I’ve been seeing IPEN home equity signings offered on some platforms in the $57–$87 range. Personally, I feel that IPEN rates should never be less than regular notary signings.
With IPEN, we take on additional responsibilities and expenses beyond a standard in-person signing:
Paying for secure platforms and digital certificates
Covering training and compliance requirements
Ensuring reliable internet, often through mobile hotspots or extra data plans
Factoring in travel and time just like a traditional signing
Given all of this, I don’t see how notaries can sustain their business at $57–$87 per file. In my view, the fee should reflect the extra work and costs, not undercut them.
Do others agree that IPEN should be valued at least equal to, if not higher than, regular notary signings? How are you seeing this play out in your area?
I don’t do mobile notary work anymore because the computer algorithms that the signing services use have pushed the fees so low it isn’t worth my while to keep a business operating, even though the fees would only be a few hundred dollars per year. In the years that I was doing mobile signings, I received exactly one request to do IPEN, and that was too far away to be practical.
In my state, Vermont, land records are recorded with town and city clerks. None of them are accepting electronic documents. At this time, the only demand for IPEN would come from visitors who are closing a transaction for property in another state. At the current fee levels, it just isn’t worth it to do either paper or IPEN.
I have done alot of IPENs for Rocket Mortgage. This is my ONLY experience with IPENs. They set the fee at $65….initially when they (IPENS) came out, I tried to up the signing fee but I’ve mention before there are ALOT of notaries….so they just go to the bullpen so to speak and find the next notary available. So, I LIMIT the distance of how far I will go for a signing, fortunately for me I live in a major city and there can be many signings from week to week…..(though not lately, signing options are very limited, quantity wise). The companies have a FULL roster of notaries, so only take what really makes sense. As far as the signing, I spend at the most 15 minutes completing the signing appointment. I go right to the Closing Disclosure first!!! If the numbers there are what the borrowers are expecting….the rest is academic. 99% of signers will sign willing and expediently if they see the numbers they expect. Start with that document first!!
I do IPENs for Rocket Mortgage only. My IPEN fee is $200.00. My profile with Rocket says I cover 2 counties for them and my fees for both counties are the same:
$200 for:
Hybrid
IPEN
paper purchase, refi, seller, HELOC, modification
$225.00 for reverse mortgage
$100.00 for:
single document signing
deed signing
This is my business. I set my fees.
My advice to all newbies: After developing a business plan, set your fees and don’t be afraid to negotiate. You are now a business owner.
