Posted by Virginia/PA on 10/7/10 10:08pm
Msg #355897

Rant to low pay companies

Here's what I do as your notary signing agent:

Usually a minimum of ten notarizations - $5.00 per notarization if only one borrower signing; additional $2.00 each acknowledgment if document signed by a second borrower. Notary not paid for notarizations over ten or acknowledgement fee for additional borrower’s signature. $50.00
Printing 2 sets of loan documents - one original for signature and one borrower copy
This includes downloading documents and time spent to monitor printing
Loan packages range from 100 pages to 150 or 200 pages - average 125 x 2 as an example = 250 sheets @ $.10 each; $25.00 is standard in the industry regardless of how many pages are included. Some notaries draw a line and charge more for larger packages. I usually stay at the flat rate. This includes paper, toner, wear and tear on equipment and new equipment purchases when needed. No time included in this fee. $25.00
Clerical duties:
Scheduling - ½ hour average
Time spent with borrowers - 1 to 1-1/2 hours (sometimes more) depending on complexity and amount of time borrowers read documents and speak with loan officer. Time spent is not known in advance so is averaged.
Travel - 1/4 hour to 1 hour each direction for first 35 miles. Average calculation 1 hour.
Multiple telephone conversations including talking to company when accepting assignment, sometimes calls to and from loan officers and title company; scheduling with borrowers - which may take several calls if they are not available on the first call; create maps for driving directions and determine best roads to travel; drive to and from borrowers home (if local - local usually defined within 35 miles one way); spend one to one and one-half hours with borrowers (sometimes more) presenting an average of 125 pages (and many times more) for signature; sit through telephone conversations which borrowers have with loan officers; sometimes contact signing company or title company for instructions via cell phone
Total 3 hours @ $15.00 per hour $45.00
Additional clerical duties
Reading and digesting up to 20 pages or more of instructions so as not to miss a specific requirement of a specific lender or title company - ½ hour average
Spend minimum of one hour and sometimes more making telephone and/or e-mail and/or fax and/or online reports or a mixture of all to many times multiple parties - all companies require different reporting requirements.
Total 1.5 hours @ $15.00 per hour $22.50
Total $142.50
Additional fees due to additional duties:
Distances further than local (local being 35 miles one way)
Driving time, gasoline and wear and tear on vehicle for mileage over 35 miles one way - @ $25.00 per extra 25 miles one way - example would be for a 60 mile one way trip instead of a 35 mile one way trip. That figures out to $12.50 per extra 25 miles one way and barely covers the cost of gasoline let alone vehicle maintenance and wear and tear and driving time. $25.00
Notarizations over ten (many sets of loan documents have 15 or 20 notarizations). This information is not known until documents are received and printed and fees already discussed and agreed upon. Notary not paid extra fees for notarizations over ten. Most loan packages have a MINIMUM of ten notarizations. $5.00 or $7.00 per $.00


The fee which I have agreed to accept to perform these services for you is $_________ and will be paid by the signing service or title company who contacted me.

I prepared this information because I was asked by a borrower recently how my fee was calculated. I was promised $100.00 for this signing because it was local. I say promised because I have not yet actually been paid.

Reply by brass/LA on 10/7/10 10:23pm
Msg #355898

The problem I see is the $15 per hour that you think you are worth. Why short yourself and your abilities. That is way too low, as far as I am concerned.

Reply by Virginia/PA on 10/7/10 10:32pm
Msg #355901

Tell that to a $60.00 company.

Reply by Hugh Nations Signing Agents of Austin on 10/7/10 11:03pm
Msg #355903

***Tell that to a $60.00 company.***

What I tell to a $60 company is far simpler:

"No, thank you. I don't do $60 signings. Goodbye."

Reply by HrdwrkrVA on 10/8/10 9:34am
Msg #355927

Tell that to the guy who's doing $85 signings, thinking he

can make it up in 'volume'. So when he gets a $60 or $40 signing, following his logic, I'm sure he just makes it up in 'volume'. Believe me, no better way to drive your prices DOWN! Meanwhile as inflation increases, instead of doing 10 signings /wk @ $100 (min), all he has to do is 25 signings/wk @ $40, & he'll Still make $1000! Right - work HARDER not smarter & if he can do 100 signings /month, he'll still be able to make ends meet - until he drops dead from exhaustion! Oh - & good luck finding 25 signings/ wk & 100 signings/ month!!!!!!!

Reply by Virginia/PA on 10/8/10 7:10pm
Msg #356002

Just for fun I did the same graph using Pennsylvania minimum wage of $7.25 per hour. The Total of $142.50 still turns out to be $107.63. TELL THAT TO A $60.00 COMPANY.

Reply by C. Rivera Chicago Notary Services on 10/8/10 12:15pm
Msg #355955

what is 'local' anyway? like across the street, down the street, in your backyard??

Reply by Virginia/PA on 10/8/10 7:07pm
Msg #356000

I've been doing signings since 1999 and at that time 30-35 miles was considered "local". When you received a signup contract from a signing company they usually asked how much you would charge for a signing up to 35 miles. If it was next door it would be the same. Local was then considered up to 35 miles one way.

Reply by jba/fl on 10/8/10 7:07pm
Msg #356001

Down the street, round the corner.

For some, next door.

Others: nowhere.