Posted by NJW/FL on 9/27/10 9:59am
Msg #354284

fees

I know this subject comes up a lot, but I wanted to share my latest experience for what it is worth. I inquired of a title company in PA ( one of the big ones with a few different divisions) why I am suddenly being told I am asking too much for e-docs with 38 to 40 pages fax-backs (guess who?) and their vendor mgmt responded to me that I do ask too much compared to other notaries in FL. The others are paid $65. for e-docs with fax backs. I was stunned. The thing is, they contacted me years ago and set the fee for me when I was new at this. It is so frustrating to me and I know to many of you. I always had great volume with them. Ugh!

Reply by Donna McDaniel on 9/27/10 10:14am
Msg #354290

Nancy, I am in the same area as you and I know who you are talking about. They told me the same thing a while back. I, for one, will not cut my fees for them either. I still get a 3-5 a month from them. I suspect if I cut my fees to what they are asking I could get 6-10 a month which means I can work twice as hard for the same amount.

Reply by NJW/FL on 9/27/10 10:26am
Msg #354296

That is about what I get now and I will not lower my fees either. You are so right, Donna.

Reply by Donna McDaniel on 9/27/10 2:33pm
Msg #354357

At this particular TC , the escrow officers call the NSA's. They then send the order onto Vendor Management to process. They know the fee when they call, they don't try to lower it . That's why I don't get as many from them as I once did. I think they are a good TC to work with other than the fax back requirement.

Reply by Les_CO on 9/27/10 10:37am
Msg #354299

I’d ask them if they have lowered their fees to the borrower.

Reply by Donna McDaniel on 9/27/10 10:43am
Msg #354302

Yeah, that should get you to the top of the list. n/m

Reply by Les_CO on 9/27/10 11:29am
Msg #354317

Re: Yeah, that should get you to the top of the list.

Why would I want to be “on top” of a list of a Title Company that offers $65 assignments?

I know last week I turned down several signing requests (like 8) some of which I did not want to turn down, they were from good customers that have always met my fees, but I was committed to other assignments. And no, I don’t take, and can’t do eight/ten (like some that post here) e-doc/refi/out-of-office signings a day, more like three.

With low interest rates, business has been picking up, how long it will last is anybody’s guess, but I for one will not take a $65 assignment and then have to turn down a $125 assignment. Those of you that do accept low-ball assignments, next time just ask for $100 and see what happens.

I don’t know what this Title Company use to pay, or what the original poster use to charge. But if it was like $125, and they now offer $65 (that’s a 52% decrease) I would say: “Okay, no problem, if you can show me that you are now charging the borrower 52% less than you did last year in ‘closing costs’ and for your Title Insurance premiums, I too will do the job for $65.
Some of you may find that being gullible is different than being competitive. And price is never the only criteria. JMO

Reply by Donna McDaniel on 9/27/10 11:44am
Msg #354322

Re: Yeah, that should get you to the top of the list.

Les, read the post, we have our fees and we are sticking to them.

"I would say: “Okay, no problem, if you can show me that you are now charging the borrower 52% less than you did last year in ‘closing costs’ and for your Title Insurance premiums, I too will do the job for $65."

My point was that it gets you no where to make these sorts of comments to a TC.

Reply by Moneyman/TX on 9/27/10 12:13pm
Msg #354328

Donna the best comment to make IMO is the one you

are making. My fees are what they are! Good for you!

Love the ones that call with the, "Can you help me out?" (not so much the TC's but the SS's call me with that mess)

Had one call last week, used to meet my fees until a few months ago (after nearly 5 years!) Scheduler started in with that "help me out" line, so I told her sure I can if they can help me out also. She said, I'll try, what do you need. I told her " I NEED THE FEE I AM QUOTING YOU!"

They are not the same company they used to be in terms of integrity and I had already moved them to the "no can do list" so I was not worried about losing any "business". So why not tell them what I need help with? LOL It was either that or tell them I need an additional checks cut; one for my auto insurance and another for my life insurance, then of course, the third one for their low ball fee. And if they could overnight that to me that would be just peachy!

Reply by NJW/FL on 9/27/10 12:45pm
Msg #354333

Re: Yeah, that should get you to the top of the list.

