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BobbiCT
Connecticut
135 Posts |
 Posted - 11/08/2004 : 08:48:21 AM
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I am not surprised. I haven't heard of any, but a complaint about excessive "Notary fees" would be a given based on those circumstances.
Remember, the HUD is the disclosure of who gets paid how much for what. "Notary fees - $275" simply states that a Notary Public received $275 for notarizations. Something a Notary + Signing Agent service provider should watch for. This would also come up when a loan file is audited, if a savy auditor takes the time to check state laws regarding the maximum amount allowed ... or a federal auditor investigating a lender because of complaints of excessive fees and charges.
For a CT example: Loan document Edocs, copying, signing, faxing, travel, courier service pays $275. 4 notarizations at $5 each. $255 Signing Agent fee; $20 Notary fee. Anything over $20 in CT would be more than state law allowed. Of course, if the friend didn't receive the full $275, the payee should have been changed. "XYZ Signing Company & Joe Smith for signing services - $275" discloses that the fee was split and that it wasn't just notarizations. |
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jbelmont
California
3106 Posts |
Posted - 11/08/2004 : 07:13:11 AM
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Recently a good friend of mine who signs in North Carolina was implicated in a suit by the borrower against the lender. The lender had turned down the loan after it had been signed. The defendant’s attorney discovered that “Notary Fees - $275” were on the HUD statement and of course a notary in NC can’t charge that amount for notary services. My friend had to write several letters regarding the “Notary Fees - $275” along with the signing company. I thought this was interesting and wonder if anyone else had a similar incident.
This is from one of the notaries on my site in NC and not written by Jeremy Belmont, but it was posted by Jeremy Belmont
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NC - maxiumum fees allowed for loan signings
