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August 17, 2015

$40 for a signing 72 miles away?

I read the notary forums regularly. Not every day, but I go through them thoroughly every so often. One notary was offered $40 for a signing 72 miles away. I think I have heard everything now. Don’t these signing companies bother to use mapquest or Google directions to see how far a signing is before making an offer? Do they expect notaries to drive all over kingdom come for free?

They know that notaries are desperate.
Perhaps they are counting on the fact that business is really slow and that there are many desperate notaries out there. But, as desperate as you might be, your car expenses to do a 144 mile round trip are not for free. You use your tires, breaks, motor, gas, oil, and more. Your car won’t last forever, and you need to charge for mileage. How much is up to you unless your state restricts this (and nine states do even though I feel that is not constitutional.)

Stop Bothering Notaries!
Putting aside how unfair the offer is, I think that the bigger issue is that signing companies bother notaries with these petty offers. Notary forums are filled with complaints of this sort. It is a waste of the notary’s time and patience.

Minimum Wage for Notaries?
Perhaps the notary industry should have some type of minimum wage. No matter how new or unskilled the notary is, they get 50 cents per mile traveled plus 25 cents per page fax back and at least a certain amount for signings with under 100 pages per set of documents. I don’t know what a fair minimum is. If you set the minimum too high, then newbies will simply not get used unless the signing company is desperate.

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July 18, 2010

Confirming the signing

Introduction
As a notary, there is a lot to know. There are notary laws from your state, navigating your area, business and interaction skills, and much much more. Most notaries take some sort of a loan signing course to get into the mobile notary business. But, loan signing courses don’t tell you everything you need to know! There are always things they don’t tell you because the author either doesn’t know, forgot to put in the book, or didn’t think was important. Other situations don’t hae a set way of being handled and can only be dealt with using a personal approach. This blog entry will deal with some select hot tips on how to handle a signing.

Confirming appointments
As a notary, signing companies will offer you jobs, fedex you a package, and expect you to show up on time to the appointment. How often have you gotten to an appointment only to find that the borrower is surprized by the numbers, or didn’t realize that their cousin Sam needed to be there for the signing, since Sam was on Title? The lending profession is filled with tricky characters who promise one thing, and then when the borrowers see the paperwork with the notary sitting there, they feel pressured to sign, even when they don’t like the fact that they have been hoodwinked. The notary often has to sit through long conversations with the lender that should have taken place BEFORE the signing, not during. Lenders are often sloppy, and don’t fully inform the borrower about all of the numbers on the loan. So, what does the notary need to do to avoid this type of drama? A thorough confirmation call solves the problem.

Going over the numbers
Once the notary has the loan package in their hand, they should call the borrower and go over the Rate, APR, and payoff amounts listed in the Settlement Statement. The notary should go over all Escrow payments, and what the monthly payments are, prepayment penalty, and if its an Adjustable Rate Loan, what the cap is, etc. Additionally, the notary should have the borrower read their ID to the notary, and what the NAME is on their ID, and confirm what individuals will be at the loan signing. Thats a lot to go over. However, it only takes three or four minutes, and will save you hours during those times when there are suprizes — which seems to be 25% of the time. If the borrower is not happy with any of the numbers, cancel the appointment. Don’t waste your time getting into someone else’e drama.

How much time is needed?
Another aspect is discussing how much time the borrower would like to have signing the loan. Its not the notary’s job to sit for six hours while the borrower reads every word in the whole package, and then rereads certain important documents. The notary and borrower should agree ahead of time how much time the borrower needs to that the notary can plan their evening and other appointments. The notary should explain that the borrower has three days not including Sundays and Federal holidays to cancel their loan, so they can skim through it and read their borrower’s copies after the fact. The borrower can cancel in writing and the loan is off, if they cancel before the deadline.

Scheduling and venues
Explain to the borrower when you will be coming, and let them know if you might be slightly early or late… and how late. Some borrowers have issues with their homes. Some have family over or rambunctious children. Others have pets. I always offered to take pawprints just in case Fluffy ever got lost. I’m not convinced that cat pawprints are as unique as human fingerprints though. Its the thought that counts. If a borrower can’t sign at their home for any reason, its good to find a good cafe or restaurant where you can sign. Don’t forget to read in the forum about drinks at signings. Thats a very popular and critical topic. You don’t want your “tall latte” all of the right to cancel, otherwise you will have a very “short signing”.

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