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June 9, 2016

A comprehensive guide to Notary Pricing

It’s been a long time since I have written an article on pricing, so I feel it is high time! Most Notaries want to have a fixed fee and make tons of money. This is not always possible. The Notary market is a market with lots of little ups and down that a smart Notary needs to constantly adjust to. It’s smarter to have systems and formulas worked out ahead of time so you know how to react to these fluctuations.

There are fast days and slow days, monthly highs and lows, as well as changes in the market that happen over the years. There are also changes in who is competing with you in your area at a particular time. The key is to be flexible and learn how to charge accordingly. Here is how I would set my prices.

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1. Time Involved
A smart Notary should charge based on how much time is spent. Notary jobs during rush hour involve more time. Jobs that involve printing more than the average amount of pages should be billed accordingly. Smart Notaries ask who the Lender or Bank is. This is because the name of the Lender can determine with some accuracy the size of the package. Signing companies lie about package sizes which is why smart Notaries ask. Additionally, there are many loan types and some require more time. Refinances are faster, while Construction Loans are longer but have more professional and businesslike signers. Reverse Mortgages, VA, and FHA take more time. Piggy Backs are double signings and have double the pages and double the Notary work. Time for doing a signing is based on these components:

Negotiating Time — Some companies are easy and pleasant to deal with. If it is fast getting assignments faxed or emailed to you and easy to confirm with the borrower, take notes of that time. It can differ from company to company.

Printing Time — Notaries should charge by the page for e-documents. Printing takes time, and often involves waiting for documents to be ready which can be hours if you work with irresponsible companies.

Driving Time –Factor in how much time it takes to get from point A to B. Keep notes so you’ll know how to charge for jobs to particular cities in the future.

Signing time — Some Lenders have loans that get signed quickly. Some Lenders answer the phone and get situations handled quickly while others don’t.

Loan Type Influences Time Spent — VA & FHA signings are just plain longer. Reverse Mortgages are for the elderly who are less businesslike and might need a lot more time to sign. Power of Attorney signings are the most likely not to fund, so take that into consideration. Piggy Back loans are double the signatures and double the notarizations. But, once everyone has sat down and you have your journal out, it goes quickly.

Fax Back Time — Fax Backs are a pain in the rear, but they serve a purpose. Signing companies can hire newbies and get away with it, because the signing company can check your work before it gets sent back to Title. They no longer need experienced Notaries. However, fax backs take time, so if your time is worth something, charge for each page faxed back.

Cancellation Rate Time Waste — Factor cancellation rate and billing time into the price.

Billing Time — Some companies pay on the first request while others require hounding.

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2. Expenses Itemized

Printing Documents — is not only time consuming but costs money. You are using up paper, toner, cartridges, ink, and using up your time to restock what you used up. Charge accordingly.

Car Expenses — Driving a car is not free. Tires wear down, brakes wear out, plus you need to change the oil, filters, shocks, transmission, and more. So, in addition to time, try to work a mileage fee into your pricing in addition to charging for time.

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3. Track Record & Risk of Not Getting Paid

Late Documents — If the signing company or title company was late getting your edocuments in the past, make a note of that. Keep detailed records of each company. Record how fast they paid you on each job. Recalculate their average days to payment every month just to keep records updated. Also, keep records for how late they are sending edocuments or how incompetent they are about keeping their borrowers informed. If you are dealing with a flake, charge more.

Unknown PartiesIf you accept a job from an unknown lender, or one with a bad reputation online, you might charge more, or make them pay up front. You should always charge extra when there is any type of risk involved. . These signings assume risk. Some of the risk is spending an unpredictable amount of time or not getting paid at all.

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4. Payment Terms
If a Lender will only pay you if the loan funds, you need to charge more. Some Lenders will not pay your printing fee if the job gets cancelled, so make sure you know what the terms of the agreement are. Some will pay part of a travel fee if the job gets cancelled mid-way. However, the signing company booked your time, and you can’t give your leftover time to some other company at the last minute just because they needed to cancel. You have to commit your time to them, but do you make companies commit to paying you?

I personally feel that Notaries should set their own terms. You are not a bank, and it is not your job to gamble on whether or not a loan funds. You should be paid before, or within 72 hours of a signing in my opinion. But, you can make your own terms. Beginners have to accept the terms dictated to them, but old pros can make their own terms and get away with it. However, if you do accept terms that limit your ability to guarantee payment, charge a lot more.

