Posted by Hugh Nations Signing Agents of Austin on 6/14/10 12:05pm
Msg #340825

This is not good

Like everyone else on this board, I have received countless offers to do closings for paltry fees. I have always believed those to be from "lowball" companies not really interested in quality.

Over the past several years, I have cut way back on my closings, so that now I work with only two or three title companies and a couple of signing agencies who always were willing to pay what I charge. However, I've decided to get as active as I once was, so I have been scouring Signing Central for the four- and five-star companies to solicit signup packets.

What a wakeup call that has been! I'm finding that companies that are supposedly the cream of the crop are stating in their signup packages that their fees are the same as the companies that have been calling to offer me the puny fees.

I realize that the superior title companies and signing services will pay more for quality work despite what is listed in their signup packets, but the message they convey to the **other** companies, when they list such starvation fees, is that this is the norm. That definitely does not bode well for the long-term financial health or quality of our industry.

Reply by Lee/AR on 6/14/10 12:34pm
Msg #340831

I see this as 'trolling with a bare hook for the most desperate one during a feeding frenzy'. They think that the general lack of business may make some dumb people bite that hook. And, hey, can't blame 'em for trying. All we have to do is say a simple "No thanks" and see how well that works for 'em.

Reply by GOLDGIRL/CA on 6/14/10 12:46pm
Msg #340833

I know what you mean, Your Hughness. Like you, I work with only handful of TCs/SSs that pay a fee I can live with, but sometimes I feel like I'm hanging on by a thread. I became a notary after a career in another field. But if I were younger, had a family to raise, etc. I would bail out of the LSA business and go job hunting. But all notaries have different reasons they are LSAs - but seeking a reliable, steady and profitable income probably shouldn't be one of them right now - unless you are super tenacious and a marketing whiz and have connections, etc. GrannyZ posted recently that we gotta go with with this trend.

But the point you made about lowball companies not being really interested in quality is very interesting. If a TC/SS offers a signing at a Grade D fee, that must mean they expect Grade D work and can't possible expect our usual Grade A service, right? It's kind of like going to WalMart or Nordstroms. So, where could we cut corners to adapt ...?

Reply by CaliNotary on 6/14/10 3:22pm
Msg #340857

"So, where could we cut corners to adapt ...?"

Some people could definitely streamline their operation by cutting out all of the extra things they do "just in case" there's a problem. A few minutes doing this, a few minutes doing that, those add up quickly and I can guarantee that they spend way more time covering every angle than they would if they just dealt with the problems as they arose.

However, I can't think of any way to streamline your operation to the point where it makes financial sense to do $75 edoc signings.

Reply by GOLDGIRL/CA on 6/15/10 12:21am
Msg #340927

I've gotta agree with you, CaliNotary

... it seems that we'd spend more time "cutting back" than just getting it done right the first time, thus making it a complete losing proposition to take $75 e-docs ... which appear to be down to $45 now, according to Equifax!

Reply by Notarysigner on 6/14/10 1:12pm
Msg #340839

Well said Lee and Goldgirl. Pure and simple, I ain't adapting! Does it hurt, I don't know. I'll answer that next year this time when I can say, I have NEVER accepted a low-ball fee!

Reply by mwm143 on 6/14/10 2:05pm
Msg #340846

Must be working well enough because the fees

are not going back up and the same companies are still in business.

Reply by Notarysigner on 6/14/10 2:12pm
Msg #340847

Re: Must be working well enough because the fees

Disagree..if enough people/notaries say no, to save time and effort in getting assigned, the fees will go back up. This morning I was offered $65.00. I replied, "are you serious?" They said O K. $70? THEN $75, THEN $80 at which time I cut them off and said, "What's on the HUD"? Have a good day was her reply.

Reply by Alz on 6/14/10 2:27pm
Msg #340849

Re: Must be working well enough because the fees

James,

I am one of those people who either don't answer the phone or just say "NO". In fact, one of the companies that was one of my 3 stars (my own rating of course) recently told me that they could no longer pay the extra $$ for going outside of my 25 mile radius. Well...I told them, thank you....but no thank you and the best to them with whomever with accept the assignments.

Reply by Notarysigner on 6/14/10 2:54pm
Msg #340851

Re: Must be working well enough because the fees

you know if you listen carefully to them, they even know it's a low-ball fee (of course they're just doing their job, the schedulers that is) I can hear the chuckles and snickering in the background. When they do get someone, I bet they flag-um with a dunce hat and say, hey we found another one! LOL

Reply by MW/VA on 6/14/10 3:08pm
Msg #340855

I'm with you on this one, Hugh. I set a standard when I got into this business, and have only compromised slightly in order to keep some cash flow going.
I'm also down to a handful of companies willing to pay a decent fee (and that wouldn't be considered nearly enough by many).
Economics 101 is that supply & demand sets prices. Again, we can thank XYZ for flooding the market with NSA's that don't necessarily offer a quality service.
I've said this before, even though I don't agree with it--this country is no longer concerned with quality. The "Walmart philosophy" seems to prevail. Everyone want cheap. At least they can't outsource NSA work to China, or we'd really be in big trouble. LOL

Reply by CopperheadVA on 6/14/10 4:37pm
Msg #340866

OK I'm going to try the new message link feature. This recent thread comes to mind: Msg #339327
where we discussed providing a lower level of service for the lower fees offered. Most of the respondents said that was unacceptable, but I personally do not see a problem with it as long as the company knows up front that is what they are getting for the lower fee they are paying. Like I said in my response on that thread, something's gotta' give here.

Reply by Notarysigner on 6/14/10 4:57pm
Msg #340877

Not to be disrespectful .....

but I only offer one level of service personally.

Reply by Lee/AR on 6/14/10 6:04pm
Msg #340888

Re: Not to be disrespectful .....

That just can't work well. Who would be the decision-maker as to what constitutes any particular 'service level'. You already know that answer.

Reply by CopperheadVA on 6/15/10 4:17am
Msg #340939

Re: Not to be disrespectful .....

I do offer two levels of service - one level is full service as a Singing Agent and the other is travel fee plus notarizations as a Notary Public. If a company wants to pay low-ball fees, they get a Notary Public that travels to their client and notarizes their signatures where required. I'm not saying these companies will go for it, but that's the point I'm trying to get across regarding level of service.

When someone contacts me and wants to pay the lowest price possible to get their loan package signed, I meet them at my local Starbucks for a low travel fee plus the per-notarization fee allowed in VA. They know that we will only be addressing the documents that require notarization - I don't identify the purpose of those docs for them. I meet with them, identify them, they sign, I administer an oath if required, and I complete the notarization. Then I hand the documents back to them and I'm on my way. The only difference would be that I would be billing the SS or TC for the job instead of collecting my payment at the table. Again, I'm not saying that the companies would accept my offer but I have no issue with notaries offering only Notary Public services when these calls come up.

Reply by CopperheadVA on 6/15/10 4:28am
Msg #340940

Re: Not to be disrespectful .....

Forgot to add that the other difference would be that when the SS or TC hired me, I would be meeting their clients at their home or office instead of at Starbucks. But other than that, it's the same as a private notary job.

Reply by MW/VA on 6/14/10 9:40pm
Msg #340908

IMO, offering lower levels of service would increase liability. We've heard of court cases where the borrowers claimed they didn't know what they were signing because the notary did not explain anything (as in review the docs). If I'm ever called in to court, I can say for sure that they knew exactly what they were signing, because each document is reviewed before they sign it. No short-cuts or point & sign quickies for me, thanks.