Posted by ikando on 8/30/12 12:30pm
Msg #432520

Who actually determines the fee for document signing?

I am registered on several sites besides NR, and have yet to have anyone offer me what I've posted as my fee to accommodate their customers. I routinely get offers below my stated fee, and I understand that the contacting person probably doesn't review the profiles.

But is it the lender or title who actually decides what they're going to offer? When I see the HUD with larger amounts for courier/notary service, I wonder where that number came from. Sometimes it's pretty big--a lot more than I was offered. And I understand there are other fingers in the pie for that fee.

But still, who determines what the borrower will be charged, and how it is divided up?

Reply by MistarellaFL on 8/30/12 1:04pm
Msg #432530

Title determines "their" fees, and we come under closing fee

Notary fees and courier services fees also determined by TC, however, don't get those confused with your duties as a signing agent (remote closer).
Often there are other docs not included in the closing package that require notarization.
Courier fees are your Fed Ex, UPS.
TC fees and the final HUD must be approved by the lender.

Reply by JAM/CA on 8/30/12 1:46pm
Msg #432543

Re: Title determines "their" fees, and we come under closing fee

I'm not sure this is correct, but perhaps in some cases. I have a Notary friend who became a RMC (Reverse Mortgage Consultant) loan officer. She told the other loan officers that it was time to raise the fee paid to Notaries for signings. They all agreed that they would raise the fee to $175.00 for signing a reverse.

I spoke with the Title company and she had received the word from the lender that this would be the fee paid. Often times, I hear from Title that their maximum is $xxx.xx, they cannot go above that amount.

This has been my experience.

Reply by Roger_OH on 8/30/12 1:30pm
Msg #432538

It's not what they offer, it's what YOU charge.

Only you can determine the fees you need to meet your business plan. The TC/SS either can either accept them or not.

Every signing situation is unique, and one fee doesn't always fit all. I don't post a fixed fee because there may be variables as to local market conditions, additional distance, type of signing and complexity, etc. I'll take these into account for every signing request before giving them a quote.

Reply by Les_CO on 8/30/12 2:01pm
Msg #432548

Ditto Roger!

You determine your fees. If your fee is $117.65 and title puts that on the HUD that’s what the borrowers pay. If title generally uses a SS that charges $150, they may put that figure on the HUD, and pay that amount to the SS, that in turn may pay you your $117.65 and keep the difference. If title 'includes' your part of the remote closing costs within their "bundled service/closing fee" they could charge the borrower from $300 up, pay you your money, and keep the difference (undisclosed profit) or if contracted to by a SS, the SS gets their fee, and is supposed to pay you, keeping the remainder for themselves. A convoluted business at best. But REMEMBER your fee and your service costs title nothing! It’s paid by the borrower, and also remember if local and it were not for you doing this job title would have to do it. And if interstate they would have to open an office to do these closings (or contract it out). Therefore BECAUSE of you they get to sell their product (title insurance) without a physical presents, and make thousands/millions of dollars in premiums that they could not otherwise make, and your service is still absolutely free to them! And now in some cases they charge the borrower one amount and pay out a lesser amount and keep the difference, so not only is your service free to them, they actually MAKE money by using you to do the signing! DO NOT forget this when pricing your absolutely critical and necessary service. JMO

Reply by JAM/CA on 8/30/12 10:17pm
Msg #432606

Re: Ditto Roger!

Agree with both Roger and Les. I do set my own fees. Many times it comes to negotiating, depending on distance, time of day,etc. I will not go below a certain fee. If Title says they can't go beyond a certain amount, I either accept or decline. I had one Title company tell me, "This is as high as I can go, either accept or I run it through a Signing Service". Our choice as I.C.'s.

Reply by jba/fl on 8/30/12 2:09pm
Msg #432550

Exactly - always as Roger says. (or me if talking to me) n/m

Reply by 101livescan on 8/30/12 7:07pm
Msg #432576

Every title/escrow company has their own fee schedule. I know that title companies who contact out of area notaries are prepared to pay up to $200 for email docs, sometimes a little more. If out of notary's range, late hour, weekend signing, depends.

