Posted by nobhill on 8/10/11 2:47pm
Msg #393256

The New Herding Signing Agents Mentality

These large corporations who want to cut our fees in the banking industry have a herding mentality. Ever watch sheep dogs herding their sheep? They are trying to shape the industry by getting more money slashing our fees. Is this the kind of business model I want for myself? I don't think so! I got into business for myself because I want to be free of these entities as much as possible.

Has anyone noticed these larger companies like LSI and BancServ want to make our lives as miserable as possible lately? I've noticed a pattern among the larger companies of deliberately providing the documents 1 hour prior to a signing to make our jobs horrific. Why do you think they're doing this? They're hoping we will make mistakes so they can reduce our fee which is why LSI and others have implemented a $25 reduction per error and demand we return to complete the signing.

These are some evil people in business we're dealing with, in the banking industry. They are vicious vultures who want to sap all the wealth from businesses everywhere. A recent audit of the Federal Reserve shows they stole $16 trillion of U.S. tax payer wealth in 2008 giving secret free money away (Citibank, JP Morgan, BofA, Merill Lynch, Morgan Stanley, etc.). Let there be no doubt, these banks have clearly implemented a plan to kill off our fees until we're making $10-12 an hour. Keep in mind the loans these banks received were 0% and the Federal Reserve doesn't expect it to be paid back. These banks have no regard for us at all.

I guess my message for anyone who cares to listen is to fall out of the herd and get real about what's happening prior to the planned slaughter.

Reply by Lee/AR on 8/10/11 3:37pm
Msg #393268

Adding....

Think about this: The Lender gets "our fee +" back in their hands (as interest) with the very first payment that a B makes. And that payment is going to be made 12 times a year for the next 10, 15, 20, 30 years!

I also think that $10-$12 is a low estimate as some fees I've heard work out to less--often less than min. wage-- while our actual expenses grow. If $150 was a 'reasonable fee' in the past--what has changed today?

Which is why I say "Lenders are not my favorite charity" and "No" to these low offers. Yes, it hurt, but not for very long before they're back and willing to pay my fee.

Reply by CopperheadVA on 8/10/11 5:29pm
Msg #393278

I agree that LSI pays on the low side, but they usually get docs to me well in advance of the appointment. I have not worked for Bancserv, so I cannot comment on them. So far, I have not incurred any fee deductions but I did read here on NotRot that a notary received a fee reduction from LSI because the borrower did not have the funds due at the appointment!!! I agree that these companies are wanting to lower our fees to the point of absurdity.

Reply by LKT/CA on 8/10/11 8:16pm
Msg #393290

It doesn't help matters when some Notaries only treat the profession as a hobby or notarize for pin money - to help them pay their country club dues.

Reply by Buddy Young on 8/10/11 9:36pm
Msg #393307

Re: LKT

Was that directed to me, LKT?????? I do take this job seriously and have turned down lot's of low ball offers because it's just not worth my time. I do jobs that pay a respectable amount. and because I am retired and do have a pension, I can pick and choose. I don't have to do this everyday!!!!!!!! I do play golf a lot. So I take exception to your remarks about people only doing this to pay for their country club dues.

Reply by NJDiva on 8/10/11 9:45pm
Msg #393308

oops...

Buddy, I don't think she was directing it to you. How would she know what you charge? I think she was just talking about people that don't do this for a living and just do it as a side. Paying country club dues is a pretty cool example. I would venture to say that most people that are members of a country club don't necessarily do this business as a living...lmao

I only say that because I made a comment yesterday about someone being a gambler. I need to eat crow about that because I didn't mean to call anyone out. I was just trying to be funny. After re-reading it, I don't see it as that.

Reply by Buddy Young on 8/10/11 9:56pm
Msg #393311

Re: oops...

Thanks Diva, I thought she was because I posted the other day that i do this to pay my country club dues.

Reply by NJDiva on 8/10/11 10:00pm
Msg #393312

Yes Buddy, I know you did...

which is why I understood why you would take it personally. I certainly would have as well. No worries!

Reply by Stephanie Santiago on 8/11/11 10:09am
Msg #393323

While I do not do signings full time, I appreciate the fact

that I run my business the way I chose. I complete signings on a part-time basis, but with the amount of signings I'm completing, one would think I'm doing this full time and is my main source of income.
Regardless, each of us has the exclusive rights to conduct our business as we see fit.
While I have never accepted signings that have not met my set fees, for those that have, it is their choice. There choices do not affect me or my business.
That is my belief.
I am in a heavily saturated area, but you'd never know it.
Have a fantastic day.
Stephanie

Reply by Marian_in_CA on 8/10/11 8:29pm
Msg #393293

The thing with getting docs an hour before the signing is complete? That's the fault of the NOTARIES and the prevailing attitude that it is "the way it's done" in the business. No, it's not. It's laziness. There's no excuse for it. It used to be the docs were printed and overnighted... which meant the industry was perfectly capable of getting it done.

I don't let those companies take advantage of me like that. I have a 4 hour drop-dead time, and I stick to it. If I am still able to do a job when docs arrive late, then I charge additional fees. It's that simple. Amazingly, I rarely have to do that because the companies I work for usually have docs to me 12-24 hours (or more) in advance -- because they know I don't play that game.

Reply by doglover/CA on 8/10/11 9:19pm
Msg #393301

Yes, it could be laziness being the cause of late or last-minute documents. One time I had a 10 AM appointment and still did not have the docs at around 8:45 AM. I called escrow to inquire and the when the person who took my call told me she would get the docs sent to me immediately, she acted like she had nearly forgotten about the docs and I had given her a kick in the pants. By the time I was ready to go to the appointment, I called the loan officer to advise I would be late because of the timing of receiving of the docs- it was a bank branch signing. When I arrived at the bank, he told me he was upset because he kept telling escrow to get the docs ready for me the night before the signing.

Reply by Buddy Young on 8/10/11 9:54pm
Msg #393310

I had a signing one time with overnight docs and they didnt' arrive. So I called the bank and the lady said" I forgot to mail them" So she had to delay the signing one day and every thing went well after that. How could you forget to mail the docs????

Reply by Buddy Young on 8/11/11 12:04am
Msg #393317

If I recieved the docs an hour before signing, I would call the ss and tell them docs did not arrive in time you have to reschedule the appointment, and if you can get the next set of docs to me at least 4 hours before signing i will do the job.

Reply by Susan/CA on 8/11/11 12:13pm
Msg #393342

Stephanie you will feel it eventually. When all the companies you work for stop using you for another notary willing to work for half or less than half the fee you charge. Soon the companies will dwindle down to 0. It won't hurt as much for those who have regular jobs and only supplement their income but for those of us that count on this money to pay our bills losing the big volume companies is a killer. What the notaries that accept half the regular fee don't realize is they could be making double the money in half the time. Even if they get less (or half of the volume they get now) they will be better off making what they were making before in half the time. I run my business my way as well, but unfortunately if I continue to do so (which I will because I refuse to work in this business for minimum wage when every one else on the refi ladder makes over a 1000 a pop), I will have to find another source of income. I never thought it would get this way...but it has. I'm still standing up fighting and hoping for things to change back to some sense of normalcy & I won't go down to their level. Wish we could get the word out and get some back up from the low ball notaries... :/
Maybe they will all get regular jobs soon, however, that's not likely in this economy...