Posted by CA on 7/30/05 8:46am
Msg #55861

Does anyone know for sure

if a SS gets paid of the borrower refuses to sign due to the lender being dishonest and or the borrower just simply changing their minds? I was just thinking an appraiser should still get paid, the TC should still get compensated for sone of their work and the SS should be paid for it as well. Some of the contracts I have read that are between the notary and SS either state there is no pay for this or a very small pay such as $20.00. I was just wondering who still really gets paid when this occurs. Please advise. Thanks.

Reply by JPS_ca on 7/30/05 8:51am
Msg #55862

When I do a 1003 for the client, they always ask me to collect a check from the borrower in the amount of
60.00 dollars, and its always made out to the name of the SS. So maybe if the borrower doesnt qualify for the looan they still charge them that fee to cover at least the notary charge?

Reply by PAW_Fl on 7/30/05 12:54pm
Msg #55908

What is that $60 for? Is there a disclosure that the $60 is not a refundable amount? Is this mentioned in the broker's contract? Under Title 12, if a borrower exercises their RTC all fees are to be refunded, so how would this be handled?

Something doesn't sound right to me.

Reply by JPS_CA on 7/30/05 2:10pm
Msg #55927

Well I dont know Paul, but I have done some loan applications sent from Mortgage co, thru the SS and they always request a check for 60.00 dollars. Pinnacle real Estate Serv. does this all the time.

Reply by SherryB - FL on 8/1/05 8:39pm
Msg #56276

I own a signing agency and I can tell you that if one of our agents prints docs and goes to a closing where a borrower doesn't sign, we pay a minimum of $50 to that agent. My company does not make anything off of the deal and from my understanding, neither does the title company....Hope this helps!