Posted by Lo-Mo on 10/5/04 3:05pm
Msg #9359

Don't title companies pay when loan funds?

I did a signing for Archer Land Title from St. Louis, MO. on 9/22. I didn't hear back from them so I was assuming that all was well. Yesterday, I emailed and asked if everything was ok because I hadn't received payment yet, ($225.00). I know they opened my email (outlook express is set to let me know) but "Stephanie" didn't respond. Is it too soon to be calling? I know that SS can take awhile but I was under the impression that Title Co. paid as soon as the loan funded. Don't the title companies call you if there was a problem and do they let you know if for some reason the loan does'nt fund?
Thanks,
Lois

Reply by Nd_WA on 10/5/04 3:12pm
Msg #9361

If your service fee is listed on the HUD, then the fund will be disbursed to you. If you will be paid through the title co. itself, then it all depends.

Reply by Sylvia_FL on 10/5/04 3:57pm
Msg #9366

Some title companies pay as soon as the loan funds (especially if you are listed on the HUD), some pay later - and some don't pay at all if the loan didn't fund for any reason! (then you have to go after them for your fee!)

Reply by mimi_NJ on 10/5/04 4:14pm
Msg #9369

Sylvia said:Some title companies pay as soon as the loan funds (especially if you are listed on the HUD)".

I have never worked directly for a title company but wouldn't it be standard practice to include our fee on the HUD? How does it work?

Mimi

Reply by PAW Notary Services on 10/5/04 5:18pm
Msg #9377

I work almost exclusively for title companies. Only a few actually put me (or my company) on the HUD for payment from disbursed funds. Typically, they pay me from either their operating account or the escrow account as part of their fees. IOW, my fees are absorbed in the title companies numerous fees. Sometimes a part of my fee is paid by the lender and/or broker.

Reply by LO-MO on 10/5/04 5:52pm
Msg #9380

But when can we expect to be paid? And do they contact us if the loan doesn't go through? I wasn't told any of this so do I just a month or so or call them? As I said before, I emailed Stephanie at the title company and she has not responded.

Reply by Butterfly on 10/6/04 9:08am
Msg #9417

Lois,

Most (90%) of my business is either for Title Companies or Brokers. When the loan funds is when I receive my check. I have given 2 weeks before I check on the file. Title Companies I work for pay as the loan closes. I am usually paid much quicker than that but every once in a while it takes longer. (It can take longer if the borrower does not have conditions met or Broker has not complete his stuff, and the list could go on) I avoid email in my contacts as much as possible unless we are nearing the end of the month. Keep you name and voice at the front of their minds as to get repeat business. Just my thoughts.

Reply by Lo-MO on 10/6/04 4:58pm
Msg #9459

Thankyou

Reply by Sondra D. on 10/6/04 7:22pm
Msg #9463

Re: $225 for title companies?

I have a question...$225 for title company fee? Boy am I under charging! I usually get around $125-150 for title companies. Is this standard?

Reply by LO-Mo on 10/6/04 10:54pm
Msg #9477

Re: $225 for title companies?

This included emailed docs and extra travel time. I'm in a rural area. Normal fee for title companies here are the same as you get.

Reply by LO-Mo on 10/7/04 2:39pm
Msg #9510

Re: $225 for title companies?

Just got check today!YEAH!!!!!!!!!

Reply by Sondra D on 10/7/04 10:03pm
Msg #9539

Re: $225 for title companies?

Thanks for the reply LO-Mo, I was starting to get mad at all the money I had lost.