Hi I am a new NSA in Florida. I have been reading the posts regarding fees trying to determine how much I should be getting paid for my services. Since I have signed up I have not gotten anything for more than $40. As a new agent I dont want to continue to turn down signings, but $40 seems awfully low. Any advice?
I signed up on Signing Trac. I received a signing requests for a loan modification for $40
I am in San Antonio, TX and the absolute lowest fee I will accept for a general loan package is $100. However, the package must be 125 pages or smaller, and the signing can’t be more than 20 miles away from me door to door. If it is more pages or further away I charge more, however I honestly don’t do many signings for this low fee. I am a well established notary and I work with several title companies and builders directly. They pay me $150 or more per signing, I don’t have to print any documents and I sit in their office to do the signings instead of having to drive all over town to signers homes.
I generally don’t leave my house for anything less than $75, and for a $75 fee the signing must be less than 10 miles away from me door to door and no more than 20 pages.
If you search some of the other posts here in the forum, there are numerous posts about what fees to charge / what other notaries across the country are charging etc. Hopefully that will give you a better idea of what a “fair” fee is.
This is what surprises me… Brand new NSA’s want to make the same amount as those of us doing this for years. You’re new so perhaps they realize that $40 is what you should be compensated. It takes time to learn and build the business
To be clear @diannetj I never expressed that I expected to be compensated as an experienced NSA. I merely asked, in a beginners forum, what type of fees to expect.
@klewis31975 thank you for sharing your information
Becky: If your business can print, pay for notary supplies (printer, ink, drum, paper and insurance both car and notary) and other expenses including your time, for $40 a signing than you are one step up from the other Notaries. Moral: You’re paying the Title companies to do their work or volunteering for them and must have supplemental income to support your business or riding a bike to the client location and box drop location. In WI, we do not accept any signings < $125 and then add travel, printing, faxing etc. It’s road construction time, so we figure in the delays of sitting in long lines on the roads. If a tornado or bad weather is expected, we do not go out. If the companies offer you $40, say ‘pay is too low’ and counter offer. I-9’s we work in, if we are driving for another signing to the area. Use a local Chamber of Commerce conference room for signings. They don’t charge for this space and it’s public. What everyone forgets is the title company can go up in their fees and it gets worked into the package. Don’t let your emotions get the best of you in your business. Know your demographic area.
Did you start off your business by taking low-ball offers?
No I havent accepted any offers yet.
Sorry, Becky. That question was for Diannetj.
First of all I would not go into a business I had no experience in. After 15 years in the mortgage and real estate business I knew what my value and expertise were worth. I did not go into this business and accept the lower fees that negatively impact this profession. Too many rookies jumping in and devaluing it.
But that’s ok in the long run they just make my business grow.
Know what you are worth!
Calculate your expenses plus time and taxes.
It is customary for Signing trac to offer you the lowest possible #. They afterall are in business as well. You can counter their offer!
If you are new to the business do not except these low ball fees. Believe it or not but by accepting low fees from Singingtrac or any other signing agency you are without realizing it just setting the benchmark fee for Florida. It truly hurts every signing agent out there. Work smart, not hard or get out of the biz and please respectfully go back to your full time job.
Thank you for your input! It is appreciated. I have business that run and I was adding the NSA as a supplement. I have been an actual notary for more than 20 years.
You need to look at all of your cost to operate. At $40 you arent really making any money. The gov’t only allows 2 years of loss for a business and then it will deny the write offs. RESEARCH!
If the borrower is in my city I will do a loan mod for $50. The package is overnighted to me with a copy package. I make no copies. Generally the package consists of 4-6 documents. Sometimes it has taken me 5 minutes because borrower has already received the same package and has reviewed it. They also send the overnight airbill. I never spend more than 20 minutes on a mod. I’ll do these all day long if I can. I believe it would be a good way for a beginner to get their feet wet imho.
All depends on the size of the package and the location. I have done signings for $40 but that was only for a grand deed (1 page, or less than 5 pages), and within 10 miles from my location. I always ask for the size of the package, if scan backs are required, language requirement, if I need to print, or if package will be overnighted to me or available at signing location, then I negotiate the fee. In time, you will learn the ropes of this business. Best of luck as an NSA!
What kind of attitude is that, with friends like this I wouldn’t want her to help me. Everyone starts from the beginning. It was a good question, responses helped me.
I’m a new CSA and have done 4 signings at my rate in Florida. I charge $90.00 for the first 31 miles plus $30-$50 for printing and/or Fax back. I seems it is the way you market yourself to new clients and how they look at what they need done. Good luck in your tour of duty as a CSA.
A loan modification typically requires no printing, and documents are shipped directly to your door. You go out, verify ID, get your journal signed, have the borrower sign 4 or 5 docs, usually complete two notarial acts (sometimes 3), put the docs in a return envelope included in the doc package, and drop it in a box. Update your journal. Low cost, minimal time. Yes, $40 to $50 is standard.
An example of a signing that involves loan documents (refi or buyer), standard for my state: Print 300+ pages (2 copies of the package - one to leave with the borrower and one to sign and return); prepare the docs and journal for signing. Travel to borrower, verify ID, get journal signed, monitor signing of 35+ documents (under oath for jurats), double-check at table that all signatures and dates are correct. Return to office, fax back if required, then package documents and ship out.
The time and cost involved in a loan signing is significantly greater than in a loan modification, and one would hope the fee offered would reflect the greater level of responsibility.
All the above said, Becky, in my neck of the woods there is a lot of competition for not very many signings. I’ve been at this for a couple of thousand signings now. I want $100 for a loan package with faxbacks, but there really are no hard-and-fast rules. I could loudly state that I WILL NOT accept less than $XXX for a signing, and that might feel good… but the truth is that I have bills to pay. If $90 is as high as I can negotiate, then $90 is what I’ll take. Keep your costs as low as possible on paper and toner, pay attention so you avoid costly reprints and second trips, and avoid the high mileage trips.
Good luck with your new venture!
Thanks for the question. No I did not start off my business by taking low offers. If you start low, you’ll stay low for a long time. Build a repor’ with direct phone conversations. My business has a car titled in the business name and is claimed as a sole proprietor on taxes. I have meetings and notes of the meetings about every 2 weeks. I have a plan and a goal. I mentor and teach others about notary. I’m not coming back to the office and saying, “I just made $30 on that signing and it only took me 4 hours to do it.”