Recommended Reading:
Issues to consider when creating a signing agent services contract
http://blog.123notary.com/?p=2593

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5. Travel Fees for Non Loan Signing Work
Most Notaries charge $25 to $50 travel fee, and more if it is for jails or hospitals. You also charge by the signature on top of the travel fee. Charge based on how valuable your time is worth. If you are desperate for work, charge less. If your time is limited, charge more. If you have lots of other things to do, you have less supply of time so you can charge more — this is a strategy to consider — so stay busy my friends.

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6. Jails & Hospital Notary Jobs
Charge more for jails and hospitals because these are the jobs where there is a lot more that can go wrong. You also will not be dealing with the cream of the crop. You can get stood up at a jail. Inmates do not have ID and your credible witness or ID carrier might not show up. ID’s might be expired. Hospital patients are often drugged making it impossible to notarize them. Half of them can’t even hold a pen, so how can they possibly sign? Consider this when deciding upon your jail & hospital travel fees which should be $60 to $150 depending on how greedy you are! Some Notaries are afraid to go to jails, but it is safe, and that is where you can make money fast. Just make sure you have them read their ID to you over the phone including expiration date or you will be very sorry. Also, get your travel fee in cash at the door BEFORE you see the signer. They might not be available or might not want to sign! Be prepared!

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7. General Pricing Models
Keep in mind that a few years ago, Notaries could get paid a lot more. With Snapdocs and lower demand, companies can pay a lot less and get away with it.

Situations where you charge more or less
(1) Charge less during the first 17 days of the month. It is slower, and you have more time.
(2) Charge more during the end of the month. Additionally, you can charge more if you schedule a job several days in advance because you might miss out on a better offer. Additionally, jobs scheduled in advance in my day had a 25% cancellation rate which will wreak havoc on your schedule.
(3) Charge less if you are having a slow day and someone needs a last minute signing. If you are doing nothing, why not sell that time.
(4) eSignings have less physical pages, but often take longer because the signer and their spouse need to take turns looking at the computer screen not to mention the chance of delays due to technical issues.
(5) Charge extra if there are three or more signers on a loan.
(6) Charge more if the company cancels a lot
(7) Charge less if a company has a good track record and is easy and fast to deal with — or pleasant!
(8.) Charge more if there are lots of signatures to notarize.

Pricing Recommendations For Beginners. 0-500 signings

Basic Signing $60-$80
E-Documents: $10-$25 extra per double set or 7 cents per page
Pickups: $25 extra
Dropoffs: $20 extra — there is less waiting time during dropoffs
Reverse Mortgages: $100
Piggy Backs: $100
Regular Notary Work Travel Fee: $30 if within 30 minutes
Jail & Hospitals: $50

Pricing Recommendations for Intermediates. 500-3000 signings
Basic Signing: $80-$120; E-Documents: $20-$40 or 10 cents per page; Pickups: $30 extra; Dropoffs: $25 extra; Reverse Mortgages: $125; Piggy Backs: $125; Regular Travel Fee: $40 if within 30 miles; Jails & Hospitals: $70

When to charge in advance
You are not a bank and you should not offer endless credit to any signing company. Some of them will string you along and not pay you or play games with payments making it unclear which job they are paying for. Decide in advance how much credit to give each company and keep records. If you have a six month track record with a company and they pay you on time, you might offer them credit for six jobs. For all others, do one or two jobs, but don’t do any more until you get paid. It is not a bad idea to charge up front with Paypal, but few companies will pay a beginner up front. Ken, our seasoned Notary always gets paid up front, but he is a pro.

(1) New Companies — do one job, but don’t do a second until you get paid for the first unless they have a stellar record for payment on the forums.
(2) Some Track Record — do two jobs, but don’t do a third until you get paid for the first.
(3) Good Track Record — Watch out: good companies can turn bad if they experience financial difficulties or labor shortages. Do not offer credit for more than six jobs no matter what. A good track record should be over at least six months.

Don’t complain
There are many Notaries who have gone out of business because there is too much competition for too few jobs. If you are getting paid, getting experience, and staying afloat, you are ahead of the game. Many Notaries have this idea that they should get $125 per signing ever time. Unfortunately, it no longer works like this. So, take what you can get and just do your best! If you get more experience, you will be worth more in the long run. Additionally, the market could have an upswing at any time, so keep a positive thought.

