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January 18, 2016

VA signings for $85? With 200 pages? No Thanks!

As a blog writer, I need to come up with ideas for interesting blog articles. So, I often go to Linked In and see what was popular there. I was visiting last night and saw that someone was offered a VA loan for $85. But, the package had about 200 pages! As new Notaries, you need to understand that not all packages are alike. Some Lenders have short packages while others have longer ones. Some Lenders have their documents ready on time while others don’t. Additionally, there are different types of loans — some are longer and more time consuming than others.

Large Loan Packages
VA loans are normally a lot longer than regular Refinances. FHA loans are longer and more complicated too. Additionally, Reverse Mortgages are longer and take longer partly because the signers are normally elderly. VA loans are for Veterans, and they might tell you some war stories about getting ambushed by the Taliban, but they are probably middle aged and able to sign in a moderate amount of time. But, the packages are long and take a long time.

What to Charge?
The average Notary on 123notary makes about $105 per signing (interesting stat.) If your standard fee is $100, you need to charge more if it is going to be a slow signing or a signing with an above average number of pages. You will be using your printer more, and spending more time at the signing. So, how much more should you charge? In my experience, more pages won’t take you that much more time. It will cost you a little toner and paper, but an additional fifty pages might only take you an additional twenty minutes assuming the signer is not a slow poke. What does take time includes: sluggish signers who read every word, elderly people who can barely function, issues with the loan involving long calls to the Lender, multiple signers who don’t always show up on time, problems with the ID.

Before You Accept the Job
My suggestion is to call the borrower and ask if they will be able to sign within a sixty or seventy-five minute window for a longer package. If they say no, then you might consider charging more or cancelling the signing. If you have the luxury to call the borrowers before you accept a job, you can have a lot more flexibility. You should ideally charge for time, and NOT based on the length of the package. I signed a 200 page construction loan in 25 minutes because the borrower was a professional and had been through the process dozens of times. His time was worth a lot and he didn’t waste a minute. He was like an assembly line.

As a General Rule
For most Notaries on 123notary, I would recommend charging $115 or $120 for VA signings and Reverse Mortgages. If you are very experienced with more than 5000 loans signed, then add another $25-$50 to that figure. Notaries should not try to charge too much unless they are so popular that they simply have to turn down good offers daily. Try to be reasonable and accommodating while you earn some notches in your belt! But, $85 is just too low unless you are a complete beginner!

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December 24, 2015

Lender no longer allowing docs to be fixed after the closing?

Filed under: Technical & Legal — Tags: , , , — admin @ 12:31 pm

I read a discussion on Linked In that a particular lender would no longer documents to be fixed or resigned after the closing. This discussion surprised me. In general, I have never known any lender who wanted anything signed after the date of the signing. If the dates don’t match on the documents, that is generally unacceptable to Lenders. Once in a while, there will be that one document that needed to be modified and faxed over. Additionally, almost every experience I have had as a signer with documents that required to be “fixed” ended up with a resigning. Although I followed the Lender’s instructions for what to fix and how at the signing (10 years ago, fuzzy memory,) I remember that they almost all needed to be redrawn and resigned.

So Notaries: if you are doing loan signings, get it right the first time, otherwise you have no idea how much trouble you are causing. And Lenders: Make sure the docs are correct before you involve a Notary in a frustrating and time consuming signing.

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