I agree that it doesn’t seem to make a lot of sense (or is that dollars & cents). However, I’ve always questioned ‘algorithms’ in general. They ‘assume’ too much wrong info which skews the results. For example, SD calculates mileage ‘as the crow flys’…oops.
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I concur, Arichter! The mapping system that some utilize is quite ‘abbreviated.’
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In the past I have replied with a broad smile:
"My helicopter is in the shop for maintenance this week. So, I’ll be travelling by car. The drive one-way is 95 miles, not 70 . . . "
I will then state my fee for the respective amount of Time & Travel plus Turnpike Fees (if utilized).
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Thank you for laying it out so all can read.
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I won’t get started on ‘algorithms’ because we’re supposed to keep this clean.
As far as the sense goes, I do believe it completely breaks down to dollars and cents. Snapdocs is the big dog with over 100 million invested into it. They have managed to drive many smaller companies onto their platform because they cannot compete with the investment money. There are many title companies hiring directly through Snapdocs as well. There is a great deal of refinancing going on and great deal of competition. Lowering the pay for the signing agent does allow the company to pocket the money. Ten dollars was just an example. More than a few have seen the signing agent fee around $300 while they were being paid $110.
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Yes, I believe they are. They succeeded in obtaining an additional 150 million in May 2021. They are no valued at 1.5 billion.
This is surprising. My notion of how SD worked was that the member signing/title services paid a fixed fee for platform use to SD. The platform fee was SD’s source of income. The total fee paid to the NSA was determined by the service, but their platform fee stayed the same.
It’s a tiered platform. Basically, the more you use it, the cheaper per use it is. Don’t know, but it figures that if a paying enitity wants ‘advanced’ capabilities, they most likely pay extra.
By a lot. Snapdocs is worth over $1.5 billion, as of their latest funding round in May, 2021.
Smaller platforms like Signing Order and Notary Dash aren’t even in that same universe.
A key point to understand is that the notary platform is not the primary part of Snapdoc’s business. Their goal is to be a one-stop shop for everything related to mortgage technology in general, and digital closings in particular.
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If you opted out of snap docs so soon, how did you get your experience as a new notary?
Is there something to know about your statement to opt our of snapdocs soon? As a new notary I had joined the NNA and used their platform for exposure. Just worked from there. Snapdocs is relatively new for me, focused more with it when I moved to Shasta County. One of the title companies I am with for several years doesn’t do much work here.
There was a time not so long ago where snap docs was unheard of…many veteran notaries got their experience through contacts, marketing and listings such as this one. You didn’t list your credentials once then wait for the phone to ring…you chased contacts and leads to get assignments and make a name for yourself…
The Good Old Days
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@alicela0654 Hmmm . . .
Have you ever utilized it?
If yes, how long have you been receiving orders through the platform?
If yes, what is the average payment turnaround time from the execution date of the signing package?
Are you the owner/developer of the platform?
Or, do you have a vested financial interest in the platform?
What is/are the main reason(s) you make this recommendation to the Notary Cafe members?
TIA
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@alicela0654 you do realize you’re promoting a platform ON a website that IS a platform for SS’s to find notaries? I find this very distasteful and disrespectful to the owners of this site. I, for one, would appreciate you deleting your post.
TIA
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This is ironic @cnelson because this just happened to me not long ago. I too responded to a signing I was available for and was willing to take this job. Then again I responded after it was sent out again and again. So here I am saying to myself maybe my response is not going through. LoL. So I called them letting them know so & so had text me and I had responded back. Then they text again. I just wanted to make sure they got my responses. So she told me no problem they will call you back. How funny, they never called me back. And when I check the status, it was picked up by another notary. I said to my self oh well… now here I understand after reading your text. I too was just “skip” as well. Wow, I think this is unfair. They should take the first notary that actually had responded. Unless that notary don’t fit the qualification of some sort, etc… How someone is to get the experience if they are not given the chance? I just don’t understand the working industries (all).
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Hi:
Doesn’t is seem logical that if you are available through the app that you are prequalified? Otherwise what is the point? One of the loans I was skipped for requested Fidelity Certified, which I am. WHAT!
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I agree, I actually get quite a bit of work from Snapdocs but it took me a long time to build up my reputation there. When low offers come through, I counter offer with my standard fee and more often than not, they agree to it.
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Not sure I follow, Snapdocs is the network. You are responding to a variety of companies??? Snapdocs has nothing to do with it.
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just got an offer for 25 miles away for $50 fee. like who is accepting these $50 appointments. Crazy. the mileage and print costs and faxbacks, I wouldn’t even break even.
@jaimelynntorres Yes, there are multiple longtime professional Notary Cafe members who have been voicing this Clarion Call for quite some time; however, some unscrupulous Signing Services endeavor to convince newbies that if they Accept these lowball fees that they’ll send a plethora of Signing Orders to them (the deluge of orders, of course, doesn’t ever come to fruition . . .).
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As I often express, know your worth, calculate your out-of-pocket expenses & needed income to determine your Schedule of Fees in order to ensure that your business is Profitable and has staying power over the long term.
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Here is a helpful post in regard to determining your individual Schedule of Fees to ensure a successful business:
This is a thread containing helpful decision-making processes for the current state of affairs within this business sector:
Same here…Low Balling to save $$ …Signings are Slow and few…Have to Diversify 