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 Equifax Settlement Services Fee Reduction
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North Dakota
34 Posts

Posted - 12/24/2011 :  5:02:16 PM  Show Profile  Reply with Quote
I got a call to do a signing for them. I told them to send me their vendor/sub-contractor packet and quoted my minimum fee based upon the number of docs they said were going to be included in the signing. As typicaly, the person I was talking to said that she needed to get my fee approved. So while waiting for the packet and fee approval I did some research on them - various forums and BBB info. Found out that they are very slow to pay or don't pay at all. Read the packet and was surprised to see that they have in written in the agreement that all signing fees were $70. They did come back and approve my much higher fee, but I turned them down and let them know that should they get their accounts payable in order and can demonstrate that they are paying their notaries without exception and within a reasonable timeframe that I would consider working with them. They don't have a whole lot of choices in my area so that probably explains the approval of a much higher fee. Of course I didn't hear back from them regarding thier payment issues (not surprised) but it just doesn't make good financial sense to have to deal with collections. I do hope they get their act together.
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3106 Posts

Posted - 10/11/2010 :  7:06:54 PM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
We have a new review page for Equifax Settlement Services


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1 Posts

Posted - 07/14/2010 :  4:15:36 PM  Show Profile  Reply with Quote
From their "sign up, NOT a contract" package "your Notary license..."
I have a Notary Commission, It is not a license.
And tyhe "hoops" they want you to go thru before you "work" for them.
Would not suprise me if they were not former LandAmerica One Stop people.

sid johnson
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678 Posts

Posted - 06/14/2010 :  10:02:51 AM  Show Profile  Reply with Quote
Never worked for 'em, but....
This is hard because if they have many people in an area to choose from, it will go to the cheapest, where one of two things will happen: either the cheapest is clueless & may screw it up (resulting in a re-sign/$$) or eventually they realize they are not making any money and either get smart or get out. It's a question of time.

I urge anyone reading to stick to your fees. If enough of us turn them down, it'll get turned around quickly. You really can't blame them for trolling for desperate people, but we can recognize it for for it is--trolling with a bare hook during a feeding frenzy.

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108 Posts

Posted - 06/14/2010 :  09:14:53 AM  Show Profile  Visit lightk's Homepage  Reply with Quote
Hey Deb, I'm glad they'll work with you. Anytime I tell them, my fee is XXX, they tell me they'll make a note of it and hang up. I talk to them professional and courteously. Oh, well.

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Deb in KS

6 Posts

Posted - 06/12/2010 :  4:05:56 PM  Show Profile  Visit Deb in KS's Homepage  Reply with Quote
398, no one can force you to accept their low fees. You simply say no, my fee is $XXX. I have always done signings for Equifax in my hometown for $125 with edocs, as recently as a week ago. They don't usually argue about the fee, but I am very matter of fact about it if they ask. It's the same as with any other SS or title company that calls. Usually, they start out asking if I'm available for a signing at a certain time and place. Once we agree on that, they might say something like "OK, we pay $75 (or $80 or $90, or whatever), is that ok with you? I say, "Thanks, but my standard minimum fee for a refi is $125." They either agree or move on; it's up to them. I know some notaries charge more, so I'm not going to argue or defend myself. It's just business. It's a free country, and they have the right to find someone cheaper if they want to, and I have the right to charge what I feel it's worth for my time. If we can agree on that, we both end up happy. If not, oh well. I'd rather find something else to do than work at a loss.

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108 Posts

Posted - 05/18/2010 :  08:36:12 AM  Show Profile  Visit lightk's Homepage  Reply with Quote
They called me today asking if I'd go 2 counties over with e-docs and fax backs for $65. The only reason I didn't laugh in her face was because I was choking.

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15 Posts

Posted - 05/17/2010 :  11:15:16 AM  Show Profile  Visit 398's Homepage  Reply with Quote
I also recvd the same email. Ours is the only business in the world that I can think of in which the customer or client can tell the vendor or supplier how much they will pay for a service or product. [/b] [/b] You try that at the grocery store, or barber / beauty shop or with any business or service you contact. $75 with e docs??? That goes back to 2002 when gas was under $2.00 a gallon. All supplies have gone up since ( Gas, paper, toner and phones). Here in Florida things in the Real Estate / Finance markets are so bad that in the first four months my expenses have been 78% of my income. As a ritiree with soc.sec. as my only income I need to supplement it with something.
"This reduction in prices will place our fees more in line with competive prices in the current market place." BULL, they are trying to set the lowest fee possible and I warn all NSAs that if you all go along with them you will be doing yourself and the rest of us a disservice and will destroy the pricing structure we have all established to cover our expenses and make an acceptable profit. They even have the nerve to ask for a list of counties we will cover for $75. COUNTIES??? If I were to include just my home county I would possibly have to travel as much as 100 miles round trip at the furthest points.
I wish I could contact every NSA in the country and lead them in a boycott against Equifax and any other Signing Service who tries to drive us out of business by forcing us to accept these ridiculous fees.
It is bad enough that thanks to the NNA they undermined our fees by them publicly recomending base fee of $65 and $25 for e docs

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108 Posts

Posted - 05/13/2010 :  06:19:35 AM  Show Profile  Visit lightk's Homepage  Reply with Quote
I realize to some people $75 is a lot of money, but people remember -- you are using YOUR time, YOUR gas, YOUR paper, YOUR ink. I'm not sure about what is the norm around you, but $75 is not worth it to me to print a large package, go to a borrower's home, explain the general overview of the docs, witness, notarize, go home and fax 7 pages and then try to beat the courier service.

Here's the email I received from Equifax yesterday:


In an effort to reduce overall costs, Equifax Settlement Services has begun an initiative to lower vendor fees for all witness closing transactions. This fee reduction will lower your current fee to $75.00 with emailed documents and will go into effect 6/04/2010. ALL ESS closings packages going forward will be sent to you via email. This reduction in prices will place our fees more in line with competitive prices in the current market place.

Why does this change benefit you as an ESS agent? By agreeing to this fee you will be setup on the ESS Automated Scheduling System. This makes you first priority for ALL closings in your coverage areas. All that you are required to do is send a list of counties you agree to cover for $75.00 with emailed documents to: Fee_reduction@equifaxsettlementservices.com. Please make sure to include your ESS vendor number in the subject line of your email.

If you do not wish to comply with the $75.00 fee but are willing to lower your overall average fees by 10%, please email Fee_reduction@equifaxsettlementservices.com by 05/28/2010 with your base fees by county including emailed documents. Please also make sure to include your ESS vendor number in the subject line of your email. If we do not receive a response, then it will be assumed that you have found the changes acceptable.

We value your partnership. Thank you for your cooperation and we look forward to your continued partnership with Equifax Settlement Services. It is possible that this email has gone out more than once. Please only respond once thanks.

Jon Plagman

1-888-852-5380 ext. 2349

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