Posted by Loretta Reed on 12/31/04 11:36am
Msg #15109

re: "no sign" fee or "cancel" fee

I have gotten requests from a couple of companies regarding this. They do not want to pay at all or only 1/2 of the fee if the borrower refuses to sign or cancels within the 3 day RTC.
I am not going to accept this.
I did a 2 closings this month and got 2 checks for 1/2 the fee for the borrowers cancelling. What do I have to do with that. I pay Kinkos for email docs and then the travel time, sitting with the borrowers and having them sign the docs. Once I send them back, by job is over. Why deduct my pay?
I am on the soapbox, sorry.

Reply by BrendaTX on 12/31/04 12:06pm
Msg #15110

Loretta,

While I am sympathetic with those who have to pay us whether they are paid adequately or not on no signs, I don't want to have a perceptable interest in the transaction.

In fact, if a borrower asks me, I tell borrowers that I get paid whether they sign or not no matter what I have agreed to with those that hire me.

That's not a soapbox speech. It's just plain good sense.

It's not right for us not to be paid unless we blow it, IMHO. Otherwise, we have an interest in the signing of the transaction from a practical view point.

Reply by JanetK/CA on 12/31/04 2:41pm
Msg #15116

Couldn't agree more! nm

Reply by Happy in Fl on 12/31/04 3:53pm
Msg #15121

I agree with Brenda Tx-- We do our Notary Witness Signing, when called upon by the Signing Service-- and our agreed Fee is not contingent upon whether the Loan funds or not. (provided it's not our error that caused it not to).

My question is, "If the SS sends only Half of agreed Fee- and you cash/ deposit their check, is that considered as being, your acceptance of what they paid you?"

If not- then send another Invoice showing receipt of amount received- and total amount outstanding and Due.. Treat it as "open", just like it was an installment payment.. Fight for it, however you may lose them as a job source.. LOL

Reply by Roger/OH on 12/31/04 4:02pm
Msg #15123

Be sure to ask them if the appraiser or FedEx accept half fee if it cancels!!

Reply by Kevin/Ct on 1/1/05 3:45am
Msg #15153

If there is a notation on the check indicating that it is payment in full for your services or a writing attached to the check indicating the same and you cash the check, it gives rise to a defense of accord and satisfaction. It then becomes very difficult to recover the balance of the amount owed to you.