Posted by Genkichan on 11/29/06 12:19pm
Msg #162740

Note/Question for Bowie_MD on fees

Hi there. I saw your post below in the other thread regarding opinions on fees. You said that you can't seem to get any business above $100. I have some questions for you:

Do you have your TPL?
Do you have $100,000 Surety Bond?
Do you have $100,000 fidelity bond (new requirement as of Oct. 1?)

If the answer to any of the above is "no", then you are not legally set up properly to do loan signings in MD. Stop now and get properly licensed and bonded. If the answer is "yes" to all of the above, then I want to know how in the world can you AFFORD to work for so little? Besides the above requirements, you really should have a minimum of $250K E&O as a witness closer (not just as a notary) so that your personal financial exposure to those bonds are covered at least to some degree. That insurance premium will add another several hundred dollars to your annual operating costs. One payout on your bond without insurance to cover yourself, and can you say "I'm screwed"? Bonds have to be re-paid by you!

Sure, it's tough to get started as a new signer. But the worst thing in the world you can do is undervalue your own worth from the get go. You are undercutting other closers in MD, undervaluing yourself, and to top it off you will put yourself out of business in a hurry. If you know your business and can do the job well, then you really need to charge the going rate. If you don't know your business and are unsure of getting it done correctly, then you should stop all your closings, get educated, and then start up again. There is absolutely NO REASON to lower your fees just because you're new. You need to convince folks that you can do the job as good as anyone else, regardless of how many loans you closed (or haven't).

PLEASE, for everyone's sake, start charging the going rate in this state. You need to add at least $50.00, min., to what you've been getting, and perhaps more.

Best of luck to you. Vicki/MD

Reply by KimmyMD on 11/29/06 12:44pm
Msg #162751

Hey Vicki,
I have done all the above and I"m still being told no for asking $100.00 What gives, someone in Maryland or my area is doing signings for less then $100.00. I don't know what everyone else is charging? All I know is most companies that call me first start by saying "our fee is $50.00" and of course I say "you must be kidding me, I'm a licensed title producer who is bonded etc. Then I hear "oh" well what about $85.00. My lowest is $100.00 and I'm not making any money. Expecially with e-docs, now that the average pkg is 130 pages and up plus print a copy for customer. I think that maryland need to have a list of licensed Title producers available to all TC and Signings agents. This list should be held by the state . Who knows if that would help. I called someone on this sight who is listed in Maryland as a notary. I asked her if she could would do a re-fi. She said yes, I then asked if she was a LTP, she said no. Any way!!!!!!!!!!!!!!!!! your thoughts!

Kim

Reply by Genkichan on 11/29/06 1:04pm
Msg #162756

Kimmy,

The MIA already has a "producer search" function on their website. Anyone can look up a name and see if they have a title producer's license. If your lowest is $100, then you are way undercharging, too (unless that's for o/n HELOCs). You need to start reminding your callers of the legal and financial exposure that a TPL with $200,000 worth of bonds carrys on each and every transaction that we handle. AFter all, you carry equal the legal responsibility as the Title Co. does, even if you aren't preparing the HUD or disbursing funds. Remain firm and insist on higher pay for LEGALLY performed high-quality professional work.

And for that unlicensed notary that you called....REPORT HER to the MIA. Better yet, go to your local county recorder's office in the county where he/she would probably close loans, track down some deeds that he/she has notarized, and then report her with evidence.

You know, if I didn't have a full-time job, I would be so tempted to go through all the names of MD notaries on this website, cross-check them with the producer search function on the MIA website, write down all names of unlicensed notaries, and then scour the county records office myself. We need to find a way to WEED these cheaters OUT!

Reply by WDMD on 11/29/06 1:19pm
Msg #162758



"And for that unlicensed notary that you called....REPORT HER to the MIA. Better yet, go to your local county recorder's office in the county where he/she would probably close loans, track down some deeds that he/she has notarized, and then report her with evidence.

You know, if I didn't have a full-time job, I would be so tempted to go through all the names of MD notaries on this website, cross-check them with the producer search function on the MIA website, write down all names of unlicensed notaries, and then scour the county records office myself. We need to find a way to WEED these cheaters OUT!""


That would not necessarily mean a notary is doing signings illegally. Unless you have other proof that the signing was conducted solely by a unlicensed notary a notarized deed would not be proof. If the signing is conducted by another licensed individual, than the notary who merely witnesses signatures in consideration of the statutory fees is not required to be a title producer.

Reply by Genkichan on 11/29/06 5:59pm
Msg #162822

Yes, I see that's possible for IREP closings, and those closed in Title Co. offices within Maryland. Only the lender is listed on the DOT. Sometimes the refi aff filed with the HUD will list the closing title agent. I wonder if the county keeps records of who filed the DOT with them and paid the fees. All out-of-state filers are loans that were certainly signed remotely. I suppose that gives me something else to investigate sometime when I have a free day to look into it.

Reply by speedy10 on 11/29/06 6:58pm
Msg #162837

so this mean that the notary can actually legally witness the loan signing by himself, or there's a need for a title insurance producer to be present? to witness loan signing it's my understanding you don't need to be licensed is this right?

Reply by Genkichan on 12/28/06 2:47pm
Msg #168026

Re: NO, that's NOT what it means...

You didn't read the above post correctly. Read the MD SOS Notary handbook on notarizing deeds correctly. If you are doing the loan signing IN THE OFFICE of a title company where the title officer is present, or IN THE OFFICE of a lender with the banker (whose name appears on the deed) present for the signing, then you don't have to have a TPL necessarily.

That is because the handbook says that if you are the ONLY person present, in addition to the borrower, for the loan signing, then you MUST have a TPL and all the bonds that go with it (fidelity and surety).

So, NO, you can't do it without a license IF you and the borrowers are the only ones present. There are very few local TCs that hire ICs because they usually have notaries in-house. IREP's got a weird special thing going on where they call notaries into their lender offices to do the closings. Builders often do the same. I don't know of many others out there. So, if you're not licensed, you're not legally able to do very much work, and you might as well not even bother trying.

Reply by KimmyMD on 11/30/06 1:28pm
Msg #163026

Thanks for taking time to respond. I appreciate hearing from other folks in Maryland. It gives you a real sense of whats going on!

Kimmy