Posted by LSS33 on 7/27/09 8:57pm
Msg #297586

Nations Direct

Ok, I know we've all said the same thing and heard the same thing. Occasionally I would accept their bargain basment closings if they were within a couple of miles. Lately I haven't even answered their calls and they never leave a message. When it's ringing with one of their 100 numbers I just press the red button on the Blackberry and they go into voicemail and hang up. Today I decided to answer a call from them since I was in between closings. A very sweet woman (most of their callers are either nasty or just challenged) asked me if i could do an email doc closing 2 towns away on Weds. afternoon. I said sure but not for $60.00. She said how much. I responded that I would be willing to do it for less then my usual fees and would handle it for $80.00. She said let me get it approved and I will call you back. I figured hmm ok that's the end of it. One hour later I get a call and it's a guy calling to confirm the same closing. He said won't you do it for $60.00? I said no and I will no longer do edoc closings ever for that rate. I told him if I wanted to give something away I would call a good charity and they did not qualify. He said ok I'll send the confirmation. Well, that was six hours ago so I guess they found a $60.00 person. I think I need to block all their numbers so I don't have to just ignore them.

Reply by ME/NJ on 7/27/09 9:06pm
Msg #297591

Please you are doing for charity @ 80 in NJ.. what a joke n/m

Reply by ME/NJ on 7/27/09 9:07pm
Msg #297592

let me know who you are, I can hire you for 80 and still

make good money..lol

Reply by LSS33 on 7/27/09 9:20pm
Msg #297595

Re: let me know who you are, I can hire you for 80 and still

LOL I don't do very many for that lowball fee but as a fillin it's fine. For someone like ServiceLink who gives me at least $2000.00 in closings a month I negotiate and am willing to do 85 or 90 dollar closings. I'm at the Jersey Shore and there are lots of us around here. If you can still make money on me doing that let me know how to contact you. I am more than willing to share. I've been doing this as a more than a part time gig for almost 10 years. All the better for both of us. Email me at [e-mail address]. Just keep in mind I total about $5000.00 per month in closings and never travel more than 10 miles.

Reply by ME/NJ on 7/27/09 9:27pm
Msg #297598

Re: let me know who you are, I can hire you for 80 and still

I use to do very well for years, and 2008 I went part time. I still do more PT then you full time. I can be reached @ [e-mail address]. I see you like to work hard for your pennies. for every 3-4 you do I do 1. Oh no fax backs or waiting when to send docs or once a month billing.

All clients pay within 30 days or less, sign and send unless its a purchase. I handle Ocean County and Monmouth.

Plus I have acess to some TC systems and know who the lowball slime are in my area. Its great when they call Mort Docs Now or Nations Direct I see the fools who work for pennies.

Reply by ME/NJ on 7/28/09 10:31am
Msg #297672

So you work for 60 a signing.. what deal

Service Link.. unreal you get 2000/month from them, that is 35 closings a month, 35 fax backs, 35 split packages and 35 wait a day or so to mail it out. Plus the 30-45 day wait to get paid. all for 60 bucks a shot. Nooooo thank you gave them up years ago when they first lowered the fee.

please send me your info I need cheap labor and still make good money.

Reply by Notary/Guy on 7/27/09 11:44pm
Msg #297608

7/18/2009 cheap excessive fax back very slow pay 60 day wait NJ
7/16/2009 Offered me $60 FOR A 2 1/2 HOUR TRIP. WHAT A JOKE. PLUS FAXING??? PA
7/10/2009 They are a low pay service. They do pay on time if your willing to go for cheap. OR
7/9/2009 LOW PAY LOW BALL COMPANY.WORK FOR FREE. CA
7/5/2009 to much faxback,pay way to low, 90 days late on last pmt-still owe CA
6/18/2009 LO-BALLERS!!! CA
6/14/2009 Will not pay what your worth, low balls you. WA
6/9/2009 begs you, extremely unprofessional, beyond cheap, they are a joke LA
6/8/2009 Cheap, excessive fax backs, Reps argue with you about rates, rude MI
6/3/2009 Pays very slow, 60 days plus, and they shop for the cheapest. Very low fees. HI
6/1/2009 very low pay expects you to work very cheaply OH
5/22/2009 Way out of line. Requested us to fax back the entire loan package. NO WAY. OK
5/18/2009 You can make more money working at Walmart than these low-paying schmuks. CT
5/16/2009 Too many telephone calls and far too little pay for the hassle. NJ
5/13/2009 offered $60 for refi/purch combo 150+ pages & 140mile r/t. what a joke! PA
4/26/2009 These guys want to pay dead cheap rates. CA
4/17/2009 Very low fees, they definitely do want to hassle you for your fee, very slow pay MO
4/10/2009 LOW BALL FEES; TRIES TO HAGGLES FEES; EXCESSIVE PHONE CALLS; EXCESSIVE FAXES VA
3/30/2009 paid within 30 days low pay PA
3/30/2009 Professional TX
3/30/2009 Low Low Pay- they offered me $25 CA
3/27/2009 Good company to work for. Pay fair to good. Pay extra if a lot of pages. AL
3/19/2009 just offered me $30 for a signing. i laughed. TX
3/16/2009 Steady work but the pay is extremely low compared to other companies. IL
3/14/2009 cheap, cheap, cheap and will strangle you with excessive phone calls CA
3/13/2009 They pay good NY
3/12/2009 CHEAP and Horrible Attitudes from Reps GA
2/20/2009 Great to with with but low pay...took 45 days to receive payment TN
2/18/2009 low pay but keeps you busy, too many phone calls but the staff is friendly PA
1/31/2009 too bothersome , too many phone calls, low ballers. TN
1/28/2009 Base rate $60 is low & policy is they don't pay you til end of following month! TX
1/27/2009 Just called me for a $40 signing, $20 edoc. I seriously laughed out loud. CA

