Which seem to be all I’m getting from the platforms lately. This from a Title Co. yet:
A Refi way out of my service area for $100–which just so happens to be $6.20 more than the IRS deductible mileage allowed AND $5 less than my actual calculated-by-reality mileage cost. Forget about all the other hard costs involved. Plus this particular TC used to offer $150 for starters even if the location was 2 miles from home! Adding: I don’t take these. But, apparently, someone does.
THIS is why you’ve got to do a lot of thinking & calculations BEFORE you accept that signing!
I’ve decided to refrain from taking any work until significant changes in the marketplace. Certain signing offers have been published as low as $25.00 in my area. It common to see scan backs being required in $35.00 offers. I assume someone is taking these lowball offers. As for me, the business is unprofitable through previous signing app channels…I’ve done 4 closings in 7 months. I used to have 16 per week! I think it is best to wait this out and stop subsidizing others with free labor.
I have seen some of those ridiculous offers for $25. If they are broadcasted with an area to respond, I send them a response something to the effect “Are you really serious? Does not cover overhead to go out the door.” Then I post my standard fee for the area covered. At that low of a fee, don’t care if they reach out to me again but did share my thoughts. Sure someone else accepted offer and will eventually figure out they are not making a profit. I’ve been fortunate to stay busy but business down 40% from few years back. Good luck!
I took a low paying HELOC close to home for fifty dollars. I usually turn down these offers. It turns out that is a good reason. They had a cost sheet in the HELOC which discloses fees paid by lender on behalf of borrower. The notary fee was $135.00 The notary signing agent split is 85/50 in favor of the signing service. This needs to change. This is the last time I accept this kind of deal.
“The notary signing agent split is 85/50 in favor of the signing service.”
And will continue to be just so until we learn to value our time, expenses for what they really are. They do (& pocket what we don’t–our profit!)
I just had one that I TOOK, after discussing the fees, requirements and distance and had it increased to what I considered acceptable… Closing docs in, Notary fee listed is $400, Closing Fee is listed $695, (and all the other title fees so they were not included.) I feel even more abused. But they took off the scan requirements, so that will save me at least 20 minutes of dawdling But then, I appreciate they even considered negotiating. So many I am seeing going out at $75 with all the req’s.
New LSAs will take these lowball offers in the beginning to gain experience and create a body of work. Some intermediate leve LSAs will take some of these to establish a relationship with a new SS or escrow/title company. It is seen as an opportunity cost or loss leader.
Senior LSAs won’t take these jobs because it’s not with their time or low ROI.
So, the low offers will continue because the former two will take what the latter won’t. These companies know it, and are taking advantage of it.
Ironically, it does cost them in the long run because the inexperienced notaries make errors that can cost as little as $10 for an extra FedEx ship to loan not funding due to errors made by rookies.
But then, I appreciate they even considered negotiating. So many I am seeing going out at $75 with all the req’s.
. . . 