Posted by Karen Dalton on 2/8/13 11:18am
Msg #454738

NEW NSA and FEES

As a new NSA and still feeling out the pricing situation and trying to adhere to what I've seen on the forum of keeping the fees at $100 to avoid undercutting other NSA's (sometimes at the expense of getting the signing), was wondering about how much the signing companies or TC's are paid to give me some perspective on how much negotiating room they have when discussing fees? With the cost of gas now, I feel like we have to charge a little more than $100 if it's over 40 miles or so to a signing. What does everyone else think?

Reply by Frenchie/TN on 2/8/13 11:31am
Msg #454744

Just figure out that it costs you about 55cents a mile to operate your car (gas, wear and tear on your car, oil changes, insurance etc). Then you have your fixed costs such as E&O insurance, memberships, phone etc. and finally paper and toner and equipment wear and tear: calculate your fee accordingly. Ultimately it just depends on how much you want to make an hour.

Reply by Yoli/CA on 2/8/13 11:36am
Msg #454749

Karen: We're not ignoring you. This same question has been asked many, many, many times. Go to the orange "search" button above and type in "newbie" or any such other phrase and prepare yourself to read and read. You'll find tons of very valuable information here. But, YOU have to put in the time and work to research and learn. We've all done it. It won't be handed to you on a silver platter.

However, as a start, as Frenchie said, you need to figure out your TOTAL expenses and what kind of profit you need and take it from there.

Welcome and good luck!

Reply by Linda Juenger on 2/8/13 11:39am
Msg #454752

and please don't ask the same question in different threads. Doing a search is your best bet. No one is really going to tell you what they charge. You have to figure that out on your own.

Reply by Linda_H/FL on 2/8/13 11:32am
Msg #454745

And don't forget to include federal and state income tax! n/m

Reply by JPH13/MO on 2/8/13 11:33am
Msg #454746

Here is a different perspective for you. As a new NSA, I took assignments up to 40 miles away if they came from a good company and they paid at least $100, even if it was a 200 page VA loan (but no fax backs without higher fee) and now those same companies are beginning to use me (over a year later) for signings within 5-10 miles from my home that are small doc sets. At first the only assignments I would get for $100 or more were at least 30 miles away, and I would rather drive further than accept a lower fee and get labeled within their database at that low fee.

You have to keep in mind that most companies already have notaries in your area that they regularly use, but if you are willing to temporarily expand "your area" and drive further, there may be areas where they don't have enough notaries and you could end up getting assignments from them, and if they end up liking your work, you should gradually end up getting nearby assignments from them.

I now only travel up to 35 miles away if they are willing to pay for the additional travel time beyond 20 miles. If they trust you, they are more willing to pay additional for you to do the job than someone they don't know.

Reply by Bear900/CA on 2/8/13 11:48am
Msg #454756

I can’t tell you what to charge but understand that the title company will normally estimate around $200 - $250 for notary work if it’s required or not.

Two things come to mind when I think of the above.

1) They might look at the type of loan and their past experience of paying out for that sort of signing. I would not venture that far though. Plus, they surely don’t know customer circumstances or care about location when giving an estimated HUD to the lender. So basically I would scratch this notion for the most part unless you have a really keen EA.

2) This is the key factor: The LO and EA have to very quickly come up with estimated closing costs. This figure, by law, only has a 10% wiggle room factor that can be changed in the final HUD up or down, mostly up. A sharp LO knows how to get around this, but an EA has no choice but to pad the initial estimate. Since basic fees of large escrow houses are often fixed by some formula they need to pad elsewhere, mainly adding a notary fee required or not.

Just to help get your thinking on track.

Best!

Reply by desktopfull on 2/8/13 12:02pm
Msg #454764

It's your business, it's up to you to set your fees where you can make a profit with your business. Only you know what your costs are, use that to make your decision.

Reply by CopperheadVA on 2/8/13 1:09pm
Msg #454785

I would not drive 40 miles for $100

I accept that in my zip code only. Most of my clients pay $125 - $150 per closing.