Posted by Maranga Ink Resources on 6/26/08 8:14pm
Msg #253194
"courtesy closing"
Pardon me asking for what exactely want to mean with this term.
I thought was a company name and there companies that include "courtesy closing" in their names.
A "courtesy signer" is not the same as a "signing agent"?
Please get back to me on this, really appreciated.
| Reply by MistarellaFL on 6/26/08 8:26pm
Msg #253197
ROFL at your first sentence of that post. Tripping over your fingers?
A courtesy closing is a closing done at the brw's convenience.
What NSA's do can be called a courtesy closing. Lots of names for what we do, witness closing, remote closing, notary closing and courtesy closing to name a few.
Signing Agent is synonymous with courtesy closer.
| Reply by Maranga Ink Resources on 6/26/08 8:35pm
Msg #253199
While working in NJ, trully I never heard about Courtesy Closings.
Relocated here in Texas, this term upset me because I need to continue working.
So, according to your explanation any Signing company does provide with a Courtesy Closings. Got it.
| Reply by BrendaTx on 6/26/08 8:55pm
Msg #253206
It can also be a way of asking the notary to find a title company to close a heloc in.
Tx helocs must be closed in a title co., a law office, or the lender's branch office.
Title companies in my area don't allow "courtesy closings" however they WILL offer to do the heloc closing...for $350.
SSs call them all the time to "use" their rooms for "courtesy closings". In reality what the SS means is, "We want to close inside of your office and you don't make any money for it. Just us. Can you do us that courtesy?"
When I get those calls I charge them $250-300 because I actually do have a lawyer whose office I can use. I give him half of whatever fee I get. If I can't make the appointment, I refer them to him. At $300 it's a bargain.
| Reply by PAW on 6/26/08 9:02pm
Msg #253208
In the title industry, within a title company, a courtesy closing is a closing performed by another title company (or farmed out to a remote closer) as a "courtesy" to the title company that actually is responsible to the lender for the closing.
Confusing? Sort of. If Lender "A" hires Title "A" to perform the closing, but the signers are not able to go to Title "A" for the closing, Title "A" will ask Title "B" to perform the closing on behalf of Title "A". This also applies to Notary Signing Agents, when the signers cannot physically go to the offices of Title "A" to do the closing. As a courtesy, Title "A" will hire a signing agent to go to the signer for the closing, as a courtesy to the signer(s).
| Reply by Carmen/123 on 6/26/08 9:02pm
Msg #253209
From all my years doing this job I have come to understand that when I hear this term 'courtesy closing' is usually when the lender requests that the signing only be conducted at a title company. Meaning the title company that is handling the actually closing will contact one of their sister title companies( if the borrowers do not reside in their state; for example one First American title will contact another Fisrt American title company in the state that the borrower resides) and have you and the borrow meet there instead of their home or office, etc. and use one of their conference rooms. I have done quite a few of these over the years.
Carmen
| Reply by BrendaTx on 6/26/08 9:34pm
Msg #253214
Re: "courtesy closing" - I'm hopeful Miranga responds.
If she's from NJ and now in Texas, it will be interesting to see if the "courtesy closings" she's hearing about is Texas-style.
I agree with the courtesy of one title company doing it for another, however, in Texas it is a way to navigate the Texas Equity Line rules. Local title companies hate them in Small Town, Texas. Not just here where I am according to what I hear.
| Reply by Maranga Ink Resources on 6/26/08 10:41pm
Msg #253219
Re: "courtesy closing" - I'm hopeful Miranga responds.
You are correct Brenda, is Texas style....and I need all the possible information.
In Texas, so far, I did refinancing and purchases collecting monies due from Borrowers.
As the same in NJ. Exactely the same, going to the borrower's home, Broker's Real Estate office who sold the property, or even at McDonalds, IHOP or similars.
Is here in Texas where I hear for first time this term.
I dont know where to turn and find these friendly sisters companies and ask them for their conference room for free.
So, please, if you could give me a hint will be very appreciated.
| Reply by BrendaTx on 6/27/08 6:11am
Msg #253228
Re: "courtesy closing" - "Maranga" not Miranga...sorry about
that.
Tell the caller you'll be glad to do it if they will arrange for the "courtesy" part of the closing.
Title companies aren't that excited about helping you (or your national title company/signing company client) out. Texas heard a big sucking sound out of their bottom line when NSAs started to enable national title companies to do closings in their very own towns. NSAs are neither welcomed or recognized by local title companies in many/most areas of Texas according to my contacts...both title companies and SAs.
I know of one Texan who pays the local lawyer $50 for using their conference room. Finding a local one man attorney's office might work in that situation depending on where you are and how slow his legal business is. Like I said, I have an attorney who'll let me use his place but I have to charge $250-300 and give him nearly half--up front...not when I get paid. Otherwise, he can do it himself and keep the whole amount, never having to leave his office. He's pretty much the only one in town who will even allow such a closing to take place. It's more profitable for lawyers and title companies to lock out this type of business. Teaches the national lenders to "shop locally" in Our Town, USA.
Title companies here in Texas aren't that interested in being "courteous" now that they understand what "courtesy closing" means in our situations. In fact, my sources say they are claiming these days that their insurance strictly forbids it. While that may or may not be true the fact is that it is very difficult to find a "sister" interested in this kind of situation. You almost have to have a real friend in the business who is glad to give you access to their office rooms for free.
Here, if had I pushed the heloc closing business and tried to constantly ask for heloc closing spaces in local title companies I would have been screwed, blued, and tattooed when it came time to find a full-time job when things slowed down around here (nearly two years ago). I'm glad I flew under the radar and didn't get in their faces about it. I was able to easily find a job as a legal assistant in a real estate transaction firm (a firm which would never allow a courtesy closing due to liability reasons, for one thing)...and I talk to those same title companies each day about deals with which we have to work together on...building good friends in the industry. I made the right decision to keep a low profile on helocs/courtesy closings...otherwise I'd have been as welcome as scabber crossing a picket line.
Local owned-operated TCs, homegrown lenders, and small firm RE attorneys don't take kindly to the NSA making it possible for national lenders and national title companies to get a chunk of their formerly easy flow of business in their own community.
If you ever think you may seek employment in the local offices around your area, I'd leave the helocs alone and find a lawyer to refer them to for closing. Create a relationship with him/her. He/she can become a good friend due to you helping his/her business grow.
My lawyer friend I refer business to has become a friend to me. He calls to thank me every time I send a heloc closing his way...he's even offered me a job and been a great personal reference.
Unfortunately, unless you are willing to do pushy calls on these places in Texas until you get a yes, it isn't easy to find a place to let you in the door for these. Of course, it depends on where you are. Many title companies are cutting way back on employees. The NSA business (at least here in Texas) is one reason they don't have the same amount of business they used to.
The Texas Constitution forbids Helocs to be done in any location other than a law office, a title company or a lender's branch. It even states this on the documents. Since you are new to Texas, don't let any pushy signing company tell you different.
I know one SS who said, "If you just sit in your car in their parking lot that will be okay." No. It won't, liar, liar pants on fire.
Best wishes to you.
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