Posted by RalphNC on 8/25/13 5:42pm
Msg #481866

Mortgage, pulling a fast one?

Just got a letter from Mortgage Connect bemoaning their lack of business and saying, in part:

"... Therefore, we are asking all of our signing agents to share in the necessary cost reductions at this time. Going forward, we will pay $75 for your signing services, inclusive of printed documents and fax backs of critical documents. Your signing agent profile will be temporarily idled until we hear back from you regarding your acceptance of this new fee; this fee will be in effect for all new orders that you accept."

We replied that their lack of business does not justify lowering our rates, which we feel are fair. Sure, there may be less business for awhile but we'll happily compete for what there is for our rates. Devaluing our work is not the answer.

We've done numerous loans for Mortgage Connect, including one last Friday. They are not showing us much loyalty so we're firing them.

--Ralph

Reply by 101livescan on 8/25/13 5:46pm
Msg #481868

Ralph, we're ahead of you on this one...already fired em

from Post 481460 below

Let's see, Title Insurance Policy, going down? No!
Escrow Fee, going down? No!
Flood Certificate, Credit Report? NOPE
Appraisal? Nope!
Tax Service Fee? Nope!
Recording Fees? We already know they have doubled in the last five years in any CA County.

So are we being discriminated against as a group. Danged right! If things are so darned tight, why isn't the title insurance being charged reduced?

Reply by Robert Wells on 8/26/13 4:23pm
Msg #482001

Re: Ralph, we're ahead of you on this one...already fired em

I sent back a reply to this email telling them I could not afford to do closings for $75 and listed all of the expenses that notaries have to just stay in business. I had not done any signings for them for several months. Today, they called and agreed to my normal fee. Go figure.
I don't see any reductions being given to borrowers for their settlement charges, so the title companies and signing services are just trying to milk us for their lack of business. Well, I guess we will wait and see.

Reply by Art_PA on 8/25/13 5:49pm
Msg #481869

If you can't afford a Bentley, don't buy one. If you can't afford a notary, don't hire one.

If MC is on the edge and unable to stay in business...other companies will pick that business up.

How long will it be that notaries who take MC's work at low fees complain that they are not being paid? Boo Hoo

Reply by JimAZ on 8/25/13 6:17pm
Msg #481871

I haven't done business with MC in over 3 years because of their low fees. Are they sending that same letter to the electric company, gas company, landlord, and employees? I think not! Just trying to stiff one of the more important parts of a mortgage transaction. That's us. Unfortunately the bottom feeders will take the low fees and keep them in business.

Reply by JanetK_CA on 8/25/13 6:44pm
Msg #481875

The only reason they - and others - resort to these kinds of tactics is because they can. Logic has nothing to do with it. The electric and gas companies, the landlord, the title company, appraisers, county recorders etc., wouldn't even entertain that conversation.

The challenge we have isn't so much sticking to our guns, but having any impact on the recruiting that is taking place to fill whatever void might be created by us saying "no", with new people with a notary stamp who don't yet know any better. I suspect that is one reason why even as the bottom is falling out of the market, XYZ is holding NSA training classes and sending out emails, etc., telling people that they could be making extra $$ doing loan signings. The other reason, of course, is that they replace people leaving the industry on their membership rolls, and they have a constant new market to sell their wares to. But that's old news... [and "just my opinion".]

Reply by Jack/AL on 8/25/13 7:47pm
Msg #481878

Want to have a little fun? Ask the scheduler if they've already taken a pay cut and are now working for a salary that is xx% less than they've been getting. I've not yet met one who has admitted that they are being paid less. Even if they have, or say they have, that is not relevant to me and my fees. Maybe mean-spirited, but it is a fair and reasonable question.

Reply by PA_Notary_II on 8/26/13 8:00am
Msg #481917

I think they should reduce the Recorder of Deeds fees by 25%. I'm sure the Rec will understand.

Reply by ME/NJ on 8/25/13 8:05pm
Msg #481881

I stopped working with them a little over a year ago when they dropped rate below $100. In the last year they have dropped the rate 25%, with the hoops you need to jump through just to work for this company only the truely desperate will take work from them.

Reply by RalphNC on 8/26/13 7:12am
Msg #481912

thanks, I had missed that thread ... but we do need to spread the word about Mortgage Connect's exploitation of signing agents.

Reply by MW/VA on 8/25/13 8:06pm
Msg #481882

See msg. 481791. It's been discussed in another thread. n/m

Reply by Vincent Spilotro on 8/25/13 9:15pm
Msg #481891

I got the same letter. They have been trying for 75 since i signed up. I just did a refi for them on Sat. They met my fee in an area that is very competitive with good and junk notaries. My fee was nowhere near a lowball 75 bucks. They usually work with me on fees pretty well. So we should all encourage MC to work with us, not aginst us. Most good notaries would rather get a normal job then work for 75... as far as I know.

Reply by ToniK on 8/26/13 7:27am
Msg #481914

Last year they went to $80

I havent worked for them since they refused to pay my fee. They have called a few times since but no way am I accepting anything less that what they were paying me before...$xxx.

Once you drop your fee it is harder and harder to raise your fee with these outfits.

Reply by Notarysigner on 8/26/13 10:19am
Msg #481938

Actually those getting these letters (I've never got one or worked for them) started out accepting very low fees in the first place. Just go on a couple of Linkin sites and see people posting, "I'm new so I'm accepting the low fees so I can get EXPERIENCE". Gheez

Nobody can command a respectable fee when they start out that way, they're doomed. Insanity is doing the same think over and over again and expecting different results.

Reply by Vincent Spilotro on 8/26/13 11:21am
Msg #481957

Low fees = low quality newbies. MC has always been trying for $75 bucks, nothing new. Just negotiate a higher fee is what I do. I get the job done right, and they know it, and when there is an issue... us good notaries know what to do, and do what it takes to get the job done. Ha! there is a huge difference between someone "trying to get experience", and an experienced notary who acts like they are on the team with the lender and title to get the loan closed without incident. I have a minimum fee for my quality, and I will go work at McDonalds before I lower my standards.