Posted by Ceci, CA on 9/11/04 9:43am
Msg #7718

Fees for cancellation

I am new to the business and I was told by the trainer that if a client is a no show or client does not sign the docs., the notary still gets paid the same amount as agreed upon.
I was talking to a couple of notaries who have been in the business for awhile and they said that when they are hired directly by a loan officer and the client signs the docs. but cancells the loan at a later date, then they normally do not get paid, and there is nothing they can do about it. The reason for this is that since the loan officer did not get to collect his commission, he won't pay you. Hence, you can nag him about the fee but to no avail. The only thing the notary can do is not to take any future work from that loan officer. Is this true in most cases? Your feedback is appreciated.

Reply by Roger/OH on 9/11/04 9:53am
Msg #7720

The notary cannot have a financial interest in the outcome of the loan. You're paid for the performance of your duties on behalf of the state, period, and have no control over what happens to the loan beyond that. The appraiser gets paid no matter what, and so should the notary. I would have an agreement that states as much, and if even you have no agreement you can still pursue general collection methods, as there is proof you notarized the docs.

Reply by Jan Kohake on 9/11/04 10:17am
Msg #7721

Unfortunately, this comes with the territory. I have had some lender/title companies compensate me even if the loan is rescinded. Others will not. SS's usually will do a partial or depending on what is in the contract that you may have signed with them. Yes, this is unfair, and after I have used all avenues to try and collect, I just write if off at the end of the year.

Reply by Ceci on 9/11/04 11:43am
Msg #7726

Thank you!

Reply by Stephanie/ Nor Cal on 9/14/04 4:48pm
Msg #7934

I work for a signing service and we pay full signing fee if ink goes on paper... however if you just show up and they refuse then... then we pay $25 trip charge (which is all we bill our clients) and the e-doc fee if applicable.