I have noticed starting in Jan 2024 Mortgage Connect offers changed to lowball $50 for any size package. Notaries have accepted those offers and now MC keeps sending out messages about errors on documents especially Bank of America. I was tired of their issues this morning and sent them an email stating that when I worked for them in the past at a decent rate never had issues. Emphasized established 2015 and still around for respectable fee but don’t go out the door for $50 that they have been offering since Jan 2024, Don’t know if my email will do any good but made me feel better to give my opinion.
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Apparently those $50 offers are being snapped up fast and furious because they are coming into my email at the rate of 20 or more a day. As well as the ones for Advanced Mobile Notary. I don’t respond to them either, at least not without a counter. But it looks like this is the trend. And the agencies that I do work with who still pay me a half-way decent rate are coming over with 5 or more (sometimes up to almost 20) pages of instruction on how to successfully complete a signing. At some point the light bulb has got to come on – don’t you think?!
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Yeah, Alice, I get those same emails from Mortgage Connect. I’ve responded to those in the past letting them know if they would pay a professional fee, then they would get a professionally completed package. No response.
During the pandemic shutdown, they did meet my fee and we had no issues. Oh well … seems they don’t care. 
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To them, it’s all about the profit margin. They have to maintain it so they shop around for the best deals. It doesn’t seem to matter if the quality is not there. They will make the notary fix issues or not pay. The notary is short changed if the quality is not there so no skin off their backs. Welcome to the new world.
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Yep! Seems that indeed is the trend. Everything coming across my phone is $50. I just ignore them.
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Same there. They only call me when they have a High Net worth client. Then they pay $150. Sometimes they call with $85-100 signings. Hopefully the Feds wake up and lower the rates their next meeting, Lets keep our finger crossed.
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Thank you Alice. It will be a cold day in hell when I sign a loan package for $50.00 . These low ball offers are ridiculous! Have the lenders lowered their fees, appraisers, escrow and title, realtors. None of them have lowered any of their services! So I guess just the Mobile Notary needs to take half of what they were being paid. Not this notary! I’ve worked in Escrow for over 25 years and have done so many signings I can’t calculate how many. When a signing company tells me my fee is to high, I advise them the signing will be done RIGHT the first time! The clients will be well taken care of and if needed I can explain any document if questions arise, or immediately contact their escrow/loan officer! I usually get approved for my $125.00
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Yes, Freedom Mortgage and Mortgage Connect reorganized last year and lowered the fee to notaries. How many of you caught the email they put out stating with costs going up they have to keep their bottom line up and reduce our fee. It looks like some people with out a business acumen take those fees because its only gas, a few dollars to print. Hence the scan backs, increasing our costs. But of course our costs have not gone up. Paper has doubled for letter and quadrupled for legal. People are correct that the fees for appraisal and other vendors have gone up, while notary fee have gone down. It shows what the industry thinks of the service we provide. The SPWG truly showed we are not independent contractors as they tell us how, what and when to do our job and we are responsible for every document in a package regardless. The IRS states what an independent contractor is and with all the instructions they give us, except for how to correctly hold the hand of the signer or wipe the sweat of our or their brow, we are far from independent. Their attitude is take what we offer, and many do. Those of us who are professional make no mistakes, can explain all the document suffer with scan backs, extra mileage and time suffer the fall out. You only have two entries to blame. The individuals who do not have a clue about the documents and the NNA for telling people you can make 6 figure incomes doing this and turning out hundreds of signing agents (not Notaries) as you can tell by what they post on forum’s with some of their questions. It’s also the reason we see RON signings becoming more prevalent. The people running the platforms are just like the Signing Companies they take the large % of the fee and the notary gets the crumbs. At some point Title Companies will have one or two notaries in their office in every state to do all the closings via RON and only hire a signing agent when it can not be done via a RON system. A professional signing agent will know the actual cost of business and turn down all those low fees.
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I will no longer work with Mortgage Connect, nor update my credentials to them anymore. Same problems, in addition, they reached 2 years in past due payments before they paid some invoices. I took signings from Mortgage Connect since 2015, but no more. Let them have the notaries that make all the errors and need training who work too cheap to be professional.
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It’s getting bad:
170 pp (x2) refi with scans - $70
92 pp (x2) Hybrid, 35 minutes away - $40
Right now, I’m countering with my normal rate and never hear back so somebody must be taking the bait.
They used to call me instead of blasting them out but it seems they are going to a more automated model. I know they plan to move to iPen and RON closings but based on the platform “training” they provided, it’s a goat rodeo.
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Looks scary! How the business can go so far down? I really wonder and worry about our physical survival?
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No one lowers my fees except ME because I am in charge of MY business; no one else.
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I counter with my rate, also, and don’t hear back.
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You told them what I was tempted to. How can they expect anything other than errors from those that will work for pennies? I, too, wonder why it doesn’t dawn on them that it would make more business sense to just get it done correctly the first time. (Sigh).
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Agree with all 3 of your posts, salliemaesioux.
It’s my business and I set me fees. I, too, have emailed about hiring professional notaries and paying professional fees. No response. Oh well … guess they don’t mind the delays (to get package corrected) and the bad rap they get with their client.
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This market has too big of a supply of providers and too low a demand for the service. Providers are desperate for work and will take inappropriate rate just to get work. The price paid by the borrower has never decreased but the fee for the person providing the time, expertise and materials has severely decreased. If someone has a solution, I would sure like to hear it.
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Since the lowball offers started with Covid for me, I have passed on more unprofessional offers than I have ever completed. Only this week I found a glimmer of hope when I realized that my “Honey Do” list has been reduced substantially. I hope it holds out until decent wages are paid for professional services.
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I called last week about the fees and they told me they only pay the fee we are asking for when it’s not an automated assignment and there is nothing they can do😕
In my area I get offers of $50 for a Bank of America HELOC. I used to get 95 for those. I have worked for them for many years and also used to get 125 for the refi’s. I just ignore most of the offers. I did get one a couple of months ago in my town for 90. They apparently couldn’t get anybody else to take it for less I haven’t had one in a while. It does seem that people are taking them for 50 I can’t afford to do work for a loss or no profit. I’m better off, waiting until things change and doing other things.
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Yes, I have received those $50 offers and when I counter then sometimes I am assigned and a whole lot of other times, they find someone else.
I was thinking that the notary is what makes the final portion of these comes to fruition for mortgage , title companies and especially the borrower., Without the Notary then this doesn’t happen in a timely fashion. When will they recognize this, and start paying a reasonable fee for o,ur services
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