Posted by Missy82 on 9/24/11 3:37pm
Msg #398524

$60 for a refi!

Maybe I'm totally in the wrong here. I got a call this morning for a Monday signing. Location is 60 miles one-way. Package is e-docs, 140 pages, and they want a second copy for borrower. Also, at least 30 page fax-backs. All things considered (mileage, printing, fax-backs...) I quoted $200. They said, first of all, the offer is for $60, and they only get $125/signing. But its a remote area, and I have a background check, they'd be flexible. Since my quote, they have called me 3 times asking if I would lower my fee. ?!?

Reply by Missy82 on 9/24/11 3:44pm
Msg #398525

I should mention my rock-bottom for e-docs is $75, $10 for second copy (within reasonable page amount), $10 for fax-backs, and the mileage comes out to $61. I also have some experience with this particular title co's docs, they usually require about 11-12 stamps. Maybe I did over-quote.

Reply by Moneyman/TX on 9/24/11 4:02pm
Msg #398531

Stepped away and didn't see this before I posted below

In CA, don't you get to charge $10 per notarization per person? At 11 of them with 2 people without travel, fax backs, or printing that would be $220 alone.

I understand having a lower fee for a loan package signing but imo, your base fees are low to begin with ($75 for a signing?)

I'm also confused, are you dealing with a TC or a SS? If a TC, you should check out what the borrower is being charged for your services (not necessarily what you receive) on some of the signings you have completed to know that prices have not gone down for the borrowers.

Reply by Missy82 on 9/24/11 4:09pm
Msg #398534

Re: Stepped away and didn't see this before I posted below

This is an SS calling me. I do get $10/not here. That's why I thought they were getting a REALLY good deal. My rate was based on a previous experience with this particular company's standard docs. Who knows, maybe there's less notarizations in this package. Don't know if I don't see it.
$75 is my rate based on a Quicken loan-type models (80-ish page package) that only requires 2 stamps to start. I think that's a good profit margin for a job of that type here in town (small, small town). Thanks for your input.

Reply by Moneyman/TX on 9/24/11 3:53pm
Msg #398528

Not wrong, imo

In fact, I charge much more for a request like that. I won't even consider a very local signing for $60, let alone one with that many fax backs.

If they are claiming that they are only receiving $125 themselves, that would be a red flag for me. Usually those are other notaries that are trying to farm out work that they are getting from other SS companies themselves. Long history of slow-to-no pay from those types of "SS" companies on this board.

"they have called me 3 times asking if I would lower my fee. ?!?" -- If it were me, I would be raising my fee each time they call for this job and asked me to lower my fee.

(btw, "and they want a second copy for borrower." -- A copy for the borrower is standard practice)

Reply by Missy82 on 9/24/11 4:04pm
Msg #398532

Re: Not wrong, imo

I agree a 2nd copy is standard, but I do charge a little more (not much) for it. That amounts to 280 pages, and that's if they're being honest about the page count. I have worked for one company (excellent company) that pays an extra $25 for 2nd copy. Most of the time, they overnight the docs to the borrower, which includes borrower's copy. And $75 for e-docs is absolute rock bottom, usually it's at least $100. I just think, for the mileage, the package size, the fax-backs, and the stamps, it's worth that much.
This same SS called me 3x last week for a signing that's 3 hours from me. I told them 3 times, no, no, no, it's too far. The third time the guy says, "Well, you're the closest one!" What in the world makes them think NSA's are at their beck and call?

Reply by Moneyman/TX on 9/24/11 4:27pm
Msg #398542

Souns like you may be in a better position than you realize

If you do not have much competition in your area, you may be able to command a higher fee for your services. If I was "the only one" in my area I would be charging the type of fees that I was able to get when I first got in the business. The borrowers are usually being charged $150-$200+ for the services of a NSA still today.

Good luck.

Reply by Missy82 on 9/24/11 4:34pm
Msg #398546

Re: Souns like you may be in a better position than you realize

This is a really small town. There are quite a few notaries here, but only a few actual NSA's. I get a lot of calls for remote outlying towns (Weldon & Onyx, for example, if you care to look) that nobody else wants to go to because of the distance. I don't gouge, but I know this SS & TC. Their packages are a mess most of the time. Not the SS's fault, I know. But I do know the first few packages I did for them took WAY too long because of size, errors, and amount of stamps.

Reply by MW/VA on 9/24/11 4:11pm
Msg #398535

I just love these--they want--they want--they want. Hey, I

want to be able to buy a new Mercedes for $500. What are the odds that I can get one for that price? LMOFAO!

Reply by Moneyman/TX on 9/24/11 4:27pm
Msg #398543

ROFL! n/m

Reply by Missy82 on 9/24/11 4:28pm
Msg #398544

Re: I just love these--they want--they want--they want. Hey, I

MW, I know! And I think it's probably a very big lie that they only get $125 for these signings, out of which they pay the notary. From the packages I've seen so far, I don't think I've seen less than $250-$300, possibly more.

Reply by MW/VA on 9/24/11 4:46pm
Msg #398548

They may not be lying about the $125. I have several

clients who are bidding work for not much more than that. They don't expect me to work for nothing though, since they're only coordinating the signing. These people need a reality check!

Reply by Missy82 on 9/24/11 4:49pm
Msg #398550

Re: They may not be lying about the $125. I have several

I agree. Who really knows the ins and outs between TC & SS. But this package would require a lot of travel and a lot of work. I can't do it for cheap, and I sure can't do it for free. If I took $60 for it, I'd lose money on gas alone.
$60. Jeez.

Reply by MW/VA on 9/24/11 9:23pm
Msg #398571

I'm sure the fee you quoted them was fair for what was

involved. It's not our problem that they're bidding & then expecting us to accept those low-ball fees. Unfortunately, someone probably would be foolish enough to take the signing for that. :-(

Reply by Buddy Young on 9/24/11 5:11pm
Msg #398552

Re: Missy, I think $200 is reasonable for them they should

jump at that price concidering the size of the package and the 60 mile drive one way.

Reply by Lee/AR on 9/24/11 6:18pm
Msg #398560

I'd be about $10-$15 higher in this area, so

I think your quote is quite fair. $60 wouldn't work for me if it was next door! Sheesh

Reply by MistarellaFL on 9/25/11 1:59am
Msg #398585

Missy, I think you are in the right ballpark

I have one scheduled 9/28, similar mileage, remote area and had no problem getting $200.
It is direct TC work.
Based on previous experience with this company, I am expecting around 100 pages, overnighted, with no fax backs.
I think your quote is reasonable based on the factors submitted.

Reply by janCA on 9/25/11 11:33am
Msg #398606

And this is what used to be the norm until...

TC's got greedy beyond belief, SS's were popping up everywhere, taking a big bite out of the fees, and then NSA's that didn't realize, and still don't realize their worth in this industry and accept ridiculously low fees from both TC's and SS's. Just boggles the mind.