Posted by Jason on 9/6/06 2:49pm
Msg #143875

New kind of signing svc: fyi

Got a call for a signing last week from a branch of BigChain Title Company. Fee was $50 lower than my usual with this chain of TCs but it was $1xx and I was free. I took gig.

Did signing. Put my invc in return FedEx pkg to BigChain.

Today get fax from "MomAtHome's Signing Service" saying pymt was approved.

I call BigChain TC - the phone # from confirm sheet. I get Mom's Signing Svc.

I asked about fax.

Mom said I will be paid directly from BigChain. BigChain pays me my fee and pays Mom her fee for scheduling w/ me. No wonder the fee was $50 less than what I usually get from BigChain.


Yet another way for someone to cut into the fees paid for a signing appt.


fyi

Reply by Signing_Doc on 9/6/06 2:57pm
Msg #143878

Ok...what am I missing?...you got a call from "BigChain Title"...NOT Mom's Signing Svc. Your agreement was with "BigChain Title"...NOT Mom's Signing Svc. WHY is Mom's Signing Svc (MSS) involved to begin with? I'm hoping you got a confirmation...if you did, was it from MSS or BigChain TItle (BCT)...If the confirmation was from BCT, then MSS is not even IN this loop. When BCT called you for a signing and it was $50.00 lower than your usual...and you accepted it...then you had a contract with BCT, NOT MSS. (not legal opinion, I'm not a lawyer and I'm not giving legal advice...)

"Doc"

Reply by Ndwa on 9/6/06 3:07pm
Msg #143881

The logic could be that MSS provide BCT with a list of SA for a fee. But then who know what their relationship is.

Reply by Jason on 9/6/06 4:47pm
Msg #143902

Agent is key word

This is a new animal.

This new "booking agent" is like a svc that finds apts for people. The landlord pays the service to list its available apts. The svc tells renters about apts in their database. The rental contract is between the renter and the landlord.


Mom is independent contractor working from home. Mom SAID she was calling from BigChain TC. She fibbed. She did not say she was calling from home and was just BC's agent.


How it works:
Mom gets list of signings to fill from BigChain TC (just like a SS).

Acting as BigChain's agent, Mom finds NSAs for TC. BigChain tells her what they pay per gig. Mom tries to get notary to take lowest fee possible because Mom gets rest.

BigChain pays me directly. My contract is with BigChain.

Mom is not a traditional SS because she doesn't get pd by TC then pay NSA.


You're right Doc - I should have looked at the email address on the conf sheet more closely. I thought I was paranoid enough already. Guess I'll be worse after this.


I took lower-than-usual fee because appt was 4 miles away, borrowers already had docs, and gig pd $1xx. This BigChain branch was in a different state than the one I usually work w/. I just thought this new branch paid low. Just like fees from different FAT branches vary widely.


Just a heads up 4 other NSAs.

Reply by Becca_FL on 9/6/06 7:22pm
Msg #143937

Re: Agent is key word

Very interesting, Jason. Thank you for the heads up on this new animal.

Again I have to ask...what the heck are people thinking when they choose a company name?

Reply by Jason on 9/6/06 8:10pm
Msg #143953

Becca

Thx for posting.
I was wondering if anyone understood what I was trying to describe. You got it!

fyi
I made up SS + TC names.
I didn't want to post name on this board.

But you're right: there are some super stupid SS names out there!

Reply by JanetK_CA on 9/6/06 9:28pm
Msg #143966

I don't think this is necessrily new - just not as common. I've run into similar situations where someone has a connection at a tc that doesn't want to have to worry about finding SAs. The "agent" claims to be a ss, offering lower than tc fees, but phone number for "agent" goes to tc offices. This person could even be a tc employee, but now they want to pay you $50 less, as in your example. Any way people can find to get a piece of the pie, they will. Also this is a business ripe with nepotism and inside deals. Any combination you can imagine probably exists somewhere.

Reply by patricia on 9/6/06 10:01pm
Msg #143971

I ran into this about 3 years ago, with Stewart Title, one of the manager's daughter's stayed at home and wanted her own business so she started a signing service for the title office and kept a big part of the fee, I figured it out after the first signing and complained to the title company , they sent me the whole fee and dropped the so called SS. If it happened again I would handle it the same way.