Today I received this from Mortgage Connect. I am going to do a breakdown analysis. I am not trying to compute the exact costs, but a realistic snapshot. If I accepted this assignment, this is what I will incur:
"HYBRID 95 pages x2 No scan backs CALL BORROWER PRIOR TO CLOSING TO CONFIRM THEY HAVE ESIGNED THEIR DOCUMENTS PRIOR TO YOUR ARRIVAL
Address:Yulee FL
Fee: $ 40.00
Here’s a example: For example, if you have a cartridge that cost $100 with a page yield of 2,000 pages, and your sheet of paper is 1 cent, then your calculation will look like this:
$100 / 2000 + 0.01 = $0.051 per page (a little over 5 cents)
Based on the example below total printing costs is $9.69 (Printing 95 pages x2= 190 pages)
$40 - $9.69 = $30.31
You cost for using Internet and tablet for the HYBRID: $5 - $30.31 = $25.31
Trip costs Mapquest
via I-95 and US-17
** traveling miles and drive time: 0hr 31minutes / 28 miles** (round trip 1 hour 2 minutes driving / total miles 56)
**IRS Reimbursement:$18.92 -$25.31 = $6.39 net earnings after expenses.
Time at the signing table: 1 hour
Preparation time: estimate 1 hour
Total time for job completion: 3 hours - Earnings per hour: $2.13
Let’s agree that these numbers are only an estimate and various task and time can vary.
New Signing Agents need to know the truth about the loan signing business. Are they will be earning less than the minimum wages.
Depends on the the cartridge cost and paper cost. My cartridge cost less then $50 and is rated at 10,000 sheets and less then $10 for paper 500 sheets.
Why are we even talking about this, move on.
Mortgage Connnect only calls me when they are paying big for a signing with a high end client or refi. Those test blasts are a waste of time, don’t even respond with a counter offer, they will never accept it.
Bravo, I too figured this out when I got bids to do purchase signings plus scan backs for a fee of $75?! Also when any company asked me to provide copies for the signer in addition to the notarized copies that I provided I blatantly refused. My job is not a secretary it is provide a notary service if they want copies they can get those after the signing is completed directly from the company or loan service they are working with. Thank you for breaking this down. It’s right on!! I do not know who decided that the notary is to provide an extra set of copies for the signer but that is taking full advantage and not nor ever the notary’s job!
The cost of legal size paper is exorbitant and rising. Document packages are often requiring quite a few to sometimes all pages on legal size paper. Often signings are requiring scan backs, which can either cost the time and mileage to return to the office, scan, then return to drop the documents for shipment. When using a portable scanner to scan from signings other than in the midst of a city, I have too many times had difficulty transmitting the scanned package which also takes more time. These situations also cut down the profit for the LSA’s. I stopped working with Mortgage Connect and placed them on Credit Hold, because several times they took more than 6 months to pay, even with repeated invoicing. There is still a job from 2000 that they have not paid. Of the 139 companies that I work with, Mortgage Connect has been among the worst.
I always provide an extra copy for the signer, the only exception is when the Escrow company has a “Go Green” policy where a scanned copy will be sent to the signer. Sometimes a signer will tell me not to bother printing an extra copy because they already have it in e-form. I like the extra copy in case of signing errors as the error can be switched out but it does cut into my profit margin.
My printing costs are very high because I only use genuine Brother toner. I have had bad results with the clone cartridges, not worth the headache. If you have a problem with a clone cartridge, Brother will wag a finger at you. The only savings I can get on the second copy is to print everything on letter paper, legal paper is four times as expensive in my state.
@keaton4notary I totally agree with you on the costs of printing and using the genuine toner.
Those items have gone up in costs. I tried using a cloned ink cartridges in my inkjet printer for personal uses. The printer wouldn’t accept the cloned chip So, I definitely wouldn’t try a clone toner product with my laser printer used for loan signings…
I set the following standards for my business:
Offer a high quality product to both customers (hiring company and borrower(s))
Operate on the principles of integrity and ethical practices.
Negotiate a fee that covers my break-even point plus a good profit margin.
If I cannot obtain those three points, then I do not accept the assignment.
Non brand dies not do well. They are I ften refils and wont have the chip or they leak. If your printer is a laser, ive been using refills for over 20 years and have had few problems.
I’m starting to think that I need to stay with GNW. It’s not much money to make but, it don’t sound like you can make much that more as a LSA. I know we do this as a service to our state but, we also want to make money. The start up fees can add up quickly before you even make a dime. I guess I will stick to general work.
I’m not sure where you are coming up with that conclusion but LSAs can make a LOT of money if they know what they are doing, have built a following and have obtained direct business.
YOU don’t if you choose not to accept the rigorous requirements, treated like a 4th grader by many companies (not the ones I work for) and offered such low compensation the company should be embarrassed. I only do single doc signings these days. These companies have turned into bullies, so I work within parameters where I feel my work is respected. Working in an industry where you are required by law to do something in which you are breaking even or making $10 hour so the company can make money off your back, I think it’s time we all look at that point seriously, hence, the point of this thread.