The New Breed of Signing Companies

By
Services for Real Estate Pros with The Doc Xpert

 

It is unfortunate in this Real Estate Market slump notary fees have been lowered, there is less work and an oversupply of notaries.  And, if all of those things do not make the notary profession more challenging, there is a new breed of signing companies that have reared their ugly head.

 I am not referring to the professional and reliable companies that I have dealt with for some time.  They are not slow pay, or hand holders.  They are worse than that.  I am referring to the companies that are obviously in business to rip notaries off.  They call notaries to take an assignment and have no intention of ever paying them.

They call you at the last minute and quiz you on all of your credentials.  They are real cordial as they reel you in.   They ask how long have you been an agent, can you complete reverse mortgages, are you familiar with the Countrywide loans and on and on and on.  In the back of your mind, you think to yourself should I trust them? 

You take the signing against your better judgment and low and behold 30 days roll by and you have not received your fee.  You place phonecalls to their office - no answer.  You email them - no response. 

We as notaries earn the least amount of money in the entire loan process.  We are expected to comply with a list of 100 + instructions, but yet we are not paid as promised by these companies.

Henceforth I am implementing new rules for myself.

  1. I am no longer accepting closings from companies that I do not know.  They must be a regular client or a referral from another notary.
  2. I am going to verify their credentials on NotaryRotary or Mobile Notary Network.
  3. If no information is available from those sources, I will check the BBB database.
  4. If I cannot locate any information, the signing company must pay via paypal or place my name on the HUD statement.
  5. I am no longer going to allow their emergency to become my emergency.  If I am in my car and I cannot verify the company's reputation - I will not accept the assignment.

Notaries have availability to a plethora of information and support on the notary boards.  Let's use this information to protect ourselves from these predatory signing companies.

 

Murrieta Mobile Notary

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Rainmaker
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Joan Snodgrass
Midamerica Referral Network - Kimberling City, MO
Cynthia - that does sound shoddy.  Forgive me my ignorance, it has been many years since I had a notary license.  When I need something notarized personally, I go into my bank and they offer it free as a service.  What would be a normal fee you would receive for service?
Dec 02, 2007 06:30 AM #1
Rainer
61,795
Alix Pinzon
Open Mortgage, LLC - Downey, CA
(562)743-6086
I'm not a notary, but if I was, I would appreciate your advice.  In the appraisal business, there are several entities that are putting a strain on the business.  They are appraisal management companies, and middle man appraisers' who claim to cover large areas, such as Statewide, or Nationally, and then they just re-order the appraisal with a local appraiser.  It's up to us to avoid doing business with these companies, so we can drive them out of business.
Dec 02, 2007 06:39 AM #2
Anonymous
Cynthia

Joan,

The standard fee to notarize a signature is $10.00.  I am a Mobile notary, so when I go to someone's home or office, I charge a travel fee also.  Loan documents are another story and the fees range from $50.00 to about $250.00.

 Hope info is helpful and thanks for your response to my blog:)

 

Dec 02, 2007 06:41 AM #3
Anonymous
Cynthia

Gregg,

I guess those of us in the Real Estate industry are all negatively affected in one way or another.

Thanks for your comment to my blog. 

 

Dec 02, 2007 06:52 AM #4
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Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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Apr 05, 2016 12:10 PM #5
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Rainer
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Cynthia James

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