Posted by obbie on 8/30/13 5:25pm
Msg #482701

mortgage connect

I received an email from them stating their fee will now be $75.00 including edocs and faxbacks and that my profile will be idle until they hear from me. All of this due to a drop in the business. Has anyone else received an email and what are your thoughts.

Reply by 101livescan on 8/30/13 5:28pm
Msg #482703

Old news. Do a search here. We're kicking them to the curb...

Reply by obbie on 8/30/13 5:30pm
Msg #482704

love it!

Reply by panotary1 on 8/30/13 5:55pm
Msg #482709

I too received their email. I don't do too much work for them anyway, but will be standing my ground on my fee. We too have experienced the decrease in volume. My costs per closing continually go up, fuel, paper, etc and of course just the costs to stay in business. Essentially notaries who are printing documents are essentially fronting expenses out of pocket for however long they take to pay. Loan officers who work closely with title companies are not going to stop or start working with them over a $50-$75.00 price cut or whatever that happens to be. The cut in our fees will never be seen by anyone but mortgageconnect and once you drop your fee, good luck getting it back. Our part in the closing process is essential, and most often the only time borrowers see anyone. I do an exceptional job whether times are high or times are slow, my costs are my costs, and I see no reason to lower them. For companies who think they can save money by rate cutting, the end result is quality professionals refusing to work with them (any company not paying fairly, not just mortgage connect). There is a saying " if you think it's expensive to hire a professional, try hiring an amateur". Good Luck to everyone out there!!

Reply by Darlin_AL on 8/31/13 9:36am
Msg #482778

panotary1----like! Exactly & very-well spoken.

I am mindful of the fact that any notary who doesn't get enough volume at this rate to show a good profit, depending on their tax position--could get dinged by the IRS for their hobby, and all deductions disallowed. So, if you are a notary who has other taxable income and it appears your notary business is being used to defray that tax liability--watch out, it's a red flag for the IRS. So now's the time we have to "hold the line" on our fees, and prepare to weather fewer signings till the lightweights (both SS, TS, and competing notaries) get weeded-out. It could be lotsa companies will follow this business plan to see who they can use to cut costs, for awhile. If I go off their list by not responding to such an email, so be it.

Reply by CANotaryPlus on 8/30/13 6:15pm
Msg #482710

Got an e-mail also. Below is my reply to them.

I'm sorry this is not acceptable as our costs have gone up also. Please remove me from your database until such time that the value of our service is realized and your company takes steps in marketing your services to increase your bottom line. Maybe your in house employees will accept a decrease in their pay????? But at this time we won't. Thank you.

Reply by NVLSlady/VA on 8/30/13 6:56pm
Msg #482711

Our costs

Good job, CANotary and Leein LA below.

I may sound like a broken record, but here again . . .

How you Start IS How you End Up

As service providers, we can be understanding when it comes to the *occasional* Flu, Fracture, or Fit of Madness that may prevent a client from rendering timely payment; but the norm should be within 2-4 weeks, barring any extenuating circumstances.

As for accepting fees below xxx.00, I agree that it is a business decision, but something we need to collectively examine - Hard. This is a Service business. Who would expect superior service from an agent who accepted a $65 closing?? Too much goes into ensuring a seamless transaction and positive experience for the signer.

I went back to look at my fees this year: 7 were under $100. But of those, half were overnight (Quicken & seller side) docs! One company I don't hear from anymore; so that left 2 closings which paid $90 a piece. They always pay prompt - NO phone calls needed! No, I am not
endorsing $90 signings either. Simply going back to my original Subject: How you Start . . . I like building relationships with my vendors, so I make some business decisions based on that.

Most bills cycle *every* 30 days -like clockwork. I will only work for trusted clients - and that, for me means payment within 30 days. No embarassing calls. No worries. Otherwise, they are NOT on my "good company" list (which is why mine is narrow).

This is not the time to slacken our standards in regards to whom we work for. We're Independent Contractors, fronting all our own expenses and trying to make a decent living.
Why not aim any arrows of intolerance toward the appropriate source? Following a practical business model is prudent and will be just as important -if not more so -in lean times (or it won't be long until you won't have to worry about having a business to plan).

JM .02

Reply by Carol Graff on 8/30/13 7:00pm
Msg #482712

Re: Our costs

Great emails! I also wrote back that I decline to accept $75.

