Recently, I had two signings that actually have the client signing a document and including payment for my notary signing fee. It literally says that my fee is $150 (on both of these particular signings).
The problem is, one, they are divulging my fee, something that is stated in most contracts to NOT discuss my fee with the client(s). Two, I’m not receiving that much for these signings.
This tells me that in the industry, it is considered ‘normal’ for a notary signing agent to receive $150 for what I’m doing. It also is fraud, imho, because I’m not receiving this amount. The other issue I have is that the client is now looking at me and disgruntled with my fee! I find it highly unprofessional for these companies to be listing my fee, even more so, that I’m not actually getting paid this much.
I’m seriously considering raising my fees across the board to $150 except for very simple notarizations.
What are your thoughts, experiences regarding this?
Really hard to comment without reading the entire document … but as to #1 - your agreement with the company is that YOU will not discuss your fee with client, and in this instance, you’re not … the company is.
As to the rest, I agree that it’s unprofessional, especially if you’re truly not getting paid that much - and I, personally, would be up front and honest with signers and let them know that no, I am NOT getting paid that much - let them argue with the company if they decide not to sign it. If they ask why the signing company has the document in the package or where they came up with the number, play innocent and clueless (“I did not draft this document so I, truly, have no idea…I’m sorry”) - with a sweet smile, of course.
If you get those signings directly from a Title Company, yes, you are supposed to get the amount stipulated in these documents.
But if you get those signings through a Signing services Company, they are acting like a middle men, so if you agree with them taking a $150.00 signing fee on the document, but the SS only offers let’s say $100.00 that’s what you get, the SS company gets the other $50.00 because you are working for the SS company who offered you the signingng, no the Title Company.
Thanks that helps explain things a bit. Although, I thought the signing company received their commission in direct billing to a title company, not from any thing coming from my fee. Anyway, makes me realize companies are willing to pay $150 for MY fee, but the middle man is taking a cut of my supposed fee. It did say that’s what I was being paid.
I did pretty much what you suggested about when the clients mentioned the amount… “no that’s not what I’m getting paid.” Still, very unprofessional to me to be discuss my fees whatever they are with the client because they’re making them sign a document about it and I’m collecting a check and/or CC# info for it.
Title companies and lenders quote the borrowers or sellers set fees and that is what they are charged. The borrowers or sellers always have the right to shop around for a different title company or various services providers. About the only service fee on a settlement statement that is not negotiable is the title insurance amount as most states have a regulatory method how the premium is calculated. Most borrowers just accept the service providers recommended by the lender or service providers recommended by the title company. The settlement statement may state or may not state the amount of the mobile notary fee and may or may not state who the amount is payable to. The borrower or seller have been quoted a fee and will be charged that fee and if it is different from what you are paid the title company and/or the signing service are taking a cut.
I believe the reason the notary fee is disclosed is because the fee is ultimately charged and paid for by the client
The closing cost disclosure form is mandated by The Consumer Financial Protection Bureau (CFPB), and must include all fees and costs.
If I were asked about it I would refer them to whom ever assigned me the job or who ever is the contact per instructions.
