@signingsbytracy You’re absolutely correct! These Fees are abysmally Low . . .
Many business owners (within this business sector) when calculating ‘Profit’ forget to account for many of the direct out-of-pocket expenses:
Gasoline
Turnpike/Ferry Fees
Parking Fees
State Income Taxes (if applicable)
Federal Income Taxes
Etc.
For the Fee referenced above - the potential ‘Profit’ of $20 - hasn’t taken into account any of the additional actual costs nor does it include remuneration for the professional expertise or time expended . . .
In essence, those who are Accepting these Signing Orders [SOs] are LOSING MONEY on each & every SO they’re accepting.
Why they’d choose to do that, only they would know . . .
This is the only business that I know of where the buyer of services (title company, signing service) sets the price, as opposed to the seller (we notaries) setting the price.
“This is the only business that I know of where the buyer of services (title company, signing service) sets the price, as opposed to the seller (we notaries) setting the price.”
Exactly my gripe for a very long time. We are also the only ones who are paid AFTER the fact and not immediately at time services are rendered.
When the signing service uses the word "ridiculous’ ask them to provide a copy of the signing service invoice/title company invoice for the signers. Then ask the signing service to itemize the services they provided for their share of that fee. Don’t actually do it because it will never happen. You gave a good breakdown of what services you were to provide but we never will get a response on what value the signing service brought to the transaction
i don’t think so, your supplying 2 witnesses, there not do it for free and have to sit through 7 hr affair, your time has a dollar value as well plus its a last minute request.
yes there is a a trend to offer low fees’ i just counter for $100 minum or don’t do them unless its in my community, also I offer the consumer a digital copy versus hard copy, they usually want digital.
Digital copies are supposed to be offered to the client by the Title company or lender. As sensitive personal private information (PPI), they provide encrypted documents, which most of them don’t trust us to have the device technology to be able to do so. Most of the instruction documents will specifically list this as a Not To Do item.
@Jerrykryska1 As noted in the excerpt above, in my direct experience clients (nearly without exception) specify that if the signers/borrowers [BOs] would like to receive their documents in an electronic format, to advise the Title/Escrow Company [T/EC].
As a result of that notification, the T/EC will confer with the signers/BOs to provide the document package in the electronic format.
.
Also, with some T/ECs this is specified within their Vendor Agreement as a component of the Security Guidelines.
Sorry I included my mileage in that figure, it is actually $30. 2 cents per page = $6 and ink is 8 cents per page = $24 for a total of $30 for 300 pages.
Upon entering the loan signing industry, I was genuinely shocked by the pricing strategies utilized for loan assignments. My observations revealed that numerous companies demonstrated an aptitude for substantially diminishing and strategically bundling the worth attributed to the notarial act. Considering the established standard notarial fee for such an action within Florida, which, as per official guidelines, is $10. We are all aware of the underlying reality and the contributing factors behind the prevailing low fees, which can be primarily attributed to economic dynamics and the prevailing inclination of many of our peers to acquiesce to these conditions. Unless there is a natural attrition of loan signing agents within our sector, facilitated by an economic “invisible hand” the trend of depressed fees is likely to persist. The lack of understanding among Loan Signing Agents (LSAs) regarding the fee and commission structures within the real estate industry significantly contributes to the issue of low fees. If LSAs had a clearer picture of the earnings of lenders, title companies, and signing services for each transaction and how the overall profits are distributed, they would likely advocate more effectively for their own fees.
Actually Earl my math isn’t off, it would depend on the cost of your paper and type of ink you use. Would love to know what printer you’re using that you can print 10k sheets for $60.
My paper is .02 cents a page and my laser jet ink is .08 cents a page.
I am frustrated for you and with you. I am also getting low ball offers. I wish that there was some protection for notaries. For example, a bare minimum that signing companies have to pay us. Of course we can stop taking the low ball offers and I am. However, the notaries accepting low amounts are ruining it for the industry.
Sounds lije a DIY trust and will thing. I just did none for a friend. They provided the witnesses. It was a long deal, but since it was a friend and neighbors, we had a good time. It was about 2 1/2 hours, so quote accordingly. Keepnin min, if it was completed by an attorney, theybwoukd notorize in house. Be prepared to answer no questions. With a long drive, i would not even have given a quote.
I actually just had the same offer yesterday for a 2 hour drive one way hopefully one hour signing and same two hour drive back, 5 hours. That also doesn’t include my time to stop for restroom and a bite to eat and usually a drive through. I call it a full day and as I let them know 150.00 is too low but for $500 I will put it on my schedule. Oh and it is usually a lender with 160 pages provide a copy and scan back. For me I feel I could accept my fee but not their 150.00. They will keep resending the order with adding 25.00 and maybe just maybe get to 200.00. Fees are ridiculously low and I could see rates changing over next months and we get busier. My time and experience is worth and I won’t discount it
I have received almost that identical offer a couple of times recently here in central AZ, these last minute complicated low ball offers are so ridiculous I decided they might just be a phishing scam, so I no longer respond to these. And as far as all these recent last minute offers lately, I am countering significantly higher(in part because I am busy enough), and there is no logical/technical reason a refi (requiring signers to execute CDs several days in advance), or sales (with contracted closing dates) should be last minute, except for “rare” exceptions. In most cases now, if the SS I do not work with regularly needs a last minute signing, I check their “rep” and it seems legit, and if I am available, I ask for 50-100% higher fee and am often receiving a high percentage of acceptance for the counters, which is only fair IMO.
It’s all a question of supply and demand. If there are more jobs available than notaries to fill them, the fees will go up. Since that hasn’t been the case in a long while now, we see the reverse effect.
I found this online. Enjoy… In the context of loan signings, a signing service refers to an individual or company that acts as an intermediary or facilitator for individuals engaged in loan signings, primarily by connecting them with customers. The business model of a signing service revolves around exploiting individuals for financial gain by controlling and profiting from their participation.
