Posted by Gary Boehm on 3/28/11 1:32pm
Msg #377682

Ouch!

Ouch ouch OUCH! I'm still hurting. I just had to turn down the only work I've been offered this week because they would not meet my fee. It was a Reverse Mortgage and I charge $150 for those and they would not come off of $125. I even bit my tongue and said $135 but they would not even do that! It was a signing service (can't we get rid of those?) and apparently they were only getting $150 themselves. She called Title to try and get another $10 for me but apparently got a no. I give them credit for that (unless she just asked her boss while I was on hold).

I really didn't expect anything this week (last week of the month, RTC date passed) but since I stuck to my guns I lost out. I even told her that somewhere along the line we Notaries have to stick to our fees, especially since gas and expenses do nothing but go up. We parted on good terms but I doubt that I'll hear from them again.

Ouch.

Reply by James Dawson on 3/28/11 1:58pm
Msg #377691

Sorry you feel that way but put it in another perspective. How much would it had cost you to do it? Did your cost go down? The subtract that from what was offered (that you missed out on). Finally, did you miss out on more or less? You'll be called again. IMO

Reply by Les_CO on 3/28/11 2:10pm
Msg #377694

I don’t charge any more for a reverse mortgage than I do for a standard e-doc refi…but that’s just me. I do think they take a bit longer, and the borrowers are sometimes slow in signing and ask questions, but to me that’s just part of the process (I too am a senior citizen and I can relate) I’ve done many RM’s, and I’d have done it for $125, but again that’s my std fee. jmho,

Reply by Larry/IL on 3/28/11 2:13pm
Msg #377697

I do an average of 5 RM a month. Never have a problem getting $175-$225 depending on distance.

Reply by Linda_H/FL on 3/28/11 2:16pm
Msg #377698

depending on size of pkg and distance required

I could make $125 work on a reverse - I've seen some reverses about the same size as a standard refi (100 pages give or take) and if close to home, I'd have done it.

MHO

Reply by Larry/IL on 3/28/11 2:19pm
Msg #377699

Re: depending on size of pkg and distance required

100 pages? I need those RM, I had one last month that was 192 pages, plus borrower's copies.

Reply by Linda_H/FL on 3/28/11 2:22pm
Msg #377702

LOL...I had a reverse RESPA that was 198

talk about shocked - no wonder they paid so well!!!...LOL

Reply by Lee/AR on 3/28/11 2:20pm
Msg #377700

Yes, it's painful. However, you did not lose. You simply refused to lower your fee to what THEY want to pay THIS TIME. You'll hear from them again...when whoever took that signing realizes they aren't making enough to keep doing this.

Reply by MW/VA on 3/28/11 2:25pm
Msg #377703

Ouch is right. I'm with you & used to get $150 for RM's. Those days are gone. The going rate seems to be $125 these days in my area. I'd still rather get some work & make some money than none at all. I know, I know--I'll get flamed for that remark, but I found out a long time ago that my principles don't pay the bills.

Reply by Gary Boehm on 3/28/11 3:15pm
Msg #377709

Ouch!

Thanks everyone for your replies. I enjoyed the mixed responses, since I felt "middle of the road" about this the responses bear that out. Yeah I might start taking $125 for these but then it's just like I had to start taking $90 (and sometimes less!) for regular signings. Most calles for RM start out with "Do you DO reverse mortgages" so they realize that not everyone can or wants to do them. Hence my higher fee.

Reply by MW/VA on 3/28/11 9:15pm
Msg #377738

Also, regarding your statement about making ss go away, I

for one hope not. There are a few ss that are keeping me alive, and without them I'd be out of business. The trend for me has been fewer calls from tc's, and even they are paying about the same as ss these days. Biz is tough & they are all having the bid for what work is out there.

Reply by Gary Boehm on 3/29/11 10:31am
Msg #377766

Also, regarding your statement about making ss go away, I

You make a good point. The other side of the coin is - if there were no signing services the Title companies would be calling us direct and we would get the full fees (however big or small). This instance is a perfect example - the SS told me they were "only getting" $150 from the title company. That is exactly the fee that I quoted, and would have done the signing for. Would that title company have found me? Probably not. But some Notary would have been found directly, and maybe me the next time.
The SS are performing a service and I don't begrudge anyone for getting a fee for their services. I do have several that I work with too and the fees may be lower but they do give me volume and keep me busy, which I appreciate. It is just one of those "what if" thoughts...

Reply by C. Rivera Chicago Notary Services on 3/29/11 11:53am
Msg #377786

so SHE says they tried calling title...she just counted to 5

then called you back with the standard, we are only getting XXX for this speech...good for you to NOT cave in...those are a PITA!

Reply by Les_CO on 3/29/11 4:40pm
Msg #377846

Re: so SHE says they tried calling title...she just counted to 5

There are a number of SS out there that today get $150, or less for scheduling a RM and paying the notary. You don’t really expect them to pay you more than they get do you? Yeah they should ask for more, but with 12 newly started SS's screaming at Title CHOOSE ME!... CHOOSE ME!.….I’LL DO IT FOR LESS! And Notaries that will take $50 what do you expect?