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LindaH
Florida
1754 Posts |
 Posted - 11/29/2011 : 05:47:15 AM
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quote:
[i]If they want a printed copy I will print an extra set, but almost every time they could care less.
You should be aware consumer laws require that copies of certain docs be left with the borrowers/signers, regardless of whether they want them or not....as a CYA maneuver you should be checking into that and making sure you leave the required copies for them instead of making a unilateral decision to leave it up to the consumer. The consumer/borrower/signer doesn't necessarily know the law and what's required, but as a notary and a signing agent, you should...if problems arise in the future with that loan, you can bet your bottom dollar the consumer/borrower/signer's attorney will know what was required.
I agree that the bulk of a loan package is redundant drivel, a waste of toner and paper, yada yada. But it's not our call to make what they do or don't get - and it's not the signers' either because most of them just don't know any better. Protocol and procedure call for a copy of the document package/loan package be left with them, and if a refi where applicable, TWO copies of the RTC for each party in interest. Not leaving those, and any other required documentation, is a breach of duty and responsibility on the signing agent's part. To CMA, and absent specific instructions to the contrary from my hiring party, I make a copy of the entire package rather than pick and choose what pages they get and which ones they don't.
MNSHO
Linda
http://www.columbiacountynotary.webs.com |
Edited by - LindaH on 11/29/2011 05:49:42 AM |
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Renee
Michigan
549 Posts |
Posted - 11/29/2011 : 03:44:27 AM
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I agree with Linda & Copperhead that failing to provide a printed copy-package w/out consent from the client isn't a 'best practice' in itself. E-mailing loan documents adds in a whole other risk factor to everyone involved, yourself included.
Both of these actions deviate from the norm - and anything that deviates from what is normal and expected by the client should first be disclosed to them for their approval. |
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wayneclemons
California
46 Posts |
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wayneclemons
California
46 Posts |
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LindaH
Florida
1754 Posts |
Posted - 11/28/2011 : 09:49:47 AM
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I disagree on two things:
1. The fee quoted includes printing a copy for the borrower - you don't e-mail docs to the borrower and tell them to print. I've had companies positively tell me do NOT e-mail docs to borrowers and do NOT provide copies on CD.
2. $250,000 E&O? Why? That, to me, sounds like an excessive amount of E&O considering the limited coverage it provides. There are deeper pockets farther up the chain of command who are more responsible for problems with a loan or any document transaction. I used to carry $100,000, now dropped it to $50,000. Considering the E&O covers notarial errors *only*, if you do your job correctly and in accordance with your state laws, a notary should never have a claim against their E&O.
JMO
Linda
http://www.columbiacountynotary.webs.com |
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CopperheadVA
Virginia
420 Posts |
Posted - 11/28/2011 : 09:28:48 AM
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<< I email the docs to the customer and let them print if they want. >>
Wayne, are you saying that you do not provide a printed copy of the docs to the borrower, you email them a copy of their docs instead? If so, there are many title companies out there that would frown on this. Or, are you saying that you scan the signed docs and send a copy to the borrower after the closing has been completed? Also, $250K in notary E&O is probably much more than most notaries carry, and I think the most I've seen available is $100K. Unless you are speaking of signing agent E&O?
Osdessit, you surely do not want to give your SSN out to every company that you work with - please realize that many signing services are simply someone working out of their house or apartment and not some big company that has privacy guards in place for its information storage. Use an EIN and you do not have to worry about your SSN getting somewhere it shouldn't. |
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wayneclemons
California
46 Posts |
Posted - 11/28/2011 : 09:12:14 AM
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W9... Get an EIN, unless you like having random people (some who will not pay you for your services) having your SSN and all other personal information.
E&O... Most signing companies will request you have this. $250k is a good amount, but you can always get less.
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Your fee will vary based on the workload you receive. The more work you get, the lower fee you can accept. Others will notaries will complain about this but if you have the volume I do, you dont need to be charging $175 for every pack.
Faxback... If you have your own fax machine, the fee should be minimal. If your signing company has a toll free fax, how much is this costing you? If they have a toll fax, your long distance rate is about 3 cents a minute. Go from there...
I email the docs to the customer and let them print if they want.
Wayne
www.ExclusiveMobileNotary.com
www.FaceBook.com/ExclusiveMobileNotary
www.Twitter.com/ExclusiveNotary |
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odessit771
12 Posts |
Posted - 11/17/2011 : 11:33:08 AM
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Good afternoon Professional NSAs!
I hope you can share you experience on doing work for signing companies. I have a few questions:
1. What is usually required on initial contract with Signing Companies?
Here is what I know - they will ask for:
- Proof of Notary commission
- Proof of ID
- W9 (do I need TIN or SSN is ok?)
- E & O (what is the minimum req's coverage for Pa?)
- Contract
- Background (is this necessary?)
2. What minimum pay would you accept for the assignment?
- Standard fee:
- Standard 1 way drive:
- Cost/mile extra:
- EDocs charge:
- Copy cost package (up to 75 copied pp):
- Faxback cost (up to 20 pp):
Thank you!!!!!!!!!!!! |
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Working with Signing Co. (what is req'd?)
