Posted by JohnnyB on 6/28/07 8:59pm
Msg #197567

Recommended fees by NNA

This may have been posted before and I could not find in a search. What are the recommended fees we should earn for signings. Was there an adjustment for different regions of the US?

Reply by PL on 6/28/07 9:32pm
Msg #197583

There are counties out West that are larger than RI.

You and you alone need to figure out your margins and try to eke out a profit. Good luck.

Reply by John Henshaw on 6/28/07 10:10pm
Msg #197613

Re: There are counties out West that are larger than RI.

yes, but we don't live in a dust bowl here, and we have loads of lobster here in the Ocean State, have you ever eaten in lobster.

I am glad you have your "margins" in order

Reply by Sylvia_FL on 6/28/07 9:36pm
Msg #197588

Please, please do not go off the NNA's recommended fees.
Set your own fees, you know the cost of doing business and the profit you need to make.

Reply by JohnnyB on 6/28/07 9:43pm
Msg #197596

I am not a beginner and I do know how to set my own fees. But what the NNA says out there has an effect on the environment out there. The major title companies say, look what the NNA said. Wow, NREIS said look, hey we are paying too much. Then others follow suit.
The trend is downward in fees. Even though gas prices are going up and up. An organization setting a reasonable fee structure helps our industry.

Reply by Sylvia_FL on 6/28/07 10:15pm
Msg #197615

As a signing service I have always paid my signing agents more than the "recommended' NNA fees.
As a signing agent I do not believe anyone should be setting a fee structure for independent contractors.

The good companies will not lower the fees paid to good signing agents.

Reply by JohnnyB on 6/28/07 10:33pm
Msg #197620

Are you serious, LSI, NREIS, LFC, Service Link have all slashed fees in the last three years.

Reply by Todd/OH on 6/28/07 10:42pm
Msg #197623

Do Not use the NNA as a guide - -

That's the dumbest thing to do. JohnnyB is right. Those outfits have slashed fees. Set your own fees to make a profit and stick to them. Do Not undercut your competition. Network with your competition and charge the appropriate fee.

Reply by Bonnie_CO on 6/28/07 11:19pm
Msg #197643

The reason they are getting away with

slashing those fees to peanuts is because the NNA is constantly spitting out newbies that actually buy what they say and are probably just not bright enough to figure out they aren't making a dime and at times it actually costs money out of thier own pocket to close that $50.00 loan. So NREIS, LSI etc have a constant flow of newbies to choose from, the upside is those that can't figure out the cost of doing business won't be around too long. As usual...this is just my opinion...

Reply by JohnnyB on 6/28/07 10:48pm
Msg #197625

Re: NNA


Well, then why did the NNA come out with the fee structure. Did they talk to us here and ask us what we thought? Are they getting financed by the majors out there. Hey, if they come out with something then you want it to be in the high range

Reply by JohnnyB on 6/28/07 10:51pm
Msg #197627


I totally disagree with that statment that the good companies will not lower the fees paid to good signing agents. These companies don't have systems to evaluate talent.
Then a corporate VP says cut fees across the board. If a notary makes a mistake, we'll send him back out to fix it at his cost, no problem

Reply by Sylvia_FL on 6/28/07 11:14pm
Msg #197638

Any company that lowers the fee paid to good signing agents IMHO is not a good company. They may have been at one time, but when they lower their fees then they cease being a good company.

I can tell you as a signing service I have raised the base fee to good signing agents.

Reply by JohnnyB on 6/28/07 11:22pm
Msg #197645

Of course you have to do that, as a signing service you have more at stake, your reputation is on the line.

FASS pays a low fee of $50 per closing still today and they pride themselves on paying you immediately so that will keep you happy

Reply by Sylvia_FL on 6/29/07 8:44am
Msg #197702

You are right that my reputation is on the line. I value my reputation and I value my notaries.
The signing agent that does a signing for me always got their check sent out on a Saturday - even if they did the signing on Friday, I always sent checks out on Saturday.
I recently changed that and the check usually goes out the very next day now.
I usually keep the signing agent less than 10 miles from their home (usually no more than 5 miles), they even arrange the signing time with the borrower themselves so it is a time more convenient for both agent and borrower.

I have called signing agents I haven't used before and asked them their fee, and often they say $50. I tell them that is too low and they need to rethink their fees.

The NNA "structure" has their certified signing agents with a higher fee than non-certified signing agents. Many of the non-certified signing agents are better, more informed, than the certified signing agents. The NNA certification means nothing to me. I look at a notaties experience not whether they are certified through the NNA. I don't even look for a signing agent on the NNA's website unless I am desperate. Notary Rotary is where I find most of my signing agents.

Reply by David Kral on 7/1/07 12:37am
Msg #197957

NNA Fees

Per NNA you make thousands per year. Take thousands/divide by days you want to work That gives you how many thousands you wan to make per day. Then figure how many sigins you want to do a day perhaps 1,2 3 etc. Should give you a rate something like $1,000 per signing, $500 per signing or $333 per signing. Don't forget you have to spend part of your day waiting in line at the bank to cash all those checks that will be rolling in so be sure not too overbook yourself.