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Why all the $75 fee offers these days? Hard to justify.
Posted by  Cheryl Elliott of CA on 8/2/20 10:42am Msg #622667
Since I turned off SDs, I don't see many of these offers any longer.

I realized a long time ago that the reason signing services offer these bottom of the barrel fees is that they have made a "volume deal" with title companies to take everything they have for $125, passing on that "volume deal" to notaries. This is how these companies survive, getting newbies to work for $75, the SS keeps $50, but not a bad deal since they have this "volume deal" with their title companies. To boot, many of these signing services who are really NSA's posing as SSs, won't pay for 45 to 90 days since they have their own priorities when it comes to paying out to notaries.

As we know most lenders pay way more than this on the CD. Chase, for example, automatically allocates $150 in their fees for each closing. I am paid $125, more for distance, but not through a signing service, but by national title companies. I am amazed when I receive calls to do last-minute signings, and I'm asked what my fee is, $200 is not a problem with title companies. I had one with yesterday with a major account, I asked for $150 since it was in my backyard, and the scheduler immediately agreed. Apparently an earlier notary bailed and was a no-show for an out of state refi.

I guess some people are happy with $75 per signing and will take all they can get of these "volume deals." If you do the math. Four a day at $125 to $200 ($500 to $800) is way more beneficial to your bottom line than $300 (four at $75). If this is a notary's business model, it's time to change it up, because, in these turbulent times of signing in extremely perilous exposure to the COVID-19, $75 is not enough to cover all the costs of being in this business for months to come.

Cost to take your car on the road differs for everyone depending on geography. I picked up a 3" screw in my side wall right rear tire recently and had to purchase a tire at $152. Got it fixed in less than an hour at dealership. I couldn't get to Costco, and there would have been a long wait if I did. I had to keep going with 8 files that day. Oh well, it was supposed to be a $0000 day. How do notaries absorb/justify $75 fees when things like this occur. Glad I could afford it. These were new tires at the beginning of the year. The cost of gas varies from $2.77 to $3.89 a gallon in my area, so I try to refuel at ConServ or Costco.

If you're out all day, you might have to drive through an eatery for nourishment, if you haven't packed goodies in your car for the day. Eating at home costs less and means healthier food choices. But I can't always take the time to run home to eat, plus the cost to run up and down the mountain.

COVID-19 mandated supplies: Hand sanitizers, gloves, masks, booties over your shoes, portable 6' folding table and chairs. Pens to leave with the clients after the signing. Have you figured out what these expenses are on a weekly/monthly basis?

Reality checks are good! Stay safe and healthy during this crazy business climate. With lower rates on the horizon, we can all expect to be very busy, and we need to make good business decisions.

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Messages in this Thread
 Why all the $75 fee offers these days? Hard to justify. -  Cheryl Elliott on 8/2/20 10:42am
 Re: Why all the $75 fee offers these days? Hard to justify. - Luckydog on 8/2/20 2:18pm
 Re: Why all the $75 fee offers these days? Hard to justify. -  Cheryl Elliott on 8/2/20 3:52pm
 Re: Why all the $75 fee offers these days? Hard to justify. -  JanetK_CA on 8/2/20 4:05pm
 Re: Why all the $75 fee offers these days? Hard to justify. - SteveS/CA on 8/4/20 1:42am
 Re: Why all the $75 fee offers these days? Hard to justify. -  JanetK_CA on 8/2/20 4:23pm
 Not enough notaries get this -  Cheryl Elliott on 8/2/20 6:30pm
 They get it - Luckydog on 8/3/20 8:18am
 Lets put this in perspective - Luckydog on 8/3/20 8:27am
 Unjustifiable. Counter with your reality. You can get it! - Lee/AR on 8/2/20 4:23pm
 Re: Unjustifiable. Counter with your reality. You can get it! -  Cheryl Elliott on 8/2/20 6:32pm
 Re: Unjustifiable. Counter with your reality. You can get it! - pdl/cali on 8/2/20 9:28pm



 
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