Posted by aanotary on 9/22/09 5:57pm
Msg #304622

Weird month-

up and down? One busy day followed by nothing- anyone else?

Reply by Pamela Hoyle on 9/22/09 6:07pm
Msg #304623

This has been one of my better months. FINALLY! :-)

Reply by SheilaSJCA on 9/22/09 6:22pm
Msg #304626

same here...up and down n/m

Reply by Richard Ingram on 9/22/09 7:43pm
Msg #304629

Re: same here...up and down

August and September are the slowest months for me in the last 3 years. However, I have turned down 8-10 signings based on low pay. It really gets to me when they call and ask your fee and then call back and offer you a low ball fee based on their opinion. Of course, they are generally talking about a difference of $25.00 to $35.00 and I have really started noticing that someone in my area must be taking these low fees.
I am just glad that I do not feel that I have to take the low ball fees. I don't feel sorry for the signing agents that get stuck with their precedent setting low fees but will take my chances with a fair fee for my good work product.
I have had 2 calls where the scheduler said up front they were being pushed to get lower fees and were basically rude when I quoted my fee. Things could be worse but I intend to stick with my policy of a decent fair fee for my time and work. I do hope all is going well for the real professionals in this business and do not want to get into a feeling of bitterness for anyone.
I do feel most of the low pay problems stem for the TC and SS but feel we could put some pressure on them if we could all try to stick with a fair fee.

Reply by Ilene C. Seidel on 9/23/09 8:40am
Msg #304648

Re: same here...up and down

Yeah, I know what you mean Richard. A company called me to close a loan and was going over my extensive work experience on XXX website and finally says he is going to do me a favor by paying me $65.00 with email docs. I laughed, he was serious. What a joke.

Reply by mwm143 on 9/23/09 8:47am
Msg #304650

Re: same here...up and down

Each time I check my own zip code there are a few more signing agents who have signed up. And they're not all rookies to the business either. I'm noticing more and more paralegals, loan officers and real estate agents are signing up. Picking up a loan signing on their way home from work or during their lunch hour is probably a pretty good part time job and an easy $75.00.

It's like any other business. Competition drives the price down. The trend is definitely lower fees and I don't necessarity think that turning down 10 closings had much of an effect on the companies who called you. The general concensus is to say no and stick togther. But that just doesn't seem to be working. My gosh, I'm getting closing requests emailed to me for $46.00. When I logged in to see where it was located it was already taken!

TCs are struggling to stay in business too and in order to be competitive they have had to lower their fees to keep the broker/lender's business. And that trickles down to SS and to us.

If our field was licensed through the State then we'd have better control of our fees. Just like appraisers.

Reply by SheilaSJCA on 9/23/09 11:29am
Msg #304690

This I find surprising

you said: "TCs are struggling to stay in business too and in order to be competitive they have had to lower their fees to keep the broker/lender's business. And that trickles down to SS and to us. "

I have not seen a reduction in fees on the net sheets EVER here in CA. What sort of fees are being lowered by title companies to retain business? How do you know this? Has anyone else seen this trend?

If that is what they (the SS) are telling you, please keep in mind who is saying it! No one has lowered their fees except the signing services who are trying to compete with us and each other, in a dwindling economy. Yes, when they lower their fees, it affects all of us.

I refuse to lower my fees, based on some one else's idea of what the economy will bear. Does this give me less loan signings? Yes, but it allows me to earn more in less time at higher fees, and use the remaining down time to pursue other avenues of income. Title companies will still pay $125- $200 for a closing, with the average being some where in between.

If loan signings are your only income, it is time to diversify, not spin your wheels working for less and less.

Reply by mwm143 on 9/23/09 2:52pm
Msg #304707

Re: This I find surprising

I know this because I talk directly to people who work in the field. Local people that I have formed relationships over the years that I know personally. Professionals that are part of the same marketing group that I share breakfast with once a week. I am also a Realtor and worked with a national lender for many years so I know lots of loan officers as well. I certainly would not have posted something I merely heard from some SS trying to get me to lower my fees. Take it for what's it worth and let me reiterate from my previous post by saying "just saying no" is not going to reverse this trend.

And thanks for the career advice Shelia.

Reply by SheilaSJCA on 9/23/09 3:05pm
Msg #304708

OK, then, what "fees are being lowered? I have not seen it!

You are not talking specifics although, you elude to knowing the specifics. What fees have actually been reduced? I too am in the field, with very similar credentials, and I will say it again; I have not seen any closings costs going down in price.

Reply by mwm143 on 9/23/09 3:34pm
Msg #304713

Re: OK, then, what "fees are being lowered? I have not seen it!

The Settlement fees. I have no clue if CA has caps on some title fees but NC does. Less profit to begin with. Some local TCs are offering gift cards to their clients customers as incentive to keep business because they can't cut fees any lower. Why are you getting so riled? It sucks for us all that the fees structures are readjusting downward every few months. Saying "no" is not working. At least not in NC.

Reply by SheilaSJCA on 9/24/09 1:41pm
Msg #304847

I think it is hype

Please don't take this personally, but I think this talk of lowered fees by the powers that be, is all hype as far as I am concerned. . . I have not seen any settlement fees being lowered, have you? I do look at the net sheets every time, and haven't seen any lowered fees.
Okay, so maybe they are being reigned in from charging unwarranted "JUNK" fees, as are the lenders nowadays. I would NOT equate that with "lowering" their fees.

I do not think title companies can just lower or raise fees to keep a client, and they certainly cannot "eat" fees (that they used to), out of client loyalty. Nor can they give gifts anymore. Especially not gift cards, or items of cash value, no more property binders, flyer stands, sponsored luncheons, etc!

A lot has changed recently in how title companies can "promote" themselves, and gift cards are definitely out! If you are an active realtor you should know that.

Reply by shellync on 2/4/10 3:03am
Msg #321213

Re: same here...up and down

Richard I agree one hundred percent!!! Unfortunately I have started taking the low ball offers just to have work and get paid. I am very experienced as a notary signing agent but it has hit the bottom in NC. When I started as an independent signing agent I was making $4,000.00 to $5,000.00 a month. In 2009 I made just short of $14,000.00. I am experienced and know my shit. Too many rookies are trying to get into the business and unfortunately companies are taking them in. I love my job and I'm not sure what avenue to take at this point to keep amateurs out of our business so we can stick together and refuse the low ball offers.

Reply by MW/VA on 9/23/09 9:06am
Msg #304657

Same here. It's been usually slow & the pattern is wierd. I got an email from an ss in Ohio today, explaining the current market & the necessity to lower fees slightly. I've heard that all indications are that it's going to be a slammed 4th Q. I am aware that there are a lot of loans backed up in the pipeline. Sept. is shaping up to be my lowest month in several years. I do believe Oct. will see a rebound. LOL to everyone.