The CD shows what the customer paid for title and escrow services. The notary fee is a part of the escrow/closing fee The notary fee is a business expense for the title company and it is not required to be shown on the CD and is treated like any other business cost for the title company. If they are using a signing service, they are entrusting the SS to find a qualified notary public to present the documents and leave it up to the SS on what they want to pay the NSA and terms of that payment. Once the borrower pays the closing fee, their obligation ends. He who controls the order makes the rules. The SS controls the order for NSA;s. If you work with a signing company that is how it works. You donāt comply they move on to someone else who will. It stinks, but it has never changed since I have been a signing agent. The NSA controls what heshe will charge for fees but as the free market dictates, one is only worth what a buyer is willing to pay. My ideal would be a disclosure showing what payment is made by title for notary service and who got paid for it. My way of guesstimating what the title is paying for notary is to divide the amount of my check as a numerator and the CD entry for closing fee as the denominator. The fraction then indicates what the percentage of total closing fee is being paid to me. If my split is less than twenty percent, I assume that the signing service is getting much more than they should get. You can always ask the SS how much title is paying them and ask for a percentage of that amount. I have yet to receive a truthful answer from a SS on that mysterious amount.
Iāve been a Broker/Realtor for many years, But YES I have cut commission many times for different reasons. As have all of my Realtor friends. a good example of this is todays market, Being a member of MLS I see the commission for all listings. The bulk of Realtors have lowered their commission from the OLD standard of 6% to 5 and even 4% because sales are EZ and tops now. Since there is an a great increase of re-fis and sale of homesā¦I wonder if the SSās have lowered their fees? It would be nice if someone who is on the SS side would comment.
[rlsnotarialservices] Apples & orangesā¦When you walk into a storeā¦you have nothing to do with anything in that store. A notary has a GREAT deal to do with my comments. " Heās just the notary"you sayā¦we are the last people the clients see. We are the closers. No notaryā¦equals NO SALE.
Going back to the Realtors comment. WE have to disclose Everythingā¦the amount we getā¦the amount a cooperating Realtor receives. Iām just asking for the same RULE be applied to notaries!
I am a mobile signing agent and have been for several years however my long term career has been in mortgage lending for 30+ years. I am currently a mortgage Processor full time and doing the signings on the side. I have been a Mortgage Dept Supervisor, Title Closing Agent, etc. I can answer your question somewhat. The company I work for lends nationwide. Often the title company that produces the title docs is who does the closing and we disclose fees according to the info title gives us and according to Guidelines. If time comes to schedule closing and the borrower wants to sign at home/after hours the title company will then adjust their fees to include the mobile signing agent fee. The title company usually has a fee they quote (for instance $250) and then they have their ways to put out a request for a signing agent (Snapdocs for instance) and they wait to see if someone picks it up or counter offers. I have quoted my fee and been told by signing companies that my fee is higher than what they charge their clients. Thatās fine, they wonāt hire me and Iām fine with that. Other times I just keep quoting / counter offering & eventually they approve my fee. I donāt do $50 appts, my minimum base fee for local signing is $250 and yes I do get it. I donāt concern myself with being shorted because I quote the rate I want and donāt take less (unless itās a minimal doc appt or something outside the usual full size package). We donāt have the right to ask or expect the signing companies to tell us what they are making. The borrower has the right to ask what the charges they are being charged cover - but we do not. Iām not certain why you think we do. Charge what you want to charge and donāt be concerned what someone else is making off the deal.
[rlsnotarialservices] ājust the notaryā? Without the notary, there is no closing. Your comment suggests that you are probably one who is willing to accept a closing for $65. Yet your website describes you as a representative of the company you are working for, āthe best in the industry,ā and your rates suggest that you expect to be paid well for a professional job. With that comment you have put down all notaries, including yourself, and you should be ashamed of it! Please put us all in the high, professional regard we deserve.
If as a Realtorā¦I must disclose ALL of the charge/fees. I see NO reason why notary fees should not be disclosed. Mortgage companies, real estate companies, Title Companies, etc, are part of RESPA.
I charge a process fee along with the commission. I cannot add the 2 together and make one total.
Why can SSās do this?
They are allowed tolerances based on the category of the fee. Title companies and lenders are subject to their own guidelines and regs. Iāve been out of the title realm a couple years but I know the owner was well aware of the title regs and if ever a question was able to contact the title underwriter (First American was our UW) and ensured the fees billed were disclosed within guidelines. Title would not attempt to keep up on compliance of lending or real estate, lenders would not try to keep up with compliance of real estate or title so Iām not certain why in real estate youād be attempting to police the lenders or title. Itās not making sense to me. Each industry has all it can do to ensure they are compliant without trying to worry about the others.
How about we put the shoe on the other foot, John - you want to know what everyone else is getting paid so you can set your fee accordingly (Iām guessing thatās whyā¦) - how about this
The hiring party requests a breakdown of your office expenses along with a profit and loss statement for your company before they agree to pay your requested fee.
