<<<I'm sorry if this is a silly question or if it has been answered before but I was just wondering why LSAs can't require a deposit or a credit card number when making appointments? >>>
Actually, you're not off the mark with that suggestion. I rarely do loan signings but when I do, they are either GNW (general notary work) where the I charge a travel fee and notarization only fee, the borrower is responsible for all other signatures and shipping the docs where they need to go....OR a full loan signing but I'm paid outside of closing (POC) which means the borrower pays me directly (cash, check, CC) at the table at the conclusion of the signing. I walk away with MY full fee - the agreement is with the borrower directly, not any SS/TC/Lender so guess who I can collect directly from if the check bounces? Yep, the borrower!
I no longer accept contract loan signings. If notaries (independent contractors) did this, it would eliminate the deadbeats, and notaries would not have to vet a middleman because the borrower is paying the notary at the table. No more extending credit.....you walk out the borrower's door with your payment. No, you may not get the calls BUT if all you're getting are lowball offers or deadbeat calls, you're not getting working ANYWAY so there's no difference. |
