Posted by Bonnie/MO on 7/29/10 8:26am
Msg #346751

What is with these lowball payments?

Last week I received a call to do a closing with edocs for a signing company I had never worked with and he started off asking if I know how to download docs and what edocs were, etc., etc. I explained that I have been doing this for a number of years and asked what he was paying. He offered $45 dollars!!!!! I said "you must be kidding" and he sounded offended. I hung up.

Several of the companies I have worked with are offering less than they used to pay so I guess I won't be working much. Just can't afford to lose money to work for them since my supplies, gas and all other related expenses continue to rise.

Reply by CopperheadVA on 7/29/10 9:19am
Msg #346756

Bonnie, I'm just shaking my head at this. For most of my loan packages here in VA, the value of the notarizations alone would exceed that $45.

What these companies don't seem to *get* is that our services have VALUE. The notarizations themselves have VALUE. Printing docs using our equipment is a convenience for the TC, SS, and lender, and this service has VALUE. Traveling to the borrower's location has VALUE. Making sure everything is properly signed and notarized and shipped back in a timely manner for funding has VALUE.

If they want to pay these ridiculous fees, then they need to do mail-away packages to the borrowers and set an appointment for a local notary to come and only notarize docs. Borrowers would have to take care of signing everything else properly and shipping docs back. I just don't see an alternative if $45 is what companies want to pay, and even that is probably not enough when charging per-notarization with a local travel fee.

Reply by Les_CO on 7/29/10 10:16am
Msg #346788

Sorry I disagree. I think “these companies” *get it* just fine. They know our value to them. It’s some of US that don’t realize our value period. To them or in this whole process, and those that don’t, need to wake up.
What the Notary Signing Agents *don’t get* is that we are a VERY necessary and integral part on this business. Without “Remote Closers” the Title Companies trying to do ‘nationwide’ business without brick and mortar offices, and personnel would be OUT OF BUSINESS! Or have their business reduced to only ‘local’ closings. They would have to rely on other Title Companies, or Attorneys to do their out-of -state closings. How much would THAT cost? When will WE NSA’s wake up? We are professional, we are necessary, we are absolutely NEEDED! Remember in reality the Borrower/ Client/Seller pays our fee, not Title or the SS. They just ‘collect it’ and keep a portion for doing so. As long as uninformed, foolish, greedy, and stupid NSA’s will take a ‘signing’ for $40-$50-$60 some enterprising greedy, low-life’s will continue to offer ridiculous prices. Don’t blame the low-ballers…… blame your fellow notaries.

Reply by CopperheadVA on 7/29/10 10:31am
Msg #346792

You are absolutely right Les! n/m

Reply by James Dawson on 7/29/10 11:11am
Msg #346800

Yes, agree completely n/m

Reply by JanetK_CA on 7/29/10 5:27pm
Msg #346871

I think you make some good points, Les, but I tend to lean more towards agreeing with Copperhead/VA.

I do agree that the low-ball companies "get" what our value is, but they just don't care. They have a business model that they think will work (and it often does, sadly) and they're going after it. That's why they ask dumb questions like if we know what edocs are. They know that they can find someone ignorant enough to work for next to nothing (or even at a loss) because they don't know any better.

And some organizations are still working at churning out a steady supply of those types. I imagine those folks don't care if people know anything about loan signing, just that they have a notary stamp. And to someone who's an in-office notary, making an extra $40 or $45 extra in the evening may sound good - especially if they're only making $10/hr, for example, work a half a day to make that much, and use their employer's equipment and supplies to print the documents. (And they probably won't bother reporting it as income.)

And then, as has often been discussed here, there are the companies who have designed signing processes that they think will work without an experienced NSA. They send packages directly to the borrowers, with flags all over the place and tell them to go find a notary. Others have incredibly detailed directions, even videos to download, explaining how to sign a loan package! And we've all read plenty about the babysitting and hand-holding that takes place with some companies. Clearly, these signing services are managing to find plenty of clients, because of under-bidding their competition. I can't imagine that their clients have absolutely no clue of what they're getting for the money!

And you're preaching to the choir here, Les. I doubt there are many - if any at all - here who would work for anything close to that kind of money for a signing - especially with edocs. At least not among those who actually post. I suspect most of the lurkers know better than that, as well. Certainly not the professionals who know what they are doing.

The rest of them, we have no influence over - especially the swarms of newbies or non-NSA notaries that we don't interact with. All we can do is work our own business plan and do our best to try to educate / influence clients about the VALUE to them of our services, and continue to work on growing professionally, so that we can back up those claims.

Reply by Les_CO on 7/30/10 12:32pm
Msg #347011

As is often the case, I may not have been clear in my post.
“They know our value to them”
I think “our” value to them (the low-ballers) is zero….nothing! Most of us that are professional NSA’s (that read, and post here) have no value to them, because we charge a fair price for our services. Who does have value to them are those that will accept $40-$50 signings. They charge $150-$200 plus, and pay (not ‘us’, but the unknowing) $50. Gaining $100 to $150 profit per signing is of great “value” to these people. Their only concern is profit, they care little for the quality of service the borrower gets. They may call us occasionally when they can’t find someone else, like EOM, or in a remote area, they will still try and totally discount our knowledge, and experience, and try to get us at the lowest possible price. Without ‘someone’ going to the borrower/client and getting the docs signed and notarized they and the companies that hire them would be out of business. They actually do know the “value’ of a Signing Agent, and the job they do, it’s just a shame some of our colleagues don’t.

Reply by MW/VA on 7/29/10 9:40am
Msg #346768

Absolutely ridiculous! Hope you said, sure, plus $100! LOL n/m

Reply by PAW on 7/29/10 9:50am
Msg #346774

I would have said ...

Sure. $45 down and a single payment of $105 due in 10 days!

We offer 100% financing on all closings. 50% due with confirmation - 50% due at signing. Special arrangements (such as 100% due with confirmation and no monthly payments) are available. Contact our finance department for details.

Reply by JulieD/KS on 7/29/10 10:12am
Msg #346785

I love it, PAW!

I had an SS call me two days ago and offer $100 for a signing that was in five hours. I know they think we are waiting with bated breath for any call that comes in. They'd be wrong.