CALLING Old Timers .
Old timers or maybe someone here who worked for a Title company,
How much does a title company PAY a SS to assign and complete a loan signing ?
Does it depend on the type of closing ie: purchase, seller & buyer, reverse, heloc ? is it different amounts?
Thanks for any information you can give.
Only answer is: it varies. SS compete against each other for Title business same way we do…
Quote a fee (or feeS). And some SS (like too many notaries) think all they’ve got to sell is ‘I’m cheaper than the other guys’. Some scrape by making $50, while others make hundreds.
David M LindaH can you chime in?
It all depends on the agreement between the SS and the title company - there’s no way for us to answer this.
And in all honesty, I would not even worry about that - you set YOUR fees - what YOU need to sustain YOUR business and YOUR personal income /expenses - and as long as companies are willing to pay your fee in a timely manner, don’t get bogged down in the “politics” of title/SS negotiations.
I appreciate your input. I like to know who gets what in all transactions I’m involved in. I realize that there’s going to be different deals and there’s not one set rate. Title companies know where every penny goes. Why can’t we be part of that?
Honestly??? Because of nunnya…
Most of it is none of our business…stay in your own lane, worry about your own income and expenses - the rest is nunnya…
Linda. I appreciate your knowledge and how you’re willing to share same. But, please don’t tell anyone how to run THEIR business.
You said “Title companies know where every penny goes. Why can’t we be part of that?”
That’s what I was addressing - and that’s why I led with “honestly??” -title knows where every penny goes because they have to account for every penny…we don’t.
I’m not trying to tell you how to run your business - just saying what hiring party gets paid is not our concern - as long as our fee is met and we’re paid timely…the other numbers are of no consequence to us.
I have to respectfully disagree. I feel that all NSA’s are left out in the cold regarding full disclosure of rates. If even newbys know what the SS is being paid … they may not accept that $65 signing… bringing down liveable rates for all of us. Let’s say the SS is being paid $300 for a signing, why would a NSA accept the $65?
The world is changing all around us … why not be part of it?
After reading your request for information from “Old Timers” they all respectfully gave their point of view on the matter. LindaH was just telling you like it is, she was not trying to tell you how to run your business. If you want to know how much the Title companies are paying the SS call one of them up and ask them yourself. Do your own research. The questions have been answered for you by them giving you their opinion.
Besides it really doesn’t matter what the Title Company is paying, new notaries are trying to get the experience so they will do it for less anyway. If you research this forum there have been numerous discussions about this topic on what fees to charge as an NSA and the response is always the same.
This is what its all about!
I’ll address the responses first.
I’m told to do this and not to do that…that’s telling me how to run my business!
I’m told to do my own research…how do you know I haven’t done that? This is a national situation.
This website has 1,000’s of NSA’s, representing all 50 states.
There is a national push for FULL DISCLOSER. I think that we should be a part of it!
With full disclosure there are 2 parties who would gain from it. The sellers/buyers and the NSA’s.
The costs shown on the HUD show expenses charged…As some of you have pointed out. The notary is bundled in with other costs the title company incurs. This is VERY WRONG ! Title company has employees that they pay salaries to or they pay affiliates for their part.
The notary does not belong to either class. We are reminded Over & Over that we are
" an independent worker " ! Title companies could disclose the fee paid to the NSA’s, but they choose NOT TO . So I ask WHY? …Does anyone know WHY?
These costs are paid by the seller/buyer’s …they are just funneled through the TC’s.
I think that the clients should know the compensation paid to the NSA, who may be the last person they see in the transaction.
Of course, I think that the NSA should know the amount paid to the TC for OUR services!
I can’t understand why I’m getting PUSHBACK from some of the NSA’s on this site, because as I’ve pointed out …WE ALL WOULD GAIN WITH THIS INFORMATION.
You can usually find the notary fee listed in the Title section on the second page of the CD or Settlement Statement. Admittedly, some companies will group the notary fees im their own fees because they are the ones who contracted with the notary. I have also seen times where they listed the exact fee I was getting while others list a notary fee of $450 while paying me $250. There needs to be consistency and that would be something the CFPB would need to address
Thank you, rparker. Yes, I’ve seen the grouped fees. I totally agree regarding a consistent handling of the NSA’s fee. Keep those $250’s going…Yep
Do you ever walk into a business and ask what their cost is for a certain item or service? You can, but their going to tell you to piss off.
The Loan officer closed the loan, the lender is going to fund it, the title company going to be the middle-man between the lender and the customer. Title is now giving you the opportunity to close one of THEIR loans, not YOURS, their in business to make a profit. Period. That also mean they may and will mark up your notary fee, yes to make a profit. The employee that calls you and/or enters the data has to paid too. I know you just want to see what the title company charging the customer, If you agreed to a fee, leave it at that. Or call the title company and ask them, but they may not call your again.
did one the other day @ 13 miles away. My fee was 125.00 they received 200.00 it is what it is as others have said. You set your fee, who cares what they make?
The difference here is: You knew that they received $200 for the signing! They got $200 and paid $125.00. That’s good business for BOTH the SS and You . That’s how ALL of the signings should be.
Would you want to be sitting in front of a client who sees on the HUD ,YOU were paid $450 for 1/2 hour work? Thinking that you got all of that fee. I think NOT !
Someone need to start something. Real Estate Agents will never agree on lowering their commission and lenders wouldn’t do it much less waiting longer then the funding date to get paid themself. If we don’t do anything no one would do it for us. Plus consumer should know that what they are paying or the NOTARY Public is used to pay a third patty. I love signing companies (not all) I understand is no their fault. But if, Title, Escrow, LO are going to used Signing Companies they SHOULD NOT use the NOTARY PUBLIC fee that consumer are paying. Just saying.
Good answer Linda. I think JohnM may be trying to get more money. He’s not involved with the transaction. He’s just the notary.
I’m going to get all kinds of c**p for saying this, but it’s a business and they can charge anything they want. It is none of your business how much they are paid. If you’re unhappy with your fees then ask for more money but don’t expect SS to tell you how much they get paid.
Do you ask the store manager how much the store paid for an item so you can pay the same. Business are in business to make a profit.
This one of the most ridiculous subjects I’ve seen.
I have a lot of friends in title. Fees can vary dependent on location. My friend that uses a signing service says they charge him anywhere between $200 to $300 a signing.