Posted by John/CT on 10/25/09 11:36am
Msg #308599
Times Have Changed!
Browsing the internet recently, I stumbled across the October 21, 2001 article in the Home Business News, "Working From Home as a Mobile Notary Public" (http://r144.com/HBNarticle010.htm). Here are some excerpts from the article: “So where do the big bucks come from?” “Becoming a Loan Document Signing Agent, that's where.” “The fee? It's a whopping $50 for two hours worth of work.”
WOW!!!! Do you remember those glory days, when just about all of our assignments involved o’nite dox, and we could book lots of back-to-back signings?!?! A “monster package” then was anything over 100 pages. And now … EIGHT years later … there are companies out there offering us the same or less money for more work! Nowadays, it seems as though 100+ pages is the norm for e-dox, and a “monster package” can run from 150 to over 200 pages! And, while you're at it, forget about back-to-backs ... with late dox so frequently, we just can't take the chance.
Yes, how times have really changed!! 
| Reply by Michelle/AL on 10/25/09 11:48am
Msg #308601
I wasn't around during those glory days, John.
It figures I'd get on board after the "gold rush". Such is (my) life.
| Reply by John/CT on 10/25/09 1:02pm
Msg #308605
Yes, there wuz' gold in them thar' hills ...
back in the good old NASA days (remember them?)! I used to average between three and seven signings a day (sometimes eight on Saturday) ... week in and week out ... mostly HELOC's and 1/2-hour refi's. So, even at $50 a pop, I was making in excess of $65K a year. Good money in those days ... and not all that bad in these times, either. Ah, yes ....
| Reply by Lee/AR on 10/25/09 12:06pm
Msg #308602
I also remember when $50 was the norm--just for the printing of edocs.
| Reply by Bob_Chicago on 10/25/09 12:14pm
Msg #308604
I keep a plastic , covered storage bin on my front porch for
FEDEX and UPS (used to also include DHL/Airborne).
I sometimes received a dozen or more packages a day.
If I get two o/n dox a week now it is a lot.
I is clearly cheaper to have NSA print dox, even with a fair print fee.
Also, last minute pkgs can be accomodated, which are now the norm
Stole this from someone on another board, but
"If it wasn't for the last minute, nothing would get done."
| Reply by 101livescan on 10/25/09 1:28pm
Msg #308607
Things are going to keep on changing too. With all the regulatory rules placed on title, escrow, lenders, appraisers. Keeping fees low are the key. There will will be predatory lenders. I know two borrowers right now who are being exploited by "hard money" lenders. They can't qualify for conventional or FHA.
Last week I was at a title company locally dong a signing, a borrower's docs had to be redrawn. I would not be meeting the borrower in the office to sign after all. How much would I charge to go to her house on Satuday if docs arrive in time to work up the file...I add $25 for travel. "We have to get that approved by the Lender."
An appraiser friend of mine hasn't worked in two years. By the time he is "selected" as the appraiser, he makes $125 for the work. He's done appraising. No the same work it once was. Appraisers being scrutinized too.
Our business has changed dramatically, and I think it will continue to do so. I'm looking at acceleration in foreclosure sales in the coming weeks/months, and more live scan fingerprinting for county agencies, I think the loan signing business may stall out for us unless our esteemed financial gurus figure out a way to stimulate the housing refinance and sale markets.
| Reply by CopperheadVA on 10/25/09 2:01pm
Msg #308608
Yeah, I've been wondering lately just how much lower can fees go in this biz? If they go any lower, it just won't be worth doing any more.
With all the issues of late docs (had one a few weeks ago that docs came in at 7:45 for a 6 PM appt with a 45 minute drive), or you're getting ready to go out the door and get a call advising of revised docs and they either want you to reprint the whole package or "just a few" docs that turn out to be 25 X 2, or you go to the appt and borrower has a million questions for his L/O so the signing takes a lot longer than it should, etc. There have been so many times lately where this has happened to me, and these companies barely want to pay $100 per job, let alone $125 or more.
