Posted by kcg on 5/11/07 3:22pm
Msg #189890

LoanSigners, INC

I did a RESPA for LoanSigners (didn't search NR first, my bad) on 3/12/07. It was for Ace Funding in Crown Point - which is an excellent company....they pay their notaries and signing services pronto. LoanSigners, however, seems to choose NOT to pay the SA's that they contract out.

It so happens that I do in-house closings for Ace and have a nice relationship with them. I didn't mention LoanSigners neglect because I wanted to give Chris a chance to make good on his word but he obviously doesn't care. I asked him to please send my check or at least a response by 5/11/07 or I go to ACE and just let them know what's happening.

So if any of you have outstanding invoices from LoanSigners involving Ace or Archer/Midland Title, I will be heading over there on Monday. I am NOT asking Ace or AM to make good, they have already paid LoanSigners but I will show them how many notaries were left holding the bag by LoanSigners. You can pm the date, BO name, and any other pertinent info and I will hand this over to Ace/AM Title on Monday.

Reply by dickb/wi on 5/11/07 7:55pm
Msg #189928

katreena...i have one from 12/1/06.....have called and e-mailed repeatedly......use it if you need......my name is linked to my info........[i know my bad, but when he paid me for the others i thought i would give him another chance, but never have more than one outstanding]..they still call me when they can't find any one by e-mail and i always say no you havn't paid me for the last one yet....

Reply by Sharon Taylor on 5/12/07 6:57pm
Msg #189976

LoanSigners, INC owes me $190 for 2 Ace Mtg closings

kcq, I will PM you about these and would dearly love to have you give the info to Ace on Monday. They can contact me anytime for details. I have called, faxed, emailed, begged, pleaded, etc., and of course no payment, nada, zilch. I HATE supporting someone else's lifestyle with MY hard work!

Reply by Marinna/FL on 5/13/07 1:18am
Msg #189991

Re: LoanSigners, INC owes me $190 for 2 Ace Mtg closings

Good luck to all getting their hard earned money.

Let's see Sharon, wasn't your alias something like diawana or something like that, I'll have to go back and check. But on the 10th you agreed with Becca that I was lowballing in her in the Florida Vero Beach area, just like someone in your town, who took $100 or less, because you claim that $125 was average and that no one should be accepting anything less, even $25 less would make them a lowballer, unless I misunderstood your comment. I apologize if I read it incorrectly, but if 2 divided by $190 = how much? I think there's a lot of cattiness on this post, and in turn, it could hurt people's feelings. Let's not call anyone lowballers or anything that is degrading to a person's stature.

Reply by Sharon Taylor on 5/13/07 9:31am
Msg #189998

Marinna, these were overnight and close

Yes, I did indeed take one closing for $100, which is my fee for overnight packages. My fee for edocs is $125. The person who is lowballing is taking $75 for overnight and $100 for edocs. Did I explain that clearly so you can comprehend it???????
Also, the other closing was $90 because it was a RESPA application, no notarizations required, only a few documents, and overnighted to me.
I state again emphatically that fees being paid in this area for e-doc assignments WERE at $125, which is a fair and reasonable fee when averaged over time, distance, driving difficulty, waiting for edocs, cost of doing business, etc.
Yes, there certainly is a lot of cattiness on the post, but definitely not from me.
As others have said here most effectively, what if someone moved into your area, Marinna, and the typical fee paid to you and other area notaries is $125 for e-doc assignments, this person advertises $100. OK with you? No problem for you, right? Just drop your fee to $100 too. It's all in the fine spirit of free enterprise and competition, right? So the other person lowers his rates to $75? Do you go to $75 too? How about $50? Maybe $25?
I have done a careful anaylsis of the cost of doing business in this area, and $125 is a fair and equitable fee for a full-time notary. Part-timers of course see it as merely a quick easy way to pick up a few extra bucks while holding down a "real job" and do not calculate the true cost of doing business nor do they consider the fact that they are liable for closing someone's $100,000+ mortgage, a very serious responsibility indeed.

Reply by SueW/Tn on 5/13/07 10:01am
Msg #190000

Hold up a second Sharon

I am positive that Marinna hasn't a clue what "rural" means and I don't think you owe her an explaination regarding your previous post. It's not difficult to see what you're up against, an SA that is advertising 60 miles out for $25 less...with my luck she'll cut her fees and increase her mileage and then she'll be in my backyard! Ugh! Part-timers and "hobbyist" (?) just don't get it and those that are part-timers in metro areas definitely don't get it.

Reply by Sharon Taylor on 5/13/07 12:34pm
Msg #190006

Thanks, Sue. You know what it's like here. LOL

Just driving from here to downtown and back is a 25 mile round trip for me and costs over $3 since my car gets a hair over 20 mpg. I laugh when companies do a "zip code to zip code" search. For example, they may say "It's only 23 miles." Then I do an address to address search and find it's actually 37 miles. A single zip code or town name here could cover nearly an entire county. In Macon and Clay counties, for example, the town listed as the borrower's mailing address might be a little one-light spot on the road while the actual address could be anywhere in a 20-mile radius out from that spot.
My rates are averaged for actual experience for a month's worth of closings, i.e. if you do 30 closings in a month, calculate the total time, expenses, costs of doing business, mileage, driving difficulty, etc., and divide by 30 for each. Take your fee and subtract your average per-closing expenses and costs of doing business (equipment wear and tear - especially your vehicle), depreciation, E&O and Bond, telephone service, et al), divide the rest by your average time spent per closing......and you'll know your average per-hour wage. Then you can adjust your requested fees accordingly so you are making at least as much per hour as a Wal-Mart greeter. LOL
Both part-timers and "hobbyists" should do this as well as those planning to go full time. And those who have another business should definitely do this to determine if your other business is actually paying for your notary business. You just might be surprised. Each business should be supporting and earning an income for you on it's own, independent of the other business.

Reply by Marinna/FL on 5/13/07 12:48pm
Msg #190008

If you read my post - I accepted that $100 fee...

because it was fair and reasonable since the borrower lived less than one mile from me.

Reply by Sharon Taylor on 5/13/07 1:36pm
Msg #190012

Marinna, YOU are not in my area, and I don't care

what you accept. It's between you and your financial plan. Why are you keeping this going and griping at me? I did NOT address my comments to you, and everyone adjusts their fees for a particular closing, depending on the circumstances. I was talking about MY area, not yours, and about a standard across-the-board price for all closings, not one specific narrowly-defined closing with specific exceptional circumstances. I mean, how often do you get a closing less than a mile from your home? Well, maybe you do, but I have had 3 in 10 years. LOL