Posted by Principal Settlement on 4/2/09 8:57pm
Msg #283258

Notary costs

Hello, I am new to this. What is the normal charge to hire a notary for mortgage closings?

thank you

Reply by dickb/wi on 4/2/09 9:00pm
Msg #283259

there is no "normal" charge.....we all have different.......

business modles and we all have to drive different distances for every closing......it's on a per deal basis depending on a multitude of things........

Reply by Jennifer Cotsmire on 4/2/09 9:02pm
Msg #283260

Re: there is no "normal" charge.....we all have different.......

I agree. Each closing is different depending on the work involved (cash purchase, refi, etc.) and travel.

Reply by Principal Settlement on 4/2/09 9:05pm
Msg #283263

Re: there is no "normal" charge.....we all have different.......

lets figure refinance 15 miles away at 6pm? How much would you charge for that?

Reply by Linda_H/FL on 4/2/09 9:10pm
Msg #283264

Re: there is no "normal" charge.....we all have different.......

How big is the package? How long will it take to print two copies of it? What type of loan? Are docs ready in time? How much time at the table? Travel time (15 miles for me is 30-35 minutes)..faxbacks?

Fee for that is something only you can determine.

Reply by Principal Settlement on 4/2/09 9:12pm
Msg #283266

Re: there is no "normal" charge.....we all have different.......

The package is 85 pages, fha refi, docs are ready, 1/2 hour at table.

Reply by Les_CO on 4/2/09 9:17pm
Msg #283267

Re: there is no "normal" charge.....we all have different.......

I'd charge $125.

Reply by jba/fl on 4/2/09 9:44pm
Msg #283271

Re: there is no "normal" charge.....we all have different.......

There is no way you can say 1/2 hour at the table. When people ask me, my answer is 'anywhere from 30 min to 4 hours.' You may have 'readers', or anger issues when they see their LO didn't disclose something or they forgot LO disclosed something. They have many issues sometimes, so this must be calculated as well.

6pm is rush hour traffic as well, of course, depending on where you are and which way you are going. This is an item only you can calculate. There are myriad things to consider. There is definately no pat situation.

Reply by Maureen_nh on 4/2/09 10:18pm
Msg #283280

Re: there is no "normal" charge.....we all have different.......

You can't do an 85 page signing and do it in a half hour -unless you are a lawyer. They can cut corners, as in having their secretary stamp all the docs after the borrowers leave. (not right, not legal, but they do it. My borrowers have told me.)
I have done the rush, rush thing sometime, but can "get away with it" cause I really don't have to stamp. I can do it later because they are good once they are signed by me.
How a CA notary manages with all that extra work is beyond me.
If you expect that all borrowers are going to accept the old you've got three days to look these over, forget it. Not only, in this day and age, are most borrowers looking for the bad guys trying to pull something on them they are going to read a bit.
I pull a few essential docs and we go over them, after that things go smoother, but it takes time.

Reply by Gary_CA on 4/3/09 12:06am
Msg #283301

If I had a nickle for every time I've heard "docs are ready"

and they weren't...I could live off that and do your signing for free as a hobby.

$125 is about right but it all depends on lots of stuff.

Reply by Marian_in_CA on 4/3/09 12:29am
Msg #283304

Never assume total time at the table...

Why? Because what you might think will take 1/2 hour could take an hour or more depending on a variety of factors. Is the borrower a reader? Elderly? What if they have low vision and need to use a magnifier?

If there are two signers... perhaps parents of young children who will, undoubtedly, interrupt multiple times.... that 1/2 hour just turned into much, much longer.

As a signing service, you may not know this...but as notaries, we can all attest to the fact that while some signings go lightning fast, others don't, and you can't really pinpoint the time until you get to the appointment.

For me? If you'd asked me a month ago when I lived in the San Fernando Valley of Los Angeles, and you asked me to drive 15 miles away at 6pm? I'd laugh and laugh and wouldn't take less than $175 for that job. Why? Because Tarzana, CA to Burbank, CA (a 15 mile trip), for example, during that time of day on the 101 freeway will take me at least an hour or more in horrific LA rush hour traffic... if I take surface streets, it could be as quick 45 minutes if I hit the right ones.... and there are no accidents or traffic diverted off the freeway. And that's just one way. Chances are I wouldn't even accept the job because of traffic alone. Fortunately, though... there are a LOT of other notaries that are close by that you shouldn't need to call someone for a 15 mile trip in that area.

