notary contract you receive when you sign up for a company. So when you accept a signing from them, you already know what they pay. But again, you want to be flexible. If the job requires more than what is typically required, you must set your fees higher. There are some companies who require excessive amounts of fax backs. I know of one company that requires more than 30 fax backs for a particular lender. Once you know that, you know to set your fees higher. If they refuse, you can reject the assignment. A lot of times I'll ask, 'who is the lender?' There are certain lenders who are notorious for requiring a lot of extra work. Gladly accept the assignment. But be well compensated for the work you'll have to do.

You can also use the tools here on Notary Rotary. For example, if you click on 'The Library' tab, you'll find a tool called the 'CAT' (Coverage Analysis Tool). That will aid you in determining how much to charge for various distances. You can also use the search feature. Click on the orange tab. If you search using the keyword 'fee' or 'fees', you should find a lot of information on what people charge for various services.

A lot of what you do will come through experience. You'll get a feel for what a job entails, and what you think a fair price is for it.

One thing you'll learn is that things have a way of averaging out. Just yesterday a company paid me an e-doc fee, even though the documents were mailed to the borrower. I told them about this, but they left the fee as it was. This makes up for the times when you find yourself doing more than what you think the fee is worth. The object, of course, is to always make more, not less.

There are a lot of other variables in setting fees. No two jobs are ever the same. Every situation is different. Some people charge more at different times of the month. Some charge more if it's a particular type of company. Some charge less if it's only one page that needs to be signed. Etc.

The main object, of course, is to do the best job you can possibly do. Add a little panache to every closing you do, whether you're signing in a shack, or in a mansion. Give every borrower the red carpet treatment, regardless of the fee.

Good luck.

Reply by Elizabeth Holtman on 2/27/07 3:49pm
Msg #177372

Leon, bless you!

Your information has been so valuable. Thank you.

I appreciate your support and encouragement, but most of all, I appreciate your common sense approach to the job and the idea that everyone needs consideration no matter what.

I will take your advice gladly. Also thanks for telling me how to use the tools on Notary Rotary.