Notary fees for HELOC

I’m feeling disgusted right now, accepted a HELOC for $60 thru snapdocs and I asked the company to do better on their fees (accepted to ensure I got the signing). The abrupt response I got “you accepted the signing at that price let me know if your still available” and saying next time I should put my price. I got the doc’s and see where the mortgage company pays the Title company $175.00 I’m very tempted to call the bank and let them know how much they’re offering their notaries … thoughts?

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Lender won’t care. As long as SD can find someone who’ll work at ever lower fees, it’s all good for them. SD’s the worst thing that has ever happened to this field.

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As per Arichter’s post, the lender nor title will care. True also about the SD scenario. Continue to market your business and services at fair fees and endeavor to work ‘direct’ as much as possible. Best wishes, cwstewie. :slight_smile:

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IN reference to fees - I am so upset that this business is not very profitable as I thought. I have accepted $60 HELOC for jobs within 5 miles - I do not accept others. Most companies for HELOC’s only pay 50, 60 one of my companies charges 62 - I asked how they figured that fee? So I receive a score card from one of my favorite companies every month and I am always excellent but I receive only 10 jobs - they notate the jobs in my area as 400+. So I emailed them to say if my score card is excellent why is it I am only doing 10 jobs? RESPONSE: Your fee is $5 over the average fee we pay. ??? I was so surprised that I am losing job offers for $5-not being offered because I will do a great job and worth the extra $5. So when I read that it is all the notaries accepting low fees - how do you explain we are being put in a corner with no way out. I consistently sign up with new companies every month.

Just keep lowering your fee in the ‘rush to the bottom’. They are ALL playing us. I know the co. you’re referring to and, from others experience with them, if you lower your fee to ‘get more business’, they will try to get others to lower their fee still more to ‘get more business’…and on & on it goes. My attitude on this is ‘keep others sooo busy with no-profit work that when a decent fee is offered, THEN I accept’.

Where is the specific area that details payment to title company?

Signing up with new companies monthly and getting direct business is the way to go. Signing co’s have the upper hand as they can send out automations which at times give limited info (meaning maybe fax backs) and they are notaries who’s willing to work for pennies which I do not understand.

On refi’s and purchases it’s on the CD, for HELOC’s is on the fees schedule.

Set your fees and stick to it. Do not lower your fees just to get a signing beyond what is reasonable. This business has been saturated with people who are new and do not know how much it costs to be in business doing this. Also signing companies and Snapdocs have taken our information to use and build profits for themselves with little thought about our needs. But without us they do not have a business. I rarely get anything through SD because it does not compute.

I couldn’t agree with you more.

Good advice, I shall try that on my next assignment.

Don’t get discouraged, just note the mortgage company and when you see the name again, ask for a higher fee. Hopefully, you will get it, if not I will gladly take the work at a reasonable fee for my region. No hard feelings, it is just simple math. Work and get paid or hold out to chase the rainbow pot of gold.

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They are just wrong! I’ve seen that too

Another one bites the dust…
I just got off the phone with MIS…been working with them for years. They have joined the “signing company attempt to lower fee’s” even though they claim not to be a signing company. If that’s true then why not pay a reasonable fee.

I find bottom feeders are contributing to this problem. They accept $85 and $90 fee’s thinking the volume makes up for the loss, what they don’t see is the slipper slope… once the signing companies get comfortable with a data base of no delays, they will lower it again. People with no backbone are diminishing our profession.

In the last 8 months I’ve removed myself from 12 signing companies, MIS the most recent. I won’t support a company that is subverting our profession, I’m not negotiating with them, I’m cutting them off. So, For all you bottom feeders, eat up the Chum…but one day you’ll be working for peanuts, and title companies will be service by chimps.

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Just deactivated my SD account! Too bad they won’t let you just close it out completely! You can only deactivate or reactivate the account and that’s it. No time to waste with the replies for orders that I can’t take anyway!

I just got a HELOC request for $60 - I’m passing as you are right the signing companies get $175-$200
Wish we all could go on strike

LindaFl from Florida. Has remarked on this issue. She’s worked in Title and explained that the TC’s add other charges to the notary charge making it seem to everybody that it all went to the notary, which it doesn’t. I don’t know why RESPA allows this on the CD’s, because it is hiding other fees.

I think this depends on each individual. I do HELOC’s for one specific credit union for $60 almost averaging 2/3 a week. These packages have 20 pages and require 2 stamps. No scans and within 15/20 minutes of my house.
I say all that to say… I’m not passing up $60 for a max 30 minutes worth of work. But hey that could just be how I run my business :relaxed:

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I don’t believe I said that - I do believe I said the “settlement fee” to the TC included charges and services far beyond just the notary fee. Others have said there are other fees included in that specific line item “notary charge” -

@JohnM-FL if you can link the post where I said that about notary fees I’d appreciate it because I WILL amend it - the notary fee line item includes other notary fees outside of the fee offered to the signing agent…and I don’t think they’re “hiding” anything.

TIA

Sorry Linda. You are probably right. It must have been others. We have seen other TC’s add to the notary fee. I have been at a signing where the notary fee was listed at $275 and the client says " why so much to you for 45 minutes work?" So than I have to explain…NO I don’t get that…other fees are added in.
Than, I get a funny look…Oh yea!

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