Posted by Cindy Wynn on 2/7/07 1:27pm
Msg #174544

non-payment due to recission

What is the normal policy for payment when the loan is cancelled?

Reply by Jessie Calderon on 2/7/07 1:47pm
Msg #174551

Some companies will pay FULL fee, others will pay 1/2 the agreed fee and some will not pay at all! If you have signed a contract with them, check it out. If not, ask before you accept! :0)

Reply by Les_CO on 2/7/07 2:17pm
Msg #174562

Some don't pay at all. Ever! Whether the loan closes, or not! But I guess if I don't want to be "blackballed FOREVER" by "everyone," or have some cheesy private dick sniffing around, I can't mention any names like SOX or Signature Plus.....Whoops...Oh NO! Now they won't call me EOM to go present a double 30 miles away!!!!!! (sorry...slow day!)

Reply by Roger_OH on 2/7/07 2:35pm
Msg #174567

My invoice states that my fees are not contingent upon whether the loan funds, and the acceptance of the executed document package indicates their acceptance of and compliance with that policy.

Once you have completed the notary/signing agent services you were hired to do, you are entitled to your full fee. Anything after that is beyond your control, and as a notary, you can't have a financial interest in the outcome of the loan. No-signs at the table may be negotiable since you didn't complete the job, but not once you have done the work.

Reply by jojo_MN on 2/7/07 5:27pm
Msg #174587

My invoices all state that I will not accept anything other than full payment for my services. If I go to the borrowers house, I still get full pay. Our pay can't be contingent on whether or not a borrower signs the documents, otherwise we are an interested party in the transaction.
All of the companies I work for are aware of my policy.

Reply by MsRobboPA on 2/8/07 8:30am
Msg #174652

My policy: If you drive to the borrowers home, the loan signs, and then the borrowers cancel, full payment is expected. If there are edocs involved that should be covered too. Stick to your policy and make sure that they PAY!