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March 18, 2016

Shark Tank — 123notary wants to sell 10% of its shares!

123, IT’S SHARK TANK!

First into the tank is the inventor of a directory that will help notaries vastly improve their business.

JB: Hi, Sharks. My name is Jeremy Belmont. And I’m seeking an investment of $500,000 for 10% of my company, 123Notary.com. How many times have you needed a Notary public, and thought “Damn. Where can I find me a decent Notary Public?” Sharks, your searches are over. With 123Notary.com, we get the most serious customers, because we have the best quality notaries. We get 170,000 visits per month. That’s 170,000 more visits per month than Mr. Wonderful makes to the barber.

MR. WONDERFUL: I’d much rather see my money grow than hair.

ROBERT: So walk me through the business model, Jeremy.

JB: We use a lot of social media and search engines to gather up steam, to get good traffic, and we also keep the site well organized. Make sure people have good notary public note sections, reviews. We spend a lot of time making sure people improve their knowledge and pass their certification.

BARBARA: How is that different from other sites?

JB: They don’t put as much attention into the marketing and organization as we do.

LAURIE: Tell us a little about you. How did you get into this line of work?

JB: I started out by being a notary public.

MARK: Good for you, man.

JB: Starting from the ground up is okay as long as you don’t get ground up.

BARBARA: I get a good feeling from you, Jeremy, and I’m going to make you an offer. But I need a little more skin in the game.

MR. WONDERFUL: Hopefully not the skin around your neck.

BARBARA: I wasn’t talking to you, skinhead. I’ll offer you $500,000 for 20% of the company.

MR. WONDERFUL: Ouch. She just cut the value of your company in half.

JB: I appreciate your offer, but if you don’t mind, I’d like to respect the other sharks and hear if anyone else has an offer.

MARK: I like what you’re doing. I like that you started from the ground up. As you know, I own the Dallas Mavericks. And every time they swear to me they won’t blow a shot, I’d like them to swear in front of one of your top-notch notaries, so I’ll tell you what. I’ll go in with Barbara if she’ll have me.

BARBARA: I’ll have you, Mark.

MR. WONDERFUL: Gross.

MARK: 500 K, 20%. But you get two sharks. Ten percent each.

JB: Would you be willing to split the difference at 15%?

ROBERT: I’ll take that deal.

JB: Would you agree to take that deal by signing this paper I have one of our top notaries witness?

ROBERT: I’m out.

LAURIE: You never told us. Why do you need the money?

JB: I want to buy an office.

MR. WONDERFUL: Where are you working now, out of your car?

JB: No, I’m working at home. I want to get an office, so I can have my staff all under one roof. It’s hard to stay unified when you’re all working in separate places.

MR. WONDERFUL: You live in your car?

BARBARA: You’re so mean.

JB: I don’t want to rent an office, because I don’t like the fact you can’t open the windows. I want to be able to customize it to my own needs, which includes having windows that actually open. I have a hard time working without oxygen.

MR. WONDERFUL: That makes you an “airhead” for the right reasons. I’m fine with that. Well, Jeremy, I’ll make you an offer. I don’t want any equity. Zero. Zip.

MARK: Here it comes.

MR. WONDERFUL: I want a 2% royalty for every signing you make. And after I make six times my investment back – Poof. I’m gone.

JEREMY: Darn. You’re still here.

LAURIE/BARBARA/MARK: For that putdown alone, we’ll match your offer.

JEREMY: I’m about to say yes in… 1…2…3!

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March 1, 2016

State of the Notary Industry Union Address

My fellow American Notaries,
We are living through an extraordinary moment in Notarial history. Technological and social change is reshaping the way we notarize, advertise, drive, and our place in the NotaryVerse. But, as Americans, we’ve been through big changes before in generations past.

Notary jobs no longer pay what they used to pay. American Notaries used to make an easy $125 per signing if they had experience. Now, Notaries are being offered less and less. Instead of weeding out the less qualified Notaries, this price gauging has weeded out the most qualified and desirable service providers in the industry. Despite the problems in the Notary industry, American Notaries are paid considerably more than their equivalents in China, France, India, and other countries where mobile Notaries (and rickshaws) are used. In fact, Notary wages in China are so low, that many Notaries there have to sell fake ID’s just to make ends meet.

