Posted by Linda_H/FL on 12/21/06 2:33pm
Msg #167202

Here's a new one - for me anyway

I get a call from a Lender (yaayy..a direct call - I'm moving up in the world) - to do a reverse mortgage signing tomorrow - I say okay my fee is ... he cuts me off and says "I don't get involved in that - I'll have title call you" - okay...2 calls later he gets title in a 3-way conversation - she confirms my fee, I say I need it in writing along with confirmation that I get full fee if rescinded and half fee if a no-sign - she (title) says "oh, if they don't sign or they rescind we don't pay you - we don't get paid so you don't get paid - that's something you have to work out with him" (meaning lender rep) - HUH??? Lender rep was just as stunned as I was - he doesn't know what to do -

I've never had a title company refuse to pay me and say they don't "get involved" with that? Nor have I ever had title take exception to my request for a written confirmation. The signing is, as I said, a reverse mortgage, and I have to travel at least an hour one way tomorrow morning and conduct the closing - for nothing if they rescind? I told them both if I don't get written confirmation of all terms I'm not moving from my house.

Anyone ever have this happen? Input appreciated...TIA

Reply by Susan Fischer on 12/21/06 3:34pm
Msg #167211

Hi, Linda,

The subject of Trip Fees has been discussed around here at length and I'm sure others will chime in their sage thoughts. John NoCal brought up doing RM apps earlier today.

My thinking is that if a notary's pay is dependent upon the funding of the loan, then the notary is placed in the position of being a LO. I won't do it. If I'm going to take that risk, then I should get 1/2 of the loan origination fee - and that's never going to happen.

Notaries perform a similar service to the appraiser - and they get paid up-front. It's not often that we get paid up front, but to accept an assignment knowing that I won't get paid if the loan doesn't fund? Nope.

I still question whether such an arrangement isn't contrary to public interest in that it might give the notary a financial interest in the transaction, but that's a legal question I don't have an answer for.

I guess it depends upon whether you want to risk your investment on the funding = payment arrangement. I can't afford to do that. And, I don't accept assignments without written confirmation of my fee.

Reply by Linda_H/FL on 12/21/06 3:44pm
Msg #167213

I guess that's what my windy post was getting to - I've never been told I won't get paid, especially by a title company, nor have I ever run into no one willing or able to provide me with a written confirmation - and I still don't have one yet - he says he can't put it on company letterhead (from the lender? - I'm wondering just where this loan is really coming from now!!)

Anyway - I was just stunned that title dropped it in his lap and said they have nothing to do with my fee..never heard of that.

Reply by Susan Fischer on 12/21/06 4:08pm
Msg #167221

Yup. Me either. Looks like one of those "If I were you, I wouldn't pet that dog."

Reply by BrendaTx on 12/21/06 4:14pm
Msg #167230

Re: Here's a new one - You might want to re-think...

MY EXPERIENCE ONLY:

I usually *bill* title. Invoice on return of package. Except for one title company (TitleStream) I don't have to hassle around about my fees. They expect me to bill them a reasonable fee. All title companies I work for except TitleStream sends a check w/i two weeks.

I seldom expect or ask for a confirmation from those others.

RMs are going to "go" 100% of the time in my experience. Therefore, why jink-jank around with discussing about if the loan won't fund? Save those worries for ARMs and sub-prime loans. Don't discuss no-sign fee with LO....it makes you sound like (1) you have not closed many rm's (2) or, you have actually seen plenty of no-signs on RMs...which could reflect poorly on you.


When you talk about no sign, you make the LO nervous...why wouldn't the bwr on a RM sign? See what I mean? The RM LO does NOT pay the notary fee...nor do they care. Your fee is figured into escrow fee.


And, just for the record, for those who might be trying this (not you, Linda): Smartypants lowballer notaries are NOT cutting the LO a deal when they quote low to suck up to the LO when they call.

In fact, it makes Mr. Smartypants look like an idiot to talk low $$$ with LO! They realize you don't know their process....also that you are a lowball notary.

Reply by Susan Fischer on 12/21/06 8:42pm
Msg #167283

Good points, good points all. n/m

Reply by MistarellaFL on 12/22/06 7:45am
Msg #167350

Re: Here's a new one - You might want to re-think...

I'm in complete agreement with you Brenda.
I think RM's probably have the lowest recission rate, brw's are so well prepared,
and most TC's do not offer a confirmation in my experience.

Reply by LawrenceOK on 12/22/06 8:15am
Msg #167354

Re: Here's a new one - You might want to re-think...

