These companies, such as ServiceLink know the actual real costs of doing business in today’s marketplace. I had to write another letter today. Guess I will see what comes from my efforts. In this letter, I convey my position with the hopes of getting a fee adjustment.
"Hello RMB-PHHClosings,
I received the loan package. After reviewing the documents, I have a few questions. The following documents certificates are out of compliance to the Fla. Stat. 117.05(13)(a), due to missing the “ physical or online notarization” verbiage.
Errors and Omission/ Compliance Agreement - see page 160
Survey Affidavit - see page 156
Borrower’s Title Affidavit - see page 152
Do you authorize the usage of loose certificates, so the notarization can be performed? Please advise.
My job estimate:
IRS mileage: $25.86 (19.2 miles times .67)
Paper cost: $12.99 (ream of copy paper market cost)
Toner cost: $12.80 (320 pages times .04)
Prep cost: $12.50 (cost of printing extra loose certificates and preparing loan package for loan closing)
Labor cost: $37.50 (signing time at the signing table)
Fax/Scan: $15.00 ( scanning and uploading documents to EXOS portal)
Total Base Cost: $129.45 - $90 (ServiceLink fee) = -$39.45 net loss/deficit (This does not include my total operating costs, such as E&O ins., printer, and other fixed and variable operational costs).
This is a fairly large document package that requires two sets of documents to be printed (320 pages). I just completed a refinance loan package for Amrock, where I had to print 104 pages and was paid $200. Even at the base costs, I would figuratively be “paying” ServiceLink to complete these types of assignments.
Please explain how your company calculated the original signing fee of $75.00. It’s my goal and objective to bring a level of service that exceeds expectations to ServiceLink and your customers, that clearly justify my base fee. I presented my cost to perform the loan assignment. Please let me know if you are willing to make a fee adjustment, so this can be a win win situation for all parties. Thank you in advance for your consideration."
My educated guess, if I write enough letters to these signing services or title companies. I may lose a few orders, but I may win a few as well. The bottom line, I am in business to make money. One thing is for sure, if you do not ask, you will never achieve!
Now this was years ago…when print fees were $50 and I think it was said co. who started the push-back. According to them, it only cost ‘a couple of bucks’ to print, so they wanted to pay no more than $10. Apparently, they calculated this by using bulk pricing…just stick a pallet of paper & another pallet of toner in a temperature-controlled space…like your living room, I guess…and, well, gee, if they can do it, so can every notary…look at how much we’ll all save. (I’ll be very surprised if they respond, but if they do, please share.)
Yes, I did get a phone call. Their representative explained due to the Florida market being over saturated with Notary Public/Loan Signing Agent, they are able to get their assignment completed for an average signing fees range between $62 up to $75. She went on to state that signing agents that’s been with ServiceLink for many years are accepting their fees. I was told at my asking fees, I will not get any orders. So we agreed that I will be removed from the order, since I wasn’t willing to accept $90 to print 320 pages, drive round trip 42 miles, and work for 3 hours. I even found out that the company paying $15 up to $25 for their RON assignments. We talked about their “scorecard system”. She did omit that they are experiencing a high rate of errors in their loans documents and currently removing LSAs from their database that are repeatedly making errors. After I ran the numbers on that order, I realized it would cost me money, so in essence I would be paying Servicelink money to work. Go figure? Signing Agents paying signing services for the right to work. ServiceLink and I came to an understanding, I would be reduced to working a specific zip code at a fee no lower than $90. Guess I will not be getting very many orders. I am extremely good with that agreement, I loss an order for tomorrow paying $90. At 10pm tonight I received an Hybrid assignment paying $200, printing 34 pages in my county. Same driving distance, less printing, and less labor time. Now that’s a work order I can deal with. Bottom line, Servicelink understand it’s a free marketplace and they are going to take advantage of the LSAs that are willing to work at those low rates. It’s the psychology of “If I don’t accept it, somebody else will”. Two economic concepts are being put into play, “The law of large numbers” and “The law of diminishing returns”. Funny thing, during our conversation, the representative was agreeing to the valid points I made, while at the same time stating, why change when they don’t have too. I share my thoughts and experiences for want it’s worth. I know that there are things that I can still learn and maybe someone will be willing to help me do so.
They are in a business too. They want to have crappy notaries/LSA’s working for them, they can. If they don’t care about their reputation, then that’s on them. I have a reputation to uphold. One of those things is minimal mistakes (I won’t say that I never make mistakes, but I sure don’t ever want to make the same mistake twice!), not the cheapest and not the most expensive notary around, and I will treat everyone fairly and with patience and kindness. Keep on sharing!
P.S. I’m not defending them, I think that just because they CAN take advantage of a market, they shouldn’t. From experience, when the market turns around, and they are in need of solid LSA/Notaries, I know I won’t forget who was trying to short change everyone.
Servicelink has a stable of notaries and assign jobs to me automatically based on my calendar which i sync with them. When i worked in FL they paid me a set $85. That was 4 yrs ago. Now they pay $60 for Helocs and $70 for refi. I do this because i live in a sparsely populated area in NC and there isn’t the volume out here. But Mortgage Connect? They are sending out notary job requests at $40. For 100 pg packages. It’s insane! Those are a HARD NO.
I just received a $12 trip fee from them to go on a 34 mile last minute blank mission.
I’m about to pull the plug on this business. I understand that these title companies are businesses too but SO ARE WE.
I’m not interested in being thrown scraps.
I’ve been told that if notaries charge high fees in the good times the Signing Services will remember that and the notaries won’t get any offers in the slow times.
So help me understand, when Signing Services reduce their fees to notaries in the slow times are we allowed to remember that in the good times?
Sometimes hard decisions have to be addressed. Have you ever fired a customer? Low fees, demanding, belittling, avoidance, not paying … Some of my best customers, in a variety of business, are customers I fired. When they ask to come back they are great customers.
Great insight, thank you for sharing. You have given a point of view that is worth considering. All businesses have to endure various stages of the economic cycles. Frankly speaking, some of these signing services have reduced their fees, just because they can do so. How do I know this? Because a few of the signing services have actually told me so, they pay low fees by design. Signing services who are paying these extremely low fees are taking advantage of the market oversaturation of signing agents in various areas On the other hand, there are signing services that are actually willing to pay profitable fees rates. A good customer(s) understands it has to be a “win win” situation for each side. Yes, we both will feel some discomfort in our cost to do business. My signing fees rates have actually increased, while the volume of orders have declined. By “firing” the low ballers, I am making more money by being more available to my “good customers”.
