dollar signBefore we can answer that question, we should first ask the question: Are eSign closings (eClosings) more or less work for the Notary Signing Agent?

The answer is clearly -- more.

 

Not only is there more work involved, it costs the notary signing agent more to do them.  These closings are supposed to involve less paper.  Instead, they involve more paper.  Not only is the set of loan documents equivalent to that of a regular (paper) closing, there is an additional set of documents that has to be printed as a back up, just in case something goes wrong and the closing has to become a paper closing instead of a eSign closing.  For the last eSign closing that I did, there were an additional 81 pages to be printed as a back up.  Fortunately my equipment worked well and everything went smoothly.  The downside to that smooth closing is that I unnecessarily printed an additonal 81 pages, and had to shred those 81 pages -- creating more work than was necessary.

Additional paper is not the only expense.

eSign equipmentBy its very nature an eSign closing requires a computer and internet connection.  This means that notary signing agents have to purchase the necessary equipment (if they don't already have it): laptop computer, wireless modem, and a subscription to broadband service. 

There is also the need to haul this extra computer equipment to a closing, and there is the additional time it takes to set up the equipment.  In short: eSignings cost the notary signing agent more in terms of equipment, supplies, and time. 

 

 

 

So what is a reasonable fee for eSign closings?

This is a question that each notary signing agent will have to determine for themselves.  Everyone's calculations will be different.

make moneyIt should definitely be more than what one charges for a regular closing.

Good luck.

 

 

4 Comments on What is a reasonable fee for eSign closings?

NOV
08
2008
288,286 Points Localism Sponsor Outside Blog

Hi Leon,

You bring up some very good points here...

3:30pm • #1
288,286 Points Localism Sponsor Outside Blog

Hi Leon,

You bring up some very good points here...

3:30pm • #2
Localism Sponsor

In 2003 when the loan signing industry changed to email documents and the notary-loan signer had to print them there was an additional $25-$35 per signing. The signing agents for the most part took  this offer and tried to figure the cheapest way to print the docs and this hasn't changed much since 2003.

The companies that want to hire us for  an e-signings don't seem to want to compensate us for  buying a laptop and purchasing a monthly wireless card at approx $50.00 per month; they want to pay the same as  emailed documents.

Time will tell!

 

11:57pm • #3
NOV
10
2008

How times change!  When I first began doing edocs in '97 or '98, they simply offered double whatever your fee was, including any 'excess travel fee'.   Altho' edocs were not the norm, when needed, they had no problem paying for the service.   Around 1999, edoc fees stabilized at $50.  This held thru maybe 2003-4, then the downward pressure began.  It appears as tho' it will never end until there is nobody left who will accept the 'too low' fees offered.

8:37am • #4

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Leon Austin, Colorado Springs Mobile Notary

Colorado Springs, CO

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Mobile Notary Services

Address: Colorado Springs, CO

Office Phone: (719) 473-9336

Cell Phone: (719) 238-7988

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