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Escrow docs vs. Loan docs length?
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Escrow docs vs. Loan docs length?
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Posted by mtnotary on 4/21/10 3:21pm
Msg #332751

Escrow docs vs. Loan docs length?

I recieved a call from a SS today asking me if I would do an Escrow closing in the next 2 hours as the borrowers were leaving town on an airplane. They wanted to pay me $65 for going 30 miles round trip. I told them thanks but I chage XXX. They then said to me you do realize it isn't loan docs it is an Escrow.
Now call it an old age moment but aren't there a lot of pages in an Escrow signing as well?
I guess the SS must have found someone else to meet the low fee as they haven't called me back.
What is the difference between an Escrow package and Loan Docs? What terminology am I missing out on? I have been doing this long enough that I probably call it something else. By the way the SS said it wasn't loan docs and it wasn't a Seller or Buyer package either.

Reply by LKT/CA on 4/21/10 3:37pm
Msg #332752

If there are changes to escrow instructions, all parties to the transaction must approve and sign. The one time I had an appointment like this I was contacted to have escrow amendments signed and the escrow company wanted the paperwork hand delivered to them. I was emailed the docs and printed about 8 pages. The client initialed in three or four places and signed in one or two places. There was one document I notarized his signature on. He lived 3 miles from me but the escrow company was 60 miles from me. They agreed to my travel fee and I drove the signed paperwork to their office. Once the deal closed, I was mailed the check directly from escrow.

I would have asked how many pages.....maybe escrow "closing" was the wrong label to call it. If it was just getting amendments signed and about 10 pages or less, I would have taken the $65 but if you've never experienced a job like that you may not know what questions to ask. Oh well, live and learn....................

Reply by A S Johnson on 4/21/10 3:46pm
Msg #332753

on a assignment like this I would figure of my time and add something for my equipment useage.
In this case, travel about an hour ($30), met and signing less tan an hour ($30),
printing ($5) $65.

Reply by Grammyzoom on 4/21/10 4:10pm
Msg #332757

You should always ask just exactly how many pages you will be receiving. Escrow documents can consist of just a few instructions or they can be up to 40 pages of instructions, tax documents, affidavits etc etc.

Sometimes it is just a Buyers cash only package and that can mean just a few pages to about 35 pages. The same with a Sellers package and because of the questions the Sellers need to answer on some of the tax documents, the signing can take as long as a Refi.

Reply by dickb/wi on 4/21/10 4:42pm
Msg #332771

escrow is a term applied to closings, mostly the western states where u actually close in escrow [meaning that the title co holds everything from the buyers and every thing from the sellers [sort of in trust] and then do the recordings and then release the funds].......escrow in wi is a term we apply to the tax and insurance "impounds"......at our closings every one is at the table at the same time and the funds pass at that time.......i think that some ss or title agencies interchangeably use the term escrow/closing....jmho

Reply by mtnotary on 4/21/10 11:21pm
Msg #332844

I should have asked how long the package was. I have been told before "its a small package" and it was over 165 pages long.
Here in Montana the average seems to be 125 pages unless its FHA or VA then it can be 180 + pages.

I have done a lot of loan modifications (true loan modifications..where the precursor paperwork has long since been completed) and I usually don't charge much for these as they are under 20 pages.

Oh well..it was meant to be that I didn't do that one as I had another signing offered to me at the same time for my requested fee.

But I will definetly ask in the future how many pages. In this slow month I hate to turn down work but I refuse to screw myself either.



 
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