The Hidden Costs of Being a Mobile Notary: A Case Study
Recently, I received an offer from an anonymous Escrow/Title/Signing Service. The signing fee paid by the borrower, separate from the settlement fee, was listed as $220 on the Closing Disclosure (CD). This fee, they claimed, was assigned to the notary. However, upon closer inspection, the reality of the situation became clear.
Breaking Down the Costs
To fully understand the financial implications of this job, letâs break down the costs:
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Stamps: The job required 17 stamps, each costing $5.00, totaling $85.00.
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Printing: The documents amounted to 418 pages, with each page costing $0.06 to print. This added up to $25.08.
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Travel to Signing: The cost of travel, including vehicle maintenance, insurance, and gas, came to $0.625 per mile. Given that the signing location was 11 miles away, this equated to $6.875.
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Preparation: Two hours of preparation, which included printing, setting the appointment, and travel to and from the location, was valued at $40.00.
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Scan Backs: Scanning the documents back cost $0.01 per page. For 418 pages, this came to $4.18.
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Trip to UPS: The trip to UPS to drop off the package was 4 miles, costing $2.50.
Adding up all these costs, the total expenditure for this signing was approximately $163.64. This is a significant amount, especially considering that it doesnât include any profit margin or compensation for the notaryâs time and expertise.
The Offer vs Reality
The offer from the anonymous service was $70. At first glance, this might seem like a decent amount, especially when compared to wages in other industries. However, when you subtract the total cost of $163.64 from the offer, youâre left with a loss of $93.64.
The Hidden Costs
The excitement of earning more as a mobile notary can quickly fade when you realize the hidden costs. Expenses such as buying another printer, taking the car to the mechanic, paying for the increase in the price of paper, toner, and other supplies can quickly add up. These are costs that you, as the notary, will have to bear.
A Call to Action
If notaries continue to accept such orders, these companies will persist in their claim that they canât pay more because âthatâs what the market is payingâ. However, this is not a sustainable way to do business. As notaries, we must ensure that we are at least breaking even.
Being a mobile notary can be a rewarding and profitable profession, but itâs essential to be aware of the true costs involved. Always do the math before accepting an offer to ensure itâs financially viable. Remember, your skills and services are valuable, and itâs important to ensure youâre adequately compensated for your time and effort.