Now that I live 70 miles north in the desert, that's a bit different. A 15 trip is nothing, depending on the direction I'm going. If I'm heading into Rosamond, for example... it'll likely be smooth sailing and the speed limit on the section of freeway is 70MPH. Other parts of town might take longer, but I'm lucky that I live kind of on the outskirts and this town is built in such a way that I can pop on wide open 55 MPH roads most of the time.

That's just travel and time to consider.

Thing is, you'll get people who would be willing to take that job for $85...maybe less. You'll also find that most will charge between $100 and $150 for a job like that. There will be others who charge much more based their own business needs.

The point is, if you're looking for honest advice about this... remember that there is no standard fee and that you cannot arbitrarily assume what a job is worth. If you approach the job from a position of letting notaries place a bid, you'll likely have happy notaries who do a good job for you.

Each of us have different expenses and needs that play into our profit margin. We are also business owners and we prefer to bid on jobs rather than be told what we'll be paid. Many of us are willing to negotiate, too. For example, if you offer a notary an "exclusive" or "first call" type of arrangement for a certain area, that notary might agree to reduce his/her fee by a certain amount if you provide x number of jobs a month. I have an agreement with a company like that. If they provide me with 6 or more jobs a month, my monthly invoice to them will reflect a discounted rate. A smaller discount rate applies for 3-5 jobs for the month, and full rate applies for 1-2 jobs. In exchange, I only bill them once a month, and they pay me promptly 2 weeks later. This was a special contract I got with them as the result of some previous relationships that I had... and it works out great. That's just an example of one way to keep your fees low, while keeping the notary happy, too.

Think of it like going to a restaurant and you really want a steak. Why does a Rib Eye at Sizzler cost me $15, at Cafe Firenze $38 and Mortons $65? It's more than just the quality of the meat, goal of the restaurant, location or ambiance... there are a LOT of various factors that make up the price of that steak -- and if you can't afford Mortons... you can't afford Mortons. Would you walk into Morton's and say this: "Well, Sizzler only charges me $15 for the same steak so I'm not paying you any more than that."

Reply by JanetK_CA on 4/3/09 1:10am
Msg #283311

LOVE the steak analogy! n/m

Reply by Sherri/AZ on 4/7/09 9:20pm
Msg #284041

Re: Never assume total time at the table...

I appreciate everyone's info, as I too, have been trying to figure out what to charge. If the fee's are so individual, based on each circumstance, then why do we have to pick prices for our profile? That's sort of what got me thinking, hmmm....what should I charge?

Reply by TNhills on 4/2/09 10:17pm
Msg #283279

When I first started out I adjusted my fees by per county. My home county was $50.00 with e docs. Hey I am watching GHOST I LOOOVE that movie. They are dancing at the end...
Anyways. I kept my fees low to gain experience and get work. If you start out with a high fee charge and you are nervous or make a mistake then you can be deducted. Take your time and be very professional act like you know your stuff before you go to the closing. Get experience and then raise your fee accordingly.

Reply by dickb/wi on 4/3/09 12:26pm
Msg #283414

let me throw a wrench in your thinking.....

when i started in real estate in 1961 i was fortunate enough to work with an older gentleman who was also an appraiser.....in those days real estate brokers did most everything incl insurance......well this man [paul] had to appraise a farm and needed two appraisals....he asked me to go along and do one and he would do one.....i had never done an appraisal but had some knowledge of what was needed.......paul and i each did one and came very close in value to each other [which amazed me because i really wasn't confident of my ability]....paul asked me how much i was going to charge and i had no idea....i finally came up with $50......then paul said.....dick i used to charge $50 for appraisals and i hardly got any business so i raised my fee to$125 and all of a sudden i became the expert in farm values in the county and the courts were calling me every week to help settle estates and other issues.....he then said do not ever sell yourswelf short, let people know you are worth every penny you cgarge for your performance......i never forgot that lesson, not even to gain experience......

Reply by Susan Fischer on 4/2/09 10:25pm
Msg #283283

Are you a notary or a signing service? Are you asking what

you should charge, or what you should be prepared to pay a notary?

