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eefairy303
Texas
47 Posts |
 Posted - 07/02/2008 : 11:40:40 AM
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AZSigner,
just wanted to say you are hilarious!! i've received several of those phone calls and really want to laugh but have thus far supressed the urge (at least until i hang up). i find it's only worth doing this if i charge $125.00 per set of documents. the troubling thing is that after those cheap signing companies hang-up after i refuse their insulting fee is WHO DOES A SIGNING FOR $40???? they must be finding someone else because i'm the only notary in my town!!
OMG, I just got a call from a signing service wanting me to do a last-minute refi closing for $40. (I forgot the name). Hadn't had anything THAT low offered to me in a good two years and it caught me a bit off guard. I said, "Excuse me? Forty dollars?" to which the lady replied that the loan package was ONLY 40 pages and the borrowers were ONLY 15 miles from my home zip code.
Borrowing a bit from what I remembered LindaH saying in another post, I said "Sure, if the borrowers meet me at MY residence, sign all the docs without asking any questions, courier the documents themselves, and tip me $10, I'll be glad to do it for $40." I told her my minimum fee for a signing company is $75 and that's only if the borrowers have the docs and the loan package is small. She apparently thought that was an outrageously high amount so I reminded her that I routinely get $40 for travleling less than 10 miles to notarize a single document which only takes 5 minutes upon arrival. Then she groaned and hung up.
Maybe I should add the phrase "IF YOU'RE PAYING LESS THAN $75, FIND YOURSELF ANOTHER SUCKER" to the notes section of my 123 listing? I mean really, this was just beyond ridiculous. Either this was a new signing co or a dumb one. Idiots.
-Mike
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LindaH
Florida
1754 Posts |
Posted - 03/16/2008 : 11:00:44 AM
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quote:
Originally posted by drogers
Recently got a call from Loanclosers.com for a signing from Ditech. She said they paid $40. I took it... as I'm just starting out . However , I had read several postings from others here that Loanclosers.com was really slow pay or no pay. I laughed when she said $40 and she assured me that was a good rate for what I had to do. They were edocs... It was a smaller package and they sent their instructions along...but the instructions for the particular package were not correct. The instructions were "in general". The signing was with a chiropractor and I had to wait about 40 minutes for him in his office lobby. Seems like Loanclosers.com wanted to slack on doing their work properly and leaving it to Notary to do it right! It remains to be seen if I get my $40 or not!
Also, whats with these lenders trying to get the Notaries to give the borrowers verbal messages for them at the signings instead of the lenders contacting the borrowers themselves? And if you'll notice its never good news they want you to give?
drogers
My e-doc fee is $25-$30 and no signing I go to is closer than a half-hour drive - more like 45 min to an hour.....so at $40 for a signing, that leaves $10-$15 for notary fees, travel, time, etc...sounds like a losing proposition to me..
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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dfye@mcttelecom.com
New Hampshire
681 Posts |
Posted - 03/16/2008 : 10:10:30 AM
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Newbie or not, $40 is way to little especially for edocs. It can make things difficult for other notaries.
Legal Eagle Para Professional Services |
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drogers
California
9 Posts |
Posted - 03/16/2008 : 09:47:41 AM
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Recently got a call from Loanclosers.com for a signing from Ditech. She said they paid $40. I took it... as I'm just starting out . However , I had read several postings from others here that Loanclosers.com was really slow pay or no pay. I laughed when she said $40 and she assured me that was a good rate for what I had to do. They were edocs... It was a smaller package and they sent their instructions along...but the instructions for the particular package were not correct. The instructions were "in general". The signing was with a chiropractor and I had to wait about 40 minutes for him in his office lobby. Seems like Loanclosers.com wanted to slack on doing their work properly and leaving it to Notary to do it right! It remains to be seen if I get my $40 or not!
Also, whats with these lenders trying to get the Notaries to give the borrowers verbal messages for them at the signings instead of the lenders contacting the borrowers themselves? And if you'll notice its never good news they want you to give?
drogers |
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Lee-AR
Arkansas
678 Posts |
Posted - 02/15/2008 : 07:49:24 AM
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| Oh, Nansi... you've just got to increase your fees considerably for that kind of distance! Mike has it right. |
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AZSigner
Arizona
93 Posts |
Posted - 02/14/2008 : 11:37:27 AM
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Ugh......I just got another low-baller today from a company called Timeshare Resolutions. The guy wanted me to do a timeshare closing for $30 in a town 10 miles away.....just when I thought it couldn't get any lower. Granted they're typically smaller than your average closing packages, but that's WAY WAY WAY too low. "Sorry!" *click*
Nansi, could you please clarify what you would charge for a closing that's 150 miles away in Montana? I know what it's like to have to travel - my home county is pretty notary-saturated in my area so I get about half my loan signing calls from a town in a neighboring county that's 70 miles away.
-Mike |
Edited by - AZSigner on 02/14/2008 12:06:19 PM |
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vince
Kansas
324 Posts |
Posted - 02/14/2008 : 05:31:03 AM
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quote:
Originally posted by knife33
I agree we should ALL stick together and turn down the ridiculous offers......I'd like to see them get these closed if they can't find a notary! I am in Montana and we have HUGE distances to travel to close deals...like 150 miles each way so 30 miles is nothing, but we still have the same fees...I usually get at least $100 per closing. I do this full time and it's my only income.
