Posted by mimi_NJ on 8/30/04 9:28pm
Msg #7038

Did I Charge Appropriately????

I had an experience today that was totally new to me and I'm not sure I charged correctly. I was contacted by a Mortgage company to notarize the transfer of 83 mortgage loans. The first mortgage company went out of business and the one that contacted me was taking over the loans. The NJ Primer shows a fee of $15.00 for Real Estate transfers regardless of number of notarizations in the transaction. Well, there was only one notarization per each of the 83 loans. I charged a flat fee of $300.00 ($2.50 per each acknowledgement (83) plus travel) because I was not sure if I could apply the $15.00 fee. Well, should I start crying because I undercharged or be happy that I did not violate the law by overcharging?

Mimi

Reply by Becca_FL on 8/30/04 9:43pm
Msg #7040

This is a very good question, Mimi. I don't know NJ law, but it sounds like you were notarizing assignments of mortgage and this (as far as I have been taught) is not Real Estate transfer. I will be watching for posts from HH & PAW.

In Florida, we can charge $10 per notarization. Now, that would have been a nice chunk of change for a couple hours work. I should be so lucky. LOL

Reply by HisHughness on 8/30/04 9:50pm
Msg #7041

I'm puzzled. Why would YOU not consider 83 separate mortgage transfers as 83 separate notarial acts?

Reply by mike on 8/31/04 12:05am
Msg #7044

There is a set fee for each document you notarize in NJ, but no set fee for your travel time and expense.

So figure the travel time and the amount of time it took you subtract the $2.50 per document and let us know if it was worth it.

207.50 just for the Notary fee per NJ limits. That leaves you 92.50 for travel and your time. If you did it within an hour and a half and traveled less then 30 minutes it was worth 300.00

Now if you did 83 signings @ 75 per signing that would be $6225.00

Reply by Paul_IL on 8/31/04 1:06am
Msg #7046

I would cry! Each mortgage is its own transaction so your max fee could have been $1245 plus travel. Hope this Mortgage company is going to be giving you a lot of future business.

Reply by PAW Notary Services on 8/31/04 7:49am
Msg #7053

Please do not consider this legal advise and may not be accurate for your jurisdiction.

Transfer of mortgages is not a real estate transaction. Real estate transactions involve the transfer (conveyance) of real or physical property. Transfers of mortgages simply reassign the lien holder on the lien.

Therefore, with 83 transfers, you would only be allowed to charge $2.50 for each, for a total of $207.50, plus time and travel if agreed to and allowed by NJ statutes.

Reply by mimi_NJ on 8/31/04 3:19pm
Msg #7071

PAW said:
Transfer of mortgages is not a real estate transaction. Real estate transactions involve the transfer (conveyance) of real or physical property. Transfers of mortgages simply reassign the lien holder on the lien.
Therefore, with 83 transfers, you would only be allowed to charge $2.50 for each, for a total of $207.50, plus time and travel if agreed to and allowed by NJ statutes.

I was thinking the same way you are so I only charged the $2.50 per signing with the rest for travel ($92.50). Thanks.

Reply by Paul_IL on 8/31/04 4:45pm
Msg #7081

I believe that transfer of mortgage is a real estate transaction as far a RESPA views it.