Posted by Sharon Collins on 9/22/05 3:18am
Msg #66585

loan agent

Do the notaries here usually act as out of state loan agent's? I set the appointment with the customer, had courier the docs, drive to the customers home, spent 2 hours explaining the closing docs to the customer - which had discreps, did the signing, notarized, then I was told 24 hours after the closing that I would be paid half as much as I invoiced. Is this what usually happens? Does anyone have an average cost that they charge for this>?

Reply by Anonymous on 9/22/05 7:09am
Msg #66609

and also, they wanted me to track the fed ex and call the real loan agent with tracking

Reply by PAW_Fl on 9/22/05 7:35am
Msg #66616

Hopefully, your fee was negotiated before the assignment and you had a confirmation before you went.

We are not there to "sell" the loan, nor act as a loan officer or broker. We are there to present the documents for their signature and explain the basic purpose of the documents without going into any detail specific to the borrower's loan.

Why were you paid only half of your invoice?

As for "average" charges, it is very dependent on your area and your experience level. There is no such thing as "average" in this business. We are all business people and as such, set our fees the way we want. If our customer (the SS, title and lender) accepts them, all well and good. If not, then you must employ your negotiation skills or simply not accept the assignment.

Reply by Sharon Collins on 9/22/05 7:56am
Msg #66618

Sounds like the ss was trying to pull a fast one. From what I have heard this was not a first for them. Thank you for the info regarding selling the loan. I agree with you about varied fees, but I am wondering about this particular situation? I did make sure to collect the total invoice. I don't think that has ever happened to this company before.
I am in Massachusetts and have 5 years experience notary/ 10 years finance.

Reply by Red_Schu on 9/22/05 10:17am
Msg #66647

More like the notary was ripping off the SS. And your probably right.....the company probably hasn't ever come across a notary that held the docs for ransom. Ransom being the full notary fee stated on the HUD. Which would cut out the SS's fee completely. Nice rip off job.

Reply by SarahBeth_CA on 9/22/05 10:34am
Msg #66651

Red

Nowhere in the post is it stated that she held the docs.

Reply by SarahBeth_CA on 9/22/05 10:39am
Msg #66654

Red, disreguard last post.

I read the other thread and found where you think it's a possibility.

Reply by Red_Schu on 9/22/05 10:41am
Msg #66656

Re: Red

It's not on this discussion board sweetie. Why don't you ask her yourself.

Reply by SarahBeth_CA on 9/22/05 10:50am
Msg #66660

Re: Red

That's alright. I'll just say that it is a no-no to hold docs. Just don't do it.

Reply by Sharon Collins on 9/22/05 3:54pm
Msg #66788

Re: Red

thank you the answer is no

Reply by Sharon Collins on 9/22/05 3:53pm
Msg #66785

Re: Red

that is because I did not hold the docs.

Reply by red_schu on 9/22/05 4:48pm
Msg #66807

Sharon Collins

Well, Well, Well........then answer me this Sharon........what happened first......a check in your hand? or docs sent back?

Reply by Sharon Collins on 9/22/05 11:45pm
Msg #66844

Re: Sharon Collins

The docs were sent first, would you like the tracking number? They had me follow that through as well.

Reply by A Gman on 9/22/05 12:25pm
Msg #66714

Wow...Im surprised you were paid upfront... this is very untypical...You can say you got lucky on this one!!! that is not the way SS operate... Think of it like doing a job..you aren't paid prior to your work week...this is unethical... Keep this stunt up.. and you sure wont have ANY business.. looks as if your a NEWBIE..yeah, maybe you've been a notary for sometime.. but you probably haven't closed too many loans... Well your name is OUT there.. so Im sure other SS see this.. well, I think you just BLEW it for yourself...too bad for YOU!!!

Reply by Red_Schu on 9/22/05 1:39pm
Msg #66744

A Gman

From what I understand......she wasn't paid upfront. That's how she held the docs for ransom. Once she got a check in her hand......and only then.....did she send the docs back. Now the big question is.......did she make any mistakes on the docs or miss any signatures? Hope she has E&O Ins. And your right Gman......who cares how many years you've been a notary. The real question is, how many loan closings have you completed?

Reply by Sharon Collins on 9/22/05 11:49pm
Msg #66845

Re: A Gman

I'd have to look in my journal, do you keep count off the top of your head?

Reply by red_schu on 9/23/05 1:06pm
Msg #66977

Re: A Gman

Come on now......you know you could count the total on one hand. Let's be honest here "hun"