Posted by 101livescan on 2/5/13 8:06am
Msg #454054

Know your lenders docs to compute and negotiate fees

Brokers docs have more notarizations to complete. Could be as many as 20 for two borrowers. $200 if this were GNM, plus printing large packages, travel round trip, getting to fedex, ups or whatever.

Chase docs have about 4, if there is a trust certificate, 2 more for two parties; escrow docs have 3-4, meaning 6 to 8 more notarized signatures. That's 12 to 16 notarizations. One party 6 to 8.

Hmmm...$60, I don't think so. Plus printing and being the gerbil.

Wells Fargo, 6, plus title/escrow affidavits. $60, again, I don't think so.

Bank of America, 6 plus title/escrow affidavits, $60, really? and the packages seem to grow as time goes on, but mostly things the borrower doesn't need to sign. Yet we're printing out and making copies for the borrowers, our toner and paper, time and expertise.

Then, if you're traveling more than 20 minutes each way, you are definitely donating your time and working for free. Time is money.

I like that some lenders populate the borrowers' names into the acks and jurats, but not always. Saves a little time in completing the notary certificates.

I don't do reverse mortgages any more, you never know how much time it will take, the packages are lengthy, the borrowers may take a long time to sign due to health conditions and mental alertness. It just doesn't compute to try to work these into month end madness, and finally after the last one where the borrower couldn't remember her name or how to sign it, I decided it was time to hang it up, no more RMs for me.

So, I look at it this way, if I were a loan officer with an important loan I wanted to close, I wouldn't want any one who doesn't know their worth and their craft to be signing my documents. I'd be looking for a notary on my own to handle my closing so there are no snafus, no omissions, someone who is knowledgeable and competent under fire, the notary is prompt, professionally attired, no drama, just the facts ma'am.

What is your time worth? I can see why people choose to do GNW at $10 a signature plus a travel fee and no drama! You get paid at the time of service, end of story. Moving on to the next GNW gig. With that little plug in Square or Intuit on your Smartphone, away you go with $$ going into your checking account in 48 hours

If you look at SC, there are lots and lots of Co's who've gone out of business. Even they couldn't make any money charging what they charged, then giving the notary chump change to sign the clients, because they negotiated an ungodly little amount with the TC/Escrow to get their business over other vendors.

So if you're going to stay in this business, I think you gotta toughen up with fees and learn how to negotiate, get a confirmation for that agreed to fee. Stick to your guns, and don't waiver. DON'T WORK FOR CHUMP CHANGE...it says everything about how you feel about your worth out there representing lenders.

As far as BofA paying notaries $xx an hour to stamp and sign, sounds like a sweat shop to me. I'd rather do GNW than be chained to a desk all day with butt in the seat. Get what you pay for, BofA, while you continue to make record profits at the expense of others.

Recently someone talked about a "shortage of notaries". I don't think there is a shortage of notaries, I just think there is a shortage of "smart and knowledgeable notaries", as evidenced by a recent thread on this board about fees and how to justify working for "chump change". It incenses me, because I take this work very seriously. I think somehow the SOS has inducted a bunch of clowns into our industry. I did meet someone in my environs who tried to be an NSA, and she said she ended up chasing her $ and not getting paid, and not getting repeat business.

It very simply is not a profession for people who have no common sense or ethics.

Reply by Donna McDaniel on 2/5/13 8:33am
Msg #454059

All so very true, Cheryl

You don't have to be the sharpest knife in the drawer to do this job, but you do need to be able to cut the mustard.

On the other hand, should we be giving new-to-the-business notaries step by step instructions on how to be more competitive with those of us who have spent years building up our businesses from scratch?

Just a thought.

Reply by 101livescan on 2/5/13 8:48am
Msg #454060

Unquestionably, trying to raise the awareness of our newbie notaries who can mobilize and become successful and earn the kind of $ they should be commanding.

Reply by The Happy Homemaker - Debra on 2/5/13 10:15am
Msg #454065

Well said.........I read a lot on here for benefit of education. Have been doing loan signings professionally for years, being employed by escrow company, and have learned that quality should come with a price. The company I work for has always had a policy to not charge notary or signing fees if the client/s sign at our office during business hours, so not much opportunity to make extra money there. I am wanting to sign up with lenders and Signing Agencies, but am not sure I want to get involved with all of the Low Balling going on that I read about here. And I agree with the recent posts on here about charging less than what your worth can be very harmful to the industry as a whole. I have recently invested a small fortune in Home Office equipment so as to make extra money for my family, and am now at a stand-still as to where to start with the signing companies and lenders.....I sure don't want to have my investment go down the gas tank !

Reply by Shelly_FL on 2/5/13 10:11am
Msg #454064

I don't think you can have it both ways. If you want new

notaries to command realistic fees, pass on the wisdom for them to accomplish it, instead of letting them flounder in the lowballer's pool/shark tank. Need it be said again... the lowballers would cease to exist and we all benefit.

Reply by Donna McDaniel on 2/5/13 10:27am
Msg #454066

Re: I don't think you can have it both ways. If you want new

'Need it be said again... the lowballers would cease to exist and we all benefit.'

IMO, this will NEVER happen. Although Notary Rotary is the best site I have come across, it constitutes only a small percentage of all NSA's out there doing business. There are so many unsuspecting notaries on the XYZ site for lowballers to choose from and take advantage of. Fish in a barrell.

If new NSA's don't have the business acumen to know when they are being treated as employees, then they should be punching a clock, IMO.





I don't beleive we need to make it too easy for them.

Reply by Stephanie Santiago on 2/5/13 10:34am
Msg #454068

Excellent education for all NSAs... n/m

Reply by Cody on 2/5/13 11:59am
Msg #454079

run the numbers at $2...

Reply by JanetK_CA on 2/5/13 6:03pm
Msg #454157

Obviously, these are calculations that each notary must make for themselves. GNW clearly doesn't pay the same in every market, so there will be tradeoffs. But when considering pricing for loan signing, the actual notary work is a small part of the overall effort for a complete signing from start to finish, so I believe the per-signature or per-certificate fee that states allow us to charge is pretty much irrelevant when calculating fees for loan signings. However, in many - if not most - states, it will be a significant factor (among many others) when it comes to estimating the amount of time that will be necessary to complete the entire assignment. And that doesn't even get into the fixed and other expenses that go along with each signing.

Also, there are going to be exceptions to every situation. For example, yesterday I did a Chase signing for a NY property. It was a CEMA loan, which I'd never seen before, living in CA... There were 10 notarizations in the lender's docs, plus 6 for title/escrow! Didn't see that one coming! (And of course, didn't get docs until early morning for a 10:00 am appt. Groannnnn...) Fortunately, this was NOT from a low-baller co and I did get at least some adjustment to my usual reasonable fee.