I’ve been a CA notary since 2020. I’ve seen the up and downs of the industry and have tried many methods to increase my business. However, outside of the signing services it’s hard to break through. A daily grind. My question is, how can the SS get away with continually lowering fees on everything. If I do a refinance with 10 stamps that pays $75, I’m not getting paid the market price for each stamp and the fee, in no way, cover my overhead (printing, supplies, travel, scanbacks and drop off). The SS is getting more than 75% and they never leave their home office. Can we complain to the Secretary of State and to whom do we send that complaint? Something has got to give. Most days, I feel like an indentured servant.
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I don’t know if 75% is the accurate number. I was speaking to a few owners of signing companies this morning and they too are being squeezed as the lenders and TC are lowering their payments to them. The ones I spoke with shared that this is a misconception as they only keep 20% of the fees they are paid max often times less. Again that was what they shared with me. IJS
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You spoke with the actual owners of a few signing services? Wow! You got some great connections and relationship skills!
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It took a bit of research and emails…. Let me tell you it was not easy to get to them directly. But I will say this… in order to understand my business I needed to understand the needs and challenges of my clients. I learned a lot and for the most part I have a whole new respect for signing services and what they go through on a daily basis.
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Thats pretty awesome! Your absolutely correct because at the end of the day they are our customers and with any business you need to know your customers.
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The only thing I can recommend is that if the job doesn’t return a profit that YOU and YOUR business requires, then don’t take it! The low fee thing has always been, and will continue to be an “it is what it is” situation. You can complain to the SOS about Notary “ACT” fees, but can’t see where they hold much weight on closing fees, which are set by lenders, TCo’s, which are private companies. It’s like asking the SOS to tell Walmart to lower their price on a gallon of milk. Just not going to happen!
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I agree. Its all about trying to get at least 4 or more assignments a day. I dont consider being a “seasoned notary” til I actually make that $$$ goal weekly ($1000. or more) Im on my fourth year but I just started F/t last year. Take care.
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This is and has been a concern. I understood all sides of the business so to be clear I talked to Escrow officers (not SS owners) to find out what they are being charged. The average fee is $175 and depending on where you are in CA (I’m in Northern) the Escrow company pays more. For example I have Escrow Officer friends in SoCal that pay $250-300 per signing to the SS company. So yes paying $75 or less to a Notary increases the SS profit margin. So how does change happen? We unite…which we haven’t been able to do because instead other Notaries (or maybe they are BOTS planted on social media forums to stir up mess) keep attacking people who advocate for change. I’ve been doing this work since 1997. My complaint about this issue is in this forum. Somesome privately emailed about what they think is a option. I’m just going to repeat it and know i will be attacked. This person said to file a complaint with the appropriate government agency for RESPA violations. Not many people have read what this it is. A few years back the law was changed regarding disclosure and fees. SS basically are referring signings to us. This is NOT disclosed on the settlement statement. The fee on the statment will usual say “Notary” or it may say Notary Signing Fee…either way it is not disclosed that SS got $100+ for doing a referral and the actual Notary Signing fee to Notary was $75. Is this a RESPA violation?..an attorney who specializes in these violations can probaly answer better. Is this an option? I don’t know just repeating a suggestion made to me.
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Like no show notaries, or notaries who produce pure garbage work and think they’re doing a great job?
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Thanks for this information. I will look into this more. I really think a letter writing campaign, at the least, should be started. These low ball fess are egregious. I don’t take orders less than $100, and I really don’t want to take those but I gotta work. I’ve been trying to get in with Title companies directly but it’s slow going and just when I think I have some good connections, they leave. Ugh.
Do you know of any other forums you like better?
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I only take jobs that work with my fee schedule but those jobs are not so plentiful. I used to do 4-5 signings a day at upwards of $125. each. Now, I’m lucky to get 5 signings a week at that fee… and that has nothing to do with the slow down in the industry. I’m in CA and there is NO WAY I am driving across a bridge or thru the tunnel at rush hour when gas is $6/gallon, for $65. Who can live off that? No additional fees added for Scanbacks or drop offs. I may have to stamp 12 docuements. $65 doesn’t cover the value of my stamp not to mention my time and attention to detail.
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I’m sure that’s the story you were given but I have a hard time believing that.
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What platforms are you using? I can’t find jobs…
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SS can keep fees low as long as there are notaries who bought into the ‘do it cheap until you get experience’ rhetoric. You’ll get the same experience taking higher fees. Since the market in many regions is saturated with notaries, the supply/demand curve will push fees downward. Until more, all, notaries start refusing to take the low ball offers, don’t expect fees to rise.
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All this hand-wringing about notaries accepting low fees is, in my opinion, so much baloney. Whilst the acceptance of lowball fees dilemma may be true at its core, who in the world thinks that all notaries (especially the newbies and desperate ones) will hold out for higher fees so that we all can benefit? Ain’t gonna happen. I’d love to see someone make the case that it will, somehow, happen. I’d be pleased to stand corrected.
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Aloha Eva.
Just to mention…I started with Notary Cafe, Thumbtack and Yelp.
This industry for humans is dying. The robots will replace the human notary, it’s just a matter of time. Signing companies pay lower and lower notary fees because they can. Newbies accept the low pay devaluing what experienced notaries bring. But the signing companies are still charging title companies the same fees. It’s the notary that takes the financial hit. Automation is taking over document signing and soon the computer software will identify the signer eliminating the need for the human to do it. I hope you’re getting ready by starting other side hustles, the pay is NOT going to go up, it’s only going to go down!
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I am afraid you are right, soon this industry will be fully automated. Give it about five years!
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If it were only 20% that would be fair compensation for their part in the process. From what I can tell, many of them keep 50% or more.
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In my case I’ve seen between 100% to 300%!
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