- November 21, 2013 at 6:49 am #14018
We should form a UNION, that would establish nationally, a fix price for anyone using a mobile Notary Public,
$10.00 is the CA charge per signature taken, most loans in CA have 5 to 6 acknowledgments, if you have 2 people they pay $100.00 to $120.00 please keep in mind no travel by Notary.
Most companies want to pay from $45.00 to $100.00 that includes the printing, traveling to borrowers home, borrowers reading their docs, notaries waiting for companies to explain the docs, traveling back to the office, faxing back, waiting for the all go ahead drop them, and then go and drop of the docs, be cause the label does not include the P/U fee by UPS.
Most companies want you to have a Notary Signing Agent Certification; this in CA they can only teach the definition of a Notary Public according to the law, a “neutral” witness to the signature of documents and identification of the signers, nothing more …nothing less.
Notary Public yearly background , now they are asking for, , E and O insurance, not required in CA.
They have very little work, and want to reserve your time for a signing, if its cancel by the borrower or lender, or they have no docs, and your time is tide up, you’ll be paid $0.00 this is happening more often that before.
If you go and the borrowers is not there you have to stay 15min to 20min just in case they shows up and if they don’t you can get a trip fee?
You have nothing to do with loan why are you getting a trip fee after you waited 15min to 20min?
Are you tired of being “just the notary” let’s do something about it.
May all your travels pay off.
😈November 26, 2013 at 7:15 pm #14429
Price fixing is illegal. Each independent Loan Signing Agent must set their own prices.November 28, 2013 at 6:23 am #14430
I do not think that you must “price fix”
I do believe we notaries should get the “price fix” that the state of CA has set of $10. per signature taken.November 29, 2013 at 7:13 pm #14431
I’m sorry Cajose, I would love to get rid of the lowballing signing companies; however, the way to do that is not
to work with them. Normally, as a Loan Signing Agent, we set our own fees. We should know the fee we need to
cover all of our expenses. We run our own business and provide a service to them. As long as Notaries keep taking
the lowball fees, these companies will continue to be around. Many do not know what expenses they have in order
to make a profit. They think $50 is good for a loan signing. They have not taken the time to include all their expenses.
Let me list a few expenses:
1.) People forget their time is worth something, from the initial phone call of acceptance to calling borrower and spending time on the phone with them confirming location, time, I.D. requirement, etc.
3.) Gas and Wear and Tear on Vehicle
5.) Long Distance, including fax back charges, extra trip to drop docs
6.) Cell Phone cost
7.) Vehicle Depreciation-tires, repairs, excessive mileage, insurance, general upkeep
8.) Misc. Supplies-binder clips, post-its, file folders, paper, pens, etc.
9.) Office Equipment Depreciation-repairs, replacement cost, hardware and software
10.) Time-On road, sitting at table (which can vary), phone calls, e-mails, printing, prepping, reviewing, delivering
signed docs back. Some go to Fed Ex or UPS on a Saturday to drop and forget about their time and mileage.
11.) Time-downloading and printing docs, including calls to pertinent parties. Travel to and from borrower,
All of this is fee minus expenses equals net income divided by average hours per closing equals your true hourly income.
There are so many other expenses to include, website advertising, E&O insurance, Certs, BGC, etc.
So that $50 means you just paid the Signing Service to do their job and they may be getting $175-$200 for calling you
Most Notaries and Loan Signing Agents don’t even know about Notaries Public forums. Notary.net, Notary Rotary, 123Notary and Notary Cafe, where all of us share our experiences. How do you get to all of them to stop taking
low ball offers. You can see how many answered your poll.
Finally on the State of California $10 per signature notarized. We also can charge less than $10. $10 is the maximum
we can charge per signature, which is why most of us that do loan signings set a flat rate, including e-docs. Some
packages only have 4 signatures, while others can have 10-20. This is why you set your rate accordingly.
Try putting your poll on NotaryRotary.com forum and see the response you get. Don’t get me wrong, I like you want
to be paid fairly for my services and make a profit. I do that, I only work with companies that don’t lowball.
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