Posted by mtnotary on 1/27/07 6:52pm
Msg #172903

Notary Fees versus reality

Can someone please explaint to me why the amount that Signing Agencies offer to a Notary Public is only half of the amount that they claim to be paying on the Settlement Statement
ie: Settlement Statement says $125.00 Notary actually gets $60.00 to $85.00?

Thanks and I truly hope that yesterday didn't wear you all out to bad.

Reply by MikeC/NY on 1/27/07 7:16pm
Msg #172906

Very simply, it's a finder's fee - their cut for getting you an assignment. The ultimate goal is to work directly with the lender or the TC, thereby eliminating the middleman...

Reply by mtnotary on 1/27/07 7:38pm
Msg #172908

Thank you.

Reply by Blueink_CA on 1/27/07 8:32pm
Msg #172912

Yes Mike, that's what it is all about. Here is a wake up call I received last night.

I got a call from something like 'Matildas Notary' asking if I could do a signing (in my area) for that night. Well, ya I could, but it would be late 'cuz I'm busy, EOM ya know. Said I could do it 'bout 10:00pm. Great, I'll call ya back. Nothing else from Matilda.

At 9:30 I get a call from TC, "Hi Blue, I just sent you the docs for the signing for ***, have you been in contact with the Bo?"

So I put the speed on the signing I was on and go home to find a piggyback signing that had to be done that night.

No confirmation from Matilda. So I call TC who left a cell #, Where am I going, and where is my confirmation from Matilda? TC responds with the address and when I question my original contact, states "Oh, she just went to Notary Rotary.com, I could have done that. Just bill us direct."

OK, I included an invoice with the pkg. I guess my point of this post is, the hiring entities of field notaries need to know about this site.

Reply by MikeC/NY on 1/27/07 9:35pm
Msg #172920

Hey Blue -

The only thing I would be concerned about is that most states protect the rights of the broker in certain transactions. Check your state law - even though "Matilda" wasn't involved at the end, she may still have a claim against you simply because she made the connection between you and the TC.

Reply by Blueink_CA on 1/27/07 10:04pm
Msg #172924

Mike, you're right. I should at least throw Matilda a bone. Say...$50.00. Because that's what I would have gotten, OUT OF THE $300.00 ON THE HUD. There's gotta be a better way of compensating the front man other than a bone. Don't get me wrong, there are a lot of SS's out there that do their job and deserve their money, but there are also those that prey on the almighty quick buck and the desperate NSA. There has got to be a better way.

Reply by CaliNotary on 1/28/07 12:03am
Msg #172933

She doesn't deserve a bone

Matilda had her chance for a cut of the signing fee and she blew it. Screw her.

Reply by Kate/CA on 1/28/07 1:54am
Msg #172937

You have such a way with words.

But I have to agree with you since she didn't send a confirmation and BlueInk could of taken another job and put the borrower up the creek. I did a signing today that the notary never showed up on yesterday. Let's just say borrower was a little mad, and it was a double.

Reply by hcampersFL on 1/29/07 9:22am
Msg #173085

Blueink didn't get a C/O so that leaves Matilda out of the

loop. How does Blue even know that they would have been paid from Matilda?
Forget it Blue if you got the okay from Title then it's all yours. This would be a different situation if their had been a confirmation order, then you would have a contract with the SS.

Reply by Blueink_CA on 1/29/07 10:39am
Msg #173104

Thanks for the responses everyone..

And STILL no word from Matilda. Seems she just made the call and waltzed away

Reply by Jessie Calderon on 1/29/07 11:29am
Msg #173110

The signing companies need to make money too! I know that it is sad that we don't get the total amount but that is the way it is. Signing Companies wouldn't make any money if we got the total amount for Notary Fees.