Posted by JimAZ on 10/25/13 11:56pm
Msg #489830

Hang in there Pros

Four star offered me $75 today. Countered with $XXX and got an immediate OK and thank you. Let's not forget we are an important part of this process.

Reply by Marian_in_CA on 10/26/13 2:04am
Msg #489840

This is so true... had an interesting call today, too

One of my favorite TCs called discuss a potential job in an area the would involve some extended travel. I'm purposefully not mentioning the TC or this person for several reasons, which I hope might be obvious. It's irrelevant anyway, I think.

She said, "We're offering $85.00 to handle these now..."

And I could hear something in her voice that wasn't right. This is an officer that I've had a great relationship with for years. I said, "Seriously, [her name]? You know darn well I charge a minimum of $225 for a refi in that area, always have. What do you mean you're 'offering' $85 now?"

She said that her bosses at the corporate office have told them that in order to maximize their profits they are 'offering' a starting fee of $85 to see if anyone bites. She said that some of the notaries they work with are so desperate they're accepting the first offer out of fear of not getting any work. This includes some of their notaries who normally charge $125-$175 a pop.

Now, here's the thing.. she said they are STILL authorized to pay agreed upon rates, but they're just supposed to start at $85 and negotiate from there. She said she actually was shocked at how many of their established vendors are accepting the lower offers out of desperation. The reality is, and she confirmed this, that for the right notaries, they will absolutely still pay top dollar... but the notary has to ask for it first. The problem? They aren't asking! They're just accepting the first offer they're given out of fear.

Now this is direct TC work... not through a signing service. This TC doesn't use signing services. They have direct agreements with notaries and limit the number of notaries in each area on purpose. I only got on with them after 4 years of waiting when another notary moved out of state.

Reply by Christine/OK on 10/26/13 3:06am
Msg #489843

Thank you, Jim & Marian, for sharing. :D n/m

Reply by JanetK_CA on 10/26/13 3:08am
Msg #489844

A Must Read!! Important to keep in mind when accepting work! n/m

Reply by Notarysigner on 10/26/13 8:53am
Msg #489853

Re: This is so true... agree however there's more

I've experienced. Sometimes you can "counter" and surprisingly the caller, valuing your service will bump up your counter offer even more.

Yes it isolated but it does happen.

It's too bad we gladly name companies that don't pay or pay undesirable fees causing notaries to "jump" at an offer, as Marian mentioned when we receive a call from a hiring party THAT isn't on the no no list. IMO

Reply by Les_CO on 10/26/13 9:40am
Msg #489857

Re: This is so true... had an interesting call today, too

As I have said many times before…..At one time the Title Companies didn’t care what we charged….they put our fee on the HUD just like appraisers and surveyors; and the borrower paid it. Now thanks to the NNA, and others running notary mills, and these unethical low-ball companies it has been proven that with a little extra work it IS possible to find a notary that will do a (sort-of) signing for $50. The fees that Title charges for their “remote signing” fee, (usually around $300) is often rolled into their “bundled services fee” and what they DON’T pay out they keep. (An undisclosed profit in my opinion!) They charge the borrower no less today that they did years ago….they just view US as an additional profit center today; and until some borrower complains that they have violated at least the spirit of ‘full disclosure’ and demands the money they paid to title but that title did not pay out back; this will continue. There is not one company out there that will not charge $300 plus, and pay out $50 and not keep the difference if they can get away with it. JMO

Reply by 101livescan on 10/26/13 9:54am
Msg #489860

Today, it's a cattle call for the cheapest notaries to

compete for the same transaction, UNLESS, you have established relationships with solid companies who value, appreciate and want only the tried and true, competent, knowledgeable and reliable NSAs to handle their clients. That goes for LOs and EOs. I hear horror stories in my local escrow companies about the signing they had to sub out to a SS who hired a $50 notary and the docs came back completely fraught with errors and the file had to be resigned or corrected. Now there are the three days with refinances of primary residences, but in today's market, most transactions are purchase and sale, and there is often no room for error. The LO/buyer/seller are all fixed on closing ASAP.

Gotta know who to work for these days and be leery of companies looking for the cheapest, not the best.

Reply by Belinda/CA on 10/26/13 10:47am
Msg #489864

Marian, you should make this post a stand alone post. Title

it so that it grabs many to read it.

Reply by SDSigner on 10/26/13 3:18pm
Msg #489875

Re: Marian, you should make this post a stand alone post. Title

Great post, that's scary. I like 101Livescan's advice, just remind the Loan Officer how important an excellent notary is to the client's overall experience. If the loan people tell the TC NOT to go cheap on their clients or they will use another TC that respects and values their notaries, problem solved. Another important reason to have a business relationship with the loan brokers/bankers. I personally hand pick my notary for my own loan closings as a banker, as well as sit in on every signing. I won't allow a SS or new person anywhere near my closing. It's way too important to hire cheap, that's a bad move for that TC, they are going to lose escrows in the long run.

Reply by Tudi/CA on 10/26/13 10:50pm
Msg #489886

Re: This is so true... had an interesting call today, too

Great info...thanks for sharing!

Reply by Eric Andrist on 10/28/13 9:46am
Msg #489984

I've never had that happen. When I counter, they move on to the next person even though they say, "Let me see if I can get that approved." I never hear back from them.