I wouldn't mind taking a little less $ if the packages were a lot smaller, the borrowers were completely informed, and the docs were to me a day ahead of time. Of course that will never happen, though! Had one today that had 3 loan apps, 2 DOT's, 3 TIL's, 2 Affiliated Biz Arrangement Disclosures. And don't even get me started about when they include a plethora of broker docs in the package.
| Reply by Todd/OH on 10/25/09 3:13pm
Msg #308617
Times are changing for the appraiser, too. They must now conform to new guidelines including having current software that will produce the necessary forms. This software is only about $2,000. That's only the beginning.
I learned this from a friend who injured herself inspecting foreclosures. After that, she said, "I'm out!"
| Reply by MW/VA on 10/25/09 7:22pm
Msg #308625
This is happening in every industry--more work, less money. I came on board on '06, so I have never seen many O/N packages. Technology is a huge factor here. In order to be in this business, you have to have good computer equipment, high-speed internet, fast laser printers, etc. I'm fortunate to be in a good area, and business is good, despite the late docs, rush to print, etc. It sure beats working at Walgreens or WalMart. I'm not going to get rich doing this, but I make pretty decent money for the time involved (I estimate about 3 hrs. per transaction--start to finish).
| Reply by Les_CO on 10/26/09 9:36am
Msg #308652
Every industry except one…Government!
| Reply by Shadrack Walker on 10/26/09 12:50pm
Msg #308679
Times have changed from what I have read and seem myself in the short time I have been doing this. I think the best thing we (Notaries) can do is join together. If we all agree to the same set of fees for a given document type and mile radius, there will be no more low balling by companies seeking our services. If we all give the same fee they have no choice to pay it, as long as the fee is universal by all notaries. The only thing that will separate us (notaries) at this point will be availability and quality. It’s clear these companies have gotten together and looked at the situation as to how they can improve their profit margin by cutting into ours. We need to do the same. The time for action is now. We are asked to do the same work for less money, yet we are an important factor in this process, and it’s time we let this fact be reminded to these lenders and signing companies.
They have gone to an old but successful tactic of divide and conquer. Shopping around for the lowest bid and having us bid against one another has made them (signing/title companies) more profitable. Again, setting up a fee schedule that we all can agree to will eliminate this. I can say that this will gain the support of all notaries, but as long as the majority rules, we can be very successful. Our weakness is not profession, but our lack of unity. So long as a notary signature is needed on a loan/mortgage document, acknowledgement, etc. we will have service to perform and a duty to fulfill. Times have definitely changed and we need to change with them.
| Reply by Shoshana/AZ on 10/26/09 1:15pm
Msg #308681
That is price fixing. Definitely illegal! n/m
| Reply by PAW on 10/26/09 1:16pm
Msg #308682
Price fixing!?!
>>> If we all agree to the same set of fees ... <<<
What you are advocating is called price fixing. The US DOJ takes a very dim view of that activity.
"Price fixing is an agreement among
competitors to raise, fix, or otherwise
maintain the price at which their goods
or services are sold. It is not necessary
that the competitors agree to charge
exactly the same price, or that every
competitor in a given industry join the
conspiracy. Price fixing can take many
forms, and any agreement that restricts
price competition violates the law."
http://www.usdoj.gov/atr/public/guidelines/pfbrprimer.pdf
As independent contractors, we must formulate our own fees based on our own needs and financial situation.
| Reply by PAW on 10/26/09 1:23pm
Msg #308684
Examples of price-fixing agreements include those to:
(1) establish or adhere to price discounts;
(2) hold prices firm;
(3) eliminate or reduce discounts;
(4) adopt a standard formula for computing prices;
(5) maintain certain price differentials between different types, sizes, or quantities of products;
(6) adhere to a minimum fee or price schedule;
(7) fix credit terms; or
(8) not advertise prices.
| Reply by LKT/CA on 10/26/09 1:31pm
Msg #308687
Shadrack Walker.....the other spelling [Shadrach]
There's the actor Meshach Taylor....now we just need an Abed-Nego !!!
[Daniel 1:7]
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