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July 19, 2016

What types of loans do you know how to sign?

Please don’t say, “I sign them all.” Few Notaries really sign them all, so saying you sign them all makes it sound like you don’t know the names of all of the types of loans. If you are dressing up your Notary profile, it is recommended that you clearly state a list of the types of loans and/or documents that you are familiar with.

Loans
Refinances (1sts, 2nds, Piggy Backs, FHA, VA), Conventional, Commercial, Residential, Modifications, Debt Consolidations, Debt Settlements, Purchases, Cash Sales & Purchases, Reverse Mortgages, Applications, Annuities, Helocs, eSignings, Time Shares, and more… There might be more that I forgot to include, but those are the main ones.

Documents
Many other Notaries do I-9’s, Wills, Living Wills, Powers of Attorney, Affidavits, Auto Titles, Boat Titles, Permission for Minors to Travel, Contracts, and more.

The worst thing you can do is to claim that you have a good knowledge of the docs. That says nothing and sounds like baseless bragging. So, don’t be vague, and state the facts. Other facts about your service are helpful in you notes section.

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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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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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June 26, 2013

Clarifying vague claims in your notes section

Vague: I am experienced
Better: I have signed a million loans including reverse mortgages, HELOCS, 1st & 2nd mortgages, and Debt Consolidations

Vague: I am dependable
Better: I always confirm the signing from my car. I let them know my ETA and let people know if I am running late (which is not the norm)

Vague: I am meticulous
Better: I always triple check my work and make sure that my stamp is clear, especially on recorded documents.

Vague: I love people
Better: It is so nice to constantly be meeting new people all the time at signings.

Vague: I love animals
Better: I always introduce myself to all of the animals at a house when I do a signing. Animals understand me — and if you don’t believe me then ask them!

Vague: I am detail oriented
Better: I am very particular about where each initial goes, and how it is formed. I like people to put suffixes on their initials such as Jr. or III when applicable just to be thorough.

Vague: I am very professional
Better: I wear business casual to all signings. I introduce myself at the door and NEVER park in the driveway unless requested to by the borrowers. I introduce the documents one by one and show the borrowers all critical information on each one, before we start signing.

Vague: I have a flexible schedule
Satirical: My schedule is very flexible because IT does yoga. I do not do yoga, but my schedule takes regular yoga classes at Bikram, so I can accommodate signings at the oddest of hours.

Better: I am available from 8am to 10pm, but will consider signing after that if given advanced notice and extra financial compensation.

Vague: 10 years of notary experience
Specific: 1000 loans signed (more more informative)

Vague: I have 20 years in the financial industry
Specific: I was a Mortgage Broker for 10 years and a Title Officer for another 10 years.

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