Nansi Cisneros
Nancy, how can you travel 300 miles total, perhaps print documents, spend 6 to 8 hours on the closing process and agree to do so for $100? Sorry, but either I misunderstood your facts or you have to be going in the wrong direction on your business balance sheet. The vehicle alone is costing you more than the $100 with for the travel when you amortize it. You are only getting $.33 per mile for your total income with nothing left over to pay for you or your other overhead expense. If you are really marketing your services, it’s amazing that you have any time at all with these rates! |
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n/a
Montana
2 Posts |
Posted - 02/14/2008 : 04:36:43 AM
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I agree we should ALL stick together and turn down the ridiculous offers......I'd like to see them get these closed if they can't find a notary! I am in Montana and we have HUGE distances to travel to close deals...like 150 miles each way so 30 miles is nothing, but we still have the same fees...I usually get at least $100 per closing. I do this full time and it's my only income.
Nansi Cisneros |
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crtowles
California
553 Posts |
Posted - 02/13/2008 : 4:07:50 PM
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Good for you civey!! I am proud of you. Stand your ground. It will pay off in the long run. I work less but I make way more money in the long run!
Carmen |
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radonotary
Florida
234 Posts |
Posted - 02/13/2008 : 07:00:51 AM
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radonotary
Florida
234 Posts |
Posted - 02/13/2008 : 06:58:44 AM
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I hope at least some of you get a kick out of this. I just got called by Trans Union. Well not even called just e-mailed. When I got her ( Toni ) on the phone and she quoted their ridiculous 46 dollar fee I asked ( very politely )... ARE YOU HIGH?!?
duuuuuuuuuud... .. . |
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civey
North Carolina
76 Posts |
Posted - 02/13/2008 : 01:03:38 AM
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I have to agree with Carmen. I'm new, but I've had a few calls from companies offering very low fees and I don't take them. It hurts all notaries/signing agents including myself. I may not have as much experience as alot of the signing agents out there, but I've had no complaints with my work thus far.
It's just not worth it to work for nothing. |
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crtowles
California
553 Posts |
Posted - 02/12/2008 : 10:29:16 AM
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As long as their are folks working for these low fees it will continue. If we could all just stick together there would be major changes....but I won't hold my breath.
Carmen |
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LindaH
Florida
1754 Posts |
Posted - 02/10/2008 : 2:34:02 PM
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It's difficult to maintain when you're offered those kind of fees...I have to tell you that anytime I'm offered those very low fees I've had the impression they never have any intention of going any higher...no matter how nice I am...It's usually "we're paying $40-$50-$60-$75...I say I'm sorry, my fee for that area is $xxx...Oh, we can't pay more than <original offer>...end of discussion.
Good thing I'm not paying bills with this income...jeesh
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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AZSigner
Arizona
93 Posts |
Posted - 02/10/2008 : 07:12:11 AM
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I definitely could have handled that more professionally, but it just caught me off guard. Usually a signing company will offer me $75 or $60 at least. Occasionally I’ll get a SS offering $50, but $40 DOLLARS?
You’re right, Lee, I shouldn’t have taken it personally. I might have been able to negotiate a higher fee if I had just politely stated my minimum fee and hadn’t resorted to sarcasm right off the bat.
My reference to Linda was indeed meant as a compliment, although the lady I spoke to on the phone probably didn’t see it that way, especially when I added the part about getting tipped…..oh well – her loss if she can’t appreciate the humor. Hey, if she ever calls again, maybe I’ll accept a $40 job and show up to the signing drunk and un-showered. You know – give ‘em what they pay for…what do you think?
-Mike |
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Lee-AR
Arkansas
678 Posts |
Posted - 02/10/2008 : 05:30:52 AM
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| Telling them politely & quickly that they are offering way too little could be more effective than hanging up, being booked, etc. Tho' I do think they already know it, it doesn't hurt--and takes no longer--to tell 'em why. If enough of us do that...well, if nothing else, they'll get awfully tired of hearing the same refrain. |
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LindaH
Florida
1754 Posts |
Posted - 02/09/2008 : 2:04:35 PM
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LOL..I'm flattered..I think...:)
However, IMO $40 doesn't even cover the time on the telephone with the SS, TC and the borrower...it obviously doesn't cover printing and travel....For $40 they got to talk to me on the phone, offer me their ridiculously low fee and listen to me laugh histerically..:)
I had to turn down 2 yesterday, and it's not like business is rolling in here...but one was way out of my service area (for a title company..I wanted to cry) and another was for a notoriously low pay/slow pay/no pay company...didn't get into negotiations with that one..just said sorry..not available. I've had 4-5 lowball offers this week.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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AZSigner
Arizona
93 Posts |
Posted - 02/09/2008 : 10:41:41 AM
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OMG, I just got a call from a signing service wanting me to do a last-minute refi closing for $40. (I forgot the name). Hadn't had anything THAT low offered to me in a good two years and it caught me a bit off guard. I said, "Excuse me? Forty dollars?" to which the lady replied that the loan package was ONLY 40 pages and the borrowers were ONLY 15 miles from my home zip code.
Borrowing a bit from what I remembered LindaH saying in another post, I said "Sure, if the borrowers meet me at MY residence, sign all the docs without asking any questions, courier the documents themselves, and tip me $10, I'll be glad to do it for $40." I told her my minimum fee for a signing company is $75 and that's only if the borrowers have the docs and the loan package is small. She apparently thought that was an outrageously high amount so I reminded her that I routinely get $40 for travleling less than 10 miles to notarize a single document which only takes 5 minutes upon arrival. Then she groaned and hung up.
Maybe I should add the phrase "IF YOU'RE PAYING LESS THAN $75, FIND YOURSELF ANOTHER SUCKER" to the notes section of my 123 listing? I mean really, this was just beyond ridiculous. Either this was a new signing co or a dumb one. Idiots.
-Mike |
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Topic |
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Dear Signing Agents,
Lowball fees
Be the first person to vote!