I am a new CNSA and would like to know what a fair fee for these transactions would be fair.
HELOC
PURCHASE
COMMERCIAL
CONSTRUCTION
REVERSE MORTGAGE
Thank you for any input.
@cheryl_1_angel This is a topic that has been discussed extensively over the years by many new Loan Signing Agents, and it’s important to approach fee structuring with a comprehensive understanding of the your market. I would suggest that you search the forums for additional information, as @cNsa5 has posted a wealth of valuable insights on this subject. Numerous variables significantly impact the fees you can charge, including your specific geographic location, the competitive landscape in your area, your overall cost of doing business, and the prevailing market rates for similar services. Therefore, it’s essential to conduct thorough research and invest time in understanding these factors. My intention isn’t to discourage you, but rather to encourage you to take an active role in shaping your pricing strategy. I strongly recommend reaching out to your local Small Business Administration (SBA) or S.C.O.R.E. representatives; they can offer invaluable mentorship and guidance as you navigate the complexities of establishing your business. Best of luck to you on your journey!
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Thanks for your response. Yes I’m new, I posted my question in an effort to research a general answer from others about a ballpark of what they get paid so I can at least have an idea of what to expect. No, I have not read this whole website. If I ask a question, I get comments about I need to do research, I shouldn’t have asked because the answer is somewhere else in this website. I have tried to google and got nowhere. I have created a spreadsheet with information I have found with title companies, real estate agents, lenders, etc and sent many introduction marketing emails and texts. I am intelligent person trying time management, looking for some answers. NNA had an awesome you tube link with very informative information about printers, scanners, apps, etc. that helped. I overlook negative, and will persevere obsticles.
Pricing fees and getting paid are undoubtedly the two biggest themes on this site. Search contributor cNsa5 on this site and you’ll get a lot of good info on these subjects (and more). As you might have concluded, there is no “standard” answer to these questions. The variables that affect each notary’s environment are endless and heavily influence their pricing decisions. What’s a fair fee for me might be just awful for you - That’s just the way it goes.
I saw a post today where a notary drives up to four hours (!!!) for an order. For me, that would be a trip from South Orange County, CA to Las Vegas! Never would I do that, for any fee (well, maybe $1000). I wonder how that notary prices their jobs and if there is any profit in it. But it serves as a good example of pricing disparities.
Do your research and compute your hard and soft expenses and decide what you want your acceptable margin to be and you’ll know whether your wasting your time churning or if you’re truly profitable. We’ve all done it, now it’s your turn. Good luck.
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@cheryl_1_angel, based on my observations within the Duval, Florida market, the typical companies fees range for loan signing fees seems to fall between $50 and $100. When considering general notary services, the fees you are permitted to charge will be directly influenced by the specific regulations and statutes that are currently in place within your individual state concerning notary public services. It is important to remember that each company operates with its own unique fee structure, and consequently, not every Loan Signing Agent (LSA) will receive the same payment for the loan packages that you specifically mentioned. Please also keep in mind that you are essentially soliciting information directly from your competitors, and this information is often a key differentiator for them in the marketplace. Therefore your competition may not be so willing to give share that type of information. When I first came into this industry, I performed a lot of research and read various forums to gather information. After my fact finding was complete, I was able to determine my break-even point and set ny desired profit margin, that’s how I established my fees schedule. I hope that you find this additional information helpful.
I am trying to sign up with Signingorder.com and they are asking what my fee is for Loan Signing, Full Purchase, Reverse Mortgage, Extra EDOCS, Loan Application and Cash Deal. I would like a ball park figure for each, since I am new, I have no idea what to put.
For one thing, they basically ignore whatever figures you put in there and offer you their standard fee. That fee may differ between signing services, but not by much. Once you’ve been doing it a while, you’ll be able to know which signing services you can negotiate with and which you can’t. For most of the “categories” that they list, I would put in the same amount. Once you get proficient at doing this, you may spend more time driving than the rest of the work required to complete a signing. Although some packages will take more of your time than others, it will still take up a block of your time that you won’t be able to use to make money elsewhere. So don’t let them trick you into asking for less just because there are fewer pages than something else.
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