Notary Signing Agents Pricing Dropped Again

Notary Experiences
1

Has anyone received this email I copies and pasted below from Priority Settlement Group.
Well! it seems Signing Agents are once again getting another demotion in pay because when one SA lowers their pay it’s only a matter of time before all the other SA start lowering theirs too. I don’t understand why we are the only career field that the longer you’re in it the less you’re paid. Working in the Corporate world I always got an annual raise if I didn’t, I would have quit. Well, until all the other SA start lowering their pricing, I will just have this company take me off their calling list. I will not work for that low of pay.

Good luck all

"Good afternoon Signing Agents,

We would like to thank you for your loyalty and support over the years, we appreciate your partnership and look forward to many more years ahead.

You are all likely aware of the rising interest rates and significant fluctuation in order volume in our industry. As a result of these developments our company must respond to the changing market environment.

Our pricing model will be changing effective 10/10/2022 to the following fee structure:

• Cash Buyer and Seller signings including the scan backs will be priced at $75.00
• Equity signings including the scan backs will be priced at $85.00
• Refinance (Rate/Term, Investments and 50a6) including the scan backs will be priced at $100.00
• Buyer with Financing (New Loan with Purchase) signings including the scan backs will be priced at $100.00
• Reverse Mortgage signings including the scan backs will be priced at $150.00

Note: We will no longer be adding additional fees to the above pricing structure which includes fees for larger package sizes. All fees are a flat fee and will be communicated with you at the time of scheduling the appointment. For the products that require scan backs please do not forget about the ability to drop the original signed packages off with our staff at our Austin, Harker Heights, Houston or San Antonio offices and they will handle the scanning and shipping of the docs.

Any closing scheduled prior to 10/10/2022 will be paid out at the originally negotiated price.

We have updated our instructions to complete the Proceeds Authorization form to better assist each of you at the closing table. Please read through the attached cover page and let us know if there are any questions.

We appreciate your partnership and support through this time of change and understand that we will continue to monitor everything in the upcoming quarters. Our goal is to get through these more challenging times and be able to return to business as usual and will keep you updated on any changes we are able to make in the future.

If you have any questions or concerns regarding these pricing changes please do not hesitate to reach out. Our team is more than happy to discuss this situation with you.

Thank you,"

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2

I have recently received 2 requests - one for $75, that I regret not taking…Bills are due…and the second was for $50… which I said no to. I feel like it hurt me to say no, because these are the only 2 requests I have had in several months… :frowning: The next one, I’m going to have to say “Yes” to… regardless, unfortunately.

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3

Hi txnotary.mnj I am sorry you haven’t been getting signing requests. I am not trying to be mean when I say this I’m just trying to help. If you haven’t been getting signing requests other than the two low balls and have bills to pay, by taking the two low ball signing would hurt you not help. After waiting 6 to 8 weeks to get paid for those two low balls signing in the end you wouldn’t have made any money.
I know the SA think I’m being petty when they send a signing request to me for $5.00 less then they know I charge but I still put in my bid for $5.00 more. In the beginning of the month, they usually don’t accept it, but towards the end of the month they do. I am making less money these days, but I am making money. This is the only career field that your pay decreases yearly instead of getting a yearly raise which is usually 3% of your pay if working for a company. For myself I feel I’m doing ok working as an independent contractor if at the end of the day I make enough to pay myself first, pay bills, buy work supplies, and still have some money left over to save for a rainy day then I can stay in the game. At any given time in my accounting books, I always have jobs I’ve completed and waiting on invoice payments of about $1,500 to $2,000 owed to me and that isn’t late payments I am just waiting for the checks to come in. I also look for other alternatives to make money on the slow times of the month.

I wish you the best of luck as a Notary or any other career field you choose.

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4

I for one just found this helpful. Ive been doing signings since the beginning of July. Ive noticed on my counter offers some are given on MY TERMS right away while others are not. Sometimes its even the same company. The time of month will be something i have to pay attention to.

5

If you take a SA company’s low ball offers when it’s slow they will never accept your counter offers at the end of the month when it’s busy.
By my sticking to my prices at all times when SA need a good and reliable Notary, or when it’s busy I don’t have to counter they send signing offers with my pricing already on the offer. So, I may be low the first week or so the beginning of every month I make it up by the end of the month. At least I know when to take time off. :slight_smile:

6

Wow. These prices being offered are scary. They all include scanbacks, too. Doesn’t seem to allow for long distance driving either.

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7

Not only scan backs, but we have to print copies for the signers and they are not accepting bids either. I’ve also seen other SA companies sending texts for purchase signings for $55.00 scan backs and print copies for signers. The sad thing is Notaries are accepting them. There is no way to make money at these prices. I don’t get these signing companies, why do they even exist they contribute nothing to the signings, and they get most of the money. SA are lowering Notaries pay so they can keep getting the same pay.

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8

Maybe don’t think too much about $55 scanback, double print jobs that aren’t nearby. If that’s what’s being offered, it’s like there was no offer at all, right? You’re not missing out because you’d never take that assignment, anyway. The notary who takes it either loses money or has found a way to make some money on a job like that. So what?!
A good notary knows what they’re worth and will get that from the good signing companies. I suspect you’re one of those :wink:

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9

I will read all your statement later, was just reading about out lowering our prices. And to note when the rates go down again, if that happens, all the title, sign companies will just pay us where our prices have been lowered to.

