Posted by jojo_MN on 2/1/05 9:06am
Msg #18998

Borrowers questions regarding notary fees

I have had quite a number of borrowers asking me about my notary fees. I usually just say that I'm not allowed to discuss my fees with the borrowers. I can understand where they are coming from, because the HUD will list my fees as anywhere from $150-300, when reality, I'm only getting $75-100 of it. The signing services usually get the rest even though the docs come directly to me and I send it back to the title company. Just wondering how others are answering the questions. TIA

Reply by Julie-Mi on 2/1/05 9:09am
Msg #18999

I just say it's not what you think, if it was, I'd only be doing 3 a month.

That always shuts them up. I don't get that question very often, as I've only seen Notary Fees listed on the hud specificially a handful of times.

Reply by DM_SD on 2/1/05 11:37am
Msg #19019

The borrowers have every right to know what our fees are. All fees or costs related to their loan are supposed to be disclosed to the borrowers on the HUD-1. If the fee we actually receive differs from what is disclosed there (perhaps because the Signing Service or Escrow company is folding our fee into theirs) just say so.

Why would you want to conceal this information from the borrower?

Reply by Julie-MI on 2/1/05 1:23pm
Msg #19042

You don't want to mention your specific fees, because then more will ask you how to become a notary and how to do this and cut in on your turf.

The fees are listed on the settlement statement. Do you think it should be broken down futher, to show the paper cost, toner, cost, electricy used to run the computer, printer, building expenses, salaries of the employees, rent of the office building, snow removal, etc?

Reply by PAW_Fl on 2/1/05 2:13pm
Msg #19048

>>> The borrowers have every right to know what our fees are. <<<

I disagree. All fees that the borrower pays must be disclosed. However, any third party contractual arrangements, such as a title company subbing out the signing to a signing agency or agent, is not necessarily a direct charge for settlement. Some title companies that I work for do charge directly to the borrower for my services, as shown on the HUD. Others pay me from their general operating accounts and my fees are absorbed in the standard title fees listed elsewhere on the HUD, as are the "fees" (salaries and wages) of the staff of the title company.

I do not tell borrowers what my fee is, nor my fee structure. I tell them I am contracted by the title company (or lender, or escrow, or whomever) to perform the signing and my fees are paid by them.

Reply by Stephanie/CA on 2/1/05 3:27pm
Msg #19052

My fees are NEVER discussed. period.

Reply by fiKS on 2/1/05 10:50pm
Msg #19105

IMHO I think that it is "rude" for borrowers to ask. It is like they are asking what my business income is. Besides, the notary fees stated in HUD may include other administrative fees incurred by the closing agent in order to process the notarization of documents such as overnight mail, clerical overhead, etc.