Posted by davidK/CA on 12/18/08 10:45am
Msg #272307

The borrower always pays full fees

Look at the Estimated Settlement Statement or the HUD-1 carefully. It looks to me like everyone who has been drinking from the borrowers' well in the past is still doing exactly that. The title companies are still getting all the administrative fees, document preparation fees, title fees, e-doc fees, etc., etc. The brokers are still getting their large fees. The lender fees are still there. The appraisal fee is still there. All the miscellaneous BS fees are still there.

Have there been any downward adjustments on any of these various fees? As far as I can see nothing has changed, the borrowers are still being charged virtually identical fees just like they were before the real estate implosion EXCEPT the poor NSA is supposed to accept smaller fees. Why?

Why aren't NSAs entitled to the same fees they were getting before when everyone else is still getting theirs? Why does the typical SS still take the same percentage (or more, much more if they actually don't pay the NSA)? Are our duties and responsibilities as Notaries Public less important than they were before?

Oh I forgot, XYZ has set the fees in the past, so maybe they will revise their "suggested" fees downward to make it easier for everyone in the food chain to justify the lower fees being offered by some SS lately.

You have to be somewhat crazy to love this crazy business.

JMHO

Reply by MW/VA on 12/18/08 10:59am
Msg #272310

The only true setting of fees is what we are willing to accept. Since no one sets fees, including XYZ, there will always be those who accept the low-ball offers and are willing to work for nothing. I'm not among them.

Reply by RickG/CA on 12/18/08 11:04am
Msg #272311

Call me CRAZY!!!

All involved seem to be as busy as ever, at least in my area. Folks all over are still making $$$. I've been getting more and more direct and referral assignments. I'm not complaining in the least. I've made the transition from part-time to full-time over the the last 6 months or so and haven't looked back. Sure there have been some lean times, however I like what I'm hearing and moreso what I'm seeing.

Reply by Marian_in_CA on 12/18/08 11:58am
Msg #272322

There are some areas that are very, very busy. My Mom closed on a house in the last month, and the NSA who brought her paperwork in said that she's working 3-4 appointments a day and it's increasing because just about all of her competition dropped out of the business or let their commissions expire over the last year, so she's one of just a few NSAs in her area even working.

This is especially true in parts of California where foreclosures are high and property prices have plummeted. Purchases are picking up.

The 2005 CA notary law changes really had an impact on the numbers of notaries. Many who didn't want to complete the mandated education have now not renewed. And since January 1st, the addition of the FBI level to the background has really had an impact, too. Someone who may have passed the DOJ check 4 years ago but had a conviction in another state, won't pass with the new regulations.

So for some people, there is plenty of work. It just depends on a variety of factors.

Reply by Claudine Osborne on 12/18/08 2:06pm
Msg #272339

Re: Crazy like a loon and I love it too

I have been busier in these last few months than in the same period in 2007. Dec so far has been busier than last Dec!

Reply by SheilaSJCA on 12/20/08 1:12am
Msg #272502

My fees have not decreased, typical e-docs $175 n/m