10

In Texas equity Refis have to be closed in a Law, Title or Lender’s office. Unless the loan is being handled by a lender or Title, we’re stuck paying $50 to use the law office. NSA doesn’t take this into consideration.

When there are new NSAs who will take these low ball offers it not only hurts them but the rest of us in Texas. Many NSAs were suckered in by the 6-figure professors and are now finding themselves behind the financial curve.

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11

As a business owner/sole proprietor, no one demotes me and I SET MY FEES; no one else.

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12

I have been doing this since 2004. I can remember a letter-size case of paper for $22 now $34. Legal was $28 cases now about $80. Of course, fuel was less as well. Those people who fall for that 6 figure income BS are suckers. The downfall was when the Consumer Finance Bureau came into being and the NNA started the Signing Professional Code. We lost our Independent Contractor status to Title Companies and Signing Services. They now dictate to us, because most notaries signing agents are not business oriented. The IRS allows appx. 0.60 cents deduction for the operation of a vehicle. Most only look at the cost of fuel and forget about the wear and tear on the car and its costs of ownership. Because of the low experience factor of many, we have had to start scanning back most signings. That makes basically two trips to get signed and then drop off after approval. Time is money if you think the appx. 3 hours you have invested in the signing, plus the cost of paper, toner, drum, electricity, and the other related expenses involved you are making money at the prices now offered. You have not analyzed your true cost on paper versus how much they are offering. We are not a public service for free service, we are a business. Even if this is a side hustle you are losing money. When costs go up, the Title company still gets its share of the loan, the Signing Service takes what they always do and we the dumb notary, eat all the increases in the cost of business and take what they offer. Less and less every year. They can not close loans without us, if everyone would say NO, to the low fees, fees would adjust upward. No one will get rich being a signing agent, but a fair price for a fair job surely is expected. Other than the wait staff at restaurants who work for very low wages but get tips from customers to supplement those wages, we work for peanuts. Signing Services were started by notaries who saw an opportunity to make money by being greedy middlemen. Most do not have the capital to operate on a monthly basis, which is why they hold our fees for 60-90 days until they get paid and always operate in the arrears. When they go out of business many notaries never get paid for their services. If everyone would say no to the lowball SS they would have to turn the jobs back to the Title Co. to go out of business and Title would have to find another SS who pays us better. We are the ones who have allowed this to happen!

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13

I’m right there with you daniel_stephens I refuse to lower my prices so the first two weeks of every month I make very little money only the SA and Title companies that I work with on a regular basis know my pricing and will send requests direct to me and some will add me to their low-ball text they send out to Notaries, but they will usually accept my bid for a higher price. The last two week when it starts picking up and the SA and Title companies send out low-ball signing request will accept my higher bid or go directly to me with a higher price. So, I use the beginning of every month for taking time off for vacations, family, doctor appt stuff like that, and the last two week I just work a little more to make up for what I lost on the first two week so it kind of works itself out in the end. I know one thing though; I will quit this business before I lower my pay or work for free volunteering my time so SA can make more money. If I work for free it is giving my time to the women’s shelters or food bank, it’s not helping SA companies to keep more and more money that rightfully should be paid to the Notaries that are actually working for it. I do wish the same thing as you though, that all Notaries across the United States would come together and just say no to all the low-ball requests. They would have to pay more or do the work themselves. Unfortunately, that will never happen

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14

I agree!! People, quit taking those low offers! If you don’t make any money, you AREN’T running a business.

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15

Its getting rough. I had a refi opportunity come through last week for $60 and around an hour from home. We text back and forth for a bit and the company wouldnt come up much more than that. Well, they must have found someone that took it. I wasnt leaving my house for that low of pay or even the 2nd offer of $80. Id rather just not work.

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16

I have not had any signings for the last two weeks that were for 35 dollars and when I try to negotiate the fee, I get removed. Can anyone tell me about any other ways of making money besides with Snapdocs and or Signing order. This is my 3rd year of doing loan signings and in the beginning things were well. I know that the rates have increased and for a time I was still meeting my financial needs. Now it seems like if I don’t take the extremely low fees that are 40-60 miles from my starting place I don’t get any signings. Please anyone adivise if you have information.

17

Alas, you are seeing the end of the NSA’s business as only the retired can afford to these new rates!

18

Yes, don’t rely on those signing services. Aren’t you advertising with a Google page or a website?
If it weren’t for my Google page, I wouldn’t be working because law firms and title companies find me. They usually always pay what I ask and treat me with respect. These signing companies are just awful.

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19

What makes you think that retired people can afford the new rates they offer? Do you think retired people are floating in money? No, we work just like everyone else to pay the bills.

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20

Thank you I have to go to google and figure out exactly how to market my business. I did not do too much with google because I was not too sure of what and how to use it. I will also create a website page for my business. I thank you for the information. Now I have to get busy and learn how to work the available tools. I need work k very bad. It is also costly to keep my credentials and equipment updated. Again thanks ,