Posted by CJ on 7/13/07 1:49pm
Msg #199774

Why are Title Companies Paying Signing Services Less?

I work for one company, and they only get $100 from First American Title. So they cannot pay much. I got an email from them that First American Title is now only paying them $85, so they will keep their notary fee the same, but now no-signs are half fee, and they had to lower their email fee.

I understand where they are coming from, but I don't understand why the Title companies are doing this. I see broker fees that are huge, and tons of other stuff on the HUD. Why are they trimming the fees here? Is is becuase there are less loans? Is it because the Lenders are picking up the fees (they sure had no problem with the fees when the borrowers were paying them.)

What do you think is behind this?

Reply by LisaWI on 7/13/07 2:17pm
Msg #199777

My Theory. Lenders, LO's and title comps are not going to lose anything in their paycheck if there are costs to be cut and they have to be cut somewhere. So in this instance, its the comp you are working for is taking a hit. And then it just slides downhill from there.

In other words-Greed.

Reply by BrendaTx on 7/13/07 2:54pm
Msg #199781

Re: Why are Title Companies Paying -- the worst!

IMHO this is the worst type of signing service.

**I work for one company, and they only get $100 from First American Title. **

They bid the job and got it for $100. What idiots.

Reply by TRG_wy on 7/13/07 3:08pm
Msg #199783

Re: Why are Title Companies Paying -- the worst!

I agree w/Brenda

I don't (can't) lower my fees just because of their business decisions. Let the TC come to us directly and get rid of those pesky money grabbing middlepeople.

Reply by Ndwa on 7/13/07 3:27pm
Msg #199790

Re: Why are Title Companies Paying -- the worst!

What a crock pot! They're the one who will probably stiff notaries b/c that kind of fee is just enough for them to pay their bills. Many TC get sucked with the sub-prime crack down, they have to file/reinstate their fee as well. It's not getting any better out there and I'm loosing many good clients due to fee restructure. There's only one way to go in prolonging this business (I'm not telling).

Reply by Elizabeth Soliday on 7/14/07 2:05am
Msg #199877

Re: Why are Title Companies Paying -- the worst!

I agree with Brenda too. You have to stick to your fees because guess what? If they can't find somebody for less than $100, you might have another SS take it or the TC take it back and call you BACK and meet your fee. Anyway, it is never worth selling yourself out for a bargain price.

Reply by Sylvia_FL on 7/13/07 3:22pm
Msg #199787

Not all of them are!

Just had one title company raise my fee on a signing, this will enable me to give the signing agent extra money that did the signing extra money!

My guess is that some signing services are offering lower fees to title companies to get the work, and they expect the signing agent to eat the loss!

Reply by Sylvia_FL on 7/13/07 4:23pm
Msg #199811

Re: Not all of them are! - OK I made a goof:)

I was distracted halfway through posting. Should have read:

" this will enable me to give the signing agent that did the signing extra money"

Reply by Dorothy_MI on 7/13/07 7:22pm
Msg #199837

Because they are bidding on

price and not on quality! I had one SS call me several months ago and when I told her what my fee was she said, "oh, we're not even getting that much (my fees are very competitive)" My answer was "Well, then shame on you! How can you get competant help if that's all you bid the job for?" They will chance losing a customer by not being able to afford to hire a PROFESSIONAL NSA.

Reply by Michael/FL on 7/13/07 11:55pm
Msg #199862

Re: Because they are bidding on

I guess they try to cut down on the little people if they can. It's pretty sad how some companies handle this.

Reply by JK/TX on 7/14/07 1:31am
Msg #199870

Why are Title Companies Paying Signing Services Less?

The fees you see on the HUD are not thrown in a pot for all to have and I know you know that. Lender work for their fees and "charge" for their "worth"..... as does the broker and title co. All are shown on the HUD. You cannot base your fee from the fees on the settlement Statement.

Don't believe everything you are told CJ. ....some SS will tell you anything to get you to go from $50..... to maybe $30 at this stage. How much are you "worth" and what does your worth "cost you"? Combine the "2".....

Reply by TRG_wy on 7/14/07 8:36am
Msg #199895

I have seen notary fees listed on the HUD along with the SS name. I tracked these for a long time just for FYI on my part. Sometimes the SS makes $40 over my fee and sometimes they make $250 or more.

My fees are based on cost of doing business, a reasonable profit margin, experience, professionalism, attention to detail and no second trips required. I do get a fair share of trips to "correct" other notary errors because they get what they pay for.

Reply by Les_CO on 7/16/07 8:49am
Msg #200047

I just did one for First American (Purchase 1st and 2nd) fee on the HUDs $275.