I received this email from a major TC I’ve been working with for about a year. I took time off (maternity), only to return to no work So I emailed to ask why I’m no longer receiving assignments and this their reply:
As you know volume has been significantly high for the last year if not longer, and as volume starts to level out, your fee will matter more. Auto assignment is just as important as fees, EXOS schedules over half of its orders automatically. We will continue to assign our orders based on client preference and priority, but if there are other agents in your area with great quality, such as yourself, and they have a lower fee, they will be offered the job first. Please let us know if you are willing to reduce your fee to increase your volume?
***My fee with them is $125, I’m in WA state. How low should I go to be able to make a profit?
Update I was told the average fee in my area is $65-70
Honestly, not a dime lower. They are notorious for this ploy. Next, they’ll tell your competition the same thing (then back to you—how low will you go?) The ‘winner’ of this game eventually goes broke or stops taking any/every thing…and then they have no choice but to pay your reasonable fee. My advice is: stick to your fees and find better clients.
Oh, to answer your question: After much consideration, given the ever-rising costs of being an NSA, I find I cannot lower my current fees. (If you’re gutsy, add: I am thinking about raising them.) After all, it IS your business and they’ve never been known for high pay.
Got a similar email as well. I did reassess my fees and coverage area, I use a tiered model based on distance. Ironically I’ve only had one assignment from them in the last 6 months.
Mind you they are a major/national TC with no middle man so I know they have the $$ to pay for their mobile closers. But then again why would they pay us more if we are out here accepting the first offers at $75-$90?
Their average rate is $90. If you set your rate any higher, they will pass you over. I have mine set at $90 with them… but they are more than willing to negotiate a higher fee when they call. Find out what the average fee for your area is with them and set it there. Your area may be a little higher than my area at $90.
Ahhh! I would have to set my location to a 5 mile radius Because I know how high their files are and I won’t even mention the number of notarization. Thank you for your advice!
It may very well be lol. Come to think of it, I haven’t heard from them in a month. I was receiving 2-3 signings a week from them at $90. They may have dropped their average rate lol.
I am. I take Amrock’s fees $75-$85 all day long. I have others that pay, $90-$125. I also have a lot of clients call me for GNW. I’m doing very well for myself. Needed income varies from one individual to another.
I am amazed at the lowball offers coming my way these days! Yes signings have slowed down! its a cycle i have seen many times during the 35 years that I have been a notary!! But please Note!! Do you see the title companies lowering their fees, or the loan companies changing their loan fees?? Do the realtors drop their fees?? No they don’t!! I received an offer today, two and a half hour drive, scan backs needed, signing at 7:00 pm at night! Fee offer $75.00 loan package! My reply was YOUR FEE OFFER IS INSULTING!! Simply said folks! Please know your worth.
Aren’t Amrock’s files really small? I’m talking full borrower (refi and purchase) sometimes with scan back/office drop off, 1-2 hour total drive, 150+ pages times 2.
They tell new comers to accept the low rates and after they get experience they can be paid more. This is a never ending circle. After you get experience they will not pay you more. They will then go to newer new comers and tell them the same thing. Again, a never ending circle. I never never answer texts or email any more. I don’t take the time to answer by text or email over and over again with a no. I wait for them to call me personally. Then I give them my rates which are more than double what their emails say they are willing to pay. Bank of America has LOWERED their rates. Maybe I should not have but I told them my charity donations went to my church. I would not donate to Bank of America by accepting their low rates.
And the circle will forever continue because there will always be a fleet of new comers (which we all were at some point). But as a new NSA I did not accept the low offers, I always countered and got it! As business owners/independent contractors we are supposed to negotiate and not accept the first chunk of change they throw our way.
Yes I’m tired of the low fees as well. I am in Nirthern CA. The fees when business was high was 125-175 and now they want 75-100. I can’t travel a bug distance, gas, printing and toner for that price. My business has slowed significantly. Really discouraging
That’s horrible I know things are much more expensive there than they are in WA. It’s one thing if SS are the ones offering low fees but TC?? That scares me!
Fire them. Don’t waste your time. Let them seek your services instead. There’s plenty of SS out there and depending on your experience may be it’s time for you to play in the major leagues, if catch my drift. I understand your frustration but unfortunately that’s the nature of our industry; It’s not a golden goose you get to keep forever, it tends to go away; that means you have to constantly go after it. My only recommendation is for you now is to amp up you E&O. If it is less than $35K you may want to top it with $100K especially if you want to keep working with SS. Trust me.
So I emailed to ask why I’m no longer receiving assignments and this their reply:
Because I know how high their files are and I won’t even mention the number of notarization. Thank you for your advice!
I know things are much more expensive there than they are in WA. It’s one thing if SS are the ones offering low fees but TC?? That scares me!