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 Title Company Not Funding LSA Fees in Loan		  New Topic  Reply to Topic
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notaryslife

California
348 Posts
Posted - 09/06/2012 :  08:08:00 AM  Show Profile  Reply with Quote
Yesterday I did a signing at a 9 million dollar property for a refinance of an elderly couple. They had a historic building that was one of the nicest I've been to in the city.

I was called by a title company who told me the couple had the documents so I could not evaluate the nature of the transactions prior to the signing in protest of the fee they offered me. They offered $80 for no-print docs. It had 8 sig notarizations and the couple took an hour of my time due to the trust form and confidential info form they had to fill out. The package had tons of instructions and came in three sections. They highlighted and tagged where to sign.

I did not feel they offered me a fair share of the pie for this refinance package under the circumstances. The refinance wasn't for the full value of the home, but was for $1.5 million. I requested a they contact me yesterday but did not respond. They also didn't respond to my email requesting they contact me.

I have had other signings with this title company before and asked them why they were paying below market rates since they don't have an intermediator agency. I told them I believe it's customary to offer the notary a little more then what they get through an agency because of it. They responded that they don't fund the loan signing agent's fee in the loan forcing them to pay it out of their pockets. I found that very strange, why not have the borrower pay for the loan signing agent fee? How absurd. The borrowers enjoy the service of in-home signing and aren't paying a cent of it.

The couple wired over thousands of dollars to complete the transaction the title company got all of their fees, and they wanted to throw $80 at me for this extremely wealthy couple's property. They own a lot of properties around the world by the way.

I felt the title company had been abnormally greedy in this transaction. I sent them back the package, I wasn't about to hold it up over $20, that would have been unprofessional.

Just a heads up, it's a bad sign when they're not funding the notary's fee in the loan, it means they think nothing of our services as part of the fees they charge the borrower as if we don't exist. The HUD had no delineation of any notary fees. I was horrified.

I won't be working with this title company again, they're cheap and greedy. The broker made at least $30,000 in this transaction if not more, in a matter of a month. Think about how greedy these people are to underpay me for my time and work.



Sincerely yours,


Notary's Life
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