Basically wanted to comment that, when I began back in 2009 11 years ago, the signing agent industry had a reset downturn in 2008. They previously had paid a lot of money to notary signing agents. I heard notaries claim $300-400 per signing. I keep this in mind when I note that the agencies in this industry haven’t raised our fees based in inflation. They have tried to get away with overlooking the inflation rate while keeping even more of our fees. (See Photo)
So it was my experience for years, until I developed a strong customer base and did fewer mortgage/refi signings, that agencies didn’t take 50% of the total amount provided on the Settlement Statement (back then the HUD).
I wanted notaries to know many agencies are taking too much from our fees and have witnessed many times they actually cause more problems for the notary with over site not doing their jobs as intermediaries. Some agencies put things on autopilot in other words and they drop the ball. They will blame the notary in some cases throwing us under the bus. They also threaten to reduce our fee in documentation.
The NNA has a rule in its list of ethics its members aren’t supposed to turn down offers for signings based on low fees. (I’m no longer a member). This is horrible manipulation! We have a for profit businesses, not volunteer charity work.
So I did a calculation on this site for inflation from 2009-2021. We lose $20 in 2021 if we accept a $100 signing. Therefore I never accept below $125. I check how much the agency keeps. If it’s half or more I won’t accept signings if they refuse to negotiate.
The cheap $75, $85 and $100 for refi agencies don’t care about experience so they have all kinds of problems they treat notaries like we don’t know what we’re doing. They assume we don’t know anything much. They don’t care about experience because they want to keep 50% or more of Title’s check.
This is a for profit business, not a charity of volunteers. The NNA has no business regulating our fees accusing unethical conduct this way. They aren’t a government entity nor organization but often act as a for profit entity.