Posted by TaraOr on 9/21/07 10:02am
Msg #212412

E-doc Fees?

I'm in Oregon and I'm confused on the fees aspect of all of this. I know there is a notary fee that is state mandated, and I'm working on finding that out, it's been a year since I've read the manual. So I'm wondering how some notaries are able to charge $125 for e-docs? Is that same for faxes, how about if they mail the docs to you? Is the fee different if you have to travel to their office, I would think the state notary fee + a fair travel fee would do just fine for that.

I guess I'm just wondering what the difference is between these.

A certified public notary can do these e-docs and loan docs too right?

Sorry for all the questions, I'm just getting confused.

Reply by CopperheadVA on 9/21/07 10:14am
Msg #212415

Some states are attorney-only states and do not allow notaries public to conduct loan signings. In other states, the notary must also hold a title producer's license, and in other states, there are no restrictions

When a notary facilitates a loan signing appt, we are printing docs, traveling to the borrower's home, supervising the signing of the documents, sometimes faxing things back, then we take care of shipping the package back to the TC (on TC's acct #). I don't charge for the notarizations for this type of job - they are included in the services I provide, no matter how many notarizations are required. You are charging for your time, travel, courier services, signing agent services, clerical services, printing docs, etc. If the job is far away, you tack on extra money for additional travel.

When someone says they charge $125 for e-docs, that's an all-inclusive price for the job that includes the printing of e-docs.

Reply by Art_MD on 9/21/07 10:17am
Msg #212416

You need to break out the different parts of a closing.

Example

print docs 25.00
notary fee 10.00 assuming 10 at state rate of $1 each
Travel 31.50 - assuming 100 miles RT at state mandated $0.315/mile
present and identify documents
50.00
Travel to drop package in box
Total fee less the sum of the above 4 or 3.50

This is one way. An even simpler way


notary fee 10
drop off fee 115

Art

Reply by BetsyMI on 9/21/07 10:38am
Msg #212419

Your question: "A certified public notary can do these e-docs and loan docs too right?"

Yes a notary can 'do' loan docs, but if you haven't done any closings you'll need to get yourself ready. You don't want to walk in to a borrower's home unprepared. You need to know the docs inside out and be able to present them. You don't have to give an explanation of why their interest rate is such and such, or why any fee is what it is, but you'll need to be able to point to and explain certain areas...."here's your interest rate"...."here's where you'll find out information about your prepayment penalty"...."this is where it says no one else can assume your mortgage"..."this explains how your APR differs from your interest rate", etc. Most of the time this is not just a 'point and sign' business. People want to feel comfortable with what you are having them sign. So get yourself ready.

Yes if the hiring entity overnights the documents to you your fee should be less than if they have you print out edocs.

You asked "is the fee different if you have to travel to their office?" I'm confused about whether you meant travel to a Title office or travel to the borrower's office. But either way I'd say your charge would be dependent on how far you are traveling, not to whose office.

Reply by OR on 9/21/07 12:12pm
Msg #212437

Tara, thank you for asking questions before jumping to something you may not know much about. I too am a Notary here in Oregon. To understand the fees in this business it would take getting some training in this field first. You have to be able to under the whole business before you can understand fees. Our fees are set because of our training. Some fees are higher then others because of the level of training some people have is a lot more than others.
As for training, You could try to find someone in your area that may be willing to train you. You also could pay for the training and get certified for a few $$$. You could start with the search button here on the Notary Rotary. Goggle and Yahoo your way around this business. There is a lot to learn before you really can understand the fee process.

If you have a question that you can't find an answer you can send me a private message and I would be happy to try to help you. Good Luck

Reply by Todd/OH on 9/21/07 4:11pm
Msg #212515

I simply charge an add'l $25 for the e-doc service.

Reply by noteclub/MD on 9/21/07 4:20pm
Msg #212518

A notary can do loan docs in some states- not all. Md being one of the no can do states unless you have a title producers license.