Hello, What would be a fair payment for a 20 page Loan Modification. 2signed/notarized copies, with no scan backs. I keep getting these, but they are only offering $30. That just doesn’t seem worth it to me. This is in NC. Any input would be very helpful.
@Bruninotary In my direct experience, the Loan Modification packages will normally take the same amount of Time & Effort as the completion of a Seller’s Package of documents (no less than $100 if nearby).
Of course, fees can (and very often do) vary from state-to-state as well as region-to-region.
MY calculation for this job (here in FL) would be no less than $70 - two notarizations at $10 each, then printing and travel to signers then, depending on signer’s location, travel to FedEx dropoff at authorized shipper (drop boxes not available in my area). - and I would not use Walgreen’s. So, no, $30 does not cut it.
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Most Loan Mods I have done require a scan, some requesting not shipping until the scan is approved. They normally involve two copies of the documents including two executed Deeds of Trust or Mortgage. I have been paid $100 for these but the average is more like $75. The low-ball offers are countered with at minimum $50 and this has been acceptable to most signing companies. One law firm I have been working with has been paying well but the signers sometimes take the packet that was sent to them (identical to the one I have to print) and gone to a UPS and sent them in themselves. They somehow miss the information that says the appointment is FREE to them and they pay their neighbor notary or UPS notary for the service. If they have already shipped in the documents chances are that assignment is cancelled but might come back if not signed correctly. I do not print unless the appointment is confirmed or the requesting service asks me to print and show.
I did a loan modification last week that didn’t require any printing, scanbacks or packet drop off. The title company was out of Oklahoma and they shipped the docs to the signer and required them to return them via Fed-Ex. Pay was $60. $30 would be an immediate no thanks.
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The last one I did was a county over and I charged $90.
The only reason I took it at $60 was that all I needed to do was show up and do the notarization. other than driving I didn’t have any expense. I would charge more as well if i had to print, scan and drop the package.
I didn’t mean to sound accusatory or insulting or whatever. Just goes to show notaries have to set their own fees based on their own needs.
I didn’t take it as such. And you’re right about fees. Every area and situation is different.
I think that each notary needs to establish their base fee for even leaving the house and increase it from there, depending on how much time they are actually expecting to spend on the assignment. I don’t agree that fees should be based on the type of job (refi, seller, heloc, etc.). Time spent (including driving time) should be the main consideration.
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I once, years ago, accepted a loan mod for signers less than a mile from me - fee was $30. I said okay as it was really close - obviously it was when I first started because I forgot to figure in my mileage and time - a mile there then 30 MILES ROUND TRIP (one hour) to drop the package. Never made THAT mistake again..lol
The infamous Mark Wills once said that driving time shouldn’t count because you have to drive to work and back in any job. The difference is that you’re making that trip once a day and getting paid for a full day. With loan signings, you may be making the trip there and turning around to come home 30 minutes later, and only getting paid whatever that particular job is paying you. You may have to repeat that process throughout the day for different jobs. Half of your day can literally be spent driving. So Mark’s analogy does not apply here. Travel time makes up a big part of the equation for most of us, so it’s not something to be dismissed by charging a flat fee for any given job just because a signing service thinks a particular type of job is worth “X”.
It can also be physically arduous to drive for 4 hours in a day. Yesterday I went to an appointment 110 miles away and I had the date wrong. I could have just jumped off a cliff. I go back today. First time I’ve ever made that mistake. Then I accepted one for last night that was another 100 miles one way. Needless to say drive time and mileage sucked away any profit on the day. So now I’m printing orders and using that to set appointments in my phone.
I got a request for a town I don’t even provide service to. So the fee request reflected it’s way out of the area for me. And the last time that location was offered they waited until the last minute to assign it because no one would go cheaper than I would.
But waiting to book me - I took something else closer and had to tell them I was no longer available. Schedulers trying to save money are going to get caught in that pinch I’m afraid.
@steves11 Valid Statement! Plus, some need to include Turnpike, Ferry, Parking, etc. Fees.
If you have to park in certain areas of Los Angeles where you’re going to a tall office building, you easily could end up paying $30-$40 to park. Maybe the signer will give you some validation stickers to cover the cost and maybe they won’t. The one thing I learned early on is that the signing service won’t cover those kind of costs. You have to build it into your fee if you know you’re going into such an area to do a signing.
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@steves11 Yes, & thank you.
Definitively, this is a concept that I express on an ongoing basis to those who are new to this business sector.
There are many examples of that within the Notary Cafe forum. Here is one example:
Ouch! on that wrong day with a long drive.
I’ve always printed my confirmation sheet (aka signing order). I use Google Calendar for all my appointments (personal and business). It syncs my computer with my phone so I always have the same info available.
Same as johnsonps306, I cover a large territory so it’s not uncommon for me to drive long distances. Had an IPEN yesterday that was a 2-hour drive one-way for me with a negotiated very handsome fee. 
I don’t care what the assignment consists of – single document, HELOC, IPEN, modification, purchase, etc. If there’s a long distance involved, my fee will reflect that.
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