Posted by CHRISTINA KHANDAN on 9/6/05 6:48pm
Msg #63898

what do you do in this situation?

I know I am probably going to hear grief about this but I am sorry about asking this question.......... I need some guidance from you old pro's.

I had a escrow company call me for a last minute signing on friday. They asked if I wouldn't mind going out on saturday to a singing that was 58 miles away (on a holiday weekend). I agreed to everything and they agreed on the terms.

I went to the signing on time and was almost done with the signing (one page left) when the borrower decides she wants to cancel it all. After driving up there (1 hour) almost completeting the signing (45 minutes) and driving back home in traffic (3 hours) I sent a e-mail to escrow telling them the situation.

Today I was advised that it is fine that I am billing them but where would they get the funds from if the borrower doesn't close? What do you guys do in this situation??????? Basically seems like I am SOL on this one. Any suggestions????? I need some guidance on this, never had this occur before.

Thanks

Reply by Jessica Benitez on 9/6/05 7:05pm
Msg #63902

I wolud bill for the entire fee. You did your job, it is not your fault that the borrower canceled. I have been in this situation, I billed for the full fee and was paid.

Reply by CHRISTINA KHANDAN on 9/6/05 7:13pm
Msg #63903

Jessica, I did bill for it and she responded by saying "where do we get the funds from if they haven't got an escrow account". This was for a home equity. So what do I respond to that?

Reply by Pandagirl28 on 9/6/05 7:26pm
Msg #63905

That is not your problem, it's theirs. The last one that canceled on me, the title company didn't get paid for their work, but paid me anyway. It is just part of the cost of doing business.

Reply by MelissaM_FL on 9/6/05 7:28pm
Msg #63906

I'd let them know that whether the loan funds or not is not my problem. You were contracted to perform a service, which you performed. How does the funding or non-funding of the loan affect that fact that you went out and completed the work?

This scenario is why I don't like SS and won't work with the ones who want to reduce my fee if the loan does not close. I don't like being placed in a financial interest in a transaction.

Reply by Sylvia_FL on 9/6/05 9:37pm
Msg #63926

"This scenario is why I don't like SS "

But Melissa, is wasn't a SS. Apparently it was the Escrow company.

How they get the money to pay the SA when the borrower cancels is not our concern.
As long as the SA goes out to the borrower and does the job they were paid to do then they are entitled to be paid.

Reply by MelissaM_FL on 9/6/05 10:06pm
Msg #63933

I should have read it more closely because I didn't realize it was the escrow company. I still believe that basing the notary's fee upon whether the loan funds or not is wrong (I know you agree), unless, of course, the notary is the reason the loan does not fund.

Reply by Sylvia_FL on 9/6/05 10:11pm
Msg #63934

Yes I do agree Melissa
And as a signing service, as long as the signing agent goes out to the borrower's, then he/she gets paid. If the borrower doesn't sign for any reason, they still get paid.
We are not there to sell the loan, that should have been done prior to us going out. If the borrower doesn't sign, then the notary shouldn't be penalized for it. (Unless, of course, the notary caused the borrower not to sign, but I don't believe that would happen)

Reply by MBCA on 9/6/05 7:37pm
Msg #63907

I know this is a hard pill to swallow, but is there an opportunity here for future signings from this escrow company? You've lost one signing, but they may call you for future business! I'm new and I'd be thrilled to get a call from an escrow company, but they won't give me a chance since I don't have enough signings under my belt. I'd take the bullet on that signing just to show them I'm a team player and hope they'd call me again!!!!

Reply by BrendaTX on 9/6/05 7:45pm
Msg #63908

I agree that if this is a good company, you might want to work with them. Post your state and / or the escrow company's state and maybe an experienced person can email with you on their opinion of the company so you'll know how to move forward.

Sometimes, I don't think that cutting a deal is worth it...sometimes I do.

Reply by Nd_WA on 9/6/05 8:23pm
Msg #63912

Be up front and professional in telling the company that you will chalk the incurred expense in return for fair compensation if any future business comes about.

For future reference, be certain you will get compensated no matter what if you have to travel outside your coverage area. Now would a good time to review your SOP as to what is/not acceptable for your business.

Reply by DellaCa on 9/6/05 9:44pm
Msg #63927

I have been paid to date whether it closes or not from Title,or Mortgage,escrow companies but I have to agree it depends on the company and if I want to work with them again as to if I would make it an issue.

Reply by TitleGalCA on 9/6/05 9:48pm
Msg #63928

***I agreed to everything and they agreed on the terms***

Christina, I think this means you are do your full fee. None of this is your fault. Good luck with it.

Reply by CHRISTINA KHANDAN on 9/6/05 10:41pm
Msg #63940

Thanks for everyone's opinion and I appreciate all the help. I am located in California for those who wondered.

I just don't know how to approach the escrow again. She told me that I would have to go out again since it is going to be under a refi now and she said then she would pay me for that trip. I told her I would want to be covered for this past trip also so total fee would be the $600.00. Is that o.k.?