Posted by Linda_H/FL on 7/15/07 10:15am
Msg #199976

RESPA Signings

Would appreciate input on this - I'm wondering if I'm thinking incorrectly about this -

Got a cold call last night from a mortgage broker (someone I've never worked with and do not know) looking to have me handle RESPA signings in my area - print apps, meet with clients, collect info, yada yada...sounded good until he said "You have to understand that if the loan doesn't close you don't get paid"...??? Is this standard?

I've done RESPA sigings - have been asked to wait until funding for payment, which I've agreed to and have been paid, but have never been told I won't get paid if loan doesn't close. My answer to him was a polite "Sorry but I can't work that way..." with my explanation why.

Input appreciated and TIA.

Reply by Sylvia_FL on 7/15/07 10:47am
Msg #199978

Not your problem if the loan doesn't fund. You have a fee for going out there and getting the RESPA docs signed, you complete your side of the deal then they need to pay you.

Reply by Calnotary on 7/15/07 11:07am
Msg #199980

Of course you have the right to get paid regarless!

What unrisky way of doing business, they can have hundreds of notaries doing respas and if only 5 out of 100 closes thats the only ones you have to paid the notary, what a jacka**.

Reply by Linda_H/FL on 7/15/07 11:09am
Msg #199981

That was my response to him..."So, what you're saying is I print docs, meet with your borrowers for maybe an hour, collect documentation and then MAYBE get paid, maybe not? Sorry...I can't work like that"...I also threw in the fact that we're very rural here and NOTHING is any closer to at least half an hour drive, more like 45 minutes or so..

Needless to say I won't be hearing from him..I hate to burn bridges so I told him to keep me in mind for his closings.....it just seemed very unreasonable for him to even expect anyone to agree to that.

Reply by Lee/AR on 7/15/07 12:59pm
Msg #199991

Many years ago...

when I was wearing an LO hat, I did what they are asking you to do now. Even tho' B's were pre-qualified on the phone before you met with them, there were often undisclosed surprises at the table. This meant you had just wasted your time with these folks. However, when a loan did close, as a LO, you make a whole lot more money than as a notary...or, in this case, merely a gofer. If I'd have thought of it AND could have found a bunch of willing non-paid unless it funds gofers to run around doing part of my job--woohoo--what a neat deal for me!

Reply by LisaWI on 7/15/07 2:51pm
Msg #200000

Re: Its a Darn Good

thing he said something before the appt. At least you knew ahead of time or that could of really stunk. And who knows, you might be able to get some closings out of this, if you stay in touch with him. He's probably not the only LO in the office he works in
Sometimes, what seems like it could be a lousy situation, can be turned to the good, if ya work it

Reply by Linda_H/FL on 7/15/07 5:25pm
Msg #200009

Re: Yup Yup Yup

Which is why I thanked him for his call..."sorry we couldn't come to an agreement on this part but keep me in mind for your closings...or should you change your RESPA payment policies"...<G>

Reply by Margaret_FL on 7/15/07 6:16pm
Msg #200011

That is not how I work, currently doing the application and Respa docs for a company and I get paid $200 not matter what happens.