Before 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.
By 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.
It should definitely be more than what one charges for a regular closing.
Good luck.
Hi Leon,
You bring up some very good points here...