Reply by LKT/CA on 7/28/09 12:22am
Msg #297610

Considering a loan signing takes (on average) 3 hours - print docs, drive to borrower, complete signing, ship docs......and 1/3 of the fee is profit, the other 2/3 is cost....someone else came up with this model and I thinks it's a good general idea of the typical loan signing.

Here's really what you make by the fees you charge for a loan signing. Only YOU can decide what your time and expertise are worth.

$40 signing = $4.44 per hour
$50 signing = $5.56 per hour
$60 signing = $6.67 per hour
$80 signing = $8.89 per hour
$100 signing = $11.11 per hour
$125 signing = $13.89 per hour
$150 signing = $16.67 per hour
$175 signing = $19.44 per hour

Reply by notaryinmo on 7/28/09 12:29am
Msg #297611

Thanks for the chart, LKT. Hopefully people who are taking the low ball signings will figure out that they can't really make money on them. (But I won't hold my breath...lol)

Reply by MW/VA on 7/28/09 8:44am
Msg #297627

It's been pointed out before that there are notaries out there who take this work because:
they are part-timers, print docs at their place of employments, etc. & have no costs. I don't necessarily agree with the 1/3 profit formula though.

Reply by sue_pa on 7/28/09 9:19am
Msg #297634

I not only disagree with the 1/3 profit, I also disagree with 3 hours average per order ... at least I don't routinely spend 3 hours. Sad to say, on occasion I do but when that happens I am mad at myself, my client, the borrower, children/grandchildren, neighbors, every other driver on the road, the cats, and anyone who dares cross my path and take up an additional 30 seconds of my time !!! A 3 hour order for me is either a suck up order (did one Friday night and boy was I mad at everyone) or else a mistake.

I saw the breakdown on another site and if I used the numbers in that formula, I'd be out of business.

Reply by CF on 7/28/09 9:23am
Msg #297637

Exactly- Sue that is what I thought....and I am just as mad and angry when that happens too. I tend to work faster and smarter than the average!!!! I am always finding ways to minimize my time which equals more profitability for me in the end.

Reply by Linda_H/FL on 7/28/09 1:48pm
Msg #297736

Sue...almost all my orders are minimum 3 hours

It's location, location, location.....average one hour travel out, one hour at table, one hour travel back.....notice that's not counting printing the package, so tack on another 45-60 minutes and we're talking a minimum 4 hours per signing....each and every time...profit margins go way down the longer the assignments take...

Reply by Lee/AR on 7/28/09 7:47am
Msg #297621

Truth: If you place no value on your time, nobody else will. n/m

Reply by mwm143 on 7/28/09 9:23am
Msg #297636

Time=money

I don't agree with the 1/3 profit. It cost me less than $.02 per page (toner and paper) for document printing. My printer spits them out at 16 ppm. Average package is 100 pages. (x2 = $4.00) 90% of closings take less than an hour. Average fee is $100. Average drive is 20 minutes. Roughly $46.00/hr. Even if the fee is $50.00 I'm looking at $21.00/hr.

I read the boards and realize that each SA's cost of business varies because of where they live. But I really don't understand HOW people are making less than minimum wage.

Reply by jojo_MN on 7/28/09 1:59pm
Msg #297737

Re: Time=money

There are other expenses other than paper and toner. What about the cost of the printer(s) themselvses. Also income taxes, commissions, bonds, E & O insurance, high speed internet, cell phones, fax/land line for business, gas for auto, fees for websites, the list goes on. It all has to be figured into your fee.

Reply by mwm143 on 7/28/09 2:56pm
Msg #297741

Re: Time=money

True. But wouldn't most still have high speed internet, cell phones, land lines anyway? Still need gas to get to work. Good news is we can deduct those expenses. My neighbor who isn't self employed cannot. A $100,000 e&o policy is $8.50/mo. The mileage is a tax deduction. Those who are otherwise employed pay taxes as well. (Not sure exactly what min wage is but when those numbers are quoted they are gross, not net).

There are many SAs who talk about how little money they make in the business and I wonder why they continue. The analysis I was responding to was 1/3 of a fee is profit and 2/3 is cost. (Ex. $50 fee = $5.56/hr). I calculate my cost on a $50 signing is at least $25/hr because I wouldn't accept an edoc assignment for $50. If someone lives so far out that they're having to drive an hour or more each way just to have work it seems this may not be the right business to be in.