Posted by Daniel Romanello on 2/2/11 7:42am
Msg #370971

Got a call for a signing, Unbelieveable

I recieved a call for a signing at 8am in which I had to print 2 sets of docs and fax back 30 pages once complete. The women told me that for a signing with email docs they pay $60.00 and then asked me for me email address. I said, I'm sorry, what is the fee, she said $60.00, I said my base fee is $150.00, she said but we pay $60....

Told her I would love to help but I can't do it for $60.00

Here is the problem, some one will go do it for $60, we as notaries need to stand firm on our fees and make the title companies increase what they pay. Even one $150 for a ban closing is very cheap. I would rather do a title closing were the fees are 200 and up....

Lets all say NO to those ridiculous fees.

Thank you

Reply by mwm143 on 2/2/11 8:07am
Msg #370974

We would all rather work directly for TCs

You are right that someone will take that closing. The problem is the one who takes it is probably a rookie, doesn't quite yet realize all the costs associated with this business and doesn't read this forum. And by the time they do, someone else will have gotten the "work from home business" email, take a 6 hour class and be the next in line to make "$30-100/hour". (When I took my e-notary class the instructor actually told the class that "you can make up to $2,000 per closing if you get one in the $1m home area. I promptly raised my hand and challenged her ridiculous statement.)

While we all keep hoping TCs will tire of having to get packages corrected and increase their fees for quality work, the likelihood is the top dogs who set the fees aren't the ones dealing with these issues and only look at profit. Picture the closing coordinator at the TC who spends the 3 day recission period getting docs corrected. Envision FASS! Hence the fax backs of the critical docs.....

Reply by BobbiCT on 2/2/11 8:13am
Msg #370975

Very common ... at least it's not $45 ...

As long as there are people out there willing to make a tax-free fast buck, you won't see a change.

Since day #1 there are people who will take any dollar amount simply to put food on the table, pay the rent or gas in the car. Any money is better than no money. There are always individuals out there who do not declare this income on their tax returns; hence, the "tax-free" cash in hand (risk versus reward; what are the odds of the IRS catching the mismatch between a 1099S and tax return, assuming the individual actually files a tax return under his/her SSN).

Even more profitable for those who take the calls and print the documents on their employer's dollar or the DIY loan packages where notarization services are paid directly to the notary by the borrower (who isn't going to take the notary's SSN and file a 1099S).

Reply by Daniel Romanello on 2/2/11 8:17am
Msg #370976

Re: Very common ... at least it's not $45 ...

Tax Free? All the closing required signed w-9's before they will pay you. It is not worth it to be $60 after taxes $40, gas,paper, ink/toner and off course your time.

They are to many signing agents who don't have a clue what they are doing. Until we get rid of those people our fees will remain low.

Reply by mwm143 on 2/2/11 9:03am
Msg #370983

How do you propose to get rid of those people?

Anyone can open an account here. Since there is no certification or licensing requirements in this business you can put anything you want to in your profile and the sign up packages. A minimum wage scheduler in India or California for that matter will more times than not even bother to qualify credentials. AND everyone, regardless of experience can ask for the same fees.

The upside - I, like many, have built relationships with TC's and such over the years.

The downside, many of those TC's and such have changed ownership while new ones continue to be created.

Reply by Les_CO on 2/2/11 9:32am
Msg #370988

Re: How do you propose to get rid of those people?

Don’t forget the Title Companies have competition too. If the Title Company across the street charges the borrower 400 in closing fees, yet pays the Notary $50, and keeps the difference. And you are a Title Company charging the borrower $400 in closing costs and paying the Notary $150, who is going to be more profitable? They can’t cut their paper costs, they can’t cut their utilities, or the cost of equipment, many of their operating costs are increasing. What can they cut?….The Notary Fees! Why? Because we take these lowball offers! THANKS NNA! JMO

Reply by Moneyman/TX on 2/2/11 2:44pm
Msg #371056

"Any money is better than no money" - I don't think so

I have to disagree. Business owners are not in business to run garage sales everyday. If your statement were true, then you could go to WallyWorld and offer them $0.10 more than their invoice cost on items and they would sell you the item for that price. That's not the case.

There is a difference between profit and creating cash-flow (and that's with immediate payment). The thought of "any money is better than no money" is a recipe for going out of business if that is one's business plan, IMO.

If you understand your business and your worth personally (what you bring to the table), accepting low ball offers will not be something that you are willing to do "just because the phone rings" IMO.

Reply by John/CT on 2/2/11 4:30pm
Msg #371087

My understanding of Bobbi was saying:

There are people out there who are working for just "chump change". So for them, "any money IS better than no money". These are not "business owners", Chris, as you had accurately described them. The "chump change" people are not profit & loss motivated, and probably have no idea how this concept works, let alone what is a business plan. So, they take jobs here and there at what we would consider a ridiculously low fee, and that is just fine with them. And even tho they may have to submit a W-9 (with any SSN or EIN they choose), they will more than likely not cross over the $600 1099 threshold ==> "tax free" money.

Reply by Mary Ellen Elmore on 2/3/11 1:37pm
Msg #371391

Re: "Any money is better than no money" - I don't think so

A friend of mine, that washes windows for a living in another state, and i had this discussion recently.

He can under-price other people in his field because he drives a motorcycle and gets 75 miles to the gallon of gas. As his competition uses full size vans at 12 mpg. His other costs involve a $2 bottle of Dawn, a little water, squeegee blades and washing the towels he uses. So he can charge less.

In TN I am not going to ride my motorcycle, especially in the winter time.

We went over my overhead (he has been in biz 20 years and i trust his biz advise) and he agreed that $xxx is a good starting price and that those taking less than $90 are most likely loosing money not making it.

Getting only enough to cover your costs is not making a profit or putting food on the table, paying the utilities or anything else.