Posted by Sharon on 3/31/04 12:15pm
Msg #1345

Transcontinental Title Co. Will Rip YOU OFF

Beware TCT will only pay you half of your fee if the Loan Does not FUND. I'm not talking about not signing I mean you complete the signing and if for any reason it does not go thur ( borrowers cancel ect. )they will not pay you your whole fee. That is not right, if I did my job then I should get paid. What do you all think. Do you want to work for a company like that? Should we bear the risk of a loan not funding.

Reply by BobSmith/CA on 3/31/04 12:30pm
Msg #1347

What do I think about SS that only pay half a fee if the signers exercise RTC? I would like to see the CA SOS office give thier opinion. I think that it should be illegal inasmuch as it makes the notary have a financial interest in the transaction.
If I were the SOS, I would put an immediate stop to this practice. Any business practice that might affect the impartiality of the notary should be illegal. The law already states that we may not notarize transactions for relatives where we have a financial interest.

Reply by Mary Theall on 4/1/04 11:49am
Msg #1361

Sharon, I also feel that it is unjust for us to be paid only half our fee if the borrower recinds. It has been my experience that if the borrower does recind it is always due to lender error. Transcontinental Title Company is a Title Company not a SS. They pay higher rates and pay within 2 weeks. I've NEVER had a problem collecting from them. Even though I may not agree with their recission policy I will continue to work for them and would choose them over any SS out there. We must remember that notories, Title Companies, and SS's are at the mercy of the Lender - if the Lender doesn't pay none of us gets paid.