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| T O P I C R E V I E W |
| crtowles |
Posted - 06/21/2011 : 09:38:20 AM
Had the strangest 123 call today. One of our notaries called in today with one of the most amazing story. First some background information. This notary runs a nationwide signing service. Last year this particular signing service sent out a notary located in a southern state to close a loan for their client; a title company. The title company agreed on a set fee. (approximately 120.00) Everything went well and the loan closed. Now this year a shocker. This particular signing service is named in a class action law suit. (Keep in mind no other parties are named in the suit) The borrowers who initiated the lawsuit are stating that this signing company over charged them. (Fees in this particular area are about a 1.00 per notarization and there were about 3 signatures x two people so fees would have been approximately 6.00 total. (thee are no restrictions or mention for that matter of travel in this states statues) And so 6.00 is what they felt they should have been paid; period. As far as I am concerned this is a bogas lawsuit. This is a first. I have NEVER heard of such nonsense. It is obvious this lawyer as nothing better to do with his time. And although I have some strong feelings about this I am curious to what all of you think?
~Carmen |
| 3 L A T E S T R E P L I E S (Newest First) |
| Renee |
Posted - 06/22/2011 : 04:18:48 AM
Agree, Bobbi (big surprise there!), and frankly this is something I've been waiting to see hit the fan. In addition to what you've outlined, the ACTUAL Notarial fee is a non-APR fee, while any additional fees (SS, travel, etc) related to that are APR fees - to be compliant with TILA, these would have to be parted-out of the Notarial/Notary fee. Just a whole other issue waiting in the wings.
What really surprises me is that the RESPA issue that these particular borrowers are heading to court with have gotten that far, unless a remedy WAS already offered, and refused. |
| BobbiCT |
Posted - 06/21/2011 : 10:12:45 AM
"...The title company agreed on a set fee. (approximately 120.00) ... stating that this signing company over charged them. (Fees in this particular area are about a 1.00 per notarization and there were about 3 signatures x two people so fees would have been approximately 6.00 total. (thee are no restrictions or mention for that matter of travel in this states statues..."
I think the outcome will depend on
1. What was stated on the HUD-1. Was the service described as "title services," "notary signing agent" services, "notary services," or "notarization". If notary services or notarization was listed on a separate line, I see a PROBLEM; i.e., specifically states for notarizations, which are limited by state law. Any of the other choices the invoice for services rendered probably includes services BEYOND notarization, which one would hope are "reasonable"; i.e., courier services,e-mails, pdf documents, printing, postage/FedEx, scheduling time, calls, title review, recording, etc.
2. More important: There will be claim(s) on any malpractice, business or E&O policies. The more insurance carriers involved, the better for the plaintiff(s). Will the insurance company(s) fight or pay to get away? Decision will be from a bean counter deciding if it's less expensive to settle and payout than fight.
Bobbi in CT |
| CopperheadVA |
Posted - 06/21/2011 : 10:04:43 AM
My first thought was that if a signing service is charging only $120 to the title company, it's no wonder we are always getting called with lowball fees. That kind of fee is what the notary should have been getting paid directly from the title company.
CopperheadVA
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