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civey
North Carolina
76 Posts |
 Posted - 12/20/2008 : 6:45:02 PM
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Hi Carmen!
I couldn't agree more with the backwards issue, but in these parts it worked the same with realtors and LO's. Homebuyers would see their realtor, before seeing their bank or LO. Completely wrong. Realtor shows the perspective buyer one or two homes to lock them in and then they are hit with a bullet that the buyer really can't afford what they've been showing them. That's also what caused a lot of people to bite off more than they could chew. Hard to sell someone on a $150K home when you've been showing them homes that ranged $50 - $100k more, so buyers were buying at the top of their range rather than the low or medium range. One person loses their job and their goes the dream house.
Same here, we take the jobs and find out later that the company who hired us can't afford to pay us. We take two or three jobs because we need the money, we've laid out the expense with no payment. We all have to our homework. It does not bother me one bit to call someone back and tell them I can't take a job because they don't have a good rep. Most of the time they catch me when I can't do my research, so I have to call them back to turn it down. |
Edited by - civey on 12/20/2008 7:05:02 PM |
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crtowles
California
553 Posts |
Posted - 12/16/2008 : 7:43:47 PM
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I am all for the borrowers paying at the table. I also don't mind if I am put on the HUD...but this will not help me if the borrower utilizes the RTC. All I can do now with things being what they are is try to make sure the borrowers know about loan terms etc. beforehand. I do this by asking them key information and compare this information to the loan doc's. If I find discrepancies then I tell them to contact their loan officer/lender. I also check the names of companies beforehand to see if they have a less than desirable reputation. I do not work for any signing companies that helps keep the drama down to a minimum. If I did I would ask for references (notary). Just maybe they should fill out an application with us...we are after all extending a service on credit to them. If you ask me this whole thing is a-- backwards. But that is another story for another day. I would check some of the notary boards to see if they have a history of non payment, slow pay, no pay, etc. It would be nice it they could pay pal us upfront. I do this with JG Wentworth. Works very well.
Carmen
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crtowles
California
553 Posts |
Posted - 12/16/2008 : 7:29:43 PM
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Jeffery, The NNA is part of the problem. They are the ones who have more or less have set the fees for us for many years. And as long as they keep telling their members and the title and escrow companies that 65.00 is acceptable it will remain the standard. I suggest you do a search here at 123notary, notaryrotary, go mobilenotary, etc and read on how most notaries feel about the NNA and what they have done have not done for us.
Carmen
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civey
North Carolina
76 Posts |
Posted - 12/09/2008 : 11:34:14 AM
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However, it is on the HUD and I have actually done closings where there was a check cut from the attorney's office for appraisals, home inspections and termite inspections. I think it largerly depends on the appraiser and their policies, and you are correct, most of the time they are paid up front (but it is still on the HUD), but if they are not the invoice is forwarded to the attorney and they cut the check from the closing funds.
Appraiser do have recourse in this state if they are not paid and their fee must be on the HUD. |
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LindaH
Florida
1754 Posts |
Posted - 12/09/2008 : 10:14:25 AM
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"there is one person that will get paid or the LO will be reported and that is the appraiser. They do appear on purchase HUD's always although sometimes they are POC it is on the HUD and they will get paid regardless"
After 25 years as a real estate paralegal in CT I have to tell you I can't recall one HUD where the appraiser was paid at closing/funding - they were all POC - they're paid either at the door by the borrowers (in the case of a refi) or paid up front by the borrowers in the case of a purchase, but they NEVER wait until closing or funding - they get their money at the time services are rendered, just like, in the case of a purchase, the home inspector - he's paid prior to the loan even being approved and his fee is not contingent upon the loan closing....
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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Edited by - LindaH on 12/09/2008 10:25:34 AM |
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civey
North Carolina
76 Posts |
Posted - 12/09/2008 : 09:34:10 AM
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Linda, in NC there is one person that will get paid or the LO will be reported and that is the appraiser. They do appear on purchase HUD's always although sometimes they are POC it is on the HUD and they will get paid regardless.
Everyone needs to keep in mind that with legislation will also come more accountability I am afraid, which means the possibility of CEU credits and licensing to do closings, etc. Once the government is in it becomes a much bigger ball of wax.
I guess a prime example might be the difference between what an LO with a bank and an LO with a broker in my state must have. LO's in banks are not required to have a license, but if you work for a broker you are required to keep that license, which is an expense and take mandated CEU hours, which is also and expense. I could see legislation being passed that would allow parallegals (notaries) in attorneys office not being required to have this, but if you are on your on, you will be required to carry a license to do signings. I think attorneys would push this if government is allowed in.
quote:
Originally posted by LindaH
Not in CA but my .02 FWIW
I'd rather get paid at the table by the borrower - full fee at end of signing or, if they decide not to sign then pay me half my fee right then and there...
Although being on the HUD is nice, remember, if you're on the HUD and the loan rescinds, NO ONE gets paid - including you.
