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 Dear Signing Agents,
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Shannon
California
360 Posts |
 Posted - 01/09/2007 : 01:21:25 AM
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Isn't it amazing how many Mortgage Brokers or Lenders fail to "sell" their own product? I see sticker shock far more often than one should. They expect the Notary Signing Agent to "close" the deal when they have had no direct contact with the borrower for weeks. I'm fond of saying that the only thing I have to "sell" at a signing is a 3-day right-to-cancel. As NSA's we are not brokers or attorneys and typically have no personal knowledge of deals we notarize. We really love signing for brokers who have been thorough
and up front with their borrowers and are communicative. If on top of all this, there was no guarantee of payment...we'd move on to the next client. |
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Russ_WY
Wyoming
10 Posts |
Posted - 01/02/2007 : 12:19:36 AM
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I do not accept reduced or no fee for cancelations due to RTC or cancels at the table. Printing, time and travel are my expenses and I expect to be compensated for them. I am a professional providing a contracted service for an agreed upon contracted fee basis; just like the appraiser did his/her job or the attorney who might sit at the table. I'd like to see them try to tell them are not being paid.
If I receive a contract agreement that spells out they do not pay for a loans failure to fund, I cross out and initial that stipulation. If they utilize my services, I have it in writing that they agreed to those terms. If they try to pull a fast one I continue to invoice for balances due and if need be, full collection proceedings ensue. |
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crtowles
California
553 Posts |
Posted - 12/09/2006 : 01:45:03 AM
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No guarantee means I won't go. I just can't believe some of these Signing companies. They sit on there rears making a call or two, writing an email here and there while we do all of the work and to top it off we then have to wait at least a month or more to get paid. Then they don't want to pay us trip, cancellation or no show, fees, etc. What nerve.
You have to build the business. Eventually you will weed out those that mistreat you. It takes time to do this.
~Carmen |
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dfye@mcttelecom.com
New Hampshire
681 Posts |
Posted - 11/30/2006 : 10:50:45 PM
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Very well said. However, if I know ahead of time that I will not be compensated, then I cannot nor will not waste my time with them. There are other companies out there who are very reputable. You just have to find them.
Legal Eagle Para Professional Services |
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n/a
Florida
4 Posts |
Posted - 11/30/2006 : 8:29:19 PM
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We use an Independent Contractor Agreement with a fee schedule attached which states that we do not accept reduced fees for refusals to sign. If notaries accept reduced fees for refusals to sign, coercion can be implied. Even subconciously, the notary may be coerceing their borrowers in order to receive thier full fees. Notaries, especially loan signing agents, should be unbiased witnesses to the execution of documents. It should not matter to us whether the borrower signs or not. Never does the borrower's refusal to sign have anything to do with my services, its usually some unexpected loan term or lender fee.
I sometimes reduce my $150 fee by $25 as a matter of courtesy because I don't have to notarize, bill and ship the package, but if I have spent 2 hours with the borrowers while the loan officer tries to convince them to sign, I have earned my entire fee. I also get paid 99% of these fees because I have an execute Independent Contractor Agreement.
We must have spoken to the same person, Mae Saeboth, High Fidelity Title in northern Florida, who told us the same bunk about if she didn't get paid we wouldn't get paid. Does that mean she doesn't pay her electric or rent if she doesn't close her loans? We simply provide a service, like the utility company, which is an expense of doing business. Is it reasonable to tell the electric company that since I didnt' get paid, they won't get paid?
When someone refuses to sign my Independent Contractor agreement, it is a BIG RED FLAG that their intentions are less than honorable. |
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dfye@mcttelecom.com
New Hampshire
681 Posts |
Posted - 01/14/2006 : 11:43:25 AM
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I refuse to do the signing. I do not have the time nor money to go out and do a signing in which the lender pissed off the borrower and in turn the borrower cancels their loan.
Legal Eagle Para Professional Services |
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SelectProcessing
9 Posts |
Posted - 06/09/2005 : 01:55:21 AM
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Hello everyone. I hope everyone is busy, busy, busy. I was wondering what the consensus is on signing up with companies who flatout say they do not guarantee payment should a closing cancel or reschedule?
Do you typically thumb you nose at them and move on to the next SS,TC, or Lender? My first thought was to do that but then I realized what if there are no cancellations or reschedules. Then that would be missed income.
I had a company tell me that it is "bad business" to pay vendors if a cancellation or reschedule occurred regardless of any printing or travelling done. Afterall, they are not being paid and therefore is against their policy to pay its vendors. It seems to me, its bad business for me to have to chalk up the cost of printing(toner, paper, time) once a cancellation or reschedule is issued and not have anything to show for it but ...oooops. As long as cancellations and reschedules are rare, I think I'll chance signing with companies that tell you up front that they don't pay these.
Just one SAs thoughts on it.I signed up with this company because typically cancellations are far and in between to not sign up and get the work. I'll see how it goes. If things get ridiculous with the cancellations and reschedules, I can always put on my DDBW list.
Markita-MI |
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Cancellation or Reschedule Fees?
