Posted by Penney/CA on 10/23/12 1:50pm
Msg #439917

Low ball fees being accepted

I was just Googling in my area for Mobile Notaries and found these prices being offered for Loan Docs.

1st Mortgage loan package …………………………………… $90
1st & 2nd Mortgage (Piggyback Loan package)…………… $125.
Home Equity Lines of Credit (HELOC) ………………………..$75.

No wonder I'm getting calls for $65 signings!!

Reply by Yoli/CA on 10/23/12 4:16pm
Msg #439952

Totally feel that frustration, Penney!

Just about an hour ago, I received 2 calls:

1. Universal Notary (for tonight at 8 pm) - 20 miles 1-way, docs not available for at least another hour and a half - $100;
2. #1 Notary (open time for today) - 35 miles away 1-way, "docs are ready", - $100

Both of these companies have met my fee in the past. Too bad we couldn't do business again today.

Reply by Q_in_Sac/CA on 10/23/12 5:55pm
Msg #439971

I agree. I'm getting $65 signings to travel an 1.5 hr. Are you getting any CashCall signings?

Reply by Jodith/WA on 10/23/12 7:34pm
Msg #439999

OMG, wouldn't do another CashCall on a bet. Have done 2 of them in the past year or so, and both they tried to say we messed up the documents and wanted us to redo. They are now officially on my "Never Again" list.

Reply by doglover/CA on 10/23/12 9:39pm
Msg #440041

Whenever I see a Cash Call ad on TV, I feel like cringing. Two lowball companies I know of call me for their Cash Call closings and I have stopped taking their assignments.

Reply by NVLSlady/VA on 10/24/12 11:42am
Msg #440115

re: HELOC
Had 1 less than 50 pp and 3 stamps. Wasn't as easy to justify the $xxx.00 (but not the $50, either). Especially is this so when they are SO MANY notaries within a several mile radius and we don't travel that far.

I also wonder if some notaries use "bait and switch" and then give their "real" fee to a desperate SS . . . Myself, I prefer the opposite approach: Under-promise; Over-deliver. I post avg fees on my site for a basic loan pckg because it doesn't take travel distance into consideration.

I don't know: I kept saying when I hit 40, I'd be Smarter, but the "shades of grey" keep expanding (:

Reply by NVLSlady/VA on 10/24/12 11:54am
Msg #440120

And I see from your profile, Lori

<<Fees are negotiable depending on location, day, time of signing and number of copies required >>

So, we're smart business people and do what is Reasonable for us to keep clients happy (not a black and white issue).

But how folks justify having to perform so many signings just to make a reasonable profit is beyond me. At $50, someone has to be doubling the amt of signings they take. Not fun to be on that treadmill . . .

Reply by Jodith/WA on 10/24/12 7:42pm
Msg #440200

Re: And I see from your profile, Lori

They would have to more than double the number of signings they do. If you take half the going rate, your expenses aren't half that amount. If you make $60 in profit on a $100 signing, you will need to do 6x the number of signings to make the same net income if charging $50 for the same signing.

It took me very little time to learn that lesson when I first started doing this work. Some people feel that they can't afford to turn down work at any price, but the truth is, you can't afford to accept work if it doesn't pay your expenses.