Posted by Calnotary on 4/12/12 5:58pm
Msg #417728

A typical signing Yesterday. n/m

Reply by Patti Corcoran on 4/12/12 6:01pm
Msg #417730

Re: do you care to expound on that?? n/m

Reply by Calnotary on 4/12/12 6:08pm
Msg #417732

Sorry hit enter too quick...

I had a signing Yesterday for my regular client.

I drove 28x2=56 miles
My car gets 20mpg
I spent 2.8 [e-mail address]/gallon $ 11.90
It took me 45 minutes each way; 1.5 hour drive
One hour at the signing
Half hour, doing some QC,shipping, calling borrowers, etc

Total time from start to finish 3 hours.

I got 125.00 for this signing

Expenses for this signing NOT COUNTING TAXES or CAR EXP. except for gas is as follows:
Edocs 25.00+12.00 for gas 37.00 dollars.
125.00-37.00=88.00 that is 29.33/hour
If I do the 70.00 offer by some cheap SS I will end up with 11.00 an hour. Great!! Who is going to pay my taxes and my vehicle expenses, repairs etc.?

Reply by enotary/va on 4/12/12 7:24pm
Msg #417745

Re: Sorry hit enter too quick...

1st signing: 62 miles one way. Reg Refi. Bad side it was at 8:00AM Went fine / Everything Done

2nd signing: 38 miles one way. A Reverse. It was at 1:00 PM.. BO (him) was there .. BO (her ) was not. They got into a argument before I got there and she left..... Never came back.. I waited about 45 min. He called her , but no answer... He was 75 and she was only 68 years old.

3rd signing: 57 miles one way. reg refi at 7:00 PM... Get within 10 min. of the address and title company called with all new docs. I can print from my car. But, they said to find a fedex and they would pay for printing.. I did and all went well.

Got home about 11:00 PM Long Day!

Reply by Luckydog on 4/13/12 11:40am
Msg #417805

Re: Sorry hit enter too quick...

You drive A LONG WAY! No way do I travel more than 25-30 miles one way. Ouch! How do you even make money after you pay for your gas? Hopefully no screw ups and they return you to resign something that they missed or was changed.

Reply by LKT/CA on 4/12/12 7:55pm
Msg #417747

Re: Sorry hit enter too quick...

<<<Expenses for this signing NOT COUNTING TAXES or CAR EXP. except for gas is as follows:
Edocs 25.00+12.00 for gas 37.00 dollars....125.00-37.00=88.00 that is 29.33/hour>>>

There are other costs you did not include in your signing fee:

Marketing (website, business cards, forum memberships)
Notary commission and related costs (background check, application fee, notary classes, seal, journal, etc.)
Supplies (pens, cases of paper, briefcase, folders, etc.)
Notary bond and E & O insurance, business liability policy (if you have one)
Doc review, prep and stacking
Equipment (laser printer and toner)
Invoicing

$125 signing fee = $13 per hour.
$70 signing fee = $7 per hour

Reply by PegiT_MN on 4/12/12 8:53pm
Msg #417752

Thank God I live in Minnesota......

....where gas is only $3.68 per gallon and the majority of my closings are 5-6 miles from my home and I am able to do 5 to 6 per day. I don't know how you all do it when you have to drive so far away.

Reply by Luckydog on 4/13/12 11:42am
Msg #417806

Re: Thank God I live in Minnesota......

Sounds like you have a goldmine up there and are the only one around doing closings. Keep it a secret!

Reply by ikando on 4/12/12 9:37pm
Msg #417755

Fees minus Costs vs. Wages

So true LKT. And your $70 fee calculation's less than federal minimum wage of $7.25 paid in most states.

This chart is interesting:

Minimum wage hikes for 2012

Colorado: 28 cent increase to $7.64
Montana: 30 cent increase to $7.65
Ohio: 30 cent increase to $7.70
Oregon: 30 cent increase to $8.80
Washington: 37 cent increase to $9.04

Source: National Employment Law Project, October 2011

These numbers should be considered when $50 fee, to include fax backs, is offered.

Reply by Marian_in_CA on 4/13/12 1:55am
Msg #417765

So glad I'm hanging on my my old Honda that gets 31mpg n/m

Reply by Frenchie/TN on 4/13/12 9:33am
Msg #417779

This is how I calculate my costs

Travel: 60 cents/mile (includes gas, wear & tear, more frequent oil changes etc)
Printing: 2.5 cents/page (includes paper, toner, drums, amortize printer)
Fixed cost: $5. per closing (includes insurance, memberships, phone, supplies, income tax etc)
Thus for me an average closing goes like this (I rarely go less than 15 miles one way, usually more):
Travel: $18.00
Printing: $6.25 (assuming 125 pages)
Fixed costs: 5.00
TOTAL: $29.25
I estimate 3 hours per closing for travel, preparation of package, closing itself.
Soooo, if I were to accept a $75.00 e docs closing (which I don't) I'd be making $15.25 an hour. This doesn't even factor in the interest free loans I make every time I wait 45 days for payment, the time and gas I spend purchasing office supplies (or time, well spent, visiting boards such as this one) and the risk I take of not getting paid at all. Add to that: no insurance and paid vacations are included in this $15.25. I might add that these expenses are by no means exaggerated, as gas is at $4.00 a gallon and I do not drive an old clunker which for some people would keep costs down.

Reply by Susan Fischer on 4/13/12 9:42am
Msg #417780

Another way to calculate costs: Miles per dollar:

http://www.unfocusedbrain.com/projects/miles_per_dollar/

Using your figs, $4.25/gal; 20 MPG = 4.71 MP$

Saw some iPhone apps for this too.

Reply by Mike Goodey on 4/13/12 2:38pm
Msg #417828

Re: Sorry hit enter too quick...

28 miles one way? I charge more for any signing over 20 miles.