Posted by lynnboop on 9/21/04 7:04pm
Msg #8550

Curious

Hey all Just a question about a call I recieved today. I just recieved a call from a borrower who got my name from Wells Fargo so that the borrower can set up a signing with me directly. He said it was a Refinance and that he would pay me directly as he has the docs. He said they have to be signed by next week.
Why didn't Wells Fargo set this up. Something doesn't seem right or is it me just feeling funny about being called by borrrower directly and haviing him pay signing fee. Dont' get me wrong it would be great getting paid at the end of signing but is this normal.
Help

Reply by Roger/OH on 9/21/04 7:13pm
Msg #8551

Very normal for Wells Fargo. They often have borrowers find their own notary.

Reply by lynnboop on 9/21/04 7:41pm
Msg #8553

Roger, do you charge the borrower and do you charge normal fee. Do you get paid right there and then. ? Sorry for the questions but this is dfferent for me and have not come across this in my reading of this forum.

Reply by Sylvia_FL on 9/21/04 11:08pm
Msg #8578

Re: Curious - Lynn

Be very careful here Lynn.
There are certain Wells Fargo loans where they will send the docs to the borrower and tell them to find a notary. You may find these docs are dated for the future - that is OK!!

Now, on these. you can only charge your state's allowable charges for notary fees - and if you go to the borrower, a reasonable travel fee.

You can tell the borrower that you do these loans for a living, and you can go over the docs with them and make sure they are all signed correctly, but your fee for doing this is XXXX
Otherwise you just concern yourself with the docs that need notarizing - they are hiring your services just as a notary - so you can only charge your state's allowable notary fees.

I find, many a time, the borrower does not want to pay for my services as a signing agent, just for the notary work, so in that case I only have the borrower take out the docs that need notarizing.

Yes, they pay for your services up front!

Reply by Roger/OH on 9/21/04 11:27pm
Msg #8580

Re: Curious - Lynn

I do it the way Sylvia mentioned, with the travel fee included.

Reply by Nd_WA on 9/21/04 11:28pm
Msg #8581

Re: Curious - Sylvia

In this case, should we have the borrower sign some kind of disclosure to acknowledged that I/we notary aka SA did only the notarization part of the documents?

Reply by Sylvia_FL on 9/22/04 5:21am
Msg #8599

Re: Curious - Andy

No, not necessary.

Reply by lynnboop on 9/22/04 8:10pm
Msg #8654

Re: Curious - Lynn SYLVIA!!!!!

SO Sylvia what you are saying that if I do the signing on Fri which is the 24th and the docs are dated for MOn the 27th thats ok but of course I put the 24 on notarizations.
And I would do strictly notary work and charge the max my state allows which is only 2.00 in NY. But I could charge for travel. Now what is reasonable travel as this is only about 6-7 miles away if that. Please help I am not use to this.

Reply by Sylvia/FL on 9/22/04 9:02pm
Msg #8657

Re: Curious - Lynn SYLVIA!!!!!

All the docs I have done for Wells Fargo where the docs have gone to the borrower and they have been told to take them to a notary, the dates have been in the future, but were to be signed whenever the borrower found a notary. This is fine, as long as your notarizations are for the date they are signing the docs you are notarizing.
Legally, that is all you can do - charge the allowable fee for notarization, as all you are doing is strictly the notarizations. You can let the borrower know that you are willing to go over the docs with them, but you would have to charge them accordingly. What is reasonable travel is whatever you and the signer can agree to. I usually tell them I have a minimum $25 travel fee. More often than not they end up coming to me to save that travel fee. And I have only had borrowers one time want me to go over the package with them and pay me accordingly. Most just want me as a "notary" - of course in Florida we can charge $10 per seal.
There are usually only two docs needing notarization, so that is usually $20.

(In California, with two signers, that would be $40!!!)

Reply by lynnboop on 9/23/04 2:44pm
Msg #8693

Re: Curious - Lynn SYLVIA!!!!!

Thank you so much for your help I appreciate the info you provide as I trust you all so much as you all have so much knowledge. Yes in New York I could double for an extra singer and I think that 25.00 is reasonable since it is very close to my home. Thanks so much for you help.

Reply by Maria_NJ on 9/22/04 9:03am
Msg #8613

Re: website address

Can you please provide me with with a website address for Wells Fargo (to register) Thanks