Posted by 101livescan on 4/5/11 9:33am
Msg #378709

More on working for le$$

I just got up and read the threat below re. the notary in CA who thinks it's cool to work for under market fees.

Yesterday I did a signing for $100 including edocs, it was small pkg. The SS started out at 70, I said $100. They agreed. The borrower was charged $300 on settlement sheet. HELLO! Ann, wake up. SS making twice what I'm making, just because they have the connection. If they have 10 packages like that a day, they are making $2000! GET REAL! You're undermining our profession. If you want more info and coaching on how to make the money you should be, attend the luncheon in Carlsbad that Barbara Linker is hosting. You should meet the professionals out there who command and garner the fees they should be, no matter what the industry is like. Some packages have 8 notarial acks/jurats. If you have one borrower, you're breaking even, maybe, if you're not driving your car to the signing. You're making minimum wage. If there are two signings, 16 signatures, you're in the charity business. Give it up.

If you still feel like you want to bend over backwards to spend all your fees on operational costs and further undermine other notaries, I can't believe you're serious about this business. You won't survive long doing this, but then that's better for the rest of us who've carved out this business for 10 or more years who have inve$ted and vested interests in preserving our fees and the integrity of our work.

Reply by James Dawson on 4/5/11 10:10am
Msg #378712

Yeah, I thought on it overnight and wish that I could add to your post but can't. On a very positive note, if you can, attend the luncheon and meet some very nice people.

Reply by LeeA on 4/5/11 10:49am
Msg #378714

Remember, The Settlment Charge is not what the SS gets its what the title company gets. Most SS now a days are lucky to ge $25.00 dollars more than what the Closer gets. The days of getting $200 or $300 dollars are gone.

Reply by Les_CO on 4/5/11 11:03am
Msg #378719

Unless the SS was actually listed on the HUD as being paid $300 I would guess Title charged the borrower $300 but paid the SS more like $125 to $150. I agree with Lee. I know of no SS getting $300 today. If it was a CA (escrow) closing, perhaps Title at final close of escrow will refund the borrower the difference between what they charged, and what they paid? What do ya think? !

Reply by James Dawson on 4/5/11 11:03am
Msg #378720

I think there's a big difference between Settlement Charges (103) HUD1 and Title Settlement or closing fees (1101 -1109) HUD1.

Reply by Linda_H/FL on 4/5/11 11:06am
Msg #378721

Re: More on working for le$$...James

that difference is because line 103 is the total brought forward from line 1400 (Page 2)...which includes the Title Settlement or closing fees and all other charges to the borrower. Line 103 is not a separate charge.

If I misunderstood your post I apologize.

Reply by James Dawson on 4/5/11 12:36pm
Msg #378739

Re: More on working for le$$...James

This is what I refering to Linda, post by LeeA/Mi...."Remember, The Settlment Charge is not what the SS gets its what the title company gets ".

Reply by Linda_H/FL on 4/5/11 12:38pm
Msg #378740

Re: More on working for le$$...James...and that's my point

he's not referring to the amount on line 103...that number is a subtotal of all charges from page 2...

At least I hope he's not.

Reply by James Dawson on 4/5/11 12:48pm
Msg #378743

Re: More on working for le$$...James...and that's my point

Yeah I know, only he can clear that up.....you know how I incorrectly interrupt what my lying eyes see. LOL

Reply by DD/OR on 4/5/11 12:33pm
Msg #378737

Also, SS have told me in order to get more business from Title or mortgage companies they have to outbid the other SS and do it for less money. Therefore, they have to offer the notary less. I told the SS that told me that, it's their business how they operate and just because they lower their fee, don't expect me too. I'm not lowering my fee no matter what. I'm sticking to my guns.

Reply by LisaWI on 4/5/11 1:08pm
Msg #378744

And this isnt only happening in our industry, its happening to other professions as well. My honey is a home remodeling contractor and they are under bidding eachother like crazy on Craigslist. They are self employeed individuals as well and they are offering to do jobs for ridiculously low fees. They are even under bidding the local contractors.

Reply by DD/OR on 4/5/11 1:58pm
Msg #378752

I just wonder...how low can they go? They have to bottom out sometime. I tend to think that they will get what they pay for. If they pay shoddy wages they will get shoddy work, period.

Reply by Les_CO on 4/5/11 2:33pm
Msg #378758

Scenario:
A crooked, bent, deadbeat SS pitches their services to Title. “We are wonderful; we have thirty thousand experienced notary signing agents in our data base…nationwide! We really need and want your business! But because it’s so slow we are offering to schedule a std. edoc refi, guaranteed to close (no mistakes) signing for $75!!! For this price we must get ALL your national lender business and WE must be paid when the loan funds, or within a week of the signing date regardless. Feel free to charge the borrower what you want.”
In these tough times these guys WILL get some business, and after a week of good performance (they hire good notaries…with promises) maybe all the TC’s remote business.
They have no intention of paying anyone anything…but they say: “Because of these difficult times we need to pay you, our beloved notaries in 90 days.” Odd they NEVER say why?
So if they get 20/50 Title companies…how much can they make in 3 months? Or if they just pay the local cheap ($50) notaries, and stiff everyone else? They could be in business for YEARS!
Sadly some are.
It’s a good business plan!
Meanwhile the honest, knowledgeable, hard working, helpful, fair paying SS’s go broke because they just can NOT compete with thieves.
Guess who’s helping drive their best clients out of this business?
Hello??

Reply by DD/OR on 4/5/11 3:20pm
Msg #378769

Re: Right on! n/m

Reply by mwm143 on 4/6/11 9:52am
Msg #378862

This is what I'm talking about...

We all must start putting all parties involved on notice that companies are habitually and systematically practicing fraud. Once these parties are aware that they are doing business with companies that are refusing to pay for a necessary function to close a loan then they are just as guilty if they continue to do business with them.