Posted by Mark/SanJose on 1/27/07 3:57am
Msg #172812

Double Charge Days - Month End

I don't know about anyone else, but the last 2 days of the month signings, that allow the RTC to expire and funding to occur before the end of the calendar month are Absolutely Nuts, Every Month. Particularly with edoc “emergency” signings.

My wife and I, are each NSA. We do a lot of signings these days, but month-end goes ABSOLUTLY NUTS.

Even at 7-9 signings per day (during these 2 days) we have to turn away more than we sign. We get many very desperate signing requests. Last minute edoc orders can shred a well planned schedule.

This is the result of 2 things that we as business persons, should naturally take advantage of. Greed and Laziness.

The old adage that "a lack of planning on your part does not constitute and emergency on my part" should apply.

Signing companies are always pressing fees down, then, begging for help.

"Double Days" would be a good way to "push back" when the iron is hot.

Loan Agents will personally pay for "special couriers" that cost more than the notary signing fee, to deliver doc's to me and then call me 5 times to "make sure everything is OK".

We all know we are at the bottom of the heap of payment value and yet critical to their making their "Month-End".

I suggest they do not Tip Well Enough.

If Signing Companies want to participate in Double-Days (and increase their fees) it is OK with me (as long as we get double). I just think that if I have to go through this month-end pain-in-the-a**, so other people can make much bigger bucks faster, then they will have to share.

Double-Days = the last funding day of the month - (minus) the RTC period (including holidays) - 1 (to make it 2 days)

You simply Double Everything. Std charges, 2nd loan fees, edoc’s, and Triple Extra distance charges (this takes away from signing and printing time).

I believe proven, quality notaries, will benefit after a couple months of resistance. Greenhorn notaries will take deals for 1-2 months, but the number of reject deals will cause title to shy to experience.

Please respond with your opinions.

Regards,
Mark

Reply by DebbieT on 1/27/07 7:20am
Msg #172823

I dont charge double but I know that when scheduler is desperate I make sure that I get mine.

Reply by Roger_OH on 1/27/07 9:14am
Msg #172849

It's your business - you can charge whatever you wish for ANY given assignment; triple if you see fit. Similarly, companies are free to accept or reject your fees.

If you can get what you're asking, great; but in most cases, I'd think that presented with double fees, they will just go on to the next NSA on their list. It's simple supply and demand; you have to consider the level of competition in your area and determine what the market will bear.

Reply by BrendaTx on 1/27/07 9:23am
Msg #172851

From my perspective, when I was doing this full-time I would say that was a bad philosophy to keep repeat clients. Charge a reasonable fee around the calendar given all factors involved.

As a part-timer, I charge what it's worth to me given the time involved, giving up free time, etc. In essence, I am trying to get out of the business but I don't want to commit highway robbery. For instance this weekend I have three RMs overnight docs. I would not give up those time slots for less than $550 for all three given all the factors involved.

The callers were in a jam. I could have gotten them at $275 each and still been in business...but that would have been too much to ask as far as I was concerned...and an assurance that I would have burned a bridge for the future. We never know what the future holds.

Reply by Sher_AZ on 1/27/07 10:44am
Msg #172862

IMHO: You might help put yourself out of business if you "double charge" at EOM only because the Lender's and SS's will recognize that and be contacting the next NSA they can find to get a signing done at same price throughout the month. I also turned down 8 calls last night because I was booked up past 11:00pm and knew I could get those done before midnight. Could be this an indicator for an increase in the Refi market for 2007? That's the way I see it.

Reply by JaneWest_CA on 1/27/07 11:11am
Msg #172865

I do know that some people charge a Flat Rate for "rush job" $50 and up to $100. It may be a better way to go, than just "Doubling" your fees.

Reply by Becca_FL on 1/27/07 4:17pm
Msg #172894

You be sure to let us know how that works out for you, okay. n/m

Reply by MikeC/NY on 1/27/07 8:37pm
Msg #172913

Raising your prices due to a sudden increase in demand for your service is generally known as "price gouging" - it may not be illegal in this situation, but it will almost certainly cost you a client or two... They might accept the gouge one time because they're desperate, but they will remember it the next time an assignment in your area comes across their desk.

If you can't fit it into your schedule, decline it - as you said, their lack of planning doesn't constitute an emergency on your part. If you do good work for them, they'll continue to call you.

Reply by Joan Bergstrom on 1/27/07 9:31pm
Msg #172919

Charging double might pay off for a loan at the end of the month but I also think the company who payes the fee will probably not hire you again because you put the "screws" to them.

When you are a new loan signer the best advice I can give is to "ask to be put at the top of their notary call list when you accommodate a company at the end of the month."

This potentially can give you a lot more business.

Reply by Kristen Guggerty on 1/28/07 1:39pm
Msg #172975

Re: Pigs Get Fat, Hogs Get Slaughtered

I had a call to do 12/23 signing. I said no, was way too busy but then re-thought and called back. I agreed IF the borrowers would meet me close to home. She said great, then asked my fee....I said $150 - she said I have $250 here, Merry Christmas. She then told me she had called another signer who said the fee would be $400 because it was Christmas weekend. The lender hung up on her.....I made a nice fee because someone else tried tripling a fee.