Are any experienced loan signing agents taking these types of assignments?
“This is Mortgage Connect, are you available on the following
Comments: Refinance -Page Count (Approx): 200 -Copies Required: 2 -Scanback Req’d: Full Pkg
Reference Number:
Date: August 10,2024
Time: 10:00 AM Fee: $ 65.00
Client Name: xxxxxx
Product Type: Refinance”
If I understood this request correctly, this assignment requires a total of 400 pages to be printed. I keep seeing these types of assignments being offered. “John F. Kennedy is credited with popularizing the aphorism “a rising tide lifts all boats.” I would like to think, if experienced loan signing agents would mentor new loan signing agents. We could have a significant influence on increasing the signing fees. I would like to hear someone thoughts on this topic.
It would be very nice if there was some sort of organized mentor program and I would love to be part of such a program. I know I could have used the help to be more successful in the beginning by knowing what “the going rates” were to counter low ball offers. I’m pretty sure ALL NSAs were beginners at one point and anyone looking to this business as a source of income should be welcomed and supported; not looked down upon and/or encouraged to quit. I have been both a full- and part-time NSA, based on life circumstances and am grateful I made it through the stage of not knowing certain aspects of the business and most of all how to calculate fees.
They are not all bad. I was paid $125 for a 17-page hybrid refi last night and was out the door in less than 10 minutes. (edit: not from Mortgage Connect, though).
Thanks for sharing your experience. Companies can pay a fair fee. But some companies are taking advantage of the oversupply of Loan Signing Agents and low volume of signing orders. Right now Mortgage Connect is at the low end of paying signing fees.
If they all offering lo ball fees its collusion
In this area …its being investigated. They all start out at $50.
And claim its the average in " your Area"
But won’t discuss how that average is arrived at
Its bu. S…
Wake up.
Counter the offer at a fair price .
I do and i get fair fees or i dont take it… somebody is dumb enough to do it …so they keep it up
Title companies havent reduced fees to signing companies …look at the closing disclosure
See the fee listed for us “notary fee”
This isnt rocket science
The problem is some people are trying to feed families and pay bills on this business . So they take anything for anything.
The signing companies are all laughing at it.
They too have downsized .
The signers are charged for our service .
If our rates stay up to fair value …it gets passed on like any other business.
I was sent a job 2.5 hours away with scan backs and bring an additional witness.$125.
Totally unrealistic…
I told them signer provides witness …and countered$350.
No I didnt hear back…and didnt expect to .
I feel sorry for whoever took it… that particular area doesn’t have anyone near it. And its 60 miles of single lane country road 35 mph
I put all that info in my counter …but it was an out of state snapdocs deal …those folks have no clue …they went up to $150.and i didnt bother. So someone took it .
Happens all the time .
My record is flawless. With 000s signings under my belt…
If they want a good job without worrying about errors …they pay me.
This is an easy way to make money imo .
I have direct business every week
Use your head and develop some for yourselves
It takes effort …that all.
As a new signing agent, I am totally embarrassed to see the low fees being paid for these jobs…I mean its a slap in face.Oh, not to mention extra sets to be printed and left with signers, ridiculous!!.
@strandbergver Yes, concur percent it’s definitively a dramatic understatement to call these: “low fees”
Many of us are beyond the “embarrassment” reaction phase and are in one of the following phases:
Disappointed
Appalled
Frustrated
Annoyed
Angry
Disgusted
Etc.
Truly unconscionable to blast out Signing Orders [SOs] with abysmal fees.
🫨
The best one can do is to CALCULATE the costs to provide Professional Services & then only Accept SOs that will enable working for income (not for working at a loss).
Looking for a Guide to create a list of fees? See this helpful thread:
These low-ball prices are becoming more and more common. I have gotten loan mod requests for $20. The part that sucks is these LSS are trying to pay less than 50% of what the title company is paying. GREED is the common factor. I am fairly new to the notary game. I have taken low-ball offers to get experience and to get my name out there. I absolutely refuse to leave my house for less than $50 now unless its for a retainer that is only a few miles from my house. I’ve lost money on quite a few signings just to get started. Is it worth it? Does it make business bad for experienced notaries? I’m sure both answers are Yes. I pray things change soon, but I highly doubt it will.
Hello. I’ve noticed lots of requests like this and I’ve been replying that the fee is too low and giving them my fee. So someoneis taking their low fees. I haven’t done any signings lately because of the low fees.
I received two to three of these every day. I have not yet did a signing but I refuse to take any of them. I make more money with GNW and Permit Runs. Their offers are crazy low and very disrespectful. I want to get to do some signing but I can’t afford to do theirs.
#strandbergver, May I make an observation, there’s no need for you to feel embarrassed. You are not setting these fees. It’s a simple business decisions for these companies, they have purposefully chosen to put in place these low fees for now. Years ago I learned not to get emotionally invested in business it can become to mentally draining. It helped me to developed the mental toughness needed to succeed business. I choose to work with companies that are willing to pay my business a profitable fee. We all have different approaches or management styles towards operating our loan signing business.
Mortgage Connect has gotten horrendous with their initial fee offerings. I always counter with what I think is reasonable. But if they want the lowest bidder…go for it. They’ll regret it when they have to answer to their Lenders on why signatures are not according to documents, forgotten notary stamps, incorrect ink color used, wrong size paper used, late to appointment or last minute cancellations because the people doing this for a “side hustle” don’t take it seriously. OR the complaints I’ve been hearing Title companies relay to me once they’re disgusted with the “$60 Diamond Jim Notary Service”…scanbacks not sent correctly, if at all, and docs being left at retail stores that are rarely scanned in/picked up, thereby creating a total disaster. What we do isn’t different than any other service industry. Do you want it cheap or do you want it right is how I counter.
percent 
it’s definitively a dramatic understatement to call these: “low fees”