The advent of Snapdocs, the Uber of the Notary industry has also contributed to the downward trend in Notary fees, but an upward trend in technology that facilitates the act of hiring and scheduling a Notary. Now with the click of a few buttons, a signing or title company can broadcast a message (commonly referred to as a cattle call) to dozens of Notaries and find one who will take the job.

I would like to take things a step forward and cut taxes for Notaries and their families. I believe that Notaries are working too hard already, and should be rewarded by paying a fair tax.

Additionally, I’ve called on congress to raise the minimum wage for newer Notaries to $63 per signing, plus 11.3 cents per page for eDocuments as well as a 75 cent per nautical mile minimum travel fee, plus a nationwide ban on fax-backs. If you look at what the average service provider in this industry makes — call him “Joe, the Notary,” it is well below what Notaries of your parents’ generation used to make and it just isn’t fair. Notaries work hard, and deserve a fair wage and deserve to not be micromanaged — unless they are brand new in the field or make mistakes.

I want to make admission to Notary college more affordable. Spotting fake ID’s from China 101 is a course every American Notary should take. If Notaries had this knowledge it would make America a better place and the world a better place (unless you work in a fake ID producing sweatshop in Shanghai.)

Unfortunately, as far as the quantity of jobs being offered in the 1st quarter of 2016, it is the worst I’ve seen. However, 123notary is getting roughly the same traffic it did at this time in 2015. The important thing here is for American Notaries to keep the faith and understand that every cycle has ups and downs. What is critical is to keep developing your skill sets, to keep developing your client base, and to buy a higher spot on 123notary!

For all challenges we face, the truth is that no country on Earth is better equipped to handle the future of Notary work than the United States. If we can deal with this temporary and acute shortage of Notary signings, there is nothing that American Notaries can’t do!

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January 12, 2016

Notary: The Art of the Decline — To new Jobs

Notary: the Art of the Decline – To new Notary Jobs
In a prior rant, I rambled on about declining to perform illegal activities; they definitely deserve and should always receive an unqualified NO. Here I will focus my oft grammatically incorrect scribbles at the decline. Nobody can accept every assignment offered, nor should they attempt to.

Why decline? The reasons are legion. For whatever reason, you do not want to accept the task that is being presented by the caller. Your key objective here should be to leave a pleasant and competent impression. Perhaps that 40$ lowballer will remember the great impression you gave and call you for a more realistic assignment at a later date. Your objective should not be to “get rid of the caller as soon as possible”. Each call is an opportunity to market your abilities.

It takes a lot less time to give some procedural advice over the phone than to do the job. Take a few minutes with the caller and showcase your knowledge. That works better with individuals than signing services. Perhaps your decline can morph into a postponement to a later date. As a minimum you should steer the caller to finding someone available. It’s not apparent to you, my reader; but that exact situation just happened to me. The caller needed a Will notarized, and unfortunately it needed to be done very soon. I do not qualify as the signature of the testator, the person who the will is for; must be notarized. In NY State, by a person who is both a Notary & Attorney. Having had similar calls in the past, I was able to direct the caller to a solution.

Sometimes the issues are much more complex. There are many ways to process the various documents that cross my path. Giving procedural, not legal advice is, to me; a proper form of public service. As notaries we understand our state laws and procedures. Sharing, to a caller some information on “what options you have that I am familiar with” does no harm. Of course some “trade secrets” are reserved for me to utilize. Giving “some” help is better than none.

Perhaps you have virtually no time at all to spend with the caller. It takes but a moment to tell them about http://123notary.com and perhaps Notary Rotary and Notary Café. Take a moment more to suggest the caller search using the zip code where the notary will be going. Often the caller thinks / assumes you are a walk in facility; and that is what they are seeking. I tell those callers that notaries are “sometimes” found at banks, pharmacies and law offices. No matter how little time you can allocate to the caller; you are always able to give some useful information. That will “mark” you as being helpful and caring; possibly the one to call for the next need.

No, I did not read “The Art of the Deal” by you know who; perhaps I should. But, I don’t think my notary function requires much deal making. Nor does it require declining many job requests. Some, yes; but not many. Thus “The Art of the Decline” will not be published by me. It all boils down to just being helpful. Make it clear you cannot accept the job, specifically say it’s not a money issue; you have “other” reasons for not being available. You really don’t need to give an exact reason; I simply say that I am “not available”.

Pay as much attention to your projected image with declines as you do with accepts. Think of it as contact with a potential future client. Perhaps a referral to a known to be competent “rival” is in order – and such arrangements often become bidirectional, a mutual advantage.

