Has anyone noticed not only are there fewer assignments coming through but all the fees have dropped as well. 75.00 with fax backs is crazy low in my opinion. Not worth it. Anyone else seeing this? Am I missing something.
It’s typically slower this time of the year. People don’t want to deal with a loan around the holidays. The fees seem to be ok. I won’t do one for $75 unless a seller or minimal docs. And no way will I do fax backs. Especially for a low fee.
Yes, I’ve noticed a slowdown, as well, and signing offers via Snapdocs are really low fees–but they usually are. I don’t do faxbacks, either, except in rare circumstances. My plan is to ride out the slowdown without succumbing to the temptation to take the underpaying signings. After having done a lot of those, I can truthfully say they don’t make economic sense.
Hang in there. Just say no to low fees. We need to stick together. Higher interest rates will slow signings. It is do cyclic, hang in there.
I also won’t do fax/ scan backs unless it is just one or two docs and special circumstances, and even then I charge an additional fee for extra time.
I have noticed this change. There all 90.00. These are coming from good Companies too. I will not work for that fee unless its a small signing. Since they did away with alot of docs and just have a closing disclosure although some sttill have over 100 pages for a refi. I am lucky to be able to do this part time so i can be picky.
Yes, I am seeing lower fees and much slower.
Yes, It is very very slow since Jan until now. Hope it improves.
I managed few good ones by snagging fees of $120 to $125.
Some title companies are working directly with vendors on snapdocs. However some other title companies are dropping fees, while the closing agents in these companies try to shave money off your fees to keep as their bonuses.
I research and decline work from shady new firms.
In calif, they increased our notary fees to $15 per and the companies lowered our signing offers so it makes no sense. It is slower this time of year but there is no reason for fees to go down like they are. I am not going to accept the lower fees. It is not worth my time to be working for less than minimum wage and putting up with the way we get talked to or treated AFTER THE SIGNING IN SOME CASES, when we have to ASK for our payments!
Real estate traditionally slows down from mid-December through February. Having a new President is also causing some tension in the financial community. Read the blogs among lending firms - the general consensus is positive. Volume will pick up around March. Now is the time of year when general notary duties help to fill the income gap. As for lower fees - lay those on signing agencies. Their standard signing fees have increased from $150 to $175 per package. They have also begun slinging out a line about “the lender won’t let us pay anything higher than (an insulting low amount)”. Signing agencies are contractors - they have established fees for each type of signing with their clients (the lenders). Signing agencies determine the fees they pay their subcontractors (notaries) - the lender has nothing to do with it. Lower fees come because new NSAs with no understanding of contract law fall for lines like that.
ACCEPT & THEN ASK FOR HighER FEEs.
Every heard of Bait & Switch… Well this is reverse BAIT & SWITCH !!
Oh, Wait until you got the docs on hand, then you know who the lending officer / title office / escrow is … Tell them YOu wont do for such insulting fees… Also demand instant payment … Not 30 day - 45 day Bull$|-|1T credit terms from these signing services. Many are running a ponzi scheme. Notaryspot, NotaryPool, they are all defaulting on their payments.
Also tell your title contact to start using SNAPDOCS and dump the signing service all together, if they keep stiffing & shafting you.
$90 is the offer you get from the “better” companies these days. There’s still a bunch of lowballers that offer less than that. Then you have to go through hell to get paid from many of those deadbeats.
The title companies use signing services because they don’t want to deal with finding a notary for every signing. They don’t really care how little or how quickly the notaries are paid or if they have to do faxbacks or how far they have to drive to the signing location. They let the signing service deal with those details. From their perspective, that approach makes total sense.