Recently I’ve been getting some work from these 2 companies. A month later, I’m still waiting on payments. When I ask where the money is, they blame the lender. Every closing I’ve done independently I am paid on the spot or a few days later in the mail. With these people, 45 days till payment? What gives? Are these people lying to notaries while holding their funds in an interest-paying account?
I’d like to know your experiences with these people and if they’re even worth the time. It’s getting old fronting my time, gas and supplies and not seeing anything in return.
If you are talking about Notaries 24-7, they pay when they receive payment from the escrow company. If you haven’t been paid in over 30 days, you could call them and see what they say.
I completed two Closings for Notarize 24/7 on September 24 and September 29 and received payment for both on November 20. I also have one I did on November 2 for them but have not yet received payment. I also did two Closing for them in July and was paid in the same time span. They have always paid me—a bit long waiting time—but they always pay.
I have been a loan singing agent for over 10 years+ over a 1000+ signings. If it is 24/7 they will pay but they can be slow because they are dealing with B of A. One deal I had with them took 3 months! I don’t want to talk bad about 24/7 because they are reliable on giving us notaries business, yet they are like Walmart in the industry when it comes to pay-out. Now if it is another company let us all know so we can refuse to do business with them. On the bright side move on from 24/7 and you will get a check from them, but follow up with every two weeks. Your business work load should be 25 - 30+ loans a month at about on average $100 - $350 per job: $75 - $100 jobs are your internet jobs, $150, $250, $350 are the jobs you get when working with an escrow officer side by side and must be willing to travel 2+ hours away, AND EVERYBODY AGREES DO NOT TAKE A LOAN JOB LOWER THEN $75 from a scalper! It mess up the market-pay-rate for us vets. You should always charge between 9-am - 5-pm your minimum for one signature at the local Starbucks for the public; $20 per-signature after 5-pm at the local Starbucks, $50 per-signature on Sundays only at the local Starbucks. $60 - $75 for the public appointment only at there house. If we all stick to this basic plan we will get paid by everybody within a month.
Insightful post, and I will definitely adjust my pricing structure based on this feedback. Thanks for the detailed reply and to everyone else who replied as well. Being new to this industry learning the ropes can be challenging. Thank you again.
Good advice, but just keep in mind when quoting your price that you can only charge what your state allows per signature/s, and then add on for travel and after hours, weekends, which is up to you
Every signing I have done for the last 15 years I wait 30 to 45 “business” days for my funds! Bancserv is great they pay every 2 weeks even on the job you did yesterday in that period. Title Source pays very fast as well. Closing Group and Notary 24/7 are up and up just slow like all the others.
I would love it if we could all start charging interest on OUR MONEY after say 2 weeks…They are using our funds at no charge. Everyone else gets paid when the loan closes… why not us??? An it is not our problem if the loan “hasn’t closed yet” We did our part. We contracted with the signing company, not the lender!
I’ve been getting a lot of calls for HELOC loans with Notarize 24/7 since January 1. I don’t print any docs, only travel within 10 mile radius, it only takes about 30 minutes and they offer $50. I have not received any payment yet, but I’m happy for the work. It’s not the best pay, but it’s been so slow here!
Since you quote your fee before getting the job … how do you know howl many signatures you are going to have to make? or are you referring to signings for individuals … not mortgage related??
For loan-related signings, I look for the following:
The amount of faxbacks required
The distance traveled
The printing involved
If working with a signing agency, I aim for 90-100 for no faxbacks within a traveling radius of 15 miles. If working with a title company directly, I charge $150 minimum since there is no middle man. The price is increased with travel distance.
If it’s not mortgage related, just ask the client to explain what is involved. If they want a quote (and most do), I give them a ballpark fee and am VERY clear it is likely to change (up or down) once I see the job. Everyone I’ve worked with has been OK with this approach.
You give the best estimate for a normal/average document signing. I don’t go by how many seals. If it’s up to 125 pages it’s $100. If the package shows up and it’s like many we get these days…LOAN DEPOT is one of the worst at 180 plus pages…a minimum of $25 additional fee. I make them confirm the increase via email before I will print the documents. If they don’t I request them to re-assign to a different notary. We will not be in business if we work for free…
As luck would have it, I received a call from Notarize 24/7 this afternoon. They have a refinance in my neighboring town for me to do tomorrow. I’ve read all of their documentation and it specifically says that payment is within 45 to 60 days. Oh well…
Some companies will hold on to this money and invest it, until you call. They make the interest off of the money they owed you. These folks are very business savvy.
What is a typical charge for 150 pages, with fax backs, 62 miles 1 way and make a copy for borrowers? Im trying to decide how to price these as IM getting quite a few and I do not like doing them to cheap but I am also glad to have extra business. I have added like Jean did on hers when I see how many pages and what all they are asking of me plus where I am going. I go up into the mountains late nights and it can be pretty treacherous up there. Last night was an example. 8pm 62 miles 1 way up in the middle of the forrest near Natl Park. I know I did not charge enough and I know they will be giving me more of them so I will be increasing the charge but I am not trying to over charge either. I just want them to be fair.
