Posted by Anonymous on 12/13/05 8:35pm
Msg #82295
How often do you get paid on these???
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Reply by AMSm on 12/13/05 8:37pm
Msg #82296
OOps, I got a little ahead of myself. I was wondering about this whole issue of when you do a signing and the borrowers cancel during their 3 days, shouldn't you still get paid? How many of you get paid or don't get paid in these circumstances? What is the deal with this. How I look at it is we did our jobs as notaries so even if they cancel we should still be paid. Right?
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Reply by Beth/MD on 12/13/05 8:47pm
Msg #82297
Why wouldn't you get paid? Did you not complete the signing? It's not your mistake or fault that caused the borrower to exercise his right to cancel. Don't let any company try to tell you you're not getting paid because some borrower cancels the loan.
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Reply by Ted_MI on 12/13/05 9:02pm
Msg #82299
Re: Don't really know ........
AMsm,
I have handled quite a few signings, and word has never filtered back to me that somone exercised their right to concel. So it really hasn't been an issue at all, at least for me it hasn't.
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Reply by NM_CO on 12/14/05 7:28am
Msg #82352
Re: Don't really know ........
I always pay if the loan does not fund. It's not your fault. I used to differ with the decision to pay sa's or not because it's a big commission world. If the loan doesn't fund then "no one" gets paid not even the sa. But I have learned it's better to pay and lose a little because it will be made up for somewhere throughout the month and I like keeping my notaries, lol.
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Reply by Cherilyn_CO on 12/14/05 9:27am
Msg #82404
I just did a signing that rescinded...
or is it recinded? Anyway, I got my full fee for the first signing and another fee for the re-sign as they wanted a different type of loan.
I think that in my 5 years of doing loan signings that this was my first one that rescinded-or at least the only one that I've heard about.
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Reply by Charm_AL on 12/14/05 7:43am
Msg #82355
This is where you have to be careful. Some SS's make up a contract for you to sign that actually protects them if for whatever reason the loan doesn't fund and disburse.
I believe that if you are not under 'contract' with that reasoning and the loan doesn't fund, you should still be paid your fee for printing out, driving over and completing your assignment. You did your job. There are many arguments on this issue and companies will build in an argument as to why we should not be paid the full fee and try to pay a trip fee instead.
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Reply by Calnotary on 12/14/05 9:00am
Msg #82378
Some SS will try to lie to you. I had one SS told me that the borrower cancelled because
I recommended another lender to them. That was a big lie, why should I do that? Well in
this case borrower cancelled in the 3 days and I was paid my full fee. But they tried to
defraud me by telling me lies.
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Reply by AMSm on 12/14/05 6:14pm
Msg #82609
Well, Thanks for all the response. I have come across this far to much and I was starting to wonder about it. I didn't know if there is an industry standard or not. Bottom line is I'm not getting paid on my deals that cancel in their 3 days but now I think I should get paid. Thanks
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