Posted by Tena Grice on 4/10/09 6:55pm
Msg #284399

Title Co. & Lender Fees vs Signing Service Fees

How should a notary set fees for a SS vs a Title Co.?

Reply by Glenn Strickler on 4/10/09 7:18pm
Msg #284401

It's been discussed here quite a bit. If you use the orange search button, you will find a lot of info.

Personally, my fees are my fees no matter who the customer is. They are based on my business model and many hours of research before I entered the business.

Reply by Charles_Ca on 4/10/09 7:45pm
Msg #284406

Dittos Glenn, I do likewise, one set of fees for all n/m

Reply by Linda_H/FL on 4/10/09 7:47pm
Msg #284408

Me too - n/m

Reply by PAW on 4/10/09 8:45pm
Msg #284421

Me three - my fees are my fees regardless of customer SS=TC n/m

Reply by Teddog/CO on 4/11/09 8:08am
Msg #284456

Ditto here also. One set of fees for everyone. n/m

Reply by Claudine Osborne on 4/10/09 9:28pm
Msg #284426

Same here..

Reply by Bob_Chicago on 4/10/09 11:34pm
Msg #284439

Not me. If not a regular, I ask, "what is the fee"?

or some variation. Frequently they reply $xxx, which might be more than the minimum that
I was prepard to accept.
If so, I say , something like , "that will be fine. Send the order over. Thank You"
Getting back to the OPs ?, TCs can usually pay more tha SS , as they are
avoiding the middleman. Therefore they can pay the NSA the same fee that
they would pay to a SS.

Reply by JanetK_CA on 4/11/09 12:59am
Msg #284443

Agree nearly 100% (I just use different wording) n/m

Reply by MW/VA on 4/11/09 9:56am
Msg #284461

Re: Not me. If not a regular, I ask, "what is the fee"?

My fee structure is different for ss & tc's. The ss is getting a portion of the fee.
When I work directly with the tc I expect to be paid more since they're not paying a middle man. I'm sure the fee is still less than the ss would arrange.

Reply by Pat/IL on 4/11/09 10:41am
Msg #284467

Avoiding the middle man

Somebody is being paid to schedule signings, whether it is a signing service or an employee. I don't see the absence of a SS as a reason to expect a higher fee. But if it works for you...

Reply by PAW on 4/11/09 1:12pm
Msg #284490

Is the amount of work any different?

Chances are, the amount of work from a signing service is MORE than the same signing if it came directly from a title company. Therefore, the signing service should be charged at a higher rate than a title company.

To justify the difference: only if the amount of work is substantially less coming from one vendor vs another. And you know that isn't very likely.

Reply by MW/VA on 4/11/09 7:15pm
Msg #284516

Re: Is the amount of work any different?

Thanks, Paul. I never looked at it that way. You are correct when you say it is often less work when working directly with a tc. I started out negotiating a fee with each job, and have stayed with that. Maybe it's time to rethink that policy.

Reply by JanetK_CA on 4/12/09 12:00am
Msg #284544

That's not the only consideration, imo

"Chances are, the amount of work from a signing service is MORE than the same signing if it came directly from a title company."

This has come to be true, I believe, partly because of a combination of things: a) hiring more and more inexperienced notaries in order to keep their fees down, and b) running interference, answering questions and double checking work, perhaps as a marketing tool, to get the business. As I'm sure you know, all the extra work we often (but not always!) see from ss these days, used to be the exception rather than the rule.

Another factor to consider is that, in most cases, the signing service takes on certain risk, ensuring that the notary gets paid regardless of what happens at the table. Conversely, when someone works directly for a title company, first of all, there is the assumption that they know what they are doing and don't need hand holding. Secondly, if the loan doesn't fund, often there is no pay. The notary takes on that risk personally.

I think it all depends on how you look at it -- chicken or the egg? Depending on the set-up, location, etc., it may not be any more work for the tc to hire a notary directly. Some prefer it that way. Why, then, should they pay an experienced, knowledgeable notary less to do the same job and take the same risks as they would the signing service? So if a title company is normally paying $200 to a signing service per signing, why should they pay less to a notary they hire directly? In most cases, they have a short list of people they work with, and just leave a message if they don't get an answer right away -- although if they're working with pro's, they probably don't need to. And if it's a local title company, the notary may also be picking up and delivering the documents, saving them shipping fees. Definitely worth more, in my book! There are probably many other factors I haven't thought about at the moment, as well.

Each person will have their own way of looking at this, of course, and it seems your approach works very well for you in your situation, which is great. However, I believe that we ought to consider more than just the actual amount of work involved when considering what to charge. That's certainly one way to look at it, but another, just as viable option is to also consider what the intangibles (like knowledge, experience, skill, etc.) are worth to a particular company and what they are willing to pay. It's my guess that most businesses factor in these issues - as well as the amount of work involved - when setting prices and fees. Just by way of example, you can be sure that not all attorneys charge the same hourly rate and that they don't decide that figure just on the basis on their overhead costs.

Reply by JanetK_CA on 4/12/09 12:19am
Msg #284546

One more thing...

After reading some of the posts below, it occurred to me that the signing services that pay me the most are the ones who require the least amount of extra work... They are hiring me for my expertise, as well as for the amount of work a particular assignment might require. I imagine most of you have the same experience.

Reply by Tena Grice on 4/11/09 8:21pm
Msg #284523

Thanks everyone for your comments. Since posting this question I referred back the the NNA Certification Training Book. In Ch 9, P. 246 - 249 covers Payment Policies. It clearly states on P. 249 that an Agent can earn Higher Fees through Direct Work with Title Co., Lender etc...

My dilema is what fees to charge a Title Co. I wouldn't want to over price my services, but I don't want to under price either.

Reply by Linda_H/FL on 4/11/09 10:30pm
Msg #284541

"My dilema is what fees to charge a Title Co. I wouldn't want to over price my services, but I don't want to under price either."

And the plain, simple, straight-out answer to that is no one is going to tell you how to slit their throats...that's something YOU need to determine - how much does it cost you to do a job, all factors taken into account as best you can....figure it out and come up with a fee that gets YOU a profit....as one of our very esteemed members here once said, it's YOUR bottom line that's important, not THEIR bottom line..

MHO