Whatās good for the gooseā¦and all that
And IMO this is nothing but much ado about nothing.
I have NEVER heard, read that we, as notary, cannot ASK what the SS fees are.
Can you refer me to some authority that has this in written form? I thought not !
Good morning Linda, this has to be one of the silliest replyās Iāve seen from you!
First of all, being a Broker Iāve reviewed 100ās of RESPAās over the years and Iām only asking what ONE charge is that Iām a part of. I donāt want or need the SSās expenses.
**Hereās an answer from skenton: did one the other day @ 13 miles away. My fee was 125.00 they received $200.00.
Was that SO hard? How simple it is. Iām sure that he was happy with his fee, having the knowledge of the TOTAL payment paid.
Again, as a part of all RESPAās Iām involved in, I MUST list ALL of my charges, Thatās all Iām asking of the SS companies.
I would like to have a LEVEL playing field.
There are many posts here that state most signings cost the notary $50 or a little more.
Our problem is that most newbās donāt know that and so they bring ALL notary fees down.
Of course, we Counter, but they should not be $65, $50 to begin with.
Awwwā¦thank you John - bless your heart! 
Thank you, Linda. You have my deepest respect.
This has been a most interesting Thread.
As for my part Iām going to close it off with this POST.
NOT Surprisedā¦No reps of a single SS chimed in. Of course NOT, they cannot DEFEND their position
Surprisedā¦So many notaries were AGAINST Full Disclosure. Why I ask, it would only help youā¦it couldnāt hurt youā¦ Many of you sounded like Shillās for the SS companies.
Iām told to mind my own business, it has ALWAYS been like this, what difference does it make, I should ONLY worry about my charge and finallyā¦I have NO RIGHT to ask or know what SSās receive as a fee. What, its a scared knowledge. lol lol
As my last post on this thread, I will leave you with a personal experience in my own life.
Here goes:
Several years ago, Realtors did not charge a processing fee. All costs of a sale were just deducted from the commission 6% or 5%. It was a cost of doing business. As Realtors we have a monthly magazine delivered to us. I like to have my fingers on the pulse of my business so I read the articles.
As Iām reviewing this issue I come across a full page picture of an agent in Colorado ā¦he looks good white shirt, suspenders, wow. AS I read the article, I find that he charges ALL of his clients a $295 processing fee. This on top of the commission he charges the seller. So $295 from the seller and $295 from the buyer, if he has BOTH sides. Iām thinking I can do the same. I call a meting of my salesmen and show them the article and propose that we charge a $150 fee. Iām going to give them $100 and keep $50 for the office.
Oh, they scream and holler. We canāt do that. Nobody will pay in Florida. We donāt look like him, we canāt do it.
OK, I donāt look like this guy either. We donāt need to. We just need to present it to the clients. It will NEVER work, they say. So I obtain a listing myself and include the $150 fee on the listing. Iām fortunate enough to sell the listing myself. I show the HUD to my agentsā¦ which shows the 2 processing fees charged. They see I made $300 extra on a $50,000 condo sale. It was rocky at first, but they came around. Especially when one of them had a closing and sees the other agent charged a $195 processing fee! We have FULL disclosure on the RESPAās forms,
Learning what OTHERS charge has a significant bearing on your own business especially if WE have a part in that charge. This knowledge has brought me $$$$ over the years.
You can BET that all of the SS companies would love to know what ALL the other SSās were charging. Yep !
KNOWLEDGE IS POWER ! Yep !
Stay Safe & Be Well
Well Said JohnM. Iām a Notary Signing Agent and lately I have been seeing a Mobile Notary Document in my closing packages that the signer has to sign. It states how much they are being charged for a Mobile Notary to come out and close their loan. I do not leave my house for anything under $100.00 and I have to negotiate to get that amount, it usually starts off at $65.00 for a 200 + page Refi Closing. but on all the closing I have done lately with that Mobile Notary Document it states the Title Company is paying the SS company $250.00. What I would really like to know so I could stop feeling grossly underpaid is what the SS Companies do that they should be paid $50.00 more then Iām paid a signing. And for those that donāt negotiate and take the $65.00 offer the SS Company has just made $185.00. For what I ask? The SS Companies knows what all we have to do to make that $65.00 so, yes I would like full disclosure on what the SS Companies make but also, what their cost is to make that amount of money. We all know what the cost is for us Signing Agents are and that when accepting a $65.00 job we are not making any money, but that doesnāt seem to stop the SS Companies from making such ridiculous offers.
WOW ! I thought I was done. This is Great. I have been wondering WHEN the title companies were going to see their $250 fee paid to a SS, only paid $65 to the actual Signing Agent. If I was the TC, I would consider reducing my paid fee to the SS if only $50, $65 was being paid for the service. Their LOW offers may come back to BITE them in the you know WHAT> Yep !
I have NO idea where you would come to this conclusion! We have NEVER worked for a SS, therefore we never see these low fees. ALL of our business is DIRECT.