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Sylvia_FL
Florida
46 Posts |
 Posted - 01/17/2008 : 05:43:58 AM
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quote:
Originally posted by ohionotary
I agree that if there is a mistake made that's our fault, we should be penalized. However, I don't agree that our fee should be cut when a signing falls through.
I understand that this is generally an industry "norm" but IMO if the
It should not be an industry norm. When a signing agent is contracted to do a signing and they fulfill their part of the contract then he/she should be paid.
Even on a no-sign the signing agent has gone out, and as likely or not spent considerable time with the borrowers, borrower probably called their LO to straighten problems out and LO tried to sell them the loan over the phone while the signing agent patiently waits.
Often no signs take longer than when the borrower does sign. Signing agent should not be penalized. |
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ohionotary
Ohio
33 Posts |
Posted - 01/17/2008 : 05:34:26 AM
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I agree that if there is a mistake made that's our fault, we should be penalized. However, I don't agree that our fee should be cut when a signing falls through.
I understand that this is generally an industry "norm" but IMO if the borrower decides to use the RTC after the signing or even part way through the signing, we should still get out full fee. We completed our jobs as required. I expect my full fee for services rendered. It's not our fault that the borrower cancels (generally due to a lender problem). That's beyond our control and not our fault. I think that the lender, title company, or SS should take the loss, not us. |
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n/a
114 Posts |
Posted - 01/11/2008 : 04:12:46 AM
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Typically, when a closing falls through, we pay 75% to the person who met with the borrower. If we are paid 100% we pay 100%. We clearly communicate at the outset that we expect 50% compensation when a closing falls through, regardless! We cannot afford to drive 2 hours one way without receiving compensation.
If we are fined due to our error, we still pay the notary 100%. If the notary made the error, we may deduct a small amount; however, we seldom ask the notary to waive their fee.
Conversely, if we ship documents late, we often waive our fees entirely for goodwill. I sometimes feel taken advantage of, but it is all part of the business. I prefer to maintain good relationships when possible.
When a company asks that I waive my fees but they offer a small fee for my inconvenience, I typically waive the entire fee. Sometimes, it just doesn't feel right to accept payment when there is a "keep your damn money" feeling inside your gut!
Smile and keep moving forward...
Burton F.
Closers@GeorgiaLoanClosers.com
Hiring every day and serving all of Georgia all the time!
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