If a borrower says they won't sign the loan documents, the broker gets no commission. If the borrower changes their mind, and decides to sign the next day, the broker gets the commission.
But what does the notary signing agent get?
In most cases, we'll get a nominal trip fee. Yet it is the notary signing agent who makes it possible that many people are getting huge sums of money on these loans. Thousands of dollars. But none of that money seems to find its way down to the notary signing agent -- the ones who are making it happen by driving to remote locations to get the necessary signatures, and to perform the notarizations, without which, people would be making no money.
I had a closing yesterday. The borrower refused to sign once she saw the payment amount. She changed her mind and wants to sign. I'll make a second trip this Friday evening. As a result, a lot of people are going to make a lot of money. Except me. I won't see anywhere near the amount of money the loan officer and everyone else is going to make on this deal.
Companies are unable to see that our time is valuable. It is. I think it's time that notary signing agents started seeing the reality of this. Stop accepting token trip fees. Negotiate with the signing companies. And if the signing companies are too timid to negotiate with the title companies for more money, then take the negotiations to a higher level. I did.
I'm simply asking that notary signing agents be fairly compensated for the work we do, and for making these deals happen.
If athletes can get a bonus for helping their team win, if corporate CEOs can get a bonus for improving their company's earnings, shouldn't notary signing agents get a bonus too?
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