Posted by Barbara___IL on 3/9/08 4:47pm
Msg #238632

Not sure what to charge...

I don't want to be the cheapest notary on the list. I want to earn a respectable fee for my work. I've been an NSA for close to a year, so I'm still learning how to negotiate with the SS. What do you charge for notarizing second mortages? I had a signing yesterday. The borrower had 4 second mortages to sign, and they required very little on my part. I didn't have to print any documents and each set was about 15 pages with only one notarization required per set. I did have to drive 70 miles round trip, but I was only there about 30 minutes. The company that I worked for is an attiorney/title company and told me to bill them. I don't want to ask anything unreasonable, but wonder what the going rate for something like this would be. If anyone can help, I'd appreciate it. I'm in Illinois.

Reply by Teresa/FL on 3/9/08 5:05pm
Msg #238634

There is no "one size fits all" answer to this question. You should charge a fee that will cover all your costs and pay you a reasonable amount for your time and expertise.

After finding out all the particulars of the assignment, I usually ask what fee they are offering for the job then either accept the offer or counter-offer if I feel the fee is too low.

Reply by GA/Atty on 3/9/08 5:19pm
Msg #238639

I think, in general, it is not worth the effort to get too caught up in what the details of a particular job requires - I mean, they all require you to go to meet borrower, get doc(s) signed, notarize some of them, and ship the things back. In my view these are the basic elements to every loan signing. Whether they are signing 35 pages with a USAA credit line or 125 pages with a reverse mortgage, that difference is fairly minor, in my view.

The only additional thing that really can make a difference to me is whether there is some cumbersome fax back policy that I have to deal with. Or if they are insisting on having the docs go out the same day as the signing. I would add a significant extra fee for either of those.

So - I charge a base fee for a signing of any kind - and I NEVER accept anything for less. Then, if I have to go outside my county, I add on $ x for adjacent counties and $ xx for ones a bit further out up to a maximum fee of a little more than twice my base fee.

For a second mortgage signed at the same time as a first, I charge an additional 1/3 of my base fee.

That's how I do it, and it works for me.

Reply by Teresa/FL on 3/9/08 7:15pm
Msg #238658

I agree. My questions regarding an assignment are meant to attempt to figure out how much time is involved. Time is money.

Fax-backs and requests for same day shipping factor into it as well as the distance travelled. For some reason, I seem to get quite a few Attorney-in-fact signings, so that is a question I ask as well, to the suprise of most callers. Then there are the borrowers in town on business or on vacation who request a signing at their resort or conference center either early in the morning or late at night.

Purchase closings can also add on a considerable amount of time, especially if both the buyer and seller are in attendance along with Realtors and mortgage broker.

Generally, I have a base fee for a standard refinance and add on for mileage in excess of 20 miles (one way) and any other factors as listed above.

Reply by Lee/AR on 3/9/08 5:23pm
Msg #238642

Previous poster is right. One size does not fit all. Each area is different. You must figure out your car expenses (not just gas), amount of time it takes to drive...and this will vary by type of road (expressway, city street, rush hour--), add what you feel is a reasonable payment for your time (you know, it's not just your car that has to get there). Add expenses of being in business--your time in printing docs plus paper, toner, cell, internet connection, hardware, TAXES---& do realize that, as a self-employed person, your taxes are higher as you're paying your share and the 'employer's' (you) share. Remember that you have no paid vacation or sick days and no health insurance benefits. And, last, but by no means least, a business needs to make a PROFIT or the IRS will consider it to be a hobby.

Reply by LKT/CA on 3/9/08 6:37pm
Msg #238654

Read message 183435

This gives you an idea of what *not* to charge.

Reply by Barbara___IL on 3/9/08 9:07pm
Msg #238670

Re: Read message 183435

That's a good message. I would NEVER take $50...even at the start.

Reply by Barbara___IL on 3/9/08 7:12pm
Msg #238657

I have a base fee for a refinace that I never go under, and a fee for edocs, extra mileage, etc.

I don'r know what to charge for 4 second mortgages at one time. I drove 70 miles round trip, didn't have to print any documents, or mail anything, just notarize the 4 second mortages (about 15 sheets each). This is the only time, I notarized a second mortages, so just wondered what the standard fee for this would be, and since they had 4 at one time, should I get something for each of them or 1/3 of the standard fee for each additional one, or just make it one flat amount of $200 or something like that? Thanks. Barbara

Reply by Teresa/FL on 3/9/08 7:17pm
Msg #238659

$200 sounds like a fair amount to me for the scenario you described.

Maybe broken down as $125 base plus $25 for the three additional loans?

Reply by Barbara___IL on 3/9/08 9:04pm
Msg #238668

Thanks Teresa and all who have answered. Teresa, that was a big help.