I guess in some States it's like being a secret shopper to become a Notary Public. I think it's sad but Common Law States, the majority of our Country, place we Public Officials into the position of 'merely' confirming identity and then witnessing signatures. Most States place a ceiling on how much such Public Officials can charge for doing so. That turns out to equate to a meager amount of money that nobody can live off of all by itself on an on call convenience basis. Some States limit it to $15 and some to a mere $5.
Imagine being a full time on call Notary Public on a walk in basis with no other hat to wear working in Connecticut for instance. Maybe once or twice a week somebody needs something notarized and walks in at their convenience. There you are. That'll be $5 thanks. Done.
Loan Signings are entirely different in every aspect. We absolutely must be qualified as Notary Publics and nobody that isn't one can do our job in our stead. We are not merely witnessing a signature either. We are actually expected to walk a fine and tricky line. We are expected to both point out the (most important? - being that we are not allowed to be at all partial how is it that we should be the ones to pick and choose what is most important or even the ones to boil things down? ) parts of the documents, and yet stay miles away from seeming at all to be acting in the role of a Lawyer.
I understand from my research that we can and have been included in lawsuits from unhappy borrowers and that our E&O, regardless of how much we purchased, only covers the handful of pages out of the upwards of 80 to 200 pages, that we walked the borrowers through. It only speaks to the ones that we notarized. Beyond that we are on our own.
If NSAs anywhere, newbies or not, think that something close to $50 or less for an hour of their time is a win then they fail to see the extraordinary risk that they are taking on, let alone the obvious cost of their vehicle expenses, office equipment/supplies, insurance and TAXES, We are self employed people. There are no benefits and the contractor isn't even paying the one half of Social Security that an employer typically pays.
YET these middle men AKA Signing Services are keeping well over half of the cost that the Lenders are charging the borrowers for Notary fees.
I am new to this Forum and have been tooling around to get a pulse. I have seen posts that echo my sentiments and I have seen some from the opposite end of the spectrum too. One gal claimed that she isn't even in it for money. She just enjoys being of help to people that she knows and has trusted friendships with. That's nice for her but I also tend to think that there are good reasons that she isn't in it for the money. She probably doesn't need the money. Not in the direct sense. Her family ties and her friends have her back. In other words, she is a member of a network, more than likely. Don;t get me wrong, if I were a homeless person I too would take joy in working for free just for the sheer joy it gives me to be of help to somebody who is an old friend or is a kin but I wouldn't suggest that all Notary Publics across the Country appreciate that my attitude should set any sort of a standard.
I would figure that I was born fortunate and can afford to do business on such terms and I suppose I would also figure that regardless of the fact that I wasn't focused upon the money it would be coming back to me ten-fold simply because of who I know and the favors that I have accumulated. I wouldn't communicate to all Notary Publics everywhere that just because I was well born that they too should never balk at being offered less than the equivalent of minimum wage when factoring in taxes and expenses just because it never hurts to be a generous person for the sheer joy of it. No. I wouldn't.