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August 26, 2015

Do you use a Notary embosser?

Filed under: Technical & Legal — Tags: , , — admin @ 11:07 am

I read a discussion on Linked In about using an embosser for Notary work. I realize that I used to write about this a lot long time ago. Perhaps it has been since 2010 or 2011 since I have written about using an embosser. Here is what you need to know.

(1) Each state has its own rules about using seals and embossers. Some states don’t even require using a Notary Seal. I personally feel that it is not professional for a notary not to use a Seal and a Journal for all transactions regardless of what their state’s standards are. I have not heard of a state prohibiting the use of seals and or journals, although many make it optional. If you need to query a critical record for a Deed for a million dollar property, that will be impossible if you don’t keep a sequential journal!

Some states allow the use of a secondary non-inked embosser. Ask your state notary division if your state allows this. California allowed the use of an inked seal, and supplemental use of a non-inked embosser when I was a California Notary Public. As a general rule, if you are allowed to use an embosser as a primary seal, it must be inked. However, I recommend using it as a secondary seal because it doesn’t fit in small places, the text is round and hence harder to read, etc.

(2) Embossers help to deter fraud.
The correct use of an embosser as a secondary notary seal is to emboss each page of every document you notarize. That way frauds will think twice about switching pages after the fact which is a common crime.

(3) Embossers help to identify fraud
If someone is stupid and decides to commit fraud by Xeroxing a notarized document, the embosser’s three dimensional raised impression will not show up in the photocopy. Additionally, if a page is swapped, you can easily identify that page by its lack of an embossed impression

(4) Embossers don’t deter fraud unless you use them on every page of every document you notarize. If you get an embosser later in your career, make a notation in your journal of the date when you started using it, and keep notes in subsequent journals of when you started using it. The notes go in the COVER of the journal where you can’t miss it. That way, if any of your notarizations are investigated, you will have easy to query records of when you were using an embosser and when you weren’t. And remember, if you only use it on some documents, if a fraud is committed, you won’t remember if you used your embosser or not, so use it on every document and on all pages, no matter how many pages.

(5) Some people like to put the embosser through all the pages of a document all at once at a particular part of the document. This technique would make it obvious if someone used a forged embosser after the fact. The location and nature of the impression of the embosser would be different and lighter on each page that it went through. I didn’t use this technique because the impression would not be legible if it went through more than several pages. I did each page separately. Some notaries even put the embosser at the edge of the paperwork so only half of the embosser’s seal goes through the paper and the other half goes through air.

(6) The NNA and other notary supply companies can help you purchase an embosser. They cost around $30 when I was a Notary. They might be more now. You might need a letter of authorization from your state notary division to purchase one. Good luck!

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My stolen identity and the fraudulent notary seal
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Do a half fast embossing
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August 18, 2015

Notary – Your Signature – Needs Work

Filed under: Ken Edelstein — Tags: , , — admin @ 10:34 am

No, I’m not referring to that strange squiggle you have on file with your notary commission. I’m talking about your “other” signature. It’s the one that your email program adds at the end of virtually every email that you send. Jeremy hoots and hollers about having a good “notes section” in your profile on 123notary.com. Well, I’m willing to bet that at least a hundred times more people see your “email signature” than see your notes section. So, why is your email signature, either non-existent, or, to put it bluntly: junky?

The automatically generated “signature” is a great source of advertising. In addition to complete contact information, you should have a graphic; and a bit about the services you provide. This is totally free advertising, and it makes it much easier for people to call you. They don’t have to hunt thru several of your emails to find contact information – it’s in each and every one you send.

And, they can do much more than call. Your signature should have a link to your web site! A real “click here” (without those tacky words, of course). Mine informs recipients that I am available for: Mobile Notary Public, Apostille Processing, Embassy/Consulate Legalization & Fingerprinting. It’s the simplest thing to use, once set up. Just click “reply” to an incoming email and your signature is generated at the bottom – there’s nothing to it. MS Word allows for at least two different ones; one for a new outgoing email, one for a reply. Depending on your email program, the signature can contain various fonts, text, pictures, logos, and links. A goldmine!

Your email signature probably “needs work” and it will be a bit of work for you to configure the signature if you never accessed that part of your email program. Read the related help section, there are probably examples and/or step by step instructions. It’s also possible to get “fancy” and have a variety of signature files and select the appropriate one for each specific email. One processing tip, for users of MS Word: I found it easier to use the full “word facilities” to create the signature, then to just copy and paste it into the signature entry facility.