Hey sometimes they are just overjoyed they found someone late in the afternoon to do the evening signing at 9pm because borrower is is surgery, getting back from a business trip, etc.

You know the game, LOCK EXPIRES TODAY, MUST SIGN BY MIDNIGHT. LO desparate to get docs signed and back to escrow to fund in time.

If we could only be flies on many different walls, we'd garner bigger fees.

Reply by Les_CO on 8/30/12 7:41pm
Msg #432584

Or if we could rid ourselves of the idiots in this business that do not understand their importance in the process, that don’t charge what their services are worth, and convince them that without them/us doing this job, many companies would be out millions of dollars.
The title companies can:
1) Stop doing interstate business where they have no offices.
2) Hire attorneys to close their loans.
3) Ask other title companies to (courtesy) close their loans, for which the ‘other’ title company if they have the time and people, will ask and get a full “closing fee.”
4) Or they can hire us. We are worth much more to these companies than most charge…It’s time to understand the business you are in and to charge accordingly.
JMO

Reply by SERVICIO on 8/30/12 10:40pm
Msg #432608

I am amazed by the comments I find on here I have been a notary since 1991! I just started signings 3 years ago here in TN. So I have a scenerio: I was begged to do this signing where I was given a time for the signing of 6:30 pm then the HO changed it to 30 min later. Well 30 min turned into 2.5 hours. after 2 hours of waiting I called the LO and told him what was happening he in turn called the HO who told him "I'm on my way just 10min away" (which was the same story I kept getting for 2hrs!) by this time it was 8pm and I am 60 miles from home nearly two hour drive. I call the LO back after 15 min and told him I would need another $50 to stay because it was already after hours. He agreed. the next day the SC who hired me told me the he was authorized to give me that additional $50 and that they would only give me $10. I said but the LO is the one who pays you and she said "No they do not." I was very upset. What could I have done in that situation?

Reply by SERVICIO on 8/30/12 10:44pm
Msg #432609

I am amazed by the comments I find on here I have been a notary since 1991! I just started signings 3 years ago here in TN. So I have a scenerio: I was begged to do this signing where I was given a time for the signing of 6:30 pm then the HO changed it to 30 min later. Well 30 min turned into 2.5 hours. after 2 hours of waiting I called the LO and told him what was happening he in turn called the HO who told him "I'm on my way just 10min away" (which was the same story I kept getting for 2hrs!) by this time it was 8pm and I am 60 miles from home nearly two hour drive. I call the LO back after 15 min and told him I would need another $50 to stay because it was already after hours. He agreed. the next day the SC who hired me told me the he was NOT authorized to give me that additional $50 and that they would only give me $10. I said but the LO is the one who pays you and she said "No they do not." I was very upset. What could I have done in that situation?

Reply by CopperheadVA on 8/31/12 5:35am
Msg #432618

Sounds like the borrower totally strung you along in that situation. I'm sure if you had known that it would end up being 2 or 2.5 hours before he arrived, you would not have stayed. When situations happen where I feel I have been taken advantage of, I will never work with that company again. Also, I establish parameters so that I am never in that situation again. For example, if borrower does not show after 30 minutes then leave and bill TC for a print/trip fee.

This scenario is one reason I will NOT travel far distances for companies that I have never worked for before, or for signing services. I will only travel extended distances for companies that already have a good working relationship established with me.

Reply by JanetK_CA on 8/31/12 2:11am
Msg #432617

If the LO agreed to the extra $50, send him or her an invoice for the difference - then good luck collecting it. Depends on the person. Some will be happy to pay it because you were willing to hang in there and you saved his/her signing. There might be others, though, who figure that the deal is signed now, so what's the point. I like to hope that most of those types quit the loan business after the mortgage meltdown, when they actually had to work for their fees.