Posted by nobhill on 5/31/11 6:13pm
Msg #384802

BancServe No Longer a Recommended Title Company

Pity the pathetic loan signing agents in the San Francisco Bay Area who have prostituted their time and intellects to pimp like tactics of a multi million dollar title company allowing them to lower fees to $50 per signing (with $25 print fee). Shame on those who have such low self esteem to allow this slavery to occur. These pimps love getting rich on the backs of hard working people while they demand top knowledge in 40 minute long screening tests.

BancServe paid me $125 for most all of 2010. Thanks to these low self esteem LSA's BancServe gets awsay with $75 per signing. This is a high rent/real estate area and this company has no regard for how expensive it is in San Francisco to live. I was recently told there are several LSA's in the bay area willing to do the work at $75. That's highway robbery barely making $10 an hour after expenses, etc. They want top talent, knowledge and are only willing to pay us below minimum wage.

These companies couldn't do it without us and these people allow our fees to remain in the gutter on the level of slavery.

Reply by docs1954CA on 5/31/11 6:24pm
Msg #384803

Okay Cheryl..time to get your meds refilled..... n/m

Reply by NJDiva on 6/1/11 8:37am
Msg #384839

lol...okay so the comparison was a bit...

street, crude and a little unsophisticated, but the analogy was pretty much true, I'm sure everyone would agree.

It's really sad! I have had a couple of MY good companies say to me "We have other notaries in your area that will do it for less." So guess what? I had to lower my fees; however, though these companies pay me a little less than my fee, they are willing to pay me more than they're paying the lowball notaries because they like my work, respect me and want me to work for them.

I wish there were some way we could reach out to these notaries that haven't a clue what their real worth is and help them to understand the damage they are contributing to.

Any suggestions?...tee hee

Reply by Matt_VA on 6/1/11 9:41am
Msg #384845

Re: lol...okay so the comparison was a bit...

My take is that if you live in a populated area, like I do, these vulture co. can call until they get their lowball fee. Works 90% for them. and when it doesn't they accept your higher fee. Supply and demand. After 8 years doing this I just signed up with them knowing they pay the rotten $75.00 w/doc fee. If they ever call I will accept 5 mile or less for that and they may never call again. Guess we gotta work or find a new business to work at. One foot out the door for me. Hope you have enough client base to turn em down. I don't. I'm thinking most of us that claim they are getting $150.00 + w/docs all the time either live in a sparse area or are turning down alot of work........it's about paying bills over my pride.

Reply by cremevette on 6/1/11 10:26am
Msg #384849

Re: lol...okay so the comparison was a bit...

I personally don't mind taking $75 closings with e-docs IF they are pretty close and IF the company is not constantly trying to hound me with calls (like ND). Think about it. If I do 4 a day, that is $300 a day and in May we had 21 work days. That's $6,300 for the month. Yeah, I'll take them. To be fair, I do not get four a day from those $75 companies, but I don't work "full-time" either due to the slow economy. I don't consider $6,300 a month slave wages.

Reply by LisaWI on 6/1/11 10:39am
Msg #384853

Re: lol...okay so the comparison was a bit...

Ummmm, dont you have expenses? Or are you talking about being an employee? "I don't consider $6,300 a month slave wages"

Reply by NJDiva on 6/1/11 11:06am
Msg #384859

HUH????

are you serious? REALLY???? You don't work full time and WOULDN'T take 4 a day ANYWAY. I DO! And I make well over $300, use 1/2 the gas, paper, TIME, frustration...

Please don't compare yourself to someone in the biz seriously trying to pay the bills too!!! You are a case in point as to why the industry is turning the way it is!

Sorry to have gotten really offensive with my tone, but that burns me up to hear it justified!!!!!

Reply by BrendaTx on 6/2/11 10:17pm
Msg #385027

Is NJDiva really TitleGal in disguise?

I love this girl.

Reply by Blueink_TN on 6/2/11 10:42pm
Msg #385033

Re: Is NJDiva really TitleGal in disguise?

Some awesome memories of TitleGals posts... Thanks Brenda

Reply by Linda_H/FL on 6/1/11 11:14am
Msg #384860

Think of this before you make a statement about the

acceptance of $75 with e-docs....

Shave 30% right off the top for Federal taxes - you're now doing that e-doc closing for $50 or so - now consider your state income tax, if any - your fee just dropped again....NOW consider your expenses for that job - paper, toner, time, mileage, cell phone minutes, etc etc....still making an acceptable profit?

Think about it..

Reply by LisaWI on 6/1/11 11:34am
Msg #384864

Re: Think of this before you make a statement about the~And

at the end of the year when you are doing taxes, if you dont have any dependents to claim, you most likely are going to be paying in. And that can be a hefty amount. Does your profit allow you to set money aside for this or allow you to have enough to pay the taxes owed at tax time?

