Posted by ikando on 6/12/13 8:54pm
Msg #473123

Professional Settlements Services, and others

Received a mass email solicitation to do a closing next week, which I declined. Nothing new, but it prompted me to look at old files.

I noticed that in 2009 (four years ago, and after the Great Meltdown), PSS was offering the same $75 they're offering for signings today. That means, to me, that they haven't adapted their business model to the current economy. I would guess that several other signing companies that use the mass mailing system may not have either.

My fee schedule happens to be very similar to what I was accepting in 2009, just a few dollars more. And yet, even though my costs have risen, expectations from hiring parties have expanded, and other service providers in my area have multiplied, those hiring parties have determined I need to accept less than in 2009 so they can stay in business.

It seems to me that those companies that really want to stay in business would negotiate with their hiring entities for a higher fee based on their longevity and experience. It would also seem reasonable that EVERYONE would be more financially healthy if the tide turned from cheapest to value afforded. And that would be more than 2009 rates, if only for the experience offered.

Reply by NVLSlady/VA on 6/12/13 9:13pm
Msg #473126

Just that Everyone has such a varied view of "reasonable"

For example, Is it "reasonable" to demand the same fee for every job regardless of distance, overnight docs, etc. Or from a referring 3rd party provider?

This honestly is what I don't get about some state's licensing requirements. If the agent is required to be "licensed," there's an expectation for higher fees. BUT there also needs to be compensation for the Title referral - if I'm mandated to pay the same licensing fee (Oh, but I think the MD notaries cleared this up for me one time: their fee is for a different version of the title license, I think). Why have the license if you can't get a % of the "sale" you help close???

Sorry, I got off track a little (getting contagious); but I LIKE "those hiring parties have determined I need to accept less . . . so They can stay in business," ikando.

And it sounds a whole lot more professional than "I wouldn't be able to look myself in the mirror in the morning." So, if it's ok with you, I will program in my brain and try to recall for the next lowballer.

Reply by NVLSlady/VA on 6/12/13 9:29pm
Msg #473129

Since I diverted this thread . . .

I'll just keep going if it's all the same to everyone here

When I worked in sales, one company had 2 invoicing methods according to whether it was a 'pink' Commission sale (paid by manufacturer based on price) or 'blue' Direct/Resale. I was 'young' then; and it took me awhile to get the subtle implication of one over the other. With the direct/resale, each salesperson was free to quote his/her own markups - and Yes, the "markup" was higher if the sales from that customer was few and far between. The best clients got the best pricing. Kind of like that "aggregated analysis" thing in lending.

Someone may have to tell me where I'm going with this . . . I'm feeling sleepy

Reply by loandocs on 6/13/13 12:08pm
Msg #473173

Re: Just that Everyone has such a varied view of "reasonable"

No, it is not reasonable, that is the problem. We notaries are being used by signing companies in particular. You have to be selective in who you work for, that is the bottom line.

Reply by loancloser46 on 6/12/13 9:45pm
Msg #473132

They offered $58 today via mass email

for a debt settlement deal where you print two sets , 70 pages total for both and you must fax to them the 35 pages for client and then snail mail, at your expense, the docs back. Oh, and it was almost an hour drive each way and there is a $2 toll to pay as well. Insulting in my opinion.

Reply by Lisa Cirillo on 6/13/13 11:33am
Msg #473165

Re: They offered $58 today via mass email

I got the same email, I did decline. Then sometimes, they will call and ask what would it take to get this done. Certainly not $58. If they can meet my price, I go, if not they always say we'll call again, and they do.

Reply by loandocs on 6/13/13 12:00pm
Msg #473169

Re: They offered $58 today via mass email

I agree. It is important that we don't accept low fees for our notary services!

Reply by John E. Rogers on 6/13/13 1:31pm
Msg #473186

Well stated! I receive mailings daily from PSS, for $75.00 fee which of course I delete. On several occasions, they have called and I explain fee; if they accept, I do the closing and usually get paid within several weeks, at least less than 30 days which I can deal with. Good luck with this one. jer/oh