Posted by DUCK/CA on 7/22/11 3:20pm
Msg #390701

Reasonable and Customary Fee for Adjourned Signing

Hi all,

I am in the middle of a billing dispute with a signing service. I was hoping some of you could chime in as to what you believe is a reasonable and customary fee to charge for an adjourned signing. The full fee we agreed upon was $100 that included printing two sets of loan documents of ~100 pages and travel of about 5 miles. The borrower refused to sign the documents because the loan amount was incorrect. I spent about 20 minutes with the borower before leaving. I have not worked with this signing service before and we have no agreement as to what fees are to be paid for an adjourned closing. Thanks in advance!

Reply by Linda_H/FL on 7/22/11 3:23pm
Msg #390702

I charge 50% for a no-sign...

but if you don't have a no-sign fee agreed to in writing before the fact you'll be at the mercy of the company's policy.

Reply by JulieD/KS on 7/22/11 4:18pm
Msg #390707

If I walk in the house and sit at the table and begin the signing, I charge full fee. The only time I cut my fee is if the borrower is not home.

I make absolutely certain that any company that hires me knows my policy and agrees to it in writing. That way, there are no misunderstandings after-the-fact.

Reply by S Peterson on 7/22/11 4:33pm
Msg #390711

I charge full fee as well. So not MY fault if BOs don't sign n/m

Reply by Notarysigner on 7/22/11 5:00pm
Msg #390716

If you had your borrower get on the telephone with the LO they should have been able to resolve the issue, allowing you to continue. If you didn't and you just contacted the SS and gave them the bad news, you are at their mercy, which isn't saying much. Maybe you could salvage a "print fee" out of it but I wouldn't hold my breath as far as getting more.
As mentioned above, negotiate in advance what you expect. If you take the advice given by the others as a learning experience, it will be well worth what you lost. IMO

Reply by Dennis_IN on 7/22/11 5:58pm
Msg #390726

What is their policy for the situation? n/m

Reply by LKT/CA on 7/22/11 7:16pm
Msg #390747

For no-sign or no-show I charge $50......... $25 trip and $25 printing. I only charge full fee if the signing is completed then the borrowers rescind or the deal falls through. Many years ago, a neighbor and his wife were in the process of buying a home - she got laid off right before the loan funded - the final credit and employment verifications were done - escrow found out about the layoff and the deal fell through.

Reply by Kay/IL on 7/22/11 10:04pm
Msg #390764

Suggestion

I've been very fortunate that the companies I work with have been fair with no-show/no-sign borrower situations in that they pay at least trip and print fees. This is indeed owed in part to NR's Signing Central ratings of signing services, title companies, etc. and companies who want to maintain good vendor relationships with their notaries. From my experience, signing services will pay at least a trip and print fee for your time. Just discuss it with them. If they refuse, chalk it up to experience and never accept another signing from them. But next time, with any new company, ask them what their policy is on no-show/no sign borrowers and get it in writing.

According to your profile, you have been a signing agent for a number of years. I'm not sure whether you do this already, but one suggestion I learned from reading this board is to start your closing with the "money documents" (note, HUD, mortgage/deed of trust, RTC, TIL, Itemization of Amount Financed) on top of your stack. That way, if there are any issues with the loan amount, interest rate, settlement charges, etc., you can call the title company, loan officer or processor or signing service with questions or concerns and/or stop the closing entirely before you spend too much time with the borrowers.

Reply by topflyt on 7/22/11 11:59pm
Msg #390772

The norm is half the agreed fee.

Reply by Virginia/PA on 7/24/11 1:50am
Msg #390918

I don't know about the notary laws of other states, but I quote my state's notary law whenever I have a no-sign dispute. This is what I put on my billing for a signing which had an agreed upon fee of $100.00 including e-docs:

"Please note regarding fees - no-signs, no-funds and recisions are out of my control. PA Notary Law [57 P.S. §165(e)(3)] states “(e) No notary public may act as such in any transaction in which he is a party directly or pecuniarily interested. For the purpose of this section, none of the following shall constitute a direct or pecuniary interest: . . . (3) receiving a fee that is NOT contingent upon the completion of the notarized transaction.” (Emphasis added). Therefore, my fee cannot be contingent upon the completion of the notarized transaction. In this case the borrower did not sign but I printed documents, presented them to the borrower and spent about one full hour with the borrower speaking on the phone with various representatives of the lender, the settlement company and the signing company in an effort to save the loan. I will accept a reduced fee of $75.00 ($50.00 for attendance and $25.00 for doc printing). If there is a redraw, my full fee will apply for that signing."

Had that happen just last week. Don't know the outcome of this one yet, but I usually do get paid since they don't want to violate our state's notary law.