Posted by Art_MD on 6/2/04 10:49am
Msg #2579

what do signing services really do?

All of us work at time for signing services. What do they really do? Does the title company just contact them and ask them to find an arrange for a signing agent or do they do other work? I've looked at the HUD and seen that the line "settlement services" have $ of up to $300. Are the signing services geting this $ just to arrange for us to do the closing and are paying us a small fraction?

Reply by Lawrence Goodwin on 6/2/04 10:59am
Msg #2580

basiclly yes, thats why your better off trying to work directly with title companies or the lenders.

Reply by sue on 6/2/04 11:50am
Msg #2587

I disagree

line 1101, settlement fee, (unless a specific name is typed in here like ABC Signing) goes to the title company. out of that they pay the signing service. out of their share comes the notary's pittance. every so often you will see a signing service listed on the HUD and if so, then they get what is indicated.

as to the original question, the majority of times the signing service is a scheduler only - that's why it always amazes me when notaries call them with questions. the service has none of hte paperwork in front of them and they couldn't help even if they wanted to.

Reply by Sylvia/FL on 6/2/04 4:41pm
Msg #2605

Re: I disagree

Sue is correct.
The settlement or closing fee on the HUD is more than the signing service's fee. If the signing service is mentioned by name, then that is the amount the signing service gets.

Title companies use signing services as it is more cost effective for them.
It is easier for them to make one call - or send one fax - to a signing service for them to schedule multiple signings for them than it is for the title company to take the time to search for and call the notaries individually.

As a signing service I would love to get $300 for scheduling a signing - I could certainly pay the notary an excellent fee with that kind of money.