How right you are, Donna. They do not care and they usually do begin with "can you help me out?" This means their low fee notaries are not available, obviously. The title co. I am referring to did have a time when they asked notaries to lower their fees by $5.00 and you could become a "preferred" notary. I guess they did away with that designation now. They don't need it if they have notaries doing the job for only $65. I was also told by their other division that they have notaries that only charge $40. for a purchase/cash deal with fax backs. This was to print the docs, conduct the signing, and travel 20 miles each way.

Reply by Les_CO on 9/27/10 2:01pm
Msg #354348

Re: Yeah, that should get you to the top of the list.

Okay…I got it. I agree that it’s pointless to talk to or even answer the schedulers at some Title Companies, and some SS’s. They will say anything to get you to lower your fee. MY point was the Title Companies are NOT charging less so why should you? What they don’t pay you they keep. If none of us would accept less, they would pay more.

Reply by Moneyman/TX on 9/27/10 11:50am
Msg #354323

Send them to NPROSS - He has no problem lowering his fees!

(This time) Starts at Msg #354228 -- for any that are thinking that his/her/their logic makes sense, please see the entire thread then decide if the information being presented by npross is worth you basing a decision to work 2 to 3 times as much to bring in the same amount.

Of course, as always, everyone must decide what to do that is in THEIR own best interest to stay in business and make a true PROFIT (not the unicorn profit theory npross espouses)

Reply by Les_CO on 9/27/10 2:02pm
Msg #354350

Re: Send them to NPROSS - He has no problem lowering his fees!

!!!!

Reply by jnew on 9/27/10 12:49pm
Msg #354335

Regarding fees. If you are in business to make a profit, you need to charge more than your costs. You have to analyze the direct costs to you for materials, but also the cost of your time. The other indirect costs are the opportunity costs of taking a job at a lower price and having to give up a higher paying job if it becomes available afterward. This does not always happen, but you have every right to charge as if it did. Faxbacks don't cost the SA that much but the time to collate requested documents, send them, verify that they went through to the customer and to repackage documents for delivery is an additional time cost. It is no coincidence that those paying lower prices also require the most quality control work, such as faxbacks. The reason they charge less is that they don't hire for quality, they hire for price. That is why they take the quality control out of the hands of the signing agent. They want agents who will make sure that the borrowers "sign here" and they can inspect the documents ahead of delivery.

Reply by NJW/FL on 9/27/10 12:58pm
Msg #354337

Your analysis is right on the "money".

Reply by Moneyman/TX on 9/27/10 2:01pm
Msg #354349

"the opportunity costs of taking a job" - U R Sooo right! n/m

Reply by JanetK_CA on 9/28/10 2:35am
Msg #354515

Re: "the opportunity costs of taking a job" - U R Sooo right!

Agreed. And I like this point, too: "they take the quality control out of the hands of the signing agent". But there are two sides to this coin. One side is the "you get what you pay for" concept - and that we are worth more when we take care of that part ourselves. But the other side is that it's not as simple as just demanding higher fees. If someone expects to be paid more for the work they do, they'd better be taking care of their own quality control and be providing top notch service. It isn't just a matter of setting your fees higher.

Reply by jba/fl on 9/27/10 1:32pm
Msg #354343

Got to remember the old axiom:

Buyers (SS, TC, etc) are liars. They will tell you anything to get their way.

Reply by Stoli on 9/27/10 3:20pm
Msg #354385

This TC sent a new vendor agreement; $20-edocs....right! n/m

Reply by NJW/FL on 9/27/10 5:29pm
Msg #354428

Re: This TC sent a new vendor agreement; $20-edocs....right!

UNBELIEVABLE!!!

Reply by Tish/CA on 9/27/10 5:59pm
Msg #354442

Re: This TC sent a new vendor agreement; $20-edocs....right!

who was the TC????

Reply by MW/VA on 9/27/10 7:32pm
Msg #354461

IMO, the best reply when you get that "sales pitch", which

is really a form of coercion, "other people in your area are working for that fee", is to say, "fine, then have them do it for that price, because I won't. IMO, it's really no loss of business where's there's no income/profit in the first place.
I've always heard that it's the devils ploy to say, "everyone's doing it". LOL