How can these signing agencies keep fees so low

Try signing up with pacdos, some of they’re fees are low but they had plenty of signings for me.

Ir_Patterson; what is pacdos?

It is all about competition and profit. Title companies are competing for lender business to handle all of their mortgages. Signing Agencies are competing for Title company business trying to get all of their signings. CSA"s are competing to get the SA signings. So a Title company charges the lender $350 for notary work as part of their fee to lenders. The title company contracts with the lowest SA which say charges $175 per signing. Then the SA needs to contract with a CSA to do the signing. Well if they are getting $175 per signing from title they want to pay as little as possible to the CSA. They low ball as much as possible because it is about profitability. As long as there are CSA’s willing to continue to accept lower fees the rates will stay down. It seems right now there is a saturation of CSA’s. Many newbies getting into the field. I believe over the next 3-6 months many of those will be forced to find other work because you won’t be able to make this a full time career and many can’t afford to wait. The pendulum will swing the other way. Then with fewer CSA’s available SA’s will be forced to again start paying more.

4 Likes

I will not work for 75.00 unless it is just one or two documents. If they have a notary service fee listed on the settlement statement you can see what they are charging the borrower. Often it is two or three times what we are getting. The big settlement companies do it differently. So the notary fee can be hidden.

1 Like

This post was flagged by the community and is temporarily hidden.

What is the strategy? Are you selling something?

1 Like

This post was flagged by the community and is temporarily hidden.

I received an interesting call today from a SS I’ve been using for a while. I was told that several of their Title Companies have Notaries on “staff”, but are choosing to use Signing Services in order to find a lower fee for signings.

I’ve not been able to corroborate this information from a second source. So take this information with careful consideration.

1 Like

They get away with it because they can. Obviously there are plenty of people willing to take these ridiculous fees. In 2020 I was getting about $90-$110. per signing - I have not responded to any in the last year because those same signings are being offered stated at $62. each. Now with interest rates climbing that will somewhat kill the refi market. I really love being a mobile notary, but can’t live on these fees. Hope others are having better experiences.

Throwing out some “math” here, I would like to think that it is still cheaper to hit us up directly at a “slightly” higher fee (as opposed to risking their closing to an unverified/expired NSA through a SS) would still be cheaper then paying a staff notary getting all the “bennies” on top of their salary. Then again on the flip side, having that onsite supervision - in office QC check, fixing issues instantly while the signers are still at the table sounds quite valuable.

Their object is to get the best notary at the cheapest price. Period. If you value your expertise, don’t give it away for cheap.

4 Likes

agreed. fortunately, I’m heavily invested in Tesla/AI and can live off my holdings via Tesla’s stock growth. Artificial Intelligence will easily supplant notary, realtor, loan officer, processor, underwriter, etc. work in the next 5 to 10 years. no more need for this ridiculous downgrade of pay. it’s insulting. this industry will automate faster than anyone of us can imagine. it is absolutely time, ladies and gents, to train yourselves in other gigs and careers. notary work will eventually go the way of the post office.

7 Likes

What else are you invested in?