Today, I received two notifications from Mortgage Connect, each order were for different locations at the same fees and printing requirements.
“This is Mortgage Connect, are you available on the following
Comments: HELOC** APPROX 60PGS Please be sure to check your schedule for date/time/location (distance) before accepting this closing. FAXBACKS REQ
Date: April 19,2024
Time: 11:00 AM Fee: $ 40.00
Product Type: Home Equity”
Each order stated, “Printing 92X2”, my interpretation is printing 184 pages total (92x2=184). Maybe I read it incorrectly? If not, I would even consider these type of order, even if it was next door to my residence. Nor would I even consider it if it was a “RON” assignment. I guess Mortgage Connect is not paying attention to the gasoline prices or any other prices for supplies. I wonder how the signing agents that take these type of assignments are able to stay in business at these “fees”. There must be a typo somewhere in these orders… My goodness, has the loan signing business hit “rock bottom” yet? How much lower can these fees goes, before these signing services go out of business? This is not a good look for our industry.
I agree that most fees offered are out of touch with reality. My guess is that certain ‘influencers’ have told their followers that it takes a couple of losses to ‘prove themselves’ and then they’ll be offered better, profitable fees. What I don’t understand is why they keep taking the losers and keep believing in ‘next time’. Or, when they work up the backbone to negotiate and are dropped, why they think that won’t happen with the next game-playing co’s low offer.
Here in Jersey as well. 40 dollars is underwater and I have had this conversation with them directly. Title is still paying the same as they were for closers…so why take money from the notaries?
Makes one wonder, what is the strategy behind all these companies presenting these lower fees, when title companies are paying the same to their closers? I do not think the loan closers, mortgage brokers, or loan originators would be very productive under similar circumstances. Here’s a question? Are companies repositioning towards remote online notarizations and taking things towards closing mortgages in-house? I have attended a few title companies and RON providers webinars discussing this topic.
Another lowball signing service sent an email to all notaries in their data base that notary mistakes were abounding. Then they sent me a message, thanking me for not making mistakes and sent me two signings at my higher fee. Excellent notaries, hang in there. These companies will eventually learn that it pays to pay their notaries
Thank you for sharing @jennjoneis experienced and your comment on “professionalism”. I am trying to understand, how does that relates to Mortgage Connect sending out those types of offers?
Because they CAN. There are new notaries every day who will take that offer to “gain experience”. Mortgage Connect will pay higher but honestly, by the time they get close to my fee someone snatched it up most of the time.
I’ve had signing companies try to “guilt” me into taking a lower fee. Not going to happen. I was really hoping RON would be a good thing because I’m having a hard time driving at night. I don’t mind a lower fee for RONs, but $25 is absolutely ridiculous! I’ve got 2 more years before my commission expires. I think I’m going to retire then.
What platform are you using for RON? I do not have any kind of consistent RON business at the moment, so the monthly fee models do not work for me. The platform I was previously using (eNotarylog) had a reasonable pay per signing/authentication model, but RON has not taken off the way they had hoped so they have decided to close down shop. Looking for a reasonably priced RON platform that does not nickle and dime for every notarization/stamp.
Last week I got a similar offer from them for a Hybrid Refi; $40 for 92pp x 2. I countered at my normal rate and they accepted. Not sure of the reasoning for the ultra-low offers all of a sudden.
Have you ever had a doctor say he just got his license and he is going to take a reduced fee to prove him/herself? An attorney, financial planner, CPA, appraiser, REALTOR, MORTGAGE OFFICER? Maybe a new title company? How about a roofer, lawn mower, new restaurant…
Here is a novel idea: A signing service calls to request notarial services. They say "We haven’t worked with you in the past, so we are going to pay you an inflated fee so we can get experience working with you and prove ourselves. Heck, we will even pay you in advance instead of 90, 120+ days.
To engage my Tax Preparation services I’ll look at the clients information, including the last two years tax returns, and provide them with a good faith estimate. If they accept they’ll provide a 50% non-refundable retainer for me to get started. If they back out, they’ll get my work product and notes, but I hold the retainer for my time and trouble.
I’m using the Signix platform. RON did not take off like anticipated and I have yet to recoup my RON set up costs, i.e., training, platform, digital certificate., etc. Makes me wanna cry…
