Posted by Linda Juenger on 7/12/12 12:05am
Msg #426489

Ok Couple questions.

1. When do you (if ever) call the company and ask for more money? Accepted one tonight for XXX pretty close to home. Get pkg and its 200 pages. Call and tell them they have to up my fee as this was too big of a pkg. I was told I really put them on the spot an hr before the closing (that's when I received docs - 1 hr before) but they agreed. Then, I get to the signing and Mr borrower has to sign his name John J. Jones a/k/a John James Jones (obviously not real name). He is upset and doesn't want to sign that way. So, we call and 45 min later we start signing. The entire process took 2 1/2 hrs to sign, 2 phone calls to title and 2 to LO. Am I justified in again asking for more money. This pkg contained over 30 pages of broker docs. Why should I be the one losing money? I stuck with this and did everything I could to save this loan and keep everyone happy. Which brings me to question 2

2. The problem with the AKA is that is how he took title when home was bought and proved that by showing me the Warranty Deed. However, the purchase docs were not signed that way. They were signed John J. Jones WITHOUT the aka John James Jones. The borrowers refied in 2011 and also did NOT sign with the AKA. Now, they refi again and he has to sign with the aka. How can 2 title companies and 2 lenders in the past miss this? How does this happen??? These are 2 pretty well known title companies and lenders. Someone dropped the ball on this. The borrower was mad because he never had to sign this way before, why now? And, how do you tell a borrower that it was wrong the last 2 times?

Borrower went ahead and signed and title is going to do a QCD to take that aka off, so it won't be a problem anymore.

I lost money tonight and it wasn't my fault. It wasn't title or lender's fault either. They were doing their jobs too (other than 30 pages of broker docs that is absolutely unnecessary and all the doubles of stupid stuff which makes me want to scream). But, someone should be compensating me for the time it took and the phone calls to close this loan of 200 pages with an aka. This man is a disabled veteran and it took him forever. I felt so bad for him.

I understand and realize that some are not always going to be quick, easy. But, this was just ridiculous tonight and I deserve more money. When we call a repairman to come fix one thing, but it leads to another problem, we have to pay the extra to correct the other problem. They aren't going to give it to us free. What are these companies thinking that one size fits all? When I start feeling taken advantage of, I am not a happy camper. I guess I'm probably going to eat the loss on this one, but dang, its just not right. How in the world do they expect to get these loans closed if we all went out of business because we lose money?

Reply by HisHughness on 7/12/12 12:23am
Msg #426492

Requesting, even demanding, more money for a 200-page packet is quite within the norms of our industry, I think. When that happens to me I call and say that my fee is predicated on a maximum size packet of 140 pages; anything over that is well outside industry norms and I need the fee supplemented.

The problems with the signing, though, are part of what we do. Some go down easy, some get caught in the throat. What you can do is send the title company/lender (you've had contact with the lender, so including them would be legit) pointing out how you straightened out a major problem with the loan, a problem that a less-qualified agent would perhaps not even have recognized, much less corrected to everybody's satisfaction. And tell them you hope they will recall that when any future signings arise within a day's drive of your location.

Reply by jba/fl on 7/12/12 6:54am
Msg #426504

"And tell them you hope they will recall that when any future signings arise within a day's drive of your location."

Excellent tactic. Add that to your arsenal. TY, Hugh.

Reply by Shoshana/AZ on 7/12/12 12:30am
Msg #426493

Do you charge less when it's a small package or when

it only takes 1/2 hour? We don't get paid by the hour. However, i have talked to the hiring party at times and gotten more money. An example is when I had an older couple and the wife had ALS. This job was 2 visits. When I went the first time I could see that the wife could not sign a whole package of docs. So, I called up the hiring party and explained the situation. They had no idea of what ALS was. So I explained it. OK got paid for that visit and printing. Three weeks later, the title company finally got the POA together. It took the husband a very long time to sign for himself and as AIF for his wife. I asked for more money and got it that time. Another time, I was hired by the SS, but the TC was very sympathetic for a very problematic signing. The EO liked how I handled the situation. So she said she was sending the TC an extra $50 just for me!

