Posted by KKinNoCal on 8/22/07 2:41pm
Msg #207029
Some Title companies are stealing our pay!
I got a last minute call @ 4 pm. Can I pick up docs 30 miles away to do a signing another 30 miles away. (About 60 miles one way for me) Of course docs need to be picked up before 5. This is max rush hour in the Bay area going in the heavy traffic direction. So I say sure for $XXX. SS .. I need to check with the title company..I don't think they will pay that. Get a call back, " ya know since times are so slow, the Title companies are paying notaries less, but guess what..they are not charging the BO less!
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Reply by CJ on 8/22/07 3:45pm
Msg #207044
I got a call from a SS too. They never call me becuase they have a regular in my area. But the SS lowered their fees, so they were looking around. I asked why they are lowering their fees if times are slow (becuse if anything, we need it more). They said that the Title companies are paying them less, so they have less to work with.
It upsets me becuse we are usually talking about a $25 or $50 differnce to the notaries, which to a borrower paying thousanceds in closing costs is such a small fraction. I have a legal background, not a real estate background, and like the borrowers, I see the HUD and think "what are all these hundreds of dollars for?". I keep my mouth shut, but it does look like a lot of paper shuffeling on the HUD. I know that we actually DO something: drive out, hold borrower's hand for 1/2 hour to 2 hours, drive back, fax back, drop docs on time, get hung if there is a mistake, etc. I think we earn every bit of it. When I see "redraw" for a couple hundred, I think, "Don't they just punch in the new numbers and re-run the merge file?" (Don't eat me alive, I know I am ignorant about this.)
Too bad we can't pass on the slow fees to the utility company and the rent, "Well, they are cutting what they give me, so I am cutting what I give you. It's only fair".
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