Hello Carmen_Lane, I used the word “bubble” as an analogy for the growing number of LSAs over the years. I totally agree with your points conveyed in your comment. Thank you so much for sharing your thoughts and of course all the "golden nuggets’ you shared.
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Yes, a lot of people jumped in, but they’re not getting work. They will get discouraged and jump out again. I think this lack of housing sales will weed out a lot of LSAs.
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Hello vcmobilenotary, sorry your deleted your comment. Thank you for at least reading my topic.
I’ve been resigned to pursuing other options. There isn’t any point in trying to work at a loss. Maybe things will turn around when the notaries taking the jobs realize they’re losing money rather than getting by.
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So true!! Notaries are supposed to be above reproach. That behavior isn’t.
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GOOD NEWS BOA HELOCS ARE APPROX 97 PAGES WITH A CLIENT COPY INCLUDED
they’re divided into bank and client copies
i usually print a 2nd bank copy to leave with the signer and that gives them client and bank …a full set
i do them in about 35 minutes or less out the door.
it includes scans too
figure $50. per hour fee
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WE must have read the same book
I use this exact same procedure
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You are absolutely correct the problem is that these new notaries take the low ball business and if you add everything up thatwe are required to do you are lucky if you make $20 for each closing. It is really unfair. These new notaries need to stop taking these low paying closings.
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Hello,
No problem.
Have a beautiful day.
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I have read some very interesting comments. That’s the beauty of this forum, it gives everyone a chance to express their opinions and thoughts. One thing for sure, it’s okay to come together in agreement and to agree to disagree on the causes and effects of “low fees”. Saw some good tips on purchasing supplies in bulk to reduce costs to lower expenses, so to increase one’s profit margin. I am not sure about some of the comments or just that some colleagues needed to vent, I can understand that too. I am not to sure that any colleague is purposely accepting “low fee assignments” to hurt anyone. New LSAs and seasoned LSAs are accepting these low paying assignments because it works for them and it’s a “free” country. Business ownership is a very interesting concept and dynamic entity that is constantly changing. Technological advancements will disrupt the status quo too, not to mention the effects of coming out of a world pandemic. We have seen some very unusual impacts on fees due to these multiple disruptions to our economy. Waiting to see the impact that RON brings to this industry when it becomes more acceptable and mainstream. I can see it very clearly, no need for auto expenses, toner, printers, ink pens, paper, and other expenses this will drive signing fees down too. I am performing RON real estate assignments for a third of the mobile fees. But it takes 30 minutes or more depending on the signer’s comfort zone with software applications and computers. At the current time, there’s more RON agents than there are RON loan signing assignments. Hmmm, sounds familiar. I guess that’s a whole different discussion on its own merit.
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Spot on my friend! Ive been closing for 25 years. The number of notaries has gone WAY up i believe because of social media influencers making it look like something it isnt. Also, when i started in '99 i was getting paid $150 for your average refi in mid Missouri. Its a cycle for sure;) Newbies will learn like we did;)
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Interest rates are high again. Ive done a few HELOC’s and those interest rates are CRAZY the last one I did was at 9% .
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Hey there, fellow signing aficionados! Just popping in to share my newbie tales from the signing front lines.
So, picture this: three signings, all crammed into one whirlwind week. Bagged myself a couple of quick $40 gigs—barely broke a sweat with those, just a few scribbles here and there. Then, there was the big kahuna: a HELOC offer at $70, but I thought, “Nah, let’s sweeten the pot.” So, I tossed out a $90 counteroffer, and wouldn’t you know it? They took the bait!
Now, I’ll admit, I might not be rolling in dough just yet, but hey, us fresh-faced agents are just trying to dip our toes in the water, right? Sure, I’ve been practicing my signing skills at home, but there’s nothing like the real deal. And if that means swallowing a bit of pride and accepting lower offers, so be it.
In a world where seasoned notaries hog all the glory, us newbies are just happy to get a foot in the door. So what if the pay isn’t exactly hitting the jackpot? I reckon it’s all part of the learning curve. And hey, I’m grateful for every opportunity that comes my way, no matter the paycheck size. Here’s to making waves in the signing game, one signature at a time!
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Yes, they will! We all went through a “learning curve” in this profession/business.
Good for you! When I first started, I had to overcome the fear of asking for more too.
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Reality check: We veterans are offered the same low fee. We just turn it down & let the newbs take the loss. Happy to hear you got smart and countered and learned that you can do as well as a seasoned notary. Keep it up because a rising tide raises all boats! Appreciate the help in getting fees up where they are profitable.
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In Texas those HELOCS page counts are running between 175-225 pages times 3. That using up nearly a Ream of paper for one signing. Factor in the $50 cost of using a Law Office to close and there’s no profit in doing HELOCS.
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@seinaka Oh My!!! Tell your fellow Notary Cafe members how you REALLY feel . . . .
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@Arichter is Absolutely 
percent accurate!
We definitively DO receive the same low fee offers.
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Also @seinaka please endeavor to avoid ‘dissing’ those FELLOW BUSINESS OWNERS who DONATE their time, energy, & expertise to the Notary Cafe members . . .
There is NO glory to “hog” because there is NO loyalty within this business sector.
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.
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NOTE: You’ll also find that members will be more willing to help you & be supportive [and your posts will less likely be removed by moderators] if you try your best not to bite the hand that is extending assistance . . .
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I do the same, however I am being told that they can’t approve my higher rate. And that is fine.
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Hello Carmen_ Lane,
Thank you for your comments. Yes, I agree with your statement about “supply and demand”. I was using the term “bubble” as an analogy, in comparison to the growing numbers of Loan Signing Agents/Notary Public in the industry over the previous years. I have had previous discussions with various companies that expressed that there’s an oversupply of Loan Signing Agents, compared to their low volume of loan signing assignments. If you visualize that on a economic supply and demand chart, it definitely explains the downward pressure on signing fees. Thus, the creation of a “bubble”, to many LSAs to meet the low supply of loan assignments. I appreciate your position on the right to negotiate, especially when you receive “phone calls” to be offered a loan assignment. But ever since title companies created the portal, text blast, or email blast, it has eliminated the two-way channel in verbal communication. Yes, an LSA can still accept a signing order and attempt to call the hiring company to renegotiate the terms, but that is an extremely less effective play in leverage. Most companies have a policy that if a LSA accepts a signing order via their portal, texts, or emails blast it’s a nonverbal agreement to accept the offered signing fees and all other terms. Heck, I used to try that myself, only to hear the following response - do you wish to have the order reassigned. Like you, I believe in always being professional and respectful with hiring companies. I have been performing loan signings assignments since 2015. I have watched the fees slide downward, while the numbers of LSAs grew in numbers. Currently I rarely accept signing orders by text or emails blasts, most of my assignments come via a phone call. The only loan signing that I have accepted at $65.00 are RON orders that take 15 up to 30 minutes. Most of my mobile assignments still fall around the fee’s levels of $100 and up. With that being stated, obviously the volume of assignments has dropped. Fortunately, mortgage loan signings have become a secondary source of my revenue. My other lines of businesses have taken up the drop in the loan signings. As small business owners it is so important that we can pivot and shift to take advantage of market trends. Thank you for the encouragement and I wish you the best too.
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