Posted by 1lessday on 8/29/07 9:35am
Msg #208322

fees-on canceling and so on

what is the normal policy most companies follow when you have printed and are on your way to the closing and have gone 30+ miles from your house and the people call and cancel when your en route? Also, what is the most ss policies on cancelling in the 3 day period after you have done the closing? Do they go ahead and pay or what happens. Kinda new to this. Would like to hear what you would charge for these instances.

Reply by Elizabeth Soliday on 8/29/07 9:52am
Msg #208325

There is no normal policy. If you have signed a contract with the signing service, make sure to read it to see what it says about that. I guess the usual is half fee, but you need to think about what it is worth to you.

Make a fee schedule and break it down as far as what you charge for printing, making the trip and for a complete signing. I have what I call a "local fee" and "travel fee" to keep it simple. To me, local is within 15 miles. Travel is anything beyond that.

It's been said before that you should get it in writing (via email confirmation) before you start the assignment which is ALWAYS advisable.

Reply by Linda_H/FL on 8/29/07 9:53am
Msg #208326

IMHO the question is not "what is THEIR policy?" but "what is YOUR policy?" - if this is YOUR business YOU set your policy....mine is half of agreed fee for no-signs or a situation like yours, and full fee if the loan rescinds wthin the 3 days. Get this agreed to up front and in writing prior to accepting the assignment. Subject, of course, to variation based upon your relationship with the particular hiring entity (sometimes ya gotta give some to get some)..JMHO

Reply by Frenchie/TN on 8/29/07 10:00am
Msg #208327

agree w/ Linda n/m

Reply by Todd/OH on 8/29/07 10:03am
Msg #208331

I'm with Linda. Also, the confirmation doesn't always list stipulation fees. Other confirmations are so long it's easy to miss something. Develop your own policy and stick to it.

Reply by MelissaCT on 8/29/07 12:10pm
Msg #208356

Re: If I leave my house or office

I'm charging a trip fee. If I haven't left yet, but printed docs, I charge for the printing. If I haven"t done either, I take it as a general cost of doing business & don't charge. But, you'll find many answers to this question, depending on who you ask. As stated before -- YOUR business, YOUR policy falls within YOUR business plan.

Reply by SReis on 8/29/07 10:00am
Msg #208329

The Question is not what the ss's policies are but what you expect & have agreed to before closing.
IMO I expect full compensation for a no-sign (although in some ltd circumstamces I may accept less). I would NEVER accept anything less than my full fee for a loan that is rescinded. I did my job & my pay is not contingent on the funding. As for the travelling & cancel mid-way, at the very least I would expect my print fee & some sort of travel fee (depending on how far I had travelled - if it was close I wouldn't bother asking). Most importantly, this is your business & for you to determine your business plan not the ss. And don't be afraid to tell them what you expect (ie: if the loan doesn't fund you get pd). Just make sure everything is understood before you do the closing, or you may find yourself wasting lots of time & getting no compensation for it.

Reply by SReis on 8/29/07 10:01am
Msg #208330

Linda... I must have been typing at the same time as you ;-)

Reply by Linda_H/FL on 8/29/07 10:07am
Msg #208333

Re: fees-on canceling and so on..LOL Sreis..:) n/m