Be careful what you wish for.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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jthorne
California
9 Posts |
Posted - 10/26/2008 : 2:14:15 PM
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Jeremy,
In regards to legislation for notaries I am already making paths down that road. I am dealing both with issues on a CA State basis and a National basis. I have spoken to the NNA and they ae very interest in what I have to say and want to use my 28 years of expertise in Lending and Title.
I too am all for some set fees for "Signing Agents" but the issue becomes some of the Signing Services. Most recently a friend of mine got to a signing and saw that thesigning service was charging $225 for the signing and she knew her fee was $100. The signing company was making more than the Notary. In my book, that is totally wrong.
As notaries we can't continue taking the beating that we have been. We have been fair, we ask what does the job pay, if we feel it is reasonable we take it, if it is not, we quote a price that we feel is fair, they either take it or leave it. We know what it costs to operate. Provident requiring $500,000 E & O is not necessary, FHLMC and FNMA (is where Provident sells their loans to) doesn't require it, why do they?
The whole practice of lending has gotten out of control. I am all for collecting my fee at the signing. More often than not clients pull out their check book to pay me when they are done signing, but I tell them I will be paid by escrow. Why should I lose out if the loan doesn't close? I am all for a form to be signed by the borrowers that states that if for some reason a loan doesn't close they are still responsible to pay the signing fee directly to me.
I have a whole list of items that need to be addressed, these are just a few. What other things are bugging the rest of you?
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Conniek
Oregon
78 Posts |
Posted - 10/16/2008 : 11:40:44 PM
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Jerry,
Your message is perfect! Last sentence very intriguing...say more on lobbying gov. When do we start??? Let's do it! Nothing to lose!
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Edited by - Conniek on 10/16/2008 11:44:16 PM |
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jbelmont
California
3106 Posts |
Posted - 09/29/2008 : 2:11:01 PM
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I am in favor of having a minimum fee for notary signings as well as a set time in which the escrow company must prove that they made payment.
$125 seems like a reasonable minimum fee. That way a signing company can make a small profit if they were involved in a transaction. A notary can make a decent income making $125 per job if hired directly. Low-balling fees leads to inexperienced notaries being used which could cause errors to be made.
(30) days seems like a good maximum amount of time in which the escrow company should be required to pay the notary. There should be a late fee of $25 if they pay late and $50 if its more than (60) days late.
Non-funding loans need to be included in the rule. Notaries should be paid the same regardless of whether the loan funds or not.
Notary mistakes / escrow mistakes? Notaries should be respnsible for fixing their own mistakes. If escrow makes a mistake and needs the notary to return, the same $125 minimum fee should apply.
Maybe we should all lobby the governent.
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azdocsign
Arizona
89 Posts |
Posted - 09/16/2008 : 06:43:35 AM
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ES Notary, please check your email. Maybe I can help give you some direction.
Thanks,
Kathy Fletcher
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BobbiCT
Connecticut
135 Posts |
Posted - 09/16/2008 : 05:29:08 AM
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"Notarization fees" is already a separate line on the HUD-1 under RESPA (federal) regulation, which if the notary public is listed on that line would mean the notary gets a check when the loan is funded.
The kicker: The line is specifically for your STATE MANDATED fee for each notarization as a notary public, NOT for other services such as acting as a "signing agent," faxes, courier services, printing etc. Also, the escrow agent would need to know PRIOR to preparing the HUD-1 exactly how many notarizations will be performed and what that particular state's fee is for each one.
I don't see a state official being able to require RESPA regulations (federal) to include a "signing agent" line on the HUD-1 or HUD-1A. The request would re-open the "attorney v. non-attorney" supervising at a closing issue and that not all states allow non-attorneys to supervise the signing of loan documents (Georgia and Massachusetts, for example).
If the "scheduling companies" weren't able to get a separate listing on the HUD-1, I doubt "signing agents" will prevail. That said, I wish you luck and maybe with enough backing and political clout from notaries (home of the NNA, largest notary trade organization in the world) California will be the state that takes this issue to the federal government.
Bobbi in CT |
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jandjnotary
Illinois
38 Posts |
Posted - 09/15/2008 : 2:55:47 PM
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I agree with getting paid by bwrs. They are paying the fee regardless. It would be nice to get paid first, and not last, or not at all!
James Coda |
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LindaH
Florida
1754 Posts |
Posted - 09/15/2008 : 2:48:21 PM
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Not in CA but my .02 FWIW
I'd rather get paid at the table by the borrower - full fee at end of signing or, if they decide not to sign then pay me half my fee right then and there...
Although being on the HUD is nice, remember, if you're on the HUD and the loan rescinds, NO ONE gets paid - including you.
Be careful what you wish for.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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esnotary
California
125 Posts |
Posted - 09/15/2008 : 12:58:56 PM
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I recently spoke with Senator Ashburn (Inyo County, CA) regarding getting a law put on the books so that notaries are required to be PAID through ESCROW on loan transactions. Everyone send him an email and lets try to get this thing on the books!!!
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