3 copies = 75 pages. Not in Texas. The typical loan mod can run up to 75 per print job. A VA Refi is closer to 200 page, 400+ in all.
The current IRS standard mileage rate is $0.625/mile Standard Mileage Rates | Internal Revenue Service. Multiply that times the distance you’re driving to and from these $30 signings; don’t forgot to include the round trip to ship. The mileage alone probably leaves you in the red, and you still have to deduct other expenses.
After doing the math, are you actually earning anything for the 90+ minutes these signings take? Even if you have no expenses you’d earn less than $15/hour after taxes.
Regarding ethics, do you really think a Signing Service that pays $30/signing has any? If you’re trying to make a profit and earn a living move on or market directly. You’re already taking a loss. You’d earn more at Target and get benefits and vacation pay.
What kind of packages are these? How many notarizations do they require? I hope they’re not “Homeowner Benefit Program” packages or debt settlements. If they are, do some research, these are truly unethical “deals” of no benefit to the signer(s).
FYI: This is the direct url link to the IRS website for the most CURRENT publication about the IRS mileage rates for 2022:
“For January 1 through June 30 of this year, the rate is set at 58.5 cents per mile. The rate will then rise to 62.5 cents per mile for the period from July 1 through December 31.”
Earning while you’re learning is not a bad thing. Now that you have some valuable experience, it’s time to test the waters with companies that value your experience. Time to thank them and move on. I wish you much luck.
Yes, that’s exactly what I’ve been doing. I have gotten a few signings directly from escrow offices so I’m ramping up the marketing. Thank you!
Very valuable information. Thank you!
These are seller packages which have only been 14-21 pages. I appreciate this information as I am still learning to treat this as a business instead of thinking like an employee. Thank you!
I always love your advice. You are exactly right & I agree with you 100%!! Thank you for always making me smile, knowing you are giving sound advice!! You’re awesome
The HBR is alive and kicking in California. I went to lunch recently with a notary who told me about these jobs. Most notaries do not read the documents closely as we are not encourage to; but there is a clause in many of them that the owner must sell their home through that real estate company or pay them a fee of 3% of the value of the home. These poor people are only receiving $500 to $1200 dollars to sell away one of their rights. Most of them say that if they sell their home, one real estate agent is as good as the next, others are older and don’t think they will be there the 40 years down the road. The whole offer needs to be looked at. It feels like some real estate agents are buying future business by paying up a small fee now and they too may never realize their profit. It just doesn’t feel right.
OK, you got me. . . what the h___ is “HBR”?
“What kind of packages are these? How many notarizations do they require? I hope they’re not “Homeowner Benefit Program” packages or debt settlements. If they are, do some research, these are truly unethical “deals” of no benefit to the signer(s).”
Many thanks for the insight.
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