We’re all waiting for you to explain this crazy closing price. Even direct doesn’t offer that much. Ears are open.
The holy grail of notary work–working direct for a title company–and living in LA where everything costs twice as much as everywhere else. Many if not most notaries that follow this forum get by with work from signing companies working through online apps. No, we’re not getting $200 to $350 per signing. (Average means one number, not a $150 swing from one number to another.) I’m in the Phoenix metro market, work a limited section of the market, and avoid traffic congested areas like the plague. I stick to a radius around my home of 25-30 miles, and I will ask for–and usually get–a couple extra bucks to cover my additional cost if I go beyond that. I probably average $85, maybe even $90 per signing, and make a sweet profit doing so. Mileage is my single largest expense, followed closely by payroll taxes. My NET profit margin is 54.5% this year.
I don’t even bother to market to title companies, nor do I care to, not when the 65 NSA certified signing agents living within 5 miles of my zip code are doing the very same thing. I’m not stupid, I know how not to waste my time.
And I will never get with any program that says I need to boycott low fees. Better that people who don’t know how to make money at it go get another job.
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Part of it is living and working in LA. EVERYTHING costs more in Cali.
Ever done a search on SigningAgent.com to see how many NSA-certified notaries share your market? I’ve got SIXTY FIVE of them–most with a year or less experience–within just five miles of my home. How crazy is that?
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I’m not in LA I’m on the east coast. I live in a state where there are not many notaries that do this kind of work. Hence “supply and demand.” With that said, we have to educate a few of these companies such as C2C, etc… that over here, offering a closing for $50-90 is a joke and we do all day long. As I said before in earlier posts, my base pay starts at $125.00 and I go up from there. Maybe this will shed a little light since I used to draft HUDs. Title companies build into their price the cost of a notary, which can be anywhere between $250-$300. Now if newbies or other notaries are accepting closings for $50-90, who’s making the money here? That goes the title company. Now if you have one of those crappy companies who find notaries they are taking a piece too. So, this is what happens, tittle companies that use the crappy companies that find us tell them you have “x” amount to find a notary. That “x” could be $250-300. Therefore, if you accept a closing for $50.00 you just made that company $200.00. If you’re going to play this game follow the $ trail.
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Let’s say the title company is paying $250 (Where can you find this on the settlement statement btw?), why is it beneficial for the title to pay the notary that same cost? Wouldn’t they pay the notary less since they aren’t using a signing service to find the notary? Just trying to understand the mechanics.
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Skeptical? I earn upwards of 400 per closing being rural. EVERY closing involves an average of 2 hrs gravel. Why would someone lie about their rates?For the same reason post their accounting software and how much they earn in a year. I have never posted a w2 or tax return would u? FYI notary gadget can be manipulated. Proof is in my business bank account deposits. Should I post those LOL? Silly folks will remain Silly. BTW I did do a closing 10 min from my home…I don’t leave my house for less than 100.00 PERIOD.
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At the very least in California anyways, $15 per person, per document notarized, that alone can add up and surpass $150 on some occasions where there is multiple signers to notarize
BUT in all fairness, the SS is doing the marketing, I assume and at least getting us a chance to get business and develop relationships, though it may take longer to make a decent living
BINGO! The most I’ve ever received for closing is $750.00, 3 1/2 hour drive one way, 1 hour for the closing that’s an 8 hour day. I average $275.00 a closing. It’s all about supply and demand and experience.
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Notary fee is wrapped into the title company fee. Once in a while you’ll see a separate line item that lists the notary fee, but it’s rare.
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We need to change the “industry standard(s)” for paying notaries. Once one company started the net 30 days the rest follow. It should be “15 days.” Once the closing is complete and the 3 day N.O.C., expires title pays off the existing mortgage (if there is one) and pays the companies to find the notaries. This translates into “they are sitting on OUR money!” WE deserve to be paid quicker for our services. Not to mention they are making interest off our money. Think about that …
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How do we make that change?
Am I correct that Title pays everything listed on the Settlement Statement upon receipt of funding?
If yes, and if regulations required the notary fee to be a line item on the Settlement Statement would we get paid when Title receives the funds?
If yes, then Title companies that use 3rd party signing services could/would pay the notary directly and pay the balance to the SS.
Think about it. Appraisal fees are listed on the Settlement Statement to disclose the total costs of doing the loan. Appraisers are paid before the loan funds and not paid by Title. Appraisers have the right idea.
Rather than boycotting, I wonder if there is an avenue through state regulations that would stipulate that notary fees have to be a line item on the Settlement Statement and paid immediately upon Title’s receipt of funds.
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In table funding states, yes. All funds must be disbursed immediately…or held in title trust account and accounted for.
Keep in mind - if you want to be listed on the CD/HUD yes, you’ll be paid at funding - on the flip side if there IS no funding nobody gets paid, including you.
I have said for 15 years - I firmly believe signing agents should (a) set their fee and stick to it; and (b) be paid at the table and itemized on the CD/HUD as a POC item.
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Baby steps J. Let’s start with a regulation that docs be provided to notary no later than 12 hours in advance of a closing.
As far as pay goes, I think 2x a month would be fine.
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creative signings in calif wants me to wait 45-60 days
the client paid them 4 weeks ago
thru snap docs who does nothing…
hoping this company doesnt go under
what regulation is that??
sometimes i get docs way ahead or schedule other times they think they can send them same day in am for a late am job and 2 hours ride.
The major problem is that NSA just keeps on accepting the assignments. It’s worth a shot to band together but those 2 and few…it’s amazing that we are commissioned thru the state and allowed to be treated as minimum wagers. We are the lowest on the scale.
30 days is fine with me. Anything longer is unacceptable. If you don’t like waiting 30 days then why do you take them? You can boycott all you want and it won’t make a difference. It will just mean more work for someone else. I have been doing this for 16 years.
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