Posted by Becky on 3/29/05 12:50pm
Msg #28219

Loan canceled

Received a voicemail msg from an SS. Loan for a signing I did last week was canceled by lender. SS asked if I needed notification from lender. Does this mean I am not getting paid for the 3 hrs round trip, 90 min singing, gas and edoc? How unfair is that?

Reply by ERNA_CA on 3/29/05 1:04pm
Msg #28227

Did you sign up with this ss and did they have an agreement. if so what did it say in regards to payment to you?
I hope you get paied some ss pay for all signingssome might try and not pay for loans that dont close, wich is not fair to us.

Reply by CaliNotary on 3/29/05 1:07pm
Msg #28228

Did you call the SS to ask if that's what it meant? They would know better than we would.

Reply by Becky on 3/29/05 1:16pm
Msg #28230

I thought I'd see what others thought before I make a stink with the SS. Wanted to see if this is typical. There was no contract/agreement made with this company. They found me on 123notary.

This is my first no-pay after 60+ loans. I had one other company where the loan was cancelled after two signing attempts. I got a cancellation fee for the first attempt. Second attempt I was paid in full because although the docs were not signed, I was at the table for 2 hours while telephone calls went back and forth between several parties.

Reply by Sally-UT on 3/29/05 1:31pm
Msg #28233

Becky, please post the name of this company so if any of the rest of us are contacted, we can be forewarned.

Reply by Becky on 3/29/05 1:36pm
Msg #28235

Sorry, I don't feel comfortable doing that. I've talked to the SS since I posted my last msg. Everyone involved lost time and money on this transaction. Let this be a lesson learned...always ask questions when negotiating an assignment.

Reply by Dogmonger, Ca on 3/29/05 2:13pm
Msg #28256

If this SS has a website

Check on the site where is says clients lenders, and see what their fee is regarding cancellations. I have a feeling you may be one of the few NOT getting paid. The LENDER has all responsibilities for costs of the loan if the borrower rescinds. If I didn't sign their contract which stiupulated that you get screwed , I would ask to be compensated.

Reply by Becky on 3/29/05 2:30pm
Msg #28268

Re: If this SS has a website

The borrowers did not rescind. He was dumb enough to quit his job so lender canceled.

Reply by Dogmonger, Ca on 3/29/05 3:01pm
Msg #28291

Either way, not your fault

I would find out if the SS charges Lender for cancellations, you should be able to get the info right off of their website

Reply by Charm_AL on 3/29/05 1:43pm
Msg #28241

Sally

It is of the utmost importance that you are aware of all details while accepting an assignment.
Many of the calls I've gotten have come from companies I wasn't signed up with yet.
questions you should ask on every call.

What is the maximun you will pay for this signing?
if it isn't enough, Say "well I get $--. (for whatever reason...distance, time, e-docs, etc.)

What is the fee if borrowers don't sign?
What happens if the loan doesn't fund?
and most importantly Tell them to send you a confirmation of the appt., with your fee

Reply by Charm_AL on 3/29/05 1:51pm
Msg #28242

Sally

Of course those were my opinions, others may simply state their fee and negotiate, or not. I usually ask what their maximum is. When you sign a contract with a Signing company, it will usually state their rates for different circumstances, including the 'everything you do or don't do, we deduct this and that' lol

Reply by Sally-UT on 3/29/05 1:52pm
Msg #28244

Re: Sally

ALL good suggestions that I'll remember and USE if I'm ever in this situation. I learn so much from this board. Thank you all!

Reply by ERNA_CA on 3/29/05 1:53pm
Msg #28246

Re: Sally

If you did get a confirmation with a fee. They contracted you to do a job of x amount of money. You did your job you should be paied unless they stated that you would only get paied if the loan closed. Same comsept as if you had printing problems and had to pring doc's twice the ss is not going to pay you extra. There are situations in every business where loss ocurs. it is not fair that you carry 100% of the loss. ss made phonecalls. you spent time and money on phonecalls printing gas ext, You should be compensated for some of it.

Reply by Becky on 3/29/05 2:27pm
Msg #28263

Re: Sally

Although I was a bit upset when I first got the voicemail, I have now come to terms with it. We have to understand that TC and SS comapanies also put in time and money into the same transaction. Neither gets paid. I think the only person who got paid was the appraiser, usually paid by the borrower directly.

Yes, the whole concept seems unfair since we performed our job entirely. Sometimes we don't just loose money in the transaction that was cancelled but also lost business for assignments we could have accepted for the same time and date. Nevertheless, this is how things are in this line of business. I wish that we could be paid directly by the borrowers, like the appraisers. Unfortunately, it doesn't work that way.

Reply by Charm_AL on 3/29/05 2:32pm
Msg #28269

Re: Sally

I have an issue with that myself. We are paid to perform a service. When we do, we should be paid! Like an appraiser!

Reply by CarolynCO on 3/29/05 3:32pm
Msg #28303

The lender canceled the loan for whatever reason, so to me, it's unnecessary to post the SS's name because they had nothing to do with the cancellation. Before signing with any SS, it is imperative to ask when you can expect to be paid and the cancellation policy/cancellation fee. The time to get these type of questions answered is before taking on the signing and not after.

Reply by CarolynCO on 3/29/05 3:09pm
Msg #28295

Not to sound harsh, but this is the type of question that no one here can answer. It's a question that must be addressed to the SS that hired you -- they are the only one that can give you a definitive answer. We can all lead you around in circles and tell you whatever you want to hear, but that doesn't mean you'll find out if you're getting paid for the cancellation from any of us.

Reply by Becky on 3/29/05 3:29pm
Msg #28302

Carolyn...pls read my second post n/m