While most people will just click “reply” to your email, it’s a good idea to specifically put your email address in your signature. That helps people to edit copy, edit paste your email address when forwarding email if they did not add you to their address book. A further step is to include Filename extension .vcf, .vcard. Internet media type, text/vcard … vCard is a file format standard for electronic business cards. The .vcf allows instant addition of your information to the recipient address book. You can personalize the entry with your picture, logo or a graphic.

You only get one chance to make a first impression. That’s true in person, telephone or via email. When you include an informative email signature you literally “display” both enhanced technical ability and your desire to be easy to contact. If you also take the second and more complex step, the .vef; you stand a good chance of being added (permanently?) to your client’s address book.

It’s also common to include, as the last line of the signature, a thought provoking quote; with proper credit to the author. It should represent your beliefs and philosophy, select your quote wisely. I chose a classic by Joseph Joubert: He who has imagination without learning, has wings and no feet.

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February 15, 2015

Point (1) Deed of Trust; Story: Marcy Becomes a Notary!

Marcy the housewife becomes a Notary!

Marcy was a normal Midwestern housewife. She enjoyed all of the normal aspects of life. She had a small child, her first. She enjoyed the local festivals, corn mazes, county fairs, and married life as well. But, her family seemed to always be behind the eight-ball financially. What was Marcy to do? She tried temping for a while, but that didn’t pan out. Then, she tried being a substitute teacher since she liked kids, but the assignments weren’t regular enough. She had tried all her options and couldn’t think of anything else to do. So, she went next door to Patricia’s house to see if Patricia had any helpful words. Patricia was known in the neighborhood as the go to person if you had a problem. She could help anyone out of any slump and knew the right thing to say in any situation. Marcy picked the wrong day to go to Patricia for help. Of all the days in the year, this was the worst possible day.

Marcy went over and knocked on the door. Patricia answered, but said she was waiting for someone. Then, a nicely dressed guy showed up with a briefcase. What could he be here for thought Marcy? “Oh, this is the mobile notary for my loan documents,” announced Patricia. Marcy said, “Okay, I’ll bother you another time.” Patricia asked her to come back the next day.

Marcy returned the next day. Patricia had only one thing to say: “You could totally do this!” “Do what?” “Be a mobile notary — you’d love it!” “I would?” “Yup!” It is odd how people become mobile notaries. It often happens when they or a friend have a loan that needs to get signed. Then the career opportunity light bulb flashes in their head, and the rest is history.

Marcy marched down to the county recorder’s office, filled out the paperwork, waited a few weeks to get her commission, seal, journal and forms, and she was in business! She was officially a state commissioned Notary Public and a mobile notary because she drove to her appointments. Just one small thing… She didn’t have any appointments. So Marcy went back to Patricia again to ask for help. Patricia suggested calling the notary who had helped them. Maybe he would know how to get work. Except they would be competition for him. Oooh. A touchy subject. Should they call? I guess it couldn’t hurt. In the worst case scenario, he would just decline to help them. After talking to Tom, he recommended calling 123notary and Notary Rotary. Those were the two most reputable sources of notary work at the time. That sounded easy enough. So, Marcy got herself listed on 123notary.com and the calls started coming in. (Obviously Marcy didn’t show up in 2014 because not so many calls came in that year!)

Marcy purchased the 123notary loan signing course. She didn’t study it that hard in the beginning, because she didn’t realize how important the information in it was. She decided to learn the hard way. You’ll see when you read the stories of all the trouble she got herself into.

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Point (1) The Deed of Trust — Quick Facts!

(1) The Deed of Trust is the security instrument. BTW: The term Instrument means document.

(2) The Deed of Trust must be notarized. Make sure you have thumbprints in your journal for any deed.

(3) The Deed of Trust is recorded with the county recorder of the county where the property is located. The people at the County Recorders Office can often be picky and will not tolerate: cross-outs, smudgy or light seal impressions, or incomplete notarizations. Some recorders are pickier than others, so assume that they will all be very picky. If your notarization is rejected by the County Clerk, someone will have to notarize it all over again, and the borrower could experience a costly delay in their loan.

(4) As a general rule, the borrower must sign the Deed of Trust as their name appears on Title. If you use a Signature Affidavit, you might be able to have them sign in a different way, although the loan might be rejected by the Lender, in which case you might have to start all over again after a redraw.

