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Signing fees
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Signing fees
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Posted by John_NorCal on 2/1/10 8:37pm
Msg #320635

Signing fees

In my tax practice I have alread seen a refinance and a purchase HUD. In each case the notary signing fee was $150.00

Today I signed papers for my own refinance and again the notary fee was $150.00, the signing agent told me that he gets $50 for the signing and is happy to get that all day long. I don't know about you, but we seem to be worried about the appearance of price fixing, but if title companies all seem to have the same fee structure, then who is doing the price fixing?

Now in my case the signing was evidently contracted to by a company _______ Document Exchange which contracted $150 per signing. So they get $100 and the SA gets $50, nice profit for them with little outlay.

Reply by CopperheadVA on 2/1/10 8:45pm
Msg #320637

<< So they get $100 and the SA gets $50, nice profit for them with little outlay. >>

That's just sickening. I know I wouldn't take $50 but obviously someone is. I did my own refi about 2 1/2 years ago. The SS was Nations Direct. (I tried to get the SS out of the equation to no avail, although I did get the TC to reduce some of my other fees by the same amount of the ND fee.) The notary that came to conduct the closing is an attorney - I have no idea what her cut was but I think ND got $225. I kept quiet about being a notary signing agent because I wanted to see how the notary-attorney conducted the closing. She posts on here from time to time.

Reply by Michelle/AL on 2/1/10 8:50pm
Msg #320639

John, I appreciate you taking the time to post this. n/m

Reply by John Schenk on 2/1/10 9:18pm
Msg #320643

IF the signing fee was $150 and going straight to the signing agent/notary, that would be okay. Can't imagine doing any refi for $50. If it ever gets to that here, I'll be out long before it gets there.

I have the flu so don't know when my next signing will be. Got them on notice for one for Wednesday that I may not be able to do it. Been turning them down today as I don't know when I will be good to go again. Knocked wood for about 3 years, but finally got the flu. I feel pretty lucky, but hope this doesn't last long. Son had it for about 4 days. Ginny got it Saturday a week ago and still has it. Not sure how long my bug will last, but hope Ginny and I get over it soon. I'm totally working from home this week, as of now.

JJ

Reply by Sylvia_FL on 2/1/10 10:23pm
Msg #320657

"Can't imagine doing any refi for $50"

Gee John, I did $50 signings! of course that was 10 years ago!

Cost of doing business has gone up since then, and I don't see how anyone can make a profit doing signings for $50.

Reply by MW/VA on 2/1/10 9:21pm
Msg #320644

Thanks for posting this experience. We all know it goes on--we just don't know what we can do to stop it. Nations Direct is notorious for this. I don't work for them or any companies that pay a ridiculously low fee, just to make a bigger profit for themselves!

Reply by John Schenk on 2/1/10 9:25pm
Msg #320648

Set your fee, charge it, and stick to it. n/m

Reply by Patricia Koch on 2/1/10 9:27pm
Msg #320650

Nations Direct offerred me $60.00 signing fee, e-mail docs and full package fax back. I said "no thank you"

Reply by John Schenk on 2/1/10 9:54pm
Msg #320655

RIDICULOUS! n/m

Reply by Deborah Lewellen on 2/2/10 9:17am
Msg #320711

Hire your Own Title Company

Most people dont' realize when refinancing their own mortgages you can hire
your own title company, I know, cause I've done it and it's saved me hundreds.
There is a local title co. here that is very very reasonable on closing costs and if you
are refinancing a property with them that they did before, they can do a re-issuance on the
title insurance and save even more.
I've let LO's know right up front, I'll be using my OWN title co. and for the very reason
is that I'm going to save money$$. So let me know right now if you all have a problem
with that cause if you all do, then I'll be going with another lender.
Right away the LO says not a problem, just give us the info for the title co.


Reply by Linda_H/FL on 2/2/10 10:38am
Msg #320735

Re: Hire your Own Title Company

" if you are refinancing a property with them that they did before, they can do a re-issuance on the title insurance and save even more. "

That's standard Deb - on a refinance if the previous lender's policy was issued within a specific period of time, there's a discounted re-issue rate for the lender's title policy. Now if you're saving on their closing fee, that's an added bonus.

Reply by Teresa/FL on 2/1/10 11:03pm
Msg #320661

I did a refi closing today for a TC and on line 1106 of the HUD for "Notary Fees" they showed $185 but I had agreed to $150 for payment. They wanted to pay me $125, but I stuck to my fee and they agreed.

I was surprised to see the actual fee shown was higher than I was charging, although my name was not on the HUD, so I'm not sure if this could be considered a RESPA violation. Wonder what they would do if I billed them for $185? (I put my invoice for $150 in the package already.)

As far as the $50 fee for a full signing, there is just no way that amount even covers my costs. I will do a 1 or 2 document assignment for $50, within a few miles of my home if the time and location is convenient. In fact, I did a QCD signing this afternoon on my way back from the refi signing.

Reply by Stamper_WI on 2/2/10 6:38am
Msg #320690

My fee was $10 on the Hud

My name with $10 after it. Not what I am getting paid though.

Reply by PAW on 2/2/10 7:01am
Msg #320694

Notary Fees on HUD are not necessarily what you get

Depending on the loan, lender and title company, there may be notary fees that are not seen by the signing agent or borrower at the table. For example, the notary fee to transfer the DOT back to the borrower after the loan is satisfied. Typically, the DOT gets another notarial transaction. There may be affidavits in the package that are not for the borrowers, but by appraisers, underwriters, etc. that effect the loan.

It is pretty common practice to include an 'all-inclusive' fee based on practice for certain variable items, so the HUD can be generated. Sometimes this inflates the cost, sometimes it is understated. Hopefully, the new procedures will minimize the exaggerated overstatement of fees.

Reply by Kat/Fl on 2/2/10 8:14am
Msg #320701

Re: Notary Fees on HUD are not necessarily what you get

Nations Direct be careful! I told them to remove me from their database.
Any company that suggests to throw us a bone of $50 for edocs is no friend of ours.
Especially if they require 30 pages of fax backs and call you 52 times during the process of that one signing!
Newbies, do you want to do 2 signings for the price of 1??? Think about it. Is this why you got into the business to snatch up all the $50 signings, NO!
Please, Please Newbies stop accepting any of this if you are, the price you pay in toner/paper/vehicle and "your time" is much more valuable then that. We all must stick together. We all need to post and rate companies and keep each other up to speed. We need to set fair pricing and stick to our guns. Mark your cell "red alert" and don't' pick up when these repeat offenders call you!

Reply by Teresa/FL on 2/2/10 4:21pm
Msg #320822

Re: Notary Fees on HUD are not necessarily what you get

The borrowers at my signing were the ones who exclaimed over the $185 notary fee shown on the HUD. They questioned it along with some other fees shown. They were really picking apart every line item and called their loan officer multiple times during the signing.

I did tell them that there might be other documents that required notarization (the assignment, for one) but were not necessarily in the documents that were sent to me.


 
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