Posted by Brian Kondeff on 3/24/06 10:13am
Msg #108317

Another dumb newbie

I was a banker for many years until about 6 years ago, I am studying for my CFP and not really earning any income in the meantime. My wife, through a friend obtained her Notary commission here in Idaho and convinced me to do the same since I had previous experience with mortgages, etc. Anyway, I have had my commission for months and have not done anything with it, busy studying, but I get a call yesterday and a guy was in a hurry, needed a refi 1st and a 2nd done that evening 80 miles out of town. I told him I had done these things years ago, but was a brand new Notary and if he wanted I would do it. He did, I told him $100 and off I went to the title co to pick up the docs.

Now I havn't done a mortgage or any other load for a client in years, but even 2 years ago I bought 5 properties in one year, but still was not prepared for the amount of paperwork. The amount of disclosures and since this was done via a broker there seemed to be alot of duplication of the same disclosures for the broker and the actual lender (who were seperate - I always worked for banks and never saw this).

Well enough background, my actual question(s):

Do you ever get a list of signing instructions? I use to, but here all I got was alot of Docs.

There were different dates on alot of the docs, as I guess they were supposed to sign on the 22nd, but didn't until the 23rd. I had them all sign as of the actual date, the 23rd.

Lastly, 3 day recission: I remember the client was supposed to get 2 copies and sign the acknowledgment of receipt on one. This is what the form said, but for the refi 1st they printed out 4 copies, and on the refi second they only printed out 2 copies. I had the client sign 2 copies of the 1st, gave them 2 and on the 2nd I got a new copy made and gave them that. Is there a reason here or did they just print out the wrong numbers.

What is the normal procedure for the future?

I know that you well experienced professionals will probably flame-throw me for taking this assignment. I probably deserve it. But, since I did it and though I was extremely stressed to begin with and did injoy it(studying 8 hrs a day sucks) and would like to do more if I get the opportunity. I don't have time for alot of additional formal study now, so I was hoping some insight from you all would be very helpful. I'm not looking to take business away from the full-timers more so looking to pick up a few cases a week for last minute out of the way stuff that others might not prefer to do.

Reply by Patrick Anthony on 3/24/06 10:20am
Msg #108322

Wait a minute... 80 miles away for a 1st & 2nd for $100?

You're not charging nearly enough.

Reply by SarahBeth_CA on 3/24/06 10:33am
Msg #108331

Holy cow Brian. I'm not going to flame you but you totally sold yourself short on this one. Firstly you do have more experience than many newbies on this. Was it an ss or a tc/lender that hired you? The least I would charge would be $125 plus milage. Your looking at charging anywhere between $200-$300. Click on the orange search button and look up fees. There's a ton of information to help you. Also read the thread that starts with #33325.

One other thing. Always ask what they are authorized to pay before quoting a fee. Anyone that would hire you for that fee for that signing knows they are hosing you.

Reply by Victoria Harrison on 3/24/06 10:29am
Msg #108328

Go back to the Title Co. and ask them to adjust your fee upwards given the amount of paperwork, time and travel involved. They are not likely to be surprised at all. Instructions usually come, yes, but this sounds like a last minute all around rush deal for everyone, not just you. You dated correctly. On the RTC, they printed the wrong number of them. As for the future normal procedures? Repeat the steps of your first experience, all over again (haha, no actually, I"m serious). Or in some cases you may be asked to download and print the docs yourself at home. You'll need DSL/Cable connection, a laser printer and lots of legal sized paper for that. Be prepared to do fax backs per request as well. It's really expensive to use Kinko's or other public places for those faxes. Get your own machine at home (or a scanner so you can scan/email the requested docs back).

Good luck!

Reply by John_NorCal on 3/24/06 10:29am
Msg #108329

***Do you ever get a list of signing instructions? I use to, but here all I got was alot of Docs*** Not usually, anyway I haven't as of yet.

***There were different dates on alot of the docs, as I guess they were supposed to sign on the 22nd, but didn't until the 23rd. I had them all sign as of the actual date, the 23rd*** This is correct.

***Lastly, 3 day recission: I remember the client was supposed to get 2 copies and sign the acknowledgment of receipt on one. This is what the form said, but for the refi 1st they printed out 4 copies, and on the refi second they only printed out 2 copies. I had the client sign 2 copies of the 1st, gave them 2 and on the 2nd I got a new copy made and gave them that. Is there a reason here or did they just print out the wrong numbers.*** Their copies should have been in their stack marked "borrowers copies". Otherwise I think you did the right thing.

I know that you well experienced professionals will probably flame-throw me for taking this assignment*** No flame throwers here! You did the best you could!
***
80 miles out of town. I told him I had done these things years ago, but was a brand new Notary and if he wanted I would do it. He did, I told him $100 and off I went to the title co to pick up the docs. **** Not enough money, don't sell yourself short!

Good luck on the way to your CFP!

***

Reply by SarahBeth_CA on 3/24/06 10:36am
Msg #108332

Ok I only addressed the fee. Sorry. John is right on with his post.

Reply by jojo_MN on 3/24/06 10:31am
Msg #108330

The first I would do is add a state to your name so the appropriate notaries can answer to state-specific questions.

I would never charge less than $100 e-docs or $75 for overnight within 30 miles. After that, the further you travel, the more you charge. If you are doing a first and a second, the rule of thumb is charge 1/2 of the base fee (including travel) and a set price for EACH set of e-docs. (Example- travel 60 miles plus 2 sets of docs would be $100 as the base, 1/2 base for 2nd and $25 for each set of of docs. Total $200). Charges can be more or less depending on what you want to charge. The first thing you don't want to do is undercut other notaries or you won't set up any good business relations.

As far as the RTC, some companies send anywhere from one to five copies of it. Your responsibility is to make sure each borrower gets two copies of the right to cancel and any others are sent back to the lender/title co. If the docs are sent overnight without their copies, make sure you make them before you leave.

Good luck with your business.

Reply by Brian Kondeff on 3/24/06 5:58pm
Msg #108406

I will try to fix that, this was my first post, as you might have noticed I did name my state in my post, but it is great advice for the future.

Reply by Lee/AR on 3/24/06 11:00am
Msg #108340

Welcome to our world, newbie...and

you didn't charge nearly enough...double it, plus... if you can get it....and you should.

Reply by Brian Kondeff on 3/24/06 5:56pm
Msg #108405

Well, thanks to all. I knew I wasn't asking enough, but considering my lack of experience I priced accordingly, I was thinking $175 at the time. Knowing how many damn disclosures, $200 sounds better. Anyway, thanks for your responses, sounds like I did the right thing, or at least I didn't cost the lender and more importantly the signers any time or inconvenience. I will use this experince as a spring board and attempt to add some needed income as it will take a few years to get my CFP practice up and running.

I will say that I have alot of respect for you that make this a full-time profession, as dealing with the various interested parties, will assuming the liability that can come with action is a daunting task and very hard work.