Posted by FeliseSoCal on 3/5/08 9:52pm
Msg #238230

Countrywide fee question

Just did a CW sign up. 123 pgs of loan docs (plus copies), 28 pages of escrow docs (plus copies) and 48 pages of faxbacks! There were 2 Grant Deeds, 2PCOR's, Cert of Trust, Statement of Information and CIV that needed to be filled out at the table in addition to the loan docs. The fee I quoted was $100 to the SS I had never worked for before, but when I saw how big the package was (302 pages printed), I asked for an add'l $25 (which I think is incredibly low, still). The fee on the hud was $250! Is anyone doing packages that big with over 40 pages of faxbacks for $100? I'm just curious if that's a realistic fee for a SS to pay a notary.

Reply by Stamper_WI on 3/5/08 9:58pm
Msg #238232

Nope. Not realistic n/m

Reply by dickb/wi on 3/5/08 10:00pm
Msg #238233

you should have asked for the full $250..not a dime less.... n/m

Reply by CaliNotary on 3/5/08 10:47pm
Msg #238237

You should ask a signing service for the whole fee?

Yeah, I'm sure that would work.

Reply by dickb/wi on 3/6/08 11:38am
Msg #238284

if it doesn't work then don;t take the job.......you have

to run your business as a profit making venture not a donation center....

Reply by CaliNotary on 3/6/08 7:42pm
Msg #238320

You also have to run a business with common sense

Which should tell you that no signing service, unless they're in an extreme bind, is going to give you the entire fee that they're receiving for a job. They too are trying to make a profit.

Reply by LKT/CA on 3/5/08 10:06pm
Msg #238234

An SS will pay a Notary $50 for the package you described, if the Notary is clueless enough to accept it. Decide what will generate a profit for you based on your expenses (i.e. gas, mileage, printer ink, paper, supplies, etc.) and set your fees accordingly.

When the SS calls you for a signing, don't let them fool you with, "Oh, it's just a *few* pages". Their interpretation of "just a few pages" could be a whole extra loan. Force them to tell you EXACTLY what the job is - 1st mortgage, with or without a piggyback loan, if fax backs are required, etc. If they "don't know" as the last SS scheduler told me, I then told her to call me back when she did know. An hour later, I got the call back for the job. If she hadn't called me back, so what. Let them move on to another victim, but not me.

Last week, someone wrote that a company wanted him to do three loans which amounted to almost 800 pages of printing and only wanted to pay $135 total.

Reply by Felise Garcia on 3/5/08 10:27pm
Msg #238236

Thanks for all the comments, I really appreciate the feedback...I worked with TC's directly for the last 5 years, but many of my clients went out of business or are so slow they don't have much business for me. I started aggresssively signing up with signing services to increase business, and accepting less than my normal fees b/c I'm not working direct. But we all need to make a profit. I can't believe anyone would do a package that size for such a low fee, so I'm glad I got some feedback. At least I know I'm being realistic.

Reply by SheilaSJCA on 3/5/08 11:32pm
Msg #238240

Re: Countrywide fee question- no brainer

I can't believe you have worked directly for TC's for 5 years, yet would only ask them for $100 or $125? "The fee I quoted was $100 to the SS I had never worked for before, but when I saw how big the package was (302 pages printed), I asked for an add'l $25 (which I think is incredibly low, still)." What were you thinking? Signing service or not I would never have considered this type of pacakge for less than $175, and that would be to a signing service. How do you profit at only $125 considering all that is involved? You are doing us all a diservice by selling yourself short.

Reply by Tish/CA on 3/6/08 10:52am
Msg #238273

Re: Countrywide fee question- no brainer

I think most of us can relate to this kind of back breaking signing with very little profit or satisfaction in the end. It's a process...you said you'd work directly with TC's in the past and I'm guessing you probably thought a $100 deal on a CW 1st refi with a SS was fair. Now you know and even though it sXXcks, I'm sure you won't let it happen again, and that's a good thing for you and for all of us. Bottom line, ask questions and lots of em, and take control of your signing of no matter who you're working for/with.

Reply by FeliseSoCal on 3/6/08 11:56am
Msg #238287

Re: Countrywide fee question- no brainer

Let me clarify. When I work for TC's my fee is $150 to $250. When the SS called, they asked me if I could do the closing for $100. I said yes because I've been slow. I also said only if it's a moderately sized package. When I saw the package and the amount of faxbacks, I called them and said they needed to increase my fee. I would never do a package that size for that fee knowingly. I will never do it again. The point of my posting is to find out if notaries are actually accepting those fees because if they are, it's not possible to make a profit. It sounds like most are not.

Reply by Glenn Strickler on 3/6/08 6:32pm
Msg #238317

NO n/m

Reply by directnotary on 3/6/08 11:29pm
Msg #238336

I have done a few CW loans and honestly, I don't even want to do their loans anymore after discovering all the work that has to be done for the same amount of money as other loan signings. In the future, if I decide to do them, I will request a fee for edocs of at least $150 depending on amount of pages, etc. I believe that is a fair fee for all the additional work you have to do on their loans. I have been an Signing Agent for five years and have done a lot of loans and CW is one of the more difficult ones.

We, as notaries, have to stick together regarding our fees. Do not take less than what you are worth? As a California Signing Agent, I typically get paid no less than $100 for e-docs. I'm actually thinking about starting to request at least $125; not only because of high gas prices, but the cost of everything has gone up, i.e. supplies, etc. Yes, the real estate market has slowed down a bit, but really...are signing companies requesting less fees from their clients (the lenders/title companies)?

Reply by CopperheadVA on 3/7/08 6:26am
Msg #238349

I do CW directly for TC's and I don't have to fax anything back or make copies - very easy and I love doing them. Docs are always in order and borrowers are almost always 100% informed of their terms. However, when I was new in this business I did some CW Full Spectrum through SS's and there were 30 - 40 pages of faxbacks, split package, make copies, wait for approval to ship. Ugh! What a pain! I won't do those any more unless they pay for all that extra service.

Reply by sue_pa on 3/7/08 8:05am
Msg #238355

then YOU should adapt

to what I THINK I am worth.

...We, as notaries, have to stick together regarding our fees. Do not take less than what you are worth? As a California Signing Agent, I typically get paid no less than $100 for e-docs...

I think $150 is a fair fee (and I get it) for e-docs - $175 is even better and I also get that on a regular basis (not as regular since there are so many others out there that think 'fair' is $100). I read these boards daily and I see 'good' company, "Meets my fee" and I know the people are low ballers because these are companies that used to pay $150 and now pay under $100 but pay timely. WE will never 'stick together regarding fees" and anyone that thinks that's ever a remote possibility needs to come back to the real world.