Posted by MonicaFL on 6/15/07 10:36pm
Msg #195453

FASS

Just thought I would give you an insight to how FASS works. I have been taking care of closings for them for about three years. I have been receiving a decent fee (even though when they call, they low ball but do come back with my specified fee). I was also one of their "white glove" notaries - a distinction given to notaries who supposedly have had little or no errors when handling their closings. I also attended their workshop on line. Now, get this - since I told them that I raised my fees (not much but actually to the fee they have been paying me anyway) I was just told that I can no longer be a "white glove" closer - because I raised my fees. Well, isn't that just ducky! I am being penalized not for my flawless or near flawless work, but because I asked for a fair fee especially due to the rising cost of paper, gas, toner, etc. They also said if I wanted to lower my fee, then I could then again be a "white glove" closer. Isn't that just a crock!!!!! I noticed on the last HUD that I did for them that they charged the title company (which by the way is their own title company) $375.00 and they showed the notary being paid $25.00. Don't know where they got the "$25.00" but at least we can now see, on paper, what they are making. Guess we are in the wrong business. Thanks for letting me vent. Monica

Reply by Susan Fischer on 6/15/07 10:57pm
Msg #195456

Let's see: On HUD; Title, $375; Notary, $25? Kidding? n/m

Reply by MonicaFL on 6/16/07 11:10am
Msg #195478

Re: Let's see: On HUD; Title, $375; Notary, $25? Kidding?

No not kidding. That's what it said on the HUD - of course that is not the fee that was agreed upon but I thought it was kind of strange!!!!!

Reply by Sylvia_FL on 6/16/07 11:22am
Msg #195481

Re: Let's see: On HUD; Title, $375; Notary, $25? Kidding?

Monica
I did a lot of work for a particular title company a few years ago, even though my fee was over $100 and they paid it, the HUD always said "Notary fee - $40"
I just assumed that $40 was the actual portion of the loan docs that required notarization and they figured the actual notarizations should be $40. But that is obviously what they were charging the borrower for the notary fee.

Reply by ReneeK_MI on 6/17/07 5:45am
Msg #195564

Closing fee/APR, Notary fee/NOT APR

That's the likely reason for the breakout, keeping that APR as low as can be by breaking out every little non-APR portion. Of course, interpreting what is/isn't APR requires/allows for a margin of creativity, a lot is left to lender interpretation.

Every dollar taken OUT of the APR can become another dollar added back INTO a fee that is included in the APR. If the APR is at/over the limit (that would kick the loan into Sect 32 as a "high cost" loan), it can be lowered by lowering a fee, right? Well, rather than take OUT dollars, they can be shifted into a non-APR fee (like "notary fee", perfectly legit there - assuming that the fee is accurate. I think the other name for this is "The Shell Game" =)

To be considered non-APR, the "Notary Fee" as labeled should be strictly fees for notarizing, and nothing else.

Reply by VioCa on 6/16/07 2:05pm
Msg #195494

What about this, I had to make a second trip to the borrower the same day for a reason out of my control and when I asked for a full fee for the second trip I was told that it is ridiculous for me to ask for a full fee (by the way, in the morning I was with the borrower close to one hour, when I should have walked as soon as I saw they will not sign, I waited for them to call the lender, broker etc ) So, she ofered $20 which I refused and then I was told that she will block me from doing further assignments. I am talking about a company that I have done hunderds of closings the past four years. It sounded to me like, "you do not want to do work for free, you cannot do any work for us anymore" Bottom line, I told her to do what she want but without a decent fee I do not go back.