As I’ve written, I haven’t received a signing from Title Source on their app. for about three weeks. It’s been a puzzle since prior to that time I was getting my fair share of signings via the app. A technician from TS called today to discuss the problem, agree there was something going on with my app. and that he would send the problem up the ladder. One thing stuck out about our conversation. He asked was my notary fee was. When I told he it had been $85/20 for years, he said that notaries were doing the signings for $65/20. I did approx. 220 signings for TS last year. Do the math and it can be seen that my income would have dropped by $2000 at $65/20. I will never understand why notaries are willing to do signings for low ball fees regardless of their explanation or justification. I wish you well in any event. AND NOW THE ICING ON THE CAKE that explains everything. Today I received the following email from Title Source: “Shhh! Please keep our new name a secret!” “Hi Partner, We understand you got your new rebranded pens a little early. We’d like to ask that you hold off using our new name and new pens until Wednesday, the 28th of February. That’s the date we’ll officially be conducting business under our new name.” As I read this, unless I learn differently, Title Source has sold their business to someone else–which would easily explain why notary fees have dropped to $65/20. What do I mean? Think about it and get back to me.
I used to do back in the day in California sometimes up to 5 a day for them. I was on their list as a first call for them, and they had my fee and life was good. We relocated to TN and it went down to 2 or three a month because my old fingers with their app were to slow plus the phone service from AT&T seams like I got the notice after everyone else. Then they decided you had with no excuse to be NNA BGC cleared. Thought I got my BGC from the same company NNA uses in CA and meets the criteria. Well this year I got my BGC via the NNA and once that came back called to reactivate my vendor number with them. They sent me an email and wanted the usual which I sent back in immediately. I waited a little over a week with no response. So I called this week and got told they were accepting no new notaries. Could it be that once they reviewed what they used to pay me and with this up coming new owner ship they knew I would not do closings for $65/20? Their packages used to be only about 65 pages and were quick to do, with no fax backs so if they had two or three a day locally I would consider that. Our job as notaries is not appreciated by anyone except the client who likes the convenience we provide. The middle men are making all the money, I have had offers at as low as $45 total from one company. Am surprised people actually do that. As a group notaries need to start standing up for profitable pricing. The problem is supply and demand. Too many notaries think this is a get rich type of business and get into it. Most not having adequate training and no business training so they do not know how to price their services for closings. We are not hired to do notary work on those, just closing. Without us, loans would never get done, except the old way at a Title or Bank office and since the cat is out of the bag it will not go back in to that again.
I agree with everything you said regarding notaries standing up to these companies with decreased fees. But, I have been at this for 18 years as a signing agent my Law of Averages plays a role in my accepting the assignment. If I can’t negotiate a higher fee, then I do the quick math.
1, Fee for closing.
2, Package size.
3, Signing location.
4, Turn around time.
Lets say my average turn around closing time is 2 hours at $85.00 = $42.50 an hour. (Print, Travel, Sign and Ship) I try to average $35.00 an hour net. You mentioned passing up on 220 closings at $85.00 = $18,700. That is a lot of dough.
Are you willing to stand your ground and say enough is enough, while another notary takes your action and screws everything up at the same time?
I am not condoning lower fees, but this has been going on for years. I still decide If and how I conduct my business. I believe and pray that these companies will dig there own hole and fall in. My local Title companies and other higher paying signing services know what I’m worth and appreciate what a great job I do. I don’t care what these crappy companies think about me and they still bought the best. If you want to take a stand call the Title companies that hire low ballers and complain.
Let me know if I am one of those notaries you hate.
I don’t know what you mean by “Let me know if I am one of those notaries you hate”, so I’ll let it go. As to the rest of my post, I did 220 signings for TS last years, notary fee $85/20. I was incorrect about the figure I cited as lost income. If I had performed the signings for $65/20, it would been a loss of $4400 on gross income. That’s a lot of money in a business where the NSA’s don’t make much money no matter what they charge. (My average package runs around 100 pages, sometimes more, sometimes less, one set of docs if a Quicken Loan, frequently additional set to borrower if a Title Source package). I don’t know what you mean by, “I am not condoning lower fees, but this has been going on for years.” What has been going on for years? What do you mean by, “Are you willing to stand your ground and say enough is enough, while another notary takes your action and screws everything up at the same time?” “If you want to take action call the Ttile companies that hire low ballers and complain.” I’ll assume you have done this yourself. What did it accomplish? “I have been at this for 18 years as a signing agent my Law of Averages plays a role in my accepting the assignment. If I can’t negotiate a higher fee, then I do the quick math.” What does this mean? Are you referring to Title Source, or to title companies you work with locally? There is no negotiating with Title Source, the fee is set, take it or leave it. “I don’t care what these crappy companies think about me and they still bought the best.” What does that mean??
When you write “they” and “them” down through your post, are you referring to Title Source or to some other signing company or title company? Without knowing who you are referring to by name, I can’t make any assumptions or relate it to my own experience. What I have learned in the last couple of days is that the Title Source notary fee has been set at $65/20 for two years (a surprise, because I’ve been at $85/20 for years, although that has now changed to $65/20 because Title Source will no longer pay more than that). What $65/20 says (or should) for anyone wanting to get into this business with the idea that it’s easy work and you can make a lot of money, is that it is neither. The work is often hard, requiring a lot of driving, sometimes extra time at the table with the client/customer, and expensive when factoring in costs. In my case, the average signing runs three hours: accepting the order, printing of docs, customer confirmation, drive time to and from signing, allowing 1 hour for the signing (sometimes less time, sometimes more depending on the unexpected stuff that pops up). I’m retired, so thanks be I am not dependent on notary work for my income, but it helps. At $65/20 vs. $85/20, it helps a little less now,
Sorry, I have never seen a fee described in that format. What does $85/20 even mean.
85 closing fee plus 20 dollar print fee totalling 105