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Posted by ali on 8/12/05 10:10pm
Msg #58752

the Confirmation says "Lender will not pay of loan doesnt...

close". I have never seen this before and I dont "donate" my time. What would you guys do?

Reply by SarahBeth_CA on 8/12/05 10:18pm
Msg #58757

Re: the Confirmation says "Lender will not pay of loan doesn

If you are hired by an ss it doesn't matter if the lender doesn't pay them or not. Your contract is with the ss not the lender. If you do your job correctly you deserve to get paid. I would point it out to them and see what they say. More than likely they will say they won't pay, but that is what needs to be in writing. I don't take any assignments that state the loan must close for me to be paid my fees for services rendered.

Reply by jason_AL on 8/12/05 10:30pm
Msg #58760

Re: the Confirmation says "Lender will not pay of loan doesn

Ive seen "Deductions in your fee if the loan doesnt close" but never NO PAY !

Reply by Lee/AR on 8/12/05 10:37pm
Msg #58763

Drop 'em an e that says "notary won't travel if lender won't pay".

Reply by NY_TaxLady on 8/12/05 11:45pm
Msg #58779

Leave it for the bottom feeders. They aren't making any money anyway. Don't let them threaten you. If they want you to do the job you tell them you get paid. It isn't your fault it doesn't fund.

Reply by Bob-Chicago on 8/13/05 12:14am
Msg #58788

Something to think about

In theory, if we show up and do our job properly, we should be paid in full
Some companies,however, have a stated policy of only paying a "trip fee" under certain circumstances
(no sign, cancelled appt at last minute, bwr cancels per RTC, etc)
I do signings with several companies with this type of policy
The good news, is that due to the nature of most of the loans, ( "A " paper with the borrower knowing all of the terms beore you show up ) there are VERY FEW loans that do not fund. Therefore, I am paid in full for the vast majority of signings.
If I had refused to work for these companies in the beginning because of ther policy, then my monthly income would be many thousand dollars less than it is.
If a company with this policy has a lot of no sign/no fund ("B/C" paper with borrower learning actual loan terms for the first time from you), then that is a whole different situation.

Reply by Sandi on 8/13/05 3:00am
Msg #58791

Had a call recently for a signing "less than a mile" from me (never got to check that one out). They offered a total for fee & e-docs what only my minimum fee (delivered docs) is. I countered that my minimum fee was $X + $25 for e-docs. They countered with an offer $10 less, stating again that it was only a mile from my house. I was about to accept when they told me that if the Borrower refused to sign at the table, they'd pay me only $35 -- my e-doc fee plus $10. I said that I was sorry, but my policy is half the fee plus e-docs.

Need I say I got the usual "we'll call you back?" Surprisingly, they did call back but, not surprisingly, it was only to say that they were going to handle the signing differently.

Sometimes it's tough to stick to my guns!