Posted by annonymousme on 5/29/04 10:24pm
Msg #2512

Two Loans in One

I don't know if any of you have experienced this lately --

Recently, have had a few title companies ask me to perform a signing, and then when I receive the paperwork, it's actually 2 loans (for instance - (1) a refinance and, (2) a HELOC). The loan originally was confirmed for $75.00, but now that I have two loans to sign, shouldn't I ask for more MONEY? This is a problem that is increasing. The other day, I accepted e-docs for a refi that turned out to be 220 pages long and attached was an open-ended mortgage and a second mortgage loan. Who do these people think they're fooling? We demand payment for extra services.


Me

Reply by anonymous on 5/29/04 10:38pm
Msg #2513

How about calling the signing company and telling them you're going out to do what they hired you to do -- close A loan -- but they need to get someone else for the second loan? Of course, at that point they're going to dicker with you over comp for the second loan.

Reply by CA_Notary on 5/29/04 11:48pm
Msg #2515

It's definitely smart to call the SS before going out to the signing and inform them of your fees for a second set of docs, as well as fees for a second set of email docs. And unless it's a company that you know you can trust, I'd make them send another confirmation sheet showing the new fee. I've recently learned the hard way to get EVERYTHING related to fees in writing.

Reply by notary on 5/30/04 11:51am
Msg #2518

I have been getting these surprise second loans recently, too. The title companies warn me if I am getting two loans. The SSs almost never do.

When the papers go to the borrowers, I don't see the surprise until I get to the table. If the signing is during a weekend or evening, I can't call the SS so I am skunked. I ask the SS for more compensation the next day but I they never agree.

When the papers come to me via delivery or email, I call the SS and say that the appointment is not for one loan but for two and my new price is $X. I tell them I need a confirmation fax or email with the right $ number before I will get in my car to go to the signing. This has worked for me every time.

Reply by anonymousme on 5/31/04 3:54pm
Msg #2530

Thanks for the advice from all of you.

Actually, now before I go to a signing I ask what type of signing it will be. Here's my new statement, "What type of loan will I be signing, and is there a second mortgage or HELOC involved?" I think this question says it all.

Hopefully, I can remember each time someone calls.

Thanks again! ML

Reply by Jennifer Miller on 6/3/04 6:45am
Msg #2625

This is very common now that the interest rates are changing on a daily basis. When they ask me to do a piggy back, I usually charge $75.00, unless of course that offer me more. When they want to email you documents or fax always ask how many pages and then its up to you what you want to charge per page. But 220 pages? I would of definately asked to be reimbursed for this.