When those offers started coming through after the Covid crisis I started countering them. But never have they accepted. They used to pay me double what’s offered now. I got a gleam of hope when they sent out the Ron training. What a joke!!! I spent a hour of my time wasted taking their dumb class only to find out they are only paying $25 per closing !!! That’s a big hell no from me . Let all these mistake making newbies keep messing up their docs and hopefully Freedom Mortgage and B.O.A will drop M.C and then it’s bye bye to that signing company too. They can all go out of business as far as I’m concerned. Greed will bite them in the arse eventually.
2 Likes
No wonder the recurrent emails pointing out notary issues. One gets what one pays for. For Title Companies to offer $50 for Cash Out refis, which is not the same as HELOCs, is preposterous. But in the end, it’s up to the Signing Agent to accept these fees.
3 Likes
My answer is always to ask for what I want. I hit on probably 40% of their offers, usually at 100% or more of their offer.
1 Like
Good for you Alice! These fees are ridiculous… that had to feel good to vent.
1 Like
Home equity packages are smaller but most contain between fifty and one hundred pages and require at least five notarizations. The fees charged to customers for notary services {when disclosed usually exceed one hundred dollars. So why should the notary do this for fifty dollars? Then they want free faxbacks to make sure the notary does it right? Most of your fee is being confiscated by the signing service or whoever decides which notary is doing the job. Taking these low fees allows t’he notary to become exploited.
5 Likes
Yes it’s ridiculous and they want full scanbacks on top. The auto scheduling ap sends these out and they are gone before you can even open to see the location. I ignore them now. Not going to take signings for $40 when gas is close to $5 per gallon.
3 Likes
I’m a Notary, I too am a Realtor, and 2 of my sons are loan officers. All of our business has been cut drastically due to the higher interest rates - thanks to the FED!!! My sons are struggling to keep their heads above water (and they literally do not make what people think they do and many lenders had to lay off hundreds of loan officers). I personally have been struggling too as there are so many Realtors who are losing out too, thanks to the NAR lawsuits which the attorneys I hear made sure they got their fare share of that! Realtors have to pay for a lot more dues, fees, take classes all year long, and much, much more than Notaries. I know since I do both. Realtors also have to negotiate their fees as times have changed drastically for everyone in this business, and with the money we pay for fees, dues, advertising, and classes to keep up with our licensing, we certainly do not make the kind of money some people think we do.
3 Likes
You are absolutely right in regards to the Feds raising the interest rates numerous times over the last 2 years. The industry is suffering because of this, and the industry has many branches being affected! Realtors, lenders, notaries, construction! The list goes on and on!
I do a good business with Mortgage Connect. HOWEVER, they do what all the others do, lowball their offers. I do not accept and I counter with what I want. Do I get them all? No. Do I get what I want? Yes. I accept this is a market place with bartering going on. Hold your ground, they usually come back around!
3 Likes
Me too, I’ve been countering with my rate and never hear back. I did receive an email from them that because I have a high rating with Mortgage Connect that they are offering me “auto-assign” on the orders, HOWEVER, it stated that I have to accept at the rate being offered - no counters. (LOL) BUTTTTT I will be given the first chance at the job - seriously? Of course I declined. Since I received that email, they haven’t responded to any of my counter-offers. Somebody is accepting at $40!
3 Likes
For those of you that may not have seen on Facebook, I wrote an email to the president of Freedom Mortgage about Mortgage Connect and their appalling fees. He wrote to me the same day saying they value their notaries. Today I got a call from one of the higher ups at Mortgage Connect. He listed to my thoughts on all of this and I told him about times that I have been flat out cheated and mistreated by Mortgage connect. He did admit to me that the Hybrids are NOT saving us enough time for the money they took away. But he’s was very clear they don’t know how to fix it. They believe they are not making enough and can only charge Freedom and other lenders a flat fee. I’ve been studying a LOT of loan documents from them and others and they are lying. The fees that they are charging are pretty common and similar as other companies working for the same lenders and paying us better. PLEASE to the rest of you… google CEO of Freedom Mortgage and email him. Be RUTHLESS but of course, professional in what you say to him. The CEO of Freedom invested in a ball team last year. These people have not changed their own lifestyles for the worse. It’s up to us to spread the word to all other notaries!
4 Likes
You are right Sheryl and I don’t think most of us are complaining about working for a fair fee. In my area, 80 dollars is enough to keep our heads above water. There is enough business and they DO make enough to pay us that. These interest rates are the SAME as they have always been. 7% is the average over about 15 years! My first house was over 10% in the 80’s. The work is there for those that put in the work. Even lenders can make ends meet if they want to sit on the phone and make a zillion phone calls. Exaggeration, but not by much. I hate telemarketing. I am a new lender and I know exactly what you are talking about. I have hundreds of people on my warm list. I have not made my announcement of my recent loan officer license in the 2 states I work in. I’m studying and waiting until the time is right. But I am still averaging 800 signings per year and every single month this year has been better than the last, if only by a little and sometimes a lot. I’m NOT letting these companies off the hook!
1 Like
When I receive ridiculous low ball offers, and there are many of them these days, I reply to them that their fees are insulting!
2 Likes
I’ve started doing that too!! I hit the “other” option and tell them their fee is insulting. 
2 Likes
It’s much more efficient for them to blast out offers at “their” fee than to call on the phone and have to negotiate. They could blast out an offer as “Notary pays Mortgage Connect $50 for the privilege of doing this signing” and some idiot would probably take it.
3 Likes
FYI, the same Helocs from Spring EQ that Title 365 (Xome Signings) is paying $90 for (averaging 125-150 pages) are being offered by Mortgage Connect for $45…with scanbacks.
2 Likes
wowwwww, never will move my body for such a low ball. Why make someone richer with my own money! Nop.
1 Like
I’ve been working with MC for many years too. Good company and decent fees but, like you said, lately they’ve been offering $50 only and they always require scanbacks even on refinances with 3 days rescission. These fees are ridiculous and there are notaries accepting them.
3 Likes
By the looks of all your reply’s it looks like most of us quit taking their lowball offers. Now to encourage all others to do the same and then the little greedy CEO can come up to double or more on his offers and all us seasoned LSA’s may consider working for the greedy MF
We don’t need to belong to a union to go on strike. As a group if we refuse low ball offers finding Notary LSA especially in rural areas will require change. HELOC’s changing so these type of loans can be used at owner’s desire (similar to Reverse Mortgages). Interest rates will be decreasing especially in 2025. Natural disasters will have people looking for loans in other states where home prices are less expensive. Business will pick up eventually but stop accepting low ball offers so pay will have to increase for LSA. Low ball offers are getting worse ~ seriously $20 for refinance and property purchase. Today have seen these offers increase to $80 after they couldn’t find LSA for that ridiculous amount. In my neck of the woods have posted this signing for 3 days. Hopefully everyone keeps holding off until reasonable fee posted. Good luck!
3 Likes