Reply by NC_Closer on 8/30/13 7:08pm
Msg #482713

And yet so many agents don't read

this forum. The other 95% of NSAs will continue to take work from non paying companies keeping them in business, accept the low fees, etc. etc. etc. I searched my own zip code recently and a fella I closed a loan with earlier this year is now performing loan closings. He's a retired vet and probably thinks $75 is generous for a few hours work. Beats being a Walmart greeter I guess.

Reply by Linda_H/FL on 8/30/13 7:11pm
Msg #482714

Heard someone on LinkedIn come right out and

say she'll take all the $70 jobs a particular company wants to send her.

Very sad.

Reply by sueharke on 8/30/13 7:21pm
Msg #482715

Re: Heard someone on LinkedIn come right out and

From the CPA perspective. Just wait until tax time comes along and the IRS takes the position that this is not a for-profit business, but a hobby and all deductions may not be allowed. Imagine paying H&R or whoever prepares the tax return charging $300 to do a schedule C for their business (because of the changes in the tax laws). Upon review about 2 years later, the IRS calls it a hobby and disallows some deductions.

Off-topic: Anyone with a creative bent on writing, entertainment (publishing for income) as side income until this passes who wants information on tax deductions for this type of business, I will send a link to a source who can help plan your taxes (I am not the writer). Maybe some of the pros on this forum can put your great experience to work. Feel free to PM me for the info.

Reply by Rick Ary on 8/30/13 8:01pm
Msg #482717

Re: Heard someone on LinkedIn come right out and

What makes you think these people taking these low fees even file taxes. Probably do not until the IRS catches up to them and for us the damage has been done.

Reply by sueharke on 8/30/13 11:37pm
Msg #482742

Re: Heard someone on LinkedIn come right out and

That is the benefit of the 1099's people file and we receive. If you get a 1099 and do not file a tax return, the IRS and your friendly state or local taxing agency will gladly prepare one for you. It is hard to fight one of this type of tax return as the taxpayer is responsible to refute the assumptions made by the government.

Reply by Christine/OK on 8/31/13 3:52am
Msg #482756

Yes, Rick, we have a local one doing signings for $50 :/ n/m

Reply by KimmyMD on 8/31/13 12:07pm
Msg #482801

Re: Heard someone on LinkedIn come right out and

I agree with you 100 % remember this post? Msg #476371

Reply by jba/fl on 8/31/13 1:35pm
Msg #482814

Sure do remember it. Nice to see the reminder. TY n/m

Reply by loancloser46 on 8/30/13 8:07pm
Msg #482718

Told them no way.......everyone should say NO to

this reduction. $75 for edocs and faxbacks????? Ridiculous. I don't see any settlement charges being reduced on Huds. They are trying to make up for less income by keeping more of our fee. Do the math people. Whats your profit after ALL costs of business are averaged out of a LOCAL $75 closing.
I am figuring that would be about $40 for me. No thank you.

Just got new tires and brakes. Funny how they would not reduce the $900 fee when I told them my business had slowed down......
Takes a lot of $75 edoc w/ faxback closings to have a $900 profit AFTER expenses to pay for those tires and brakes.
Gee wiz.......no one ever offers to increase our fee when business is great do they????

Reply by MW/VA on 8/30/13 8:13pm
Msg #482720

Search msgs. 481866, 481791, and others.. Why would

anyone buy into this low-balling? This could almost be predicted. It never fails that cos. that want you to jump through the most hoops end up offering the least in return. ;-(

Reply by Claudine Osborne on 8/30/13 8:17pm
Msg #482723

Re: Search msgs. 481866, 481791, and others.. Why would

I received the same e-mail..I havent worked for Mortgage Connect in a very long time..With their riduclious low fee I won't be working for them any time soon!

I emailed back and told them this fee is not acceptable and to please delete my profile from their system!

Reply by ToniK on 8/30/13 8:56pm
Msg #482729

Your request is denied

That's my response I sent back.

Reply by LKT/CA on 8/30/13 9:02pm
Msg #482730

I'm always willing to notarize

I respond back with: Email or O/N docs to client, I will show up, notarize, collect cash fee (for notarizations and travel) from borrowers (will provide a receipt) and leave. Borrowers are responsible for all the rest (printing, signing, shipping, etc.) and can submit their receipt to you for reimbursement. Do I have any takers? No....but I don't have takers on my fee either...so it's wash!

