Posted by Yael Ellsworth on 3/11/13 11:35am
Msg #460526

Starting out

I've held a notary for over 10 years and have decided I should/could use it to make money and venture out on my own (after I build up). I'm getting a nice printer and setting up and would like to be a traveling notary doing closings etc.

Trying to figure out what to charge for and how much and what my costs will be. All I know is that my state allows $1 fee for signing. How does that translate into the $80-100 that is often charged for closings. Is that literally per stamp and every piece of paper and travel fees?

I'm sure I sound silly (nice way of saying stupid), but I 'd appreciate any clarification.

Thank you.

Reply by Linda_H/FL on 3/11/13 11:41am
Msg #460529

Msg #453869

Read backward from there..then forward.

Only YOU can determine your expenses...not us.

Reply by Yoli/CA on 3/11/13 11:44am
Msg #460532

Sounds like you need to do some research before venturing out. There's a wealth of information on this 'site. You may want to invest some time and funds in taking a loan signing class. Research what equipment is necessary prior to spending the funds. There's more to it than a printer and a notary stamp.

$80-$100 is on the low side. Develop a business plan. Figure out all your expenses, including taxes and insurance and marketing, then you'll have an idea as to what you need to charge to make a profit.

Reply by JanetK_CA on 3/11/13 9:58pm
Msg #460662

"There's more to it than a printer & a notary stamp." Right!

To the OP, from your question about how a $1 notary fee translates into $80 - $100 loan signing fee, it sounds to me like you don't know much about this end of the business. I heartily agree with Yoli about taking some loan signing classes and doing more research about loan signing (and agree about those fees being on the low side).

You need to have at least a minimal understanding of loan documents and the whole lending process before you take on anyone's loan signing assignment. Like with most things in life, there's lots more to it than meets the eye - and a huge amount of potential liability if you get it wrong.

Reply by Howie35CT on 3/11/13 12:13pm
Msg #460540

Pay specific attention to your profile listed here. If I were a person or company and I clicked on your name, I would see a blank site, which translates into "seek another notary". Write up something about your experience and what you will offer to the person who contacts you. Good luck out there!

Reply by jba/fl on 3/11/13 10:15pm
Msg #460664

"a blank site, which translates into "seek another notary". "

But to some that translates to "doesn't know much, we can rape, pillage, plunder those services and perhaps not pay to boot." Anything that ends with ox will find this to be tasty.

Reply by Doris_CO on 3/11/13 12:35pm
Msg #460543

While you're doing your research on this site, also pay attention to the equipment that most NSA's write about. First of all, your printer must be laser, not inkjet, for loan documents, because of the difference between toner and ink, and not the quality of the printing. Supplies, like paper, toner, etc., have also been discussed.

Also, although it is a bit outdated, read message Msg #33325.

Good luck in your business.

Reply by NJDiva on 3/11/13 1:25pm
Msg #460548

Keep in mind that this is a business. All of your answers

can be found on this site in back messages. There is quite a bit of competition out there. There are also a lot of already well established NSA's in addition to many, many newbies that have seemed to infiltrate the industry in the past few years.

Go into the "Find a Notary" tab and put in your zipcode to find out how much competition you have and whether it will even be advantageous for you to invest in this business. It takes a good two+ years to get established enough to make this a viable business. Do not come on expecting to be held by the hand and given very valuable, proprietary, information without working for it.

Remember, Saks Fifth Avenue would not go to Nordstrom's to ask how to profit in their industry. Do your homework. Your answers are here to be found. Also remember that undercutting only produces charity, NEVER profit...don't be fooled and misguided.

Good luck in whatever decision you make.

Reply by Jack/AL on 3/11/13 2:12pm
Msg #460562

I've held a notary for over 10 years.... Let it go. n/m

Reply by Linda_H/FL on 3/11/13 3:25pm
Msg #460586

LOL Jack - actually, kidnapping came to mind. :) n/m

Reply by desktopfull on 3/11/13 2:21pm
Msg #460563

Just read the forum! n/m

Reply by Yael Ellsworth on 3/12/13 4:36pm
Msg #460781

Thank you all (well, most). You guys have given me a ton of homework, which is exactly what I was looking for. FYI, Jack, I use it for work - not just cause it's fun.

I've found a lot of great discussions and info on here (and a couple of other sites) to read up on and follow up with. My next step that I can see is to decide which class to take and which certifications are worth it.

All the help is very much appreciated - the sarcastic ones, not so much, but it's to be expected, I guess.

Wish you all the best.
Lynn