I don’t know about the rest of you, but I’ve had it with waiting 30 days for the sub-category companies to pay.
We should ALL boycott closings until it’s made mandatory that they pay us no later than 10 days after closing. I work for a lot of title companies and I know they pay the sub-category companies three days after closing.
Why should we the notaries take the financial hit? We shouldn’t. If they can’t pay us sooner than 30 days then clearly, they have capital issues.
I’ve been executing closings for fifteen years, and it’s about time something is done about the payment procedures. Remember they need us we are the last stop on the closing train.
You are so right, not only boycott for being paid on time, but that they stop taking 75% of the pay. No signing should pay less then $150. We need to take a stand…
I blame YOUTUBE for talking about making 5K in one month! Please people understand the COCGS! Cost of Goods Sold, which translates into “how much does it cost to print, drive, gas and TIME!” Who is doing closings for under $100.00? Honestly, if anyone is executing closings for less than $125.00 and I mean for a local (less than 25 miles) is losing business. I average 3k-4.5k a month and my average closing fee is $275 - $350. I’ve heard about the horror stories from paralegals at the title companies with newbies and this is why sub-category companies feel they need to micro-manage the experienced notaries.
I support it but to collectively get a large portion of signing agents on board when this is their bread and butter is going to be tough. The fees are so inconsistent and seem to continue to drop because of the over saturation of agents. If a boycott happens unfortunately that is when the buzzards starts to pick the leftovers and we end up where we are…not sure how to fix but I support it.
Newbies and or agents that accept low fees will not make it. That is simple economics when they figure out the COGS of their transactions. We all know the rules of funding, which means the C2C, CXC, Signing Agents, ASAP… (list goes on) gets paid right after the 3-day N.O.C., expires. There is no fundamental reason for not paying us sooner except pure laziness. Majority of my payments now are ACH or eDeluxe checks that is purely automated.
$275 to $350 are your closing fees? Please give us the info on what kind of closings these are.
buyer & seller… long distance? looking forward to earing back from you.
Yes, as a matter of fact, I am skeptical of claims that anyone is getting the kind of fees you state, unless you are driving HUGE distances to get from your home office to a signing.
A simple truth is that many notaries have no idea what their profit is. Keep track of your expenses on a weekly basis. Anything you pay yearly should be divided by 52 and applied each week. Total your revenue for each week. At the end of the week subtract your expenses from your revenue. The result is your profit. If the amount is negative, even or close to even, you need to charge more. When you get paid is a cash flow problem and not a profit/loss problem.
That person has it right. That’s the key as I see it (as a newbie here) I have to go out and make relationships with companies to cut out the middleman. Hustle hustle…
That’s I want to get as much experience so I can make more money right now I have to go through the contracting companies to gain that but I’m willing to put in to work
Ok, I mentioned distance. But, 75 miles round trip is not a lot, we do that EZ here in S. Florida.
I think that your location is the answer, being rural probably means few notaries available giving you better prices. There are many of us that have the experience, but with hundreds of $90 newbies we cannot commend those prices…NOT that we aren’t worth it. The dickens is getting it.
At this point this greedy industry is taking extreme measures to reward agencies and title companies that use automated software companies (SigningOrders dot com is aka Notary Loop, Inc) that will enable them to demand what they want to pay notaries based on their terms, not ours. It’s a type monopoly of sorts.
Notary Loop issued a press release it has joined forces with Snap Docs that in my opinion is likely to continue to enforce their low ball fees on NSA’s no matter what geographic area it is.
These abusive agencies are allowed to comment on notaries in their online notary rating systems on SigningOrder dot com who attempt to negotiate their fee. I got a phone call from one of these agencies Premier Notary Service LLC that has complaints on Notary Cafe for nonpayment that made with ridiculous accusations my law firm is about to send correspondence over.
I’m boycotting this soulless system of slavery that robs NSAs a fair fee for our work. They clearly have decided $100 max fee for scan backs and even less! It’s entirely greed allowing the industry to steal wages from NSAs.
I don’t think anyone disagrees with you but unfortunately everyone would have to get on board and be willing to take a hit financially in the short-term. If I boycotted those SS or any offers lower than $XX, I would never get assigned anything because I am in a saturated market here in SE Florida. My hope is as we come out of the pandemic (fingers crossed), people go back to traditional jobs and there are less agents taking offers, thus driving up prices.
I live in LA and my direct pays me on average 200 to 350 per signing…you have to do the work and market yourself correctly. There’s nothing skeptical about these rates. And this is from an EO officer who got a hold of one of my flyers that I sent in the mail (during lockdown) and contacted me three months later. It is doable….not easy…but doable.
