Posted by Jenny_CA on 9/8/06 5:18pm
Msg #144586

so what is your payment policy when a loan rescinds

and you might need to go back for a redraw ?

I was asked that and answered that my policy is to receive payment for services rendered regardless of the outcome of the loan since I am an independednt third party and do not sell the loan. Here is a response :

Hi J.,

"I definitely would never ask you to "sell" a loan to a borrower...I am also a neutral third party to the transaction. I just needed to find out if you still charged the full price if the transaction cancelled - most of my independant notaries either don't charge or just charge a trip fee if a transaction cancels. I will make sure that you receive the $xxx invoiced. Thank you for your time.


Best Regards,"

I am just wondering if there are many of you that do indeed just charge a trip fee when the loan is cancelled ( no fault of the notary but the loan itself)?

I have been chargeing full fee and have received it even for the redraw, I am open to learning.

Reply by Lee/AR on 9/8/06 5:28pm
Msg #144588

I think your policy is right on! Sounds to me like she was just trying to make you feel guilty. I don't think anyone is stupid enough to charge nothing.
We do the job; we deserve to be paid full fee. Period.

Reply by Glenn Strickler on 9/8/06 5:28pm
Msg #144589

I charge a trip fee of 1/2 if I print the docs, go to the BO and then they refuse to sign. I have them fill out a form that I got from PAW's website (Thank you PAW, what a great resourse you are)

If I complete the signing and then the BO exercises their RTC, then I expect full payment of the aggreed upon fee.

Reply by Brenda/CA on 9/8/06 5:32pm
Msg #144592

I am with you Jenny, I charge a full fee for services rendered. If the borrower recinds, or the loan does not fund, the fact still remains, that I did my job. We as an outside contractor should not be dependent on the outcome of the loan.

Reply by Brad_CA on 9/8/06 6:49pm
Msg #144608

"I am with you Jenny, I charge a full fee for services rendered. If the borrower recinds, or the loan does not fund, the fact still remains, that I did my job. We as an outside contractor should not be dependent on the outcome of the loan."

Ditto for me.

Reply by Charles_Ca on 9/8/06 5:41pm
Msg #144596

My fee is my fee, and that is what I charge, I tell people

that up front and if there is any indication on the confirmatio that they pay anything less I tell tehm to find another notary. I am a contractor and as long as I do what I contracted to do and do it successfully (no mitakes) I expect a full fee as agreed. Good luck to you Jenny, nice to see you up an around: hope you computer problems ar a thing of the past.

Reply by Jenny_CA on 9/8/06 6:06pm
Msg #144601

Re: My fee is my fee, and that is what I charge, I tell people

Thank you all, was wanting to share and also thought it would help others starting out to think ahead of time what they'll do when it happens to them. I haven't replied to the email yet, since I am often brief I don't want to be rude when trying to be diplomatic.

I too have used PAW's form at the table. I think SAs should check out his site ,print the form out and keep it handy for the future, never know when it'll be needed.

Charles, my birthday is coming up and I told A. ( my husband) that my one wish would be to have a tech service on demand...some people have pool guys keep the pool, others have cleaning ladies ( I see Merry Maids alot when I am driving around) I wish for a computer tech to keep the computers and printers going.....sadly the 4350dtn is acting up again. :-(

Off until Sunday. Thank you all for your feed back, enjoy your weekend!

Reply by Charles_Ca on 9/8/06 6:24pm
Msg #144605

Re: My fee is my fee, and that is what I charge, I tell people

Have a great weekend Jen:

I have lost faith in IT guys. The last time I had a problem I went to the Geek Squad and I go my computer back worse than when I brought it in. Out of desperation I bothered Paul (PAW) and he straightened out my problems immediately. I wish he lived next door instead of across the country. I am completely disillusioned with many T guys. I Hope you get your printer straightened out. Buy the way give my best regards to A !

Reply by Ndwa on 9/8/06 8:47pm
Msg #144635

It's a team process, play fair

From my real estate days I know what it feels like when a deal fail through. Everyone looses, except maybe the inspector & appraiser. So in all fairness, I charge a reduced fee when the loan is cancelled and that the package will not be returned to the Lender/TC. I charge the full fee if the loan is cancelled after it has been returned to Lender/TC.

It's just good business cents as far as having good rapport and longterm relationship with clients. Everything work both ways, so try answering this question with you and yourself in their shoe:
Are you/they worth to be a repeat client?

Reply by Lee/AR on 9/8/06 10:27pm
Msg #144654

Re: It's a team process, play fair

I understand your empathy, but there is a huge difference between a loan or real estate commission and the small amount that a notary receives. The appraiser always gets paid...and that's more than the notary receives. Think about it.

Reply by Diga2Lin/FL on 9/8/06 9:27pm
Msg #144644

Full fee if signed and rescinded - half fee plus print fee if signer doesn't sign or aborts signing when I'm there - print fee only if canceled before I leave my house.

If I might need to go back for a redraw?....full fee just as if I was going the first time - time and travel are time and travel and redraw means more printing.