Aside from the many good and logical responses above, especially the great comment about your "1/2 hour at the table," (it sounds as though you were trying to sell this,) I have a question for you: What does your business plan say about your costs, your competition, your demographics, your geographic area? A good business plan should tell you the answers to questions such as yours.

Reply by TNhills on 4/2/09 10:31pm
Msg #283287

Re: Are you a notary or a signing service? Are you asking what

no I am a signing agent. I was only stating when I first started out what I would charge or would like to get when a company called me. I usually negotiated on the fee; most of the time the companies whom called me to begin with would always state the fee and I would either except or try and get a little more. If the company could not go up I would accept the assignment in order to get the experience as a new signing agent. Now I have the experience and can negotiate and work out a reasonable fee suitable for both. Thank you for asking....

Reply by Lee/AR on 4/2/09 10:35pm
Msg #283289

Think Susan was replying to original poster & not you TNhill n/m

Reply by TNhills on 4/2/09 10:36pm
Msg #283291

Re: Think Susan was replying to original poster & not you TNhill

I see that now..thanks

Reply by Lee/AR on 4/2/09 10:32pm
Msg #283288

My fee is

my fee. More to the point, my fees are my fees. I have spent a LOT of time on a spreadsheet and by entering 3 things, I know how much to charge to maintain my hourly fee. I also know what my gas cost & paper/toner/time expenses are. Mileage is a factor, of course, but TIME is more important because I live in a rural mountainous area and can get to some places a lot faster than others, so I can't do the 'by county' thing. Now, when I lived in rural WI, I could do that.

Point being...there are many factors and they are area or person-specific and one size does not fit all. Wish it were otherwise OR that the fees paid were as generous as they once were many years ago so that all these factors didn't matter as the only factor then was 'am I making money--a lot of money--or a whole lot of money'. Those days are long gone and we all pinch pennies as you've undoubtedly noticed.

Reply by TNhills on 4/2/09 10:41pm
Msg #283292

Re: My fee is

i have not unnoticed that we need to adjust our fees. I live in a rural area but I also travel a distance and i have worked with certain companies a long time so they are willing to pay me and negotiate a fee with me. I too adjust me fees as I stated I negotiate on my fees. I have to work, I was only stating when I first started out as a signing agent. I am not hear to qiver about money....we all have to work and negotiate on fees. Yes there is alot of elements into setting a price in order to take a closing.

Reply by Sylvia_FL on 4/2/09 10:47pm
Msg #283293

Victoria

Please go and proofread your profile. If you can't figure out what is wrong, shoot me a PM and I will respond in the morning. (I am up way past my bedtime)

Reply by Les_CO on 4/3/09 11:12am
Msg #283380

Re: Victoria

Can a TN Notary perform weddings? Or just at weddings?

Reply by Sylvia_FL on 4/3/09 11:36am
Msg #283395

Re: Victoria

No, only notaries authorized to perform weddings are Florida, South Carolina and Maine.

But some notaries are ordained ministers or JP's and they could perform weddings.

Reply by Les_CO on 4/3/09 11:56am
Msg #283405

Re: Victoria

Ahhhhh....Thanks for the clarification! I guess that for some reason I was thinking of clowns?

Reply by Lee/AR on 4/2/09 10:57pm
Msg #283297

My post was to original poster, not you TNhills, OK? n/m

Reply by Susan Fischer on 4/2/09 11:35pm
Msg #283300

;) Nod. n/m

Reply by JanetK_CA on 4/3/09 1:09am
Msg #283310

Or are you the same person? n/m

Reply by GA/Atty on 4/3/09 7:42am
Msg #283320

$110 n/m

Reply by TNhills on 4/3/09 9:28am
Msg #283344

Re: $110

Being an attorney has advantages. GA. is an attorney state do you take your notary when you go toa closing or do you do the notarizing too??.

Reply by GA/Atty on 4/3/09 9:53am
Msg #283357

I do the notarizing myself usually. n/m

Reply by TNhills on 4/3/09 9:57am
Msg #283360

Re: I do the notarizing myself usually.

Well that is good at least you keep cost to a minimum

Reply by Les_CO on 4/3/09 11:23am
Msg #283385

Re: $110

Careful Toby...some real SS's may be watching?