(5) It is often required for the borrower to initial each page of the Deed of Trust

(6) The Deed of Trust is referred to as The Mortgage in many states, which is similar in essence, although there are some legal differences between the two documents which we will not discuss here.

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The Deed of Trust states:

(a) The loan amount

(b) Who the lender is (and their contact information)

(c) Who the borrowers are

(d) The location and description of the property.

(e) When the loan matures (or when the loan expires: e.g., 05-31-2031)

(f) Who the trustors and trustees are

(g) The loan is secured by the property.

(h) A Description of the Property

The Deed of Trust also mentions that the borrower has to pay taxes, principle, interest, late charges, etc. It doesn’t list figures other than the loan amount, but those will be in the note and/or other documents. Deeds of trust usually range from being 2 to 30 pages. Various other terms and explanations are in this instrument, however, those terms are not of much importance to the Signing Agent.

Riders. The Deed of Trust could come with various riders. We will not discuss the riders in this section since they are numerous and self explanitory. There are little check boxes in the Deed of Trust that will indicate which riders would be included.

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You might also like:
30 Point Course Table of Contents
http://blog.123notary.com/?p=14233

Point (2) The Note
http://blog.123notary.com/?p=14270

Deed of Trust (glossary entry)
http://www.123notary.com/deed-of-trust.asp

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December 16, 2014

A forged document vs. a forged notary seal?

What if the document was forged.
Imagine that you are a notary public who just got in huge trouble for notarizing a forged document. It is not your responsibility to know that the document was forged. It is only your responsibility to know that the person who was documented as signing the document appeared before you, proved their identity, and signed the document before you notarized it.

Forged Identification
Or what if the ID used for the notarization was forged? You can still take journal thumbprints and that can get you off the legal hook a lot faster if you keep a record of those thumbprints. But, what about a forged notary seal?

E&O won’t help unless you made an error.
Some notaries think that since they have Errors & Omissions insurance that they will be covered. But, does E&O cover legal expenses? The real problem is that E&O will probably say that the notary didn’t make any errors — it was someone else who forged their seal. Therefore it is a criminal matter, and the notary in question is not at fault — providing you can prove that the notary seal indeed was forged.

If your notary seal was forged, how would you prove it?
My notary seal’s impression was copied onto an Acknowledgment form. The notary’s handwriting on the form didn’t match mine at all and they didn’t cross out the his/her/their or the (s) on the certificate either proving that they were not me, and most likely not a notary (at least not a good notary.) If the borders on the seal don’t match yours, that is another clue. If you don’t have a journal entry of the transaction, that might void the notarization entirely in certain states — not sure what the law says about that one. But, it could constitute proof that you didn’t do the notarization in question if there is no journal entry, assuming that you always keep a sequential journal entry of all notarial transactions.

What if you are sued?
Unfortunately, as a notary, if you are sued for fraud, or being involved with fraud, you could lose $20,000 in legal expenses only to be proven innocent. You lose, even if you win. E&O insurance won’t protect you if you are not at fault. So, if you are falsely accused because someone else did fraud including a seal forger, a corrupt Title Officer, or someone else, you can get in big trouble. It is best to try to reason with the plaintiff and prove to them through whatever evidence that you have that you are not one of the parties to be blamed. You can also tell them that you will counter sue for legal expenses and time lost if proven not guilty.

Identifying the fraud
One of the issues in catching a fraudulent impostor notary is that they are hard to catch. The only people who have seen them would be notary customers. Those customers would have found the person’s number online or in the yellow pages or through a referral. Notary clients very rarely check the ID of the notary, so the notary could be an impostor and get away with it for a while without being caught. But, why would an impostor notarize many people. Chances are that the impostor notary would be well acquainted with the individual who forged loan documents, or could be the same person which means that nobody would see him or catch him. If he forged the signature of the borrower as well, then it gets very complicated. Three forgeries in one! If they forge a notary seal, the forged seal might have the name of a real notary on it. In such a case, the real notary would be able to prove through his journal that he never notarized that forged document. Additionally, the forger would have to not only forge the signature of the borrower, but also of that particular notary which would require quite some skill. I always used an embosser that left a raised seal in the document. A fraud would have to be pretty clever to forge my seal and my embosser and use it like I did — and in the one case where my seal was forged, they didn’t have the brains to do it correctly and got caught (but, not necessarily prosecuted – or at least I was not informed of what happened after the fact.)

