Posted by catherine mckeown on 1/21/07 10:42am
Msg #171934

equity mortgage loan

I'm signing equity mortgage loan docs, what should I charge for this?

Thanks.

Reply by PJM/MI on 1/21/07 10:48am
Msg #171936

It is up to you and you only to decide what you want/need to charge. Is it edocs? How far are the borrowers from you? What did the company offer you?
Lots of variables here.

Reply by catherine mckeown on 1/21/07 10:54am
Msg #171939

Hi-
The borrower called me directly, the docs are being sent to them, they live very close to me.
I ask because I have never done this type of signing before and want to charge the going rate.
thanks.

Reply by ZeeCA on 1/21/07 11:11am
Msg #171940

there is no "going rate" You are a business and have to decide your fees.

I would think if you have agreed to this signing you have an assigned amount whether you or they set the fee.

Reply by catherine mckeown on 1/21/07 11:20am
Msg #171943

Re: equity mortgage loan- thanks for the help n/m

Reply by Barb/MO on 1/21/07 1:07pm
Msg #171952

Might your state notary statutes apply?

When I received a call from a borrower in a similar situation, I was serving as a notary only. I didn't handle any of the other docs and wasn't responsible for them in any way. Therefore, I charged only the statutory "expedited convenience fee" of $25 (the allowed maximum) and $2 per signature. I didn't charge for mileage, even though I could, because it was only about 10 miles round trip.

Now, if you provide services beyond that of a notary, then you probably are okay to charge more, if you're so inclined.

Reply by MikeC/NY on 1/22/07 4:47pm
Msg #172071

I agree with you on this one

I recently took a call from a borrower who received the docs from her lender and was told to find a notary. Normally she would have tried her bank first, but because she and her husband had conflicting work schedules it wasn't possible to do that. She found me here on NotRot - said she googled "find notary public". NotRot was one of the first that came up, and I was the first listed in her zip code (another plug for premier membership here).

I could only charge her a nominal trip fee and $2 per signature. There's no way to justify charging more than that, because I didn't do anything else with the docs other than locate the ones that needed to be notarized. If you're not responsible for the docs, are not adding "extra value", and are acting solely as a notary I think you need to be especially mindful of what your state statutes do and do not allow.