Posted by Jessc098 on 7/27/12 12:50pm
Msg #428309

Interesting -- on Signing Services

I now do most of my work for title companies direct, and can nearly schedule my days full a couple of days in advance. I do take work from signing services to fill in the gaps.

In recent weeks, I've had three title companies that initially found me through signing services, come back to me and ask me to work direct for them on future assignments. NOTE: I NEVER solicit the work from the TC client of a signing service, the title company each time looked me up and contacted me.

Each time, I asked why they preferred to work outside the SS. Their answer--they aren't happy with the "bargain basement" notaries that the signing services are sending them, they were concerned that because of my fees, I'd be "last pick" from the SS.

I thought this was interesting--I was under the impression that the signing services were under pressure from the TCs to get fees down, but the TC's match my fees without hesitation (my fees are high for my area) and often pay extra to drop documents back by the office in the morning, etc.

Just an interesting observation here, I wonder how many signing services have a quality over price market strategy? I can think of a couple that meet this criteria for sure, but I do hope signing services consider this sort of thing also.

I guess it comes back to the old rule of thumb, "results matter."

Reply by Deborah Breedlove on 7/27/12 1:01pm
Msg #428314

Good post, Jess!

And congratulations on getting most of your work from TCs who appreciate quality over price.

Reply by Maureen Lazar on 7/27/12 3:26pm
Msg #428344

Re: Good post, Jess!

You have to figure that if they have a professional knowledgable Notary do the signing for $150.00 Or pay a SS $300.00 with $100.00 going to a newly commissioned Notary why wouldn't they choose us.
I believe most companies that use SS is because they are some how affiliated with them & benefit in another matter.

I do have to say there are several SS that pay fair & don't overcharge the borrower.

Reply by Marian_in_CA on 7/27/12 5:38pm
Msg #428376

No, title companies aren't really pressuring the signing services to lower their fees. That's a bunch of hogwash for the most part, and I've been told that many times by title companies. There might be some that do that, but not nearly as much as the SSs want us to think. The problem is that the signing services are taking a a large portion of the fee, upwards of 50-80% of the fee for themselves to cover the "expense" of finding a notary. Not all of them take that large of a fee, but many are... and it's increasing because they need to cover their expenses, thus lowering the fees they pass along.

It's also a competition thing. One TC told me that if the signing services come to them and say, "Hey, we'll bid $120 for the job because we can find cheap notaries." The TC thinks the notary is working for about $100, but in reality, the notary (if they get paid at all) is getting $60-$70. These low rent SSs get the job because it appears like the TC is saving money by choosing the lowest bidder.

I go direct to TCs now, too. Signing services just don't want to pay what I ask. I don't apologize for what I charge, but I also return a top notch, clean product.