Reply by Michael Brudenell on 8/30/13 9:08pm
Msg #482731

I'm glad to see that I'm not the only one who finds this ridiculous. I am happy to do closings for MC. I have never had a problem with them before, and they have paid timely, but none of these factors will persuade me to take a loss on each signing for my expenses.

Reply by Lee/AR on 8/30/13 10:02pm
Msg #482737

Ah, no, just delete and let 'em keep calling; they'll oob

quicker that way. Circling the bowl now, sounds like.

Reply by jojo_MN on 8/30/13 10:04pm
Msg #482738

Re: mortgage connect - my reply

I'm sorry, but my fee is my fee. I am the person that is printing the documents (using time, paper, toner and wear and tear on a $3000 printer), driving to the borrowers pre-determined location (gas and wear and tear on vehicle), paying 1/4 of the fee to taxes and paying the high overhead of running a business. This doesn't include the memberships, licenses, commission fees and E & O insurance,etc.

My expenses are only going up. I am the one paying out of pocket and giving you credit. I am in this business to make a profit and pay my daily living bills. I am not in this profession to make extra "beer money". There is no reason why you are expecting us to take a cut in pay so that you can make more.

Please feel free to call when you have a closing in my area; however, my fees will not be reduced. Attached is my fee sheet.

Thank you and have a nice day.

Reply by LatteLady/NV on 8/31/13 12:49am
Msg #482746

I recently did a debt settlement for a couple. The woman had ratty dirty hair, was missing her front teeth and was covered with tattoos. She was so excited to tell me that she is a signing agent too. She also was proud to tell me that she would drive over an hour one way to do a $65 job. This is the type of quality people that Mortgage Connect is going to attract. We all have to stand our ground. There is power in numbers. There is also a huge difference in knowledge, work ethic, getting the job done correctly the first time, for people who have been doing this job for years. I say "no" to the low paying fees.

In the meantime, I will diversify, work for attorneys, settlement companies and I will definitely start searching for new customers/Marketing Distributors for my Send Out Cards business. You can't go wrong with buying a nice card at .98cents versus $4 in the store.

Reply by rolomia on 8/31/13 3:31am
Msg #482755

-ratty hair, missing teeth & tattoos? Thanks for that image!

Sadly, most of the companies who hire such NSA's with said, distinguishing characteristics won't care, as long as the job gets done (shaking head in disbelief, but not in surprise). JMHO

Reply by Darlin_AL on 8/31/13 9:55am
Msg #482779

Re: -ratty hair, missing teeth & tattoos? if used for debt

settlements, the would be understandable. (Don't do or like that business.) But for the quality of homeowner that I sign? No Way. I think a signing agent on that doorstep might prompt a quick call the the LO. I'm not thinking of upscale neighborhoods, I'm talking about homeowners who keep up their homes & property & take pride in their surroundings. (The McMansions are primarily north of my service area.) They noted the fees on the HUD-1 and expect the signing agent to reflect what they're paying to the settlement/TC. I get plenty of feedback from the folks I sign; they are more comfortable with a person who looks and acts like she knows what she's doing. (OK, so that is self-promotion on the forum, but not advertising---no link to profile.)

Reply by JPH13/MO on 8/31/13 10:56am
Msg #482789

In my area they have never offered me more than $65!

So they didn't need to send this email out I guess, but who knows as I had them take me out of their database 2 years ago when they kept offering $65 for signings WITH fax backs. Plus the signing locations were nearly always over an hour away.

Sadly I know of notaries in my area who love to make "that much" money - they also have never administered an oath, don't know how to (nor want to learn how to) summarize docs, don't feel the need for education, and would never dream of "wasting" time reading this forum. I hope they all go away as the market starts to dry up! I'm glad people are always happy with how I handle a signing, but it is so sad to hear how they have been treated in the past.

Reply by Terry Holt on 8/31/13 2:19pm
Msg #482815

Mortgage Connect solicited me to sign up for future Notary work. I was emailed a 20+ Vendors Setup Package requiring fax back (including personal documentation). I then waited for work assignments that never came...only periodic aggravating emails demanding some action that involves my personal time. It appears they do not realize the Notary as their most valuable resource for future success, as the old saying goes you don't bite the hand that feeds you...without the notary the job wont get done and mortgage connect will cease to exist.