Why do we have forms for clients to sign stating Notary Fee of $175.00…when we are clearly Not receiving that amount?
Silly answer: So the borrowers can get mad at us and spare the SS/TC --OR-- to encourage even more people (how many borrowers have asked you how to get into this biz?) to enter the NSA business and drive fees paid the notary still lower due to massive oversaturation.
Never seen or heard of such a form, and I’ve been at this biz almost 6 years. Maybe unique to the title company or signing service?
I was under the impression that is what was paid to the signing company, and we are only getting a negotiated cut from that. If anyone else knows differently, please do share.
She is referring to the closing disclosure, which does identify a notary fee a high percentage of the time
The CD and sometimes the ALTA shows our fee.
If you are not hired direct from the title company you will only get a portion of that fee. The signing companies do not work for free.
Disclosure regs vary by state. I almost never see the notary fee broken out as a separate line item on either the CD or ALTA in Arizona. Almost never.
What “forms” are you speaking of?
Those fees on the CD are not just for what we Notarize. They have notarizations done for the loan process.
You are correct! The fee on any type of disclosure, be it a CD or settlement statement is the fee the SS receives, unless you are going Title direct, then the fee is their Title/Escrow charge and we get the crumbs left over…
I did not realize that ty for the information
You are correct about the CD service fee disclosure. However, in some packets now there is actually a separate form that identifies the Notary fee as XX amount. I have had this form in a couple of packets in the last week. The signer is expected to sign indicating they understand the notary fee is this amount.
I know what you are talking about, I have sent it several times, the “Notary Sign-Up” form. It has the borrower stating they agreed to have a notary come to there location to compete the signing for the fee of $______. The line is blank. They are expected to sign the form. So I called the SS, asked fee $$$ do I place on the blank. Once they said “leave blank”, another stated place my fee $$$, and once I was told to place the actual fee $$$ listed on the Closing Disclosure(which of course, was 2x the fee I was being paid) THIS IS WHY I DEMAND MY FEES…
these signing services do have to make money… they may process 100 signing per day, I can usually complete maximum of 6 or 7 per day… they are making money… NEW NOTARIES BEWARE… this is why we do not take the low ball fees… You can see this yourself, listed on page 2 of the CD. Signing services will accept $150, and try paying NSA $75
When you work directly for the title company, you often do receive the fee that is shown. Signing services keep a portion of that fee, because they find and schedule the business for us. As you get more experienced, the signing services keep a fairly small portion of the fee for what they do. I often get $125 or even $150 of a $175 fee, when going through a signing service. And $175 to $200 is my standard fee when working directly with a title company, and to date no one has complained.