I work with one title company that handles nothing but RM's. I always get a confirmation and the borrowers sign an ACK that if the loan does not fund for any reason, they are responsible for me fee. Not once has the borrower had to pay my fee. (not yet anyway)

Reply by JanetK_CA on 12/22/06 1:49am
Msg #167331

I have been told by two different title companies that if the loan doesn't fund, there are no funds there for them to pay me. In other words, everything gets disbursed out of the borrowers' escrow account or not at all. One of them, fortunately, was for a LO I do lots of business for and he has arranged for his company to cut me a check the few times that has happened. (I've had at least one other LO I can think of pay me out of personal funds for a rescinded loan.) Conversely, I have at least one other one that I am still chasing down trying to get *something* for my invested time and gas...

As for confirmations, I find that lots of the little branch offices I've done business with aren't used to sending out confirmations. Some of them either go through the company signing service in most cases or they have "regulars" (often themselves or their own staff) to handle their local signings. You might want to try a slightly more informal approach. For example, just ask if they would mind popping you a quick email recapping the terms that you have agreed to. (I don't care how fancy it's worded, as long as we get the basics in writing!) OR on occasion, I've sent THEM an email reviewing the agreed upon terms as I understand them and ask them to confirm by return email. The easier you make it for them, the more likely you are to get compliance, although this can be tough to do when you are on the move. jmo

Reply by rengel/CA on 12/21/06 4:09pm
Msg #167223

Unless you are feeling very charitable ('tis the season and all), and wish to do pro bono work, I'd gracefully decline this one.

If they won't give you written confirmation, it sounds to me like they won't give you your fee.

My .02

Reply by Lisa Prestegard on 12/21/06 4:10pm
Msg #167224

Tell the LO that, all things considered, you would be happy to render your services if he would be so kind as to send your fee via PayPal prior to the signing.
Sounds like this TC is quite used to having deals tank on them after having done considerable Title work? Just my .02

Reply by Linda_H/FL on 12/21/06 4:31pm
Msg #167239

Re: Thanks all - I agree -

I have to admit I'm skeptical about this one based solely on the fact that no one knows how to issue a written confirmation - and Brenda, I see your point about my questioning a no-sign fee or rescission fee and you're right - thankfully the guy who called me for this sounds like one of the good ole boys from the Bronx (if you get my drift - those who take a pound of flesh as collateral?) - I just couldn't believe title dumped it in his lap about my fee - and BTW I didn't discuss my fee with him - I discussed it with title - he bowed out of the conversation at that point.

This is a large, well-known lender and a large, well-known title insurer - I'm baffled. My last conversation with him (and get this) it was left that (1) he will fax me a confirmation; (2) he'll bring 2 checks to the signing - one for half fee if they don't sign and one for full fee to be handed over at conclusion of the signing (his idea, not mine). I also mentioned he could just put me on the HUD and my check would be cut at disbursement.

Needless to say I STILL don't have the confirmation.c

Reply by BrendaTx on 12/21/06 6:42pm
Msg #167253

Re: Thanks all - I agree -

Linda - If you want that signing, call him and tell him something to smoothe it over.

A handful of good, steadily producing RM LOs makes for a good little amount of business.

About the dump of the fee discussion, you might have been talking to an inexperienced scheduler who had not been around RMs very much.

Another thing is that there are lots of new RM LOs cropping up everywhere. This might have been *his* first rodeo.

Good luck!

Reply by Linda_H/FL on 12/21/06 6:57pm
Msg #167260

Re: Thanks all - I agree -

Nothing to smooth over Brenda - he wasn't offended - it just seemed he'd never been asked to provide a confirmation before - and the title company wasn't going to do it - told you it's bizarre

Anyway - I'm going there at 3:30 tomorrow - he sent me a letter guaranteeing my fee. WE shall see...

Reply by BrendaTx on 12/21/06 7:02pm
Msg #167262

Re: Thanks all - I agree -

**Nothing to smooth over Brenda **

You are trying to point out my spelling errors. You don't know me!

Heh heh heh...j/k

Good for you. I'll bet you've got two who are not used to dealing directly with the notary at worst. If it's a big lender and a big title co. it's not sinister, IMHO.

Reply by Linda_H/FL on 12/21/06 7:11pm
Msg #167265

Re: OMG Brenda - I'm sorry

That was NOT was I was doing...I'm so sorry if you took it that way - I hope you really were j/k - and thanks for your input...<G>

Reply by BrendaTx on 12/21/06 7:21pm
Msg #167267

Re: OMG Brenda - I'm sorry

Linda - I have just been wanting to say, "Hey, you don't know ME." Seemed like a good opportunity. For various reasons I am unable to check my posts for spelling without going to a lot of trouble...been missing lots of errors before hitting the POST button lately.

I had just caught the error. I was definitely J/k-ing.

Now, I need to go watch some tube. It's been a crazy week. Going to shut my eyes and say, "There's no place like home...there's no place like home!"