Posted by Mike_D on 6/5/12 12:38pm
Msg #422624

Thinking Seriously About Walking Away From the Business

I have been at this a long time. I have made a lot of money. I work hard and I am a damn good closer. I still actually enjoy closings themselves... It is a shame it has come to this. Downward pressure has pushed fees to the point of 70-90 dollars. I hear all the people on here saying "stick to your fees" blah blah blah. That is a pipe dream around here. Maybe locally where you are that can be done but where I am your phone wont be ringing a bit. Continuous late docs, more and more responsibility, less and less pay. sigh.....

I seriously cant believe it has gotten to this point. People will literally call up and ask seriously for closings to be done for 50.00 dollars. Pretty soon that will be the going rate. I think it may be time to get out while the gettin is good.

Reply by Patti Corcoran on 6/5/12 12:46pm
Msg #422626

Re: Understand your frustration. Only you can determine if

this will continue to work for you. It is a shame that your area will be losing you.

Reply by Barb25 on 6/5/12 1:18pm
Msg #422629

Wow. I am also sorry to hear that. However I agree that you cannot stand your ground pricewise if everyone in your area has dropped back. You need to be competitive or your will only get work if someone is desperate for a closer. On the other hand if $50 is the local rate and you can't make money as someone said the other day you don't need a hobby.

I feel your pain. I dropped back from a few years ago and certainly from when I was in NY. I traveled further for the same money and took jobs I wouldn't have previously considered. I turn down more of that (or charge more) since business has picked up a bit and won't go as far... I would like to increase my profit margin certainly especially with costs rising. I have my limits as to how far I would drop. I want to be competitive not ridiculous. Not a lowballer as they call it on the forum. That to me is when I too will throw in the towel.

I wish for you that your phone will ring in the next few days with sigings and respectable fees. That may give you a new outlook and whatever you do I wish you the best.

Barb

Reply by MW/VA on 6/5/12 3:10pm
Msg #422652

Sorry to hear that, Mike. I'm sure there are many who have

left the biz because of the lower fees & tougher working conditions. Unfortunately, this kind of thing
is happening all over America these days--more work for less money.
Again, we can thank good old XYZ for continuing to make money by putting new, inexperienced people out there who will work for the ridiculous fees.
I have one large ss that has outsourced scheduling (India, I'm fairly sure) and it's maddening to deal with them. They have scripts & don't really have a clue about the in's & out's of this biz.
I've been feeling discouraged & have cut back a lot, but haven't made a decision to quit altogether yet.
As Kenny Rodgers said in the song, "You have to know when to hold'm, know when to fold'm, know when to walk away & know when to run".
Good luck to you in whatever you decide to do. :-)

Reply by CJ on 6/5/12 3:20pm
Msg #422656

What I've noticed . . .

I started 11 years ago. I was grateful to get $50 a signing because I was unemployed at the time. Back then, the docs were about 50 pages. Now everything has doubled: Twice the paper, twice the ink, twice the time to sign and the gas has MORE than doubled. So we are doing twice the work, and we are sure not being offered twice the money. I often think if I were paid $1 per page of the closing package, I would be WAY ahead. (And you notice they they are not in a big hurry to pay more for a bigger package, but they are happy to scrimp on the smaller packages.)

Reply by Gina/VA on 6/6/12 9:14am
Msg #422744

Re: What I've noticed . . .

Interesting enough, I was the same as you CJ. As a single mom, $50 signings were a blessing for me but as you stated, the docs were extremely smaller than now. I didn't even mind fax-backs at that time because again, the package was smaller and didn't take long to do.

I am what many refer to as a lowballer, I admit. There have been times that I have taken that I have read most of you will not take due mainly because of low fees and large package sizes, which I totally understand. I have struggled with the decision of whether to seek other employment or stick it out and have chosen to stick it out so that I can be closer to my children.

Going from 3-digits fees to $80 (that's the lowest I can accept, and it has to be in my zip code) was not easy, but is a sacrifice that I can live with, until I can get the crumb-snatchers off to college.

Reply by CopperheadVA on 6/6/12 11:00am
Msg #422749

Re: What I've noticed . . .

Gina, I am pretty sure you are located in my area and the thing is that you hurt me as well as all the other notaries in our area with the low fees that you will accept. I used to get $150 all day long for every loan signing - now I'm getting offers of $85 or lower.

After being in this business for six years, I have established a handful of great clients that still pay $125 to $150 per closing, but in my area if I want to work for LSI or other large national title companies that offer multiple closings per month, because so many others accept $80 I have found that I have to be prepared to accept a lower fee. I have combatted the lower fees by reducing my travel area for those jobs but there always seems to be someone else who will accept an ever lower fee. There is only ONE company that I go below $100 for, and that's only when it's a Quicken loan and in my zip code. Those only require one printed copy of docs, take 20 minutes tops, and I tell the borrowers on my confirmation call that they must review their docs online prior to the appointment and get all questions answered by Quicken prior to my arrival.

To the original poster, I have seriously thought of getting out of this business too. In 2009-2010, I went to back to community college for 18 months and took a certification course for another line of work so I could move on from doing loan signings. I completed the course but couldn't find work in that field, so here I am still doing loan signings. Increased costs for us accompanied by lower and lower fees - this line of work can be frustrating to be sure.

Reply by Gina/VA on 6/7/12 10:06pm
Msg #422894

Re: What I've noticed . . .

Yes, I know that I am hurting not only you, but myself as well. I conducted my first signing in April 2003 and have seen fees continue to go up and down. Just to be clear, there are only 3 companies that do not pay me xxx amount and I will continue to work with them, this is a personal decision.

As I stated, I can either leave the business to avoid lower fees (which hurts us all at times) or continue on and take the good with that bad in order to feed my family. I choose to eat and until something else comes along to help me with my income, I have to refrain from thinking of how the fees that I accept effect anyone accept my children. Its nothing personal.

Reply by kathy/ca on 6/5/12 8:03pm
Msg #422714

Mike, I have felt like you do for year now, used to love

this business and made good money for several years and always thought it was a perfect job. Not anymore, the pay has become ridiculous, responsibility has increased, prices of everythingwe need to do our job has increased a lot and price of gas has doubled. All this, not to mention the liability we have and how little we are expected to accept for pay. I have been looking around for something new to do for awhile now......anyone have any suggestions.
P/S Like you Mike, I enjoy doing closings and am a darn good closer.

Reply by CJ on 6/5/12 10:20pm
Msg #422726

I'm only doing this until something better comes along . .

That's what I said 11 years ago.