Posted by Anne_SoCA on 6/3/05 2:06pm
Msg #42118

Question about charging friends

My best friend and her husband are refi-ing and have asked the lender to contact me as the notary.

My friend told me they had $150 listed for Notary services on her estimated closing costs, so she thought that I should ask them for that amount. I think that's a lot for a refi (am I wrong?). But she said if they're going to charge her that amount, she wants me to get it.

So, my question is, do you think lenders add a "padding" to the Notary cost? If I ask for the full $150, will they then "up" the cost of the Notary service to my friend? If I tell them I'll do it for, say, $100 or less, will I save her money or will they still charge her the $150 ?

Does this scenario make sense to anyone? (I know what I'm trying to ask, but it's hard to formulate it into a question!)


Any thoughts?

Reply by calchape on 6/3/05 2:11pm
Msg #42119

it is my understanding that the borrower is charged exactly what the notary invoice states, no one else gets money. I just confimed it with a lo friend of mine. I will knock of prices for friends, but my situation is different, I am just doing this for extra cash, not as a living. Hope this helps, please correct me if I am wrong.

Reply by ERNA_CA on 6/3/05 2:13pm
Msg #42121

If they have $150.00 put aside for notary fee and you enclose an invoice for $150.00 with the package it should remain $150.00. If you want to charge less you should have your friends call the TL and make them aware that they are getting a brake on the notary signing and to make sure to adjust the fee accordingly on the final hud-1.
Do charges ever get padded ...you bet.

Reply by BrendaTX on 6/3/05 3:41pm
Msg #42131

Erna! Say it isn't so! (About padded numbers.) n/m

Reply by Loretta Reed on 6/3/05 8:31pm
Msg #42196

I would love to get the actual fee that is on the HUD for the "closing fee". Most of the time, with the companies that I deal with, they pay me my fee but always charge $300 or more for the closing fee. I have done closings for friends before and the title companies have said that they are going to charge that fee anyway, so I might as well get paid my full fee for it.
Take your blessing and go with it.