Not new but thought maybe new LSA’s will see this
I took an assignment yesterday by accident. My password had expired with an assignment portal and when I was trying to sign in by making a new password, I was impatient and hit the wrong button because the screen moved. So I accepted an assignment for $100. Luckily, it’s a 64 page HELOC and not far from me. However, when flagging the docs today I discovered that a well known title company’s rate for notary services are 3 and half times what I am being paid. Maybe it’s split up somewhere, sometimes a notary has to sign documents on their end but still!!
People who are new to this business:
When you accept low fees, you make a path for loan signing agencies to keep their fees low.
Also when you consistently make mistakes and aren’t diligent about your work, you make a path for LS agencies to lower the fees.
Because we don’t see the job beforehand to know details such as size of package, which matters, set your rates at a minimum. If you know you are good at being an LSA and you are worth it, expect it.
Set a goal to read and spend time with your documents more than once before sitting at the table with the clients. Take fewer assignments until you are more confident. Create a system that keeps you consistent. Make a goal to become valuable to this industry.
I learned a hard lesson today and it wont happen again. I love my little small business and because I know how valuable the services we offer are, I will expect others to value them as well.
If you are unsure of what the minimum should be, here is a great way to help.
Amen, sister!
I make it a point to find out the notary fee in the documents vs what they’re paying me. I have my minimum rate set, but I still shake my head sometimes. I could understand a little better, if they were still shipping docs to our doors. These companies ought to be ashamed of themselves!
Lesson to newbies: Know your worth! Then add tax
And that’s why I miss 123notary so much. Title companies would call 123’s pay for play list of notaries directly. Always full fee, no marketing company standing in the middle selling notary services for a fraction of the fees.
The fee on the Settlement Statement reflects a title company could be paying more than one notary. No one should assume that’s what a title company will pay you direct for one appointment.
I read that guideline and set my fees accordingly. I also created a chart for myself for locations further away so I wouldn’t have to stop to look up the actual distance. I am new to actually performing the closings but I have generated these packages and am still working for a mortgage company now (At least until end of Jan when they are letting me go… no more remote workers, all in house…now and after I moved to the Space Coast and they said I could be remote)
I’m still struggling to win the “bids” for jobs. I’ve gotten 2 signings and I did fantastic, I know what to do, what to say and how to behave with customers but sheesh is it hard. I’m getting some business cards printed and start going door to door at title companies around me. I’ve put out the word to my other title company contacts but they are in South Florida where I was. I’m signing up to all the signing services and job boards I can. I just keep reminding myself, low pay is not what I’m aiming for here… so chin up and keep trying!
Great job with organization! Gave me some ideas to help make my life easier!
I created a website through Wix. Took me some time and YouTube video’s but I finally anccomplished creating a site that I love and represents me. I tweak it now and again. I began accepting small notary jobs such as Title transfers, POA’s, etc and obtained reviews from local clients. I was shocked at how much my area needed a mobile notary and how those reviews brought me out of town and state clients who hired me to notarize various documents. They set the fees, which are usually more than a signing company pays. I don’t have contacts in the Title industry and there aren’t any near me. But I suspect that since my area is growing rapidly, there will be.
This is one of those businesses you have to get creative and offer services that either nobody does or go above and beyond for clients.
I am so glad that many season LSA’s talk about this. At first, I was accepting the low jobs thinking the max that is paid out on signings was $150 and that since I was going through platforms, they needed to make their cut until I started reading the Affiliated business page where it lists the notary services and the amount of up to $500. Now I make it a happen to reject signing that is super low. On top of that if I see other companies paying me higher for what others all paying me, I start to reject them as well or counteroffer. Thank you!!!
$500 could include split signing fees. It’s not reasonable to expect one notary is getting paid that fee. Those fees include potential do overs or two notaries in the event of a buyer signing and a seller signing.
