I am just curious what everyone’s thoughts are on today’s notary fees. Has anyone been getting fee increases? While the rest of the world gets adjustments to their pay to keep up with inflation, are notaries stuck to the same fees year after year? Is there anything we can do collectively to raise the fees we are paid by title companies and lenders? Let’s discuss…
2 Likes
(CA) It appears you are new to this forum. May I respectfully suggest that you click on the nearly invisible magnifying glass in the header (just left of your photo or initial at top right of this page) and scurry around to see how your query has been addressed. Just type in “fees” and hundreds of responses will appear (and those are just mine [haha]) that will bring you up-to-date on the fee issue. Good luck and have fun!
1 Like
I think you’re joking. I was actually being serious.
For example, last weekend I went to restaurant I’ve been going to for years the other day. I ordered my favorite dish. This time it was half it’s normal portion size. I asked if this was all the kitchen had left of that particular item and they’d thought I may not notice. The manager actually had groomed their server to respond with a speech about inflation and how the cost of everything has gone up, so they’ve had to drastically reduce their portion sizes.
Most people that work corporate or retail jobs have seen a “cost of living” “raise,” and clearly small business owners are making adjustments as well.
I’m just saying…should we be complacent about the standard fees that we’re offered? Does anyone know the last time these fees were changed? Can anyone speak to the success of “petitioning” to raise the fees?
I am not in any way, shape or form trying to sound like a diva here.
3 Likes
(CA) Forget the silly comment above about “your brilliant notary skills” from our ‘esteemed’ colleague.
As has often been said on this forum, raising fees is not a universal thing. Everybody is an independent contractor and sets fees according to their wants and needs or in keeping with what their state allows or what the market will bear. Any ‘uniform’ setting of fees will, in most states, be considered price fixing which is against the law (including federal law).
One can “petition” to raise fees, but to whom? Ttile/escrow/lenders will ignore such a move and the petitioner will soon find themselves without any orders coming their way.
If you want to raise your fee, go ahead and do so, nobody’s stopping you. Negotiate when you can. I just can’t imagine being too picky, though, when there is so little LSA work out there and won’t be for some time to come, I’m afraid.
2 Likes
@sam1 Also, many are hesitant to openly discuss in a public forum at the risk of unseemly behavior (i.e., price fixing), which is a ‘no-no.’
The suggestion by @Bobby-CA is a good one. Here is the image to assist you in locating the mysteriously disappearing Magnifying Glass.
I performed a quick Search as he suggested on “fees” for you and here are the Results from the GOLDMINE in the Notary Cafe Database. There are 100s of threads available:
https://forum.notarycafe.com/search?q=fees
I performed a quick Search on “raise fees” for you and here are the Results that also has 100s of threads available:
https://forum.notarycafe.com/search?q=raise%20fees
Also, I performed a quick Search on “increase fees” for you and here are the Results that as well has 100s of threads available:
https://forum.notarycafe.com/search?q=increase%20fees
It is a real problem that while we are hit with inflation including the price of fuel and printing products our fees are being cut nearly 80% of the time. Some companies will still honor a request for an increased fee if it is based on distance, number of signers, special circumstances, etc. but those increases are usually no more than $20. Other companies are taking a hard line and offer an assignment for a standard fee regardless of any special circumstances because there are enough notaries left in the field who will take anything. As a rule, if you see a signing platform offer a job repeatedly with increasing fees it is because there is something unattractive about the assignment. Recently a job that was based 45 minutes away went from $75 to $120. Once it hits that $120 it is likely that a notary said they would be available for that fee. If you hit on the offer immediately and you are ranked higher than that notary, you will get the job. A second indication that you may be able to ask for a higher fee (provided the original one is not fair) is if you are called directly. In this case, the company’s go-to (closer or cheaper) notary is not available. I ask what they are offering and then ask if they can bump the fee for XYZ reason. As long as the bump is reasonable, you will get the assignment. Meanwhile, in order to stay in the business, you have to decide if it is better to insist on your minimum fees or take anything that doesn’t cost you money in order to survive this round of rate hikes. It’s August and we should see an uptick for the last quarter. Meanwhile, I find positioning myself for GNW is challenging and will require some marketing expense. Even the wealthiest of clients will pop into a UPS to have a document notarized. That being said, I am still getting some GNW repeat business based on leaving my card behind at a signing.
1 Like
Fee will start rising when our fellow NSAs start refusing low ball offers.
5 Likes
Yep…fees will raise when the NSA raises them. If you wait for the companies to raise fees you’ll never see it
3 Likes
Everyone can set their fees as much they want to, it is up to Title Companies and SS entities decide if they want to pay what you asking for your services as independent Vendor - Contractor, if they need you immediately probably you get your fees paid, if they do not need you ASAP they shop around for the cheapest LSA…
2 Likes
This topic was automatically closed after 90 days. New replies are no longer allowed.