I don't see that as a loss. It all comes out in the wash!

Reply by ananotary on 7/12/12 11:51am
Msg #426514

Agree. When I get stuck with a long one or very detailed

one I consider it the "cost of doing business". I have ones that I am in and out of in no time and have a very small packages. It all evens out in the end. That is not the hill I would choose to die on unless I was ok with that company never calling again.

Reply by ValleyGrl/VA on 7/12/12 12:17pm
Msg #426517

Follow-Up Question - Reverse Mortgage

Do reverse mortgages fall under the cost of doing business? 9 times out of 10 they are a bigger package, and the borrowers are most likely elderly - do you state a different price up front for a reverse? Just checking - for informational purposes only!

Melissa

Reply by ananotary on 7/12/12 1:10pm
Msg #426523

Yes, my "cost of doing business" was in reference to an

apples to apples comparison. A reverse mortgage would be a different fee since it is a different fruit. LOL

Reply by HisHughness on 7/12/12 1:15pm
Msg #426525

Re: Follow-Up Question - Reverse Mortgage

Presumably, you know up front you are signing a reverse mortgage. That is the point at which you should request a higher fee. However ... if you run across a situation such as where a signer has a degenerative disease or other issues that affect ability to sign quickly, and if that signer is signing by POA for another signer also, you probably would be justified after the signing in asking for additional compensation. And the lender/TC/signing service would probably understand.

Reply by Karla/OR on 7/12/12 2:27am
Msg #426494

Im so glad you asked for more money (and was granted it) up front to cover what was a larger than life package. Had they mentioned up front that the BO was a "disabled veteran" and that it could possibly take more time, would you have asked for more $ for that as well? I would have felt it a privilege to help him and left it at that. The fact that you "felt bad for him" shows your compassion and maybe that is enough to get you by this one.

Reply by BobbiCT on 7/12/12 6:51am
Msg #426501

Title Company's "opinion"

"The problem with the AKA is that is how he took title when home was bought and proved that by showing me the Warranty Deed. However, the purchase docs were not signed that way. They were signed John J. Jones WITHOUT the aka John James Jones. The borrowers refied in 2011 and also did NOT sign with the AKA. Now, they refi again and he has to sign with the aka. How can 2 title companies and 2 lenders in the past miss this? How does this happen??? "

Feel your pain; it will continue to happen.

1. Sloppy work and as long as the mortgage payment is made every month nobody cares.

2. Title insurance companies are issuing an Insurance Policy for the "past chain of title" on that Particular Loan - no more, no less. A simple messed up name issue on a mortgage deed may not be cause for a financial loss claim by the "injured party." No financial loss, no claim, no one cares; it gets a "pass" to get the loan closed and there's an insurance policy to cover it so lender doesn't care.

3. Each title insurance company attorney may have a different opinion on how the "names" are placed on the mortgage deed. One attorney may want an AKA to match names on identification documents and credit cards. A second attorney may decide the name on the deed as property owner is "good enough" and not require an AKA. I see this all the time, but in most situations I work with a Affidavit if Facts is prepared by an attorney and recorded on the Land Records prior to new deed or mortgage deed, then subsequent deed will have the one common name that matches both title and identification. I also see where borrower doesn't want to spend any money now, so just add AKA to the deed "I'll deal with it later if I have to." Later often arrives sooner than expected.

Reply by snoopdogMs on 7/12/12 12:34pm
Msg #426518

My fee covers most issues, BUT in some cases

it does not hurt to ask. I wait until it closes, send an e-mail thanking title for the closing and then ask politely for additional fee if justified, in the case of a POA not disclosed at confirmation. I always say that if they can increase the fee that would be great, but if not that I appreciate the business anyway. I have never had this approach refused and they send a new confirmation. I let them suggest the added fee because frankly anything is welcome. This rarely happens, but I see no harm in asking.

Reply by Lee/AR on 7/12/12 1:20pm
Msg #426526

My take...

Yes, I politely ask when things are well above normal. My rationale is that no other IC will do more than hired for without a price increase. I find that if you don't ask, you won't get...and the reverse is also true.