Loan Signing - Time vs Fees

1

For newbies or those who have not been an LSA long, I came across a video of a man who travels and makes videos regarding our industry. I’m not naming names because I personally have not taken his courses and prefer not to advertise for the course for that same reason.

In this video, he interviews several owners of loan signing services who claim they pay us mobile notaries $100 for an hour worth of work to showcase how much a notary can make. I seriously felt myself get upset. I mean WHAT?!?

There are absolutely no loan signing jobs that will take you an hour. NOT ONE!

I just completed an 18 page seller doc and it took me 30 min in the home once we sat down and began, 1 hour round trip, 15 min scans and the next morning 20 min to travel to drop.

Printing 2 copies, flagging (newbies should definitely flag), preparing the label and envelopes, driving to destination, length of signing (obviously varies), online completion of job, scanning back docs, driving to ship package and back home will take more than an hour. Even if you don’t count driving, and I absolutely do because that mileage is part of my bidding, a seller package takes time. Especially if there are issues and lately here there have been issues, frequently. Please keep in mind that you can write off mileage but your time cannot be written off so your travel time should be included in your fees.

There are plenty of discussions here regarding fees and expenses to know if you are actually making money and approximately how much your making. Use the search bar to find the breakdown of expenses vs fees.

LSA’s who stop taking low fees no matter if you are new and learning, will help the industry be fair across the board. This business can and will throw curveballs at you often. You will always learn something new and perfecting your craft takes time. I learn new things or experience first time issues frequently throughout the year. I take note and make adjustments. But I still require fees that pay me to cover expenses and help me provide a decent income for my family.

Unless you are making mistakes regularly (and if you are, you should slow down and retake a course along with reading the very fat book you more than likely received from NNA), you are worth more than $65, $85 and in many situations, $100 per job.

There are very few situations I take $100 and it’s for that one company who took a chance on me in the beginning and they are NOT making a bundle from the signing. $100.00 should be the VERY MINIMUM when the circumstance fit.

I love this industry and find it to be a challenge every single week. There is alway a fire or a hick-up along the way and I thrive on meeting that challenge. And when I feel I am getting a little burnt I take a few days to reset and then I’ll go again. But it took me over 3 years to get where I am at. Going hard too fast will cause you to make mistakes. Take your time, be patient, ask questions and watch your confidence grow so that when there is a fire, you are prepared to put it out and all the while you are contributing to a fantastic industry while getting the pay you deserve.

16 Likes
2

I have often responded on forums to folks who say they can do a signing in 15 minutes that it’s simply impossible to do - even saying 15 minutes at the table is impossible….identifying and journaling takes up the first 15 minutes of any appointment.

I don’t do loan signings any more, but I agree with your take on time involved. And for some, travel in all aspects (to and from signings, package drop, etc) is even more.

5 Likes
3

Thank you Ms Linda. I appreciate the support!

4

I shoot for 45 minutes. But you have to shut down chit chat which I’m getting better at.

But a 44 page seller doc package took an hour yesterday. So it just depends on a lot of things.

4 Likes
5

Don’t forget..you’re putting more than 45 minutes into it once all is said and done…you may have 45 minutes at the table, but IMO (and I think this is what @AMERICANPATRIOTGIRL is getting at) is the meter starts ticking when that initial contact/confirmation is made. Everything you do with regard to that one assignment is compensable - has value - and you should be paid for it. Notaries who grab the lower fees are not thinking of that

6 Likes
6

I don’t chit chat very often. It’s usually signer interruptions that delay. However my point was there is absolutely no signing that are an hour. The job takes longer from start to finish and I count that time. Always.

2 Likes
7

I watched the same video and I’ll guarantee you. Those clowns are paying $70 now.

3 Likes
8

Such a great way to word it! Thank you.

1 Like
9

Excellent comments! I wholeheartedly agree with you. The amount of time, printing, and travel it takes to complete a loan signing, at minimum should be $100.

6 Likes
10

FWIW: 30 years ago, we were paid $150 minimum and didn’t print or scan.

8 Likes
11

I wasn’t referring to you, necessarily - signers seem to want to chit chat and it can be hard to head that off. From document review, printing etc it is almost always more than an hour. True enough.

2 Likes
12

I know. And our economy has gotten worst. I’m asking for more now. I get 130/150 a lot now. Scan or no scans.

4 Likes
13

Thank you for sharing your experience. I live in a highly competitive market and two of the industries biggest companies are going lowball. There must be someone out there taking those $70 refis and $60 Helocs with scan, but I cannot operate at that level and refuse the work. Those same companies will pay better if they reach out to you because they couldn’t find anyone even at the lowball fee. For me that means accepting an assignment that is remote or extremely difficult. I always ask for a fair fee and it is then up to the company to hire me or not.

1 Like
14

I ask and then it goes to a signer who took th lower fee. How can you get them to pay what you’re worth. I’m error free and efficient, making the title companies look good. How do I get to pay me for the great service they receive?

1 Like
15

It took me 3 years to get a good reputation with some signing agencies and a few title companies. I put a lot of work into advertising myself, perfecting my craft and a TON of patience.

My Google listing is my best friend. I do not have my address listed so it doesn’t restrict my area. I answer my phone for regular notary jobs like titles, etc so I could gain reviews on Google, which pushed me to the top of searches. I do keep a WIX website I built myself which took me FOREVER. But I do love it! And it shows a map of my coverage area with zip codes

I get calls from title companies, attorneys and investors, but not all the time. I still take jobs from the normal sites where you have to counter the offers and am signed up on ALL of them.

Each year I grow and hopefully now that I am completely mobile (printer in my vehicle) I won’t have any more large investments to make and will actually see bigger profits.

One piece of advice that I took from here was to keep your fees consistent. Mine fluctuate some when the job is further out than say 30 miles. I always add $20 for scans as well. A huge plus for you is efficiency and error free. It means the world to the titles companies.

1 Like
16

Well, there are signings, and then there are signings. There are quick signings that can be completed in 15 minutes at the table, but they are not the typical 150-180 page refinance. There is NO WAY those can be completed in less than 45-60 minutes…..and that’s with signers who do not read and do not ask questions (pretty much point and sign). Then, of course there is the print time, the prep time, the journal time, the driving time, the scanback time and the dropoff time. All of that adds up, and in addition, we have to bear the cost of gas for the car, paper, toner, supplies, etc. The garbage spewed out by the person who sells that course that was mentioned is just that…..garbage. This person actually told me once, when challenged on the subject, that driving time should not count because when you have a regular job, you don’t get paid for the time that you drive to and from work. While that may be true if you look at it from that perspective, you DO get paid extra on a regular job if you have to use your car to perform your daily job duties….which we do, multiple times a day.

1 Like
17

You had less competition then.

18

This is probably true. Did the industry grow with signing agents during Covid or before then.

19

It grew before, it exploded during and after.
I blame Youtube and all the con artists selling the six figure income notary dream to everyone who will pay for their training program. The NNA also became incredibly (more) corrupt and positioned themselves to be guaranteed a big slice of the pie. I can’t even get signed up with Proof unless I pay protection money to NNA. I don’t need their training. I could teach the course.

2 Likes
20

You are not the only one I have seen say this.