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BobbiCT
Connecticut
135 Posts |
 Posted - 02/26/2008 : 10:40:26 PM
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Simply business. Pay YOURSELF first, your salaries, your payroll taxes, IRS and state quarterly estimated tax payments, your rent, your phone bill, utilities, internet/web hosting, commissions/franchise fees to the home office, THEN pay who ever is left with whatever is left.
Because in many cases the "signing agent" is not listed by name as a separate line item on the settlement statement (HUD-1 or HUD-1A), the signing agent is not paid directly through the escrow account. There is no obligation by the hiring company to write a check to the signing agent when the loan funds and, technically, under RESPA a check cannot be written directly to the signing agent because the signing agent is NOT listed as a payee on the HUD. Because signing agents are paid through the company that subcontracted out to them, payment is when the hiring company decides. Most companies also don't write checks until the deposits clear, which can be 7-10 business days depending on the federal reserve bank(s) the check will be processed through. Just keep reading your contracts carefully regarding the payment terms.
P.S. On the HUD, the line for "notary fee" is NOT the same as a "signing agent" fee. |
Edited by - BobbiCT on 02/26/2008 10:41:55 PM |
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n/a
Virginia
2 Posts |
Posted - 02/26/2008 : 4:55:49 PM
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Do you know of any reason(s) why a Title company should take 45 days to pay?
I have been doing signings for about 11 months. A Title company in my area in Virginia has been giving me business but they low ball with fees ranging fron $60 to $100. Their excuse is that my area is saturated with notaries. In addition they don't pay extra for e-docs, fax back of 15 to 30 pages, or extra copies for the borrower.
I just got paid about 2 weeks ago for closings done in early November after I threatened not do any more for them.
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Why 45 days to pay?
