Posted by Jimmy_FL on 6/16/05 9:12am
Msg #45096

Some thoughts about this please!!!

I was contacted by a closing company to do signings for them. They explained there fees and sent me an acceptance agreement. I called them back and asked why this statement is the loan signers problem( you will be paid a fee for each closing that successfully closes and does not cancel,rescind or otherwise not fund) Now my question to everyone is,Why is it our problem if the loan does'nt close or fund?? We did our job, So why don't we get paid? The appraiser gets paid no matter what and fedex and ups get paid.Is it me or does this sound like BS??? Thank you for your comments!!!

Reply by TN NOTARY on 6/16/05 9:25am
Msg #45100

I agree with you. It is not are problem if it closes or not. We go out and do the job we are requried to do. If it is an error or ours than I can accept not getting paid. But if we go out to meet them have them sign and we notarize our part return docs in a timely matter than we did our job. We should get paid. This is my opinion.

Reply by ColleenCA on 6/16/05 9:32am
Msg #45102

Refuse to work with companies who retain this policy and let them know why. As I have stated before, we don't work on commission, we work for an agreed upon fee. When we have done our job properly, there is no reason that payment should be withheld. Maybe if we all refuse to work with these companies, they will stop this practice.

Reply by Dee-FL on 6/16/05 9:35am
Msg #45103

I, too, received an agreement with this statement. I didn't send the contract agreement back to this particular company. If I show up then, I am paid.

Reply by Jimmy_FL on 6/16/05 9:36am
Msg #45104

I did refuse to work for them and I explained this reason to them. I feel that it is not our problem to sell there loan or worry about if the loan funds. We are signing agents and that is our only job, like I siad before, the appraisers get paid no matter what.Why should'nt we. I would like to thank everyone for there responses...

Reply by Virginia on 6/16/05 9:39am
Msg #45106

Companies use that policy because they can. The good part is that you know up front what their policy is on non-funded loans and can make a decision on whether or not to work with them.

I agree 100% with Colleen! I don't work for companies that don't pay if I've done my job and the loan doesn't fund for whatever reason. I will even except a trip charge fee, that at least helps with gas, but I won't except nothing at all-not good business.

Reply by Sylvia_FL on 6/16/05 9:57am
Msg #45113

Ok

If I am working with a title company, and I usually only work with title companies, if I go to a signing and the borrower does not sign, then I will bill the title company a trip fee and edoc fee and something for my time, which usually works out to the fee I would get had I been doing the signing through a signing company.

If I am working through a signing company I do expect full fee.

If the docs are all signed, and the loan doesn't fund, then it is full fee as I have done my job.

Now, as a signing service, if one of my notaries goes to do the signing, shows up at the borrowers home, then he/she gets paid full fee no matter what the outcome, and I only bill the title company what I pay the notary.