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You might also like:

Fraud & Forgery related to the Notary Profession
http://blog.123notary.com/?p=2294

An absurd forgery of MY notarization
http://blog.123notary.com/?p=19974

Facial recognition techniques can help you spot fake ID
http://blog.123notary.com/?p=20242

Penalties for notary misconduct and fraud
http://blog.123notary.com/?p=21315

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August 29, 2014

Notary Information for Beginners – Best Posts

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General
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What is a Notary Public?
http://blog.123notary.com/?p=6498

What makes a mobile notary a mobile notary?
http://blog.123notary.com/?p=8302

Notary Journals from A to Z
http://blog.123notary.com/?p=8348

Everything you need to know about journals
http://blog.123notary.com/?p=70

Identification requirements for being notarized
http://blog.123notary.com/?p=4299

Notary Certificates, Notary Wording & Notary Verbiage
http://blog.123notary.com/?p=1834

—————————————
Become a Notary
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Notary Oath of Office information
http://blog.123notary.com/?p=2545

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Notary Acts
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What is a Jurat?
http://blog.123notary.com/?p=6937

Everything you need to know about Acknowledgments!
http://blog.123notary.com/?p=1199

Optional info on Acknowledgment Certificates
http://blog.123notary.com/?p=4407

Information about various notary procedures
http://blog.123notary.com/?p=2268

Interesting and uncommon notary acts
http://blog.123notary.com/?p=483

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Additional Info
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Industry standards in the notary business
http://blog.123notary.com/?p=4370

Fraud and forgery related to the notary profession
http://blog.123notary.com/?p=2294

Which states allow e-notarizations?
http://blog.123notary.com/?p=2528

Notarizing your foreign language document!
http://blog.123notary.com/?p=2768

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November 4, 2013

Notary Journals from A to Z

Not all states require a notary public to keep a notary journal. However, we recommend keeping one for all notary acts simply because it is your only evidence if subpoenaed to court or investigated. The purpose of a notary public is to identify signers and deter fraud. If you don’t keep proper records of notary transactions, several years after the fact, you will have no way to investigate whether the transaction was fraudulent or not. A prudent notary keeps a bound and sequential notary journal and keeps all transactions logged in chronological order.

Information recorded in a journal entry:
Date & Time — i.e. 12:04pm
Type of Notarization — i.e. Acknowledgment, Jurat, Oath, etc.
Document Date
Name & Address of the Signer
Identification of the Signer — i.e. type of identification or credible witnesses
Additional Notes
Signature of the Signer
Notary Fees
Thumbprint of the Signer

Q&A
Q. If I am doing a notarization near midnight, what date do I put on the transaction?
A. Date the transaction based on when the signer signed the journal which happens at a point in time rather than a range of twenty minutes which is how long a notary transaction could take in its entirety.

Q. What do I put in the additional notes section?
A. If you are pulled into court several years after the fact, good notes in your journal might help to remind you about the notarization. You could describe the building, or unusual features of the signers or their behavior.

Q. If I’m doing a loan signing for a fixed fee, how do I document the notary fees?
A. Most notary jobs involve one or two notarized documents and there is a fee per document. If doing a package deal, try to divide the fee for each notary done, or just indicate the total fee for the signing. The important thing is to keep accurate documentation.

Q. Is it important to take journal thumbprints?
A. Yes. Identification documents can be falsified, but you cannot falsify a thumbprint before a notary. You should ideally take a flat impression from the signer’s right thumb for your journal thumbprint. Additionally, I have never heard of a falsified thumbprint ever being used. A thumbprint can keep you out of court as it proves the identity of the signer. I was once investigated and the investigation ended two seconds after I mentioned that I had a journal thumbprint of the signer.

Q. How do I store my journal?
A. You current journal should be kept under lock and key when not in use. Some states require this by law, but it is recommended for all states. Keep fully used journals in a safe storage spot somewhere.

Q. How long do I keep my journal?
Keep your journal until the end of your notary commission. Some states want you to submit your journals to the secretary of state’s office or county recorder when your term is done if you don’t renew. Each state has their own rules, so please ask your state’s notary division.

You might also like:

Everything you need to know about journals
http://blog.123notary.com/?p=70

Index of posts about Notary journals
http://blog.123notary.com/?p=20272

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