Posted by snoopdogMs on 10/29/11 4:48pm
Notary closing fee $300 on the HUD
It would seem that if the HUD states that the $300 is the notary closing fee, that the fee should go to the notary. You know the borrowers must think we make that fee. Was this the fee in days past that agents made before the saturation of signing agents? I had a purchase one time that because the borrowers got the HUD in advance and saw the $325 fee to the notary, they told the Real Estate agent they were NOT going to pay such a fee. My cut would have been $150. They said they would find their own notary. The person that hired me was a SS. I can't blame the buyers for their action.
Reply by Notarysigner on 10/29/11 6:07pm
Right off the bat, there will be members posting that is NOT what notary fees represent. BS
Calif. NR law dictates that we list in our journals (fees) so it is easy to explain to the borrowers. Then they learn about SS........WELL?
As far as fees? they're in Escrow,...somebody's going to get them for sure.
Reply by janCA on 10/30/11 12:39pm
I had one the other day $350 for Notary signing fee. No SS involved. My cut $150, escrow's cut, $200.
Reply by JulieD/KS on 10/30/11 12:57pm
I was training to be a loan officer at one point back in 2005 and the gal who was training me said she just moves money around on the HUD1 to make it palatable and believable to the borrower....and that it really has no basis in fact as to what the charges really were. The bottom line was, she was going to charge the borrower as much as she could so that her commission would be as high as possible.
I was incredulous at the gall.
I asked her if she gives family or friends a break? She said "No. I need to pull in 6 grand to support my lifestyle." She was really a pig. And very proud of herself, too.
I ceased my foray into that world of loan officers that day. I prefer being around honest and ethical people and I'm okay living a more frugal life.
Reply by Stephanie Santiago on 10/31/11 11:10am
Julie - thank you for the info... n/m
Reply by Notarysigner on 10/31/11 11:18am
Good for you Julie...I feel the same way. Once the borrower saw what I wrote (my fee) in my Journal and then saw the fee on the HUD1 they immediately called the LO after the signing took place. I wasn't in my car five minutes when the LO called me telling me I should NEVER tell them what my fee was. I asked her if she wanted me to lie? She hung up after saying out loud, "now we're going to loose some money!"
When I got home I emailed her a copy of the California notary journal and referenced the page that states I must fill that in on my journal. Yes, they have hired me three more times since then. They just hide the extra bucks somewhere else like you said.
Reply by ENM/PA on 10/31/11 1:09pm
just had one a few weeks ago where closing fee on HUD was $695 and my fee was $150...I always let borrowers know the closing fee on HUD is not what I make....