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mgb1966
Wisconsin
47 Posts |
 Posted - 12/30/2013 : 1:17:26 PM
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| It is very difficult to determine how much the LoanSigningProfessional is receiving by examining the HUD One statement. What it definitely shows is how much the borrower is being charged. (which is the total amount of the 1100 section.) This includes both title and closing fees. This is line 1101 and also appears as #4 of the Good Faith Estimate. The title fees appear inside the margin in Line 1103 (Owners) and 1104 (Loan). Normally the balance will be shown as a Settlement or Closing Fee on line 1102. This is the amount the closing agent (title/escrow company) charges for the entire closing fee. Most of the refi's done now, do not break down the components of the closing fee which would include the notary fee. Some companies will break down the closing fee on an addendum page in the HUD one. Unless the LSP is listed on the breakdown, the amount paid to them can not be relied on. The best way to determine what the borrower paid to you would be to show the amount of the check received from the customer as a numerator and show the amount of line 1102 from the Hud One as a denominator. Divide the numerator by the denominator and the result will indicate the percentage you received of the total closing fee paid by the borrowers. |
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SigningAgentCoach
California
42 Posts |
Posted - 12/20/2013 : 03:02:08 AM
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Renee did a great job in her reply. My simple answer is that what fee we negotiate with a signing company, escrow, title or LO is what our fee is. If someone is in the middle or is the facilitator of the deal and they make some money, it's America. We negotiate our fees so to me, it's none of our business if someone else is making money too. You quote a price, they say "yes", and the deal is the deal. Just my two cents on this subject
Kelly Robertson,
California Notary Public
Certified California 3-hr and 6hr Mandatory Education Instructor
Loan Signing Agent Coach. Mentor and Workshop Instructor, Southern California
Text or Voice: (951) 317-0125
Email me: SigningAgentCoach@yahoo.com
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jdavisva
Virginia
67 Posts |
Posted - 12/06/2013 : 12:32:40 PM
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Okay, I'm confused.
So I have a package today and the closing instructions has a list of fees and one being Notary Fee of $350. I am only getting $125.
Who gets the remaining, the document company whom hired me?
quote:
Originally posted by Renee
I'm sorry, I was trying to explain that very question. What is put in as a "Notary Fee" has nothing to do with what your fee is, so it's not an indication that you are being "shorted".
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Renee
Michigan
549 Posts |
Posted - 07/18/2013 : 05:09:24 AM
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| I'm sorry, I was trying to explain that very question. What is put in as a "Notary Fee" has nothing to do with what your fee is, so it's not an indication that you are being "shorted". |
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amw333
Virginia
10 Posts |
Posted - 07/17/2013 : 2:42:02 PM
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Thanks, Renee. I understand 100% what's included in the APR, and I'm not concerned with whether or not that figure in included in the APR or not. I am interested in whether or not I am being shorted what is being collected specifically for my services, ie. the "Notary Fee." Thanks for the reply though, I appreciate it!
quote:
Originally posted by Renee
What is listed as the "Notary Fee" is incidental to you and to any SS - the ONLY time it becomes specific to either of you is when you or the SS are specifically named as a line-item.
What is and what is not included in the APR is connected directly to each line item; the "Notary Fee" is a non-APR amount and is not included in the APR calculation. This is really the reason it is parted-out from any other closing/settlement fee.
The "Notary Fee" is only the amount of money charged strictly for notarization services, and the amount shown can not include any other amount.
The APR is a crucial calculation to the lender - and I won't go into all of the that. Just understand that the final APR is crucial. If the total fee for NSA services are shown on the HUD, which includes additional fees/services over and above JUST notarizing, it must be included as a finance charge - and therefore included in the APR. So, by NOT naming any specific service provider and parting out the notary fee - the APR can be kept lower. The balance of the fees for NSA/SS is then lumped into the Settlement/Closing fee (which IS an APR fee).
AnnMarie |
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Renee
Michigan
549 Posts |
Posted - 07/17/2013 : 04:32:43 AM
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What is listed as the "Notary Fee" is incidental to you and to any SS - the ONLY time it becomes specific to either of you is when you or the SS are specifically named as a line-item.
What is and what is not included in the APR is connected directly to each line item; the "Notary Fee" is a non-APR amount and is not included in the APR calculation. This is really the reason it is parted-out from any other closing/settlement fee.
The "Notary Fee" is only the amount of money charged strictly for notarization services, and the amount shown can not include any other amount.
The APR is a crucial calculation to the lender - and I won't go into all of the that. Just understand that the final APR is crucial. If the total fee for NSA services are shown on the HUD, which includes additional fees/services over and above JUST notarizing, it must be included as a finance charge - and therefore included in the APR. So, by NOT naming any specific service provider and parting out the notary fee - the APR can be kept lower. The balance of the fees for NSA/SS is then lumped into the Settlement/Closing fee (which IS an APR fee). |
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amw333
Virginia
10 Posts |
Posted - 07/16/2013 : 11:55:56 AM
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Question: If there's a "Notary Fee" listed on the HUD-1, is that the total paid to the signing company that hired the notary, or is that in addition to what the signing company is being paid by the title company? For example, if there's a $150.00 "Notary Fee" listed on the HUD-1, but no specific fee listed to the signing company, is the $150.00 split between the Notary and the signing company? I rarely see a notary fee on the HUD-1, but when I do, and it's $50.00 less that what I'm actually being paid, that's a little frustrating. Does anyone know one way or the other?
AnnMarie |
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Notary Fee on HUD-1