Reply by BrendaTx on 6/2/11 10:25pm
Msg #385028

I pay in every year.

That's why I refuse to go along with anything but the hard, cold bottom line.

A $75 job winds up at about $8-10/hr, far less if it is more than 10 miles from the house. It's a lot of work for $8-10/hr, IMHO. Bob might be right that at least you're making "something" but there are more profitable ways to spend one's three hours, in my humble opinion. Before you let someone else make money off of that $8-10 an hour, get a job...start a more profitable business, deliver a convenience, but don't give it away so signing services can cut the fat right off of your raw back.

Those who can do, and those who won't are brokers. They will broker anything and they are seeping in to many industries. I'm trying to get my head around it, but the good word of the day is that you better get yourself a really, really good website and get cooking with it or the brokers will eat you out of house and home.

Reply by Cari on 6/1/11 2:24pm
Msg #384885

cremevette...you forgot to add in the time it takes to

receive that money...30-60 days out or more...that's NOT money you'll receive anytime soon. Nor have you factored in any expenses?

Your 4 a day theory is unrealistic and gives false hope to newbies that $75 is a good deal....

Reply by Susan Fischer on 6/2/11 1:17am
Msg #384915

That's the thing about projecting "income"...one must

confront the realities of the actual income with the hoped for, or max possible.

You've been sold a bunch of hooey...

jm2cents

Reply by NJDiva on 6/1/11 10:59am
Msg #384857

YUP! NOT CALLING YOU OUT MATT...that's what s*%*# about...

what these new, inexperienced (or NOT) unaware, uninformed or desperate NSA's are doing to this industry because they need to "get experience", or "pay the bills" desperation.

By the time they "get their experience", or continue to allow these lowball fees, they'll have made their "inexperienced" or "desperate" fees the norm and will have done irreparable damage to this industry (as is and already HAS happened.)

I don't mean to call you out, Matt, and I certainly feel your pain, but to go down to $75? OMG! With the price of gas, paper, marketing, insurance, TAXES (take 35% off the top of that from the start...-$26.25=$48.75 not including...) and all the rest of the overhead, there is no possible way you're going to be able to "pay the bills" in the near future ANYWAY.

The thing is that we keep these SS's in biz if we continue to support them by accepting $75 closings. Make them have to keep looking. Many of these companies give a lowball number to see if you'll accept it. Tell them sure you'll do the signing for an additional...$10-15 is even a bit more realistic.

Thank G*d I have a vehicle that gets 30-33 mpg. As it is, I already spend $30+ a week in gas. For you that's about 1/2 a closing.

Reply by Notarysigner on 6/1/11 12:16pm
Msg #384870

Re: YUP! NOT CALLING YOU OUT MATT...that's what s*%*# about...

I can stick with my fee (and do ) and watch someone go out two times ( at $75.00) to net what I do with one. That math works for me.

Reply by meganPA on 6/1/11 12:45pm
Msg #384873

Don't forget about the cost of wear and tear on your car...

Four new tires = more than $700 today

Reply by LKAmikeVa on 6/1/11 11:16pm
Msg #384914

Re: YUP! NOT CALLING YOU OUT MATT...that's what s*%*# about...

Here is my two cents. I've been lurking here for awhile as a newbie and learning from many of you. Thanks for all the info you share btw. My biggest concern is that so many people are so secretive about their fees (blah blah blah about gas, expenses, marketing, etc) and yet they complain about lowball companies. How do you expect someone new to know what in the world to charge if you aren't willing to share. A notary in rural Va can get paid less then LA Ca. Trust me. I'm from NY and now my cost of living down here is 40 % cheaper if not more.

Then you have the whole need to build a resume to get work. Luckily I have been paid nicely for my signings, but, I've also been the last resort in crunch time as other notaries have declined or what ever. This is a part time gig for me to build up for when I retire in a couple of years. This is not paying my bills. I will be in a lower tax bracket when I retire. Yet I keep my fees in the three digits and that's what they offer me.

This is of course my own opinion, but jumping on some one and preaching to them that they aren't paying their bills when you don't know what their situation is, is just plain rude. Your situation isn't the same for the next notary. I luckily have someone I work with who is in this business who I consult with on a regular business and he throws stuff my way. He has shared his fees with me and has showed me his business model which I have incorporated somewhat. Without that invaluable access and mentoring I would be at a loss and probably would have been takened advantage of a couple of times.

Thanks for tuning in.

Reply by Cari on 6/1/11 1:40pm
Msg #384878

LOVE THIS POST CHERYL...probably won't write this again...

but damn, couldn't have said it better myself!