Yes, I see it also and I don’t like it. After 23yrs of doing this business, our fee can be based on what the “product” is. Seller, Buyer, Refi, HELOC or Reverse Mortgage/Reverse application. I found that in certain times the schedulers do not give the details until you accept the job. That to be is a deceptive form of business. I have also found that as the market slows the fees get lower! Amazingly, we as “Notaries/Signing Agents” are paid the least in the transaction. This is puzzling since we do a lot of ground work and yet are neglected the most. Title/Escrow is a percentage of the transaction cost. Appraisals have doubled, Title policies have doubled, but the Signing Agent is getting paid the original fees of 25 yrs ago. If a person can afford a $1.9 Million dollar home loan they should be able to pay $500 Notary fee. This is why I keep remarking on the fact we need regulation and protection in the Signing Agent industry. Something that gives us worth and sets regulations on payments and work standards.
I agree with everything you’ve said here and, to add to that, often the notary fee on the Alta statement is much higher than I as the notary am getting paid for a loan transaction. Obviously the signing service will receive the difference but the borrower sitting in front of me who is reviewing/paying the ‘notary fee’ from their loan proceeds does not know that. I’ve had comments such as ‘wow, no wonder you enjoy doing this work’ or ‘what does that fee entail’ because they feel it’s too high. Of course I respond professionally but it’s frustrating when that is not the fee I will receive.
I agree with her up to a point. If the details of the job and the location are clearly stated on the offer, you should honor any fee that you agreed to. However, if they are vague and you later find out that they are misrepresentative of what the job actually is, then you have every right to ask for more money. Same thing if they change the location later on to one that is a further distance or otherwise less appealing to you. Same thing if the offer doesn’t mention scanbacks, but they later tell you that they need scanbacks. We can’t be bidding on a target that keeps moving.
I’m also wanting regulation on our schedules. When I see appointments for 8:00,9:00 or 10:00 pm at a standard fee???!!! We should be paid higher fees before and after standard office hours. This is where I keep insisting that we call ourselves “Signing Agents” not “Notaries “. We’re paid per job, not per signature. And there are many jobs as “Signing Agents “ we’re requested for that have no notarization required. Categorizing us as Notaries diminishes our standing. Notaries are “public servants “ and have been expected to do whatever the public needs are. Any appointment before 8:00 am or after 5:00 pm should require special fees. I find it insulting and rude to ask a person to go out at 9 or 10 pm for standard fees especially when those fees are so low as it is.
In this case, I sadly agree wirh the signing service. This is why I never take a signing without knowing exactly what type it is. You can’t mark yourself available at a lower fee then up the price because it’s a REFI. Now, if they say Seller than give you a large REFI or purchase, then yes, ask for more.
I simply make it a personal rule to not accept those “Loan Signings.” If they can’t say what it is, I just move on with my day. Sometimes I leave a comment saying as much but they don’t see to get the hint.
I’m seeing it when they use the words “Loan Signing”, and after you accept, it turns out to be a Loan Modification. I don’t do Loan mods regardless the fee.
That is great that it works for you in your area, but a blanket fee for any loan type here isn’t going to fly. There are way to many notaries doing signings to have a set fee based off page count for all loan types. I do set my refi fee based off 150 pages, but what I charge for that and what I charge for a 18 page sellers packet are not the same price. If I did that, I wouldn’t have any work.
Region matters, I guess.
Oh, how I agree. I have an amount I charge for each loan type. I adjust as needed for distance and I know certain places have lower and higher page counts. My pricing, same as you are generally lower than a seller packet as sellers usually have 15-40 pages as compared to 90-150 for a refi. Same as I know one that issues paper signings
if you catch my drift. Theirs are less pages than the others and if done through one particular signing service don’t require scans. I cut them a small break on pricing and the schedulers and I have a rapport over the years. They know I cut a break on something close to home so often have no issue meeting a request of mine when I raise the price due to drive time, late hours in the dark, so on.
In a perfect world the hiring company would pass that break down to the title company to reduce the signers notary fee.
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