Posted by MikeC/NY on 9/1/07 7:06pm
Msg #209089

Here's an interesting one...

I did a signing on Friday, and the HUD-1 line for "Notary Fee" was less than what they were paying me.

I know they buried the real amount somewhere else, and much of the time that line is blank, but if there's an amount there I've never seen it less than what I'm being paid. Anyone else run into this before?

Reply by Stoli on 9/1/07 7:10pm
Msg #209090

This morning I signed a loan that didn't list notary fees. n/m

Reply by Sylvia_FL on 9/1/07 7:31pm
Msg #209099

Yes, quite a few times. I know when I did signings for IPT several years ago although I was getting over $100, the notary fee was always listed as $40.

Reply by Becca_FL on 9/1/07 8:56pm
Msg #209109

IPT? Now that's a Co. I haven't heard of in ages.

Didn't they merge with a low baller? I can't remember what happen to them. Gone are the hay days.

Reply by Sylvia_FL on 9/1/07 9:16pm
Msg #209111

Re: IPT? Now that's a Co. I haven't heard of in ages.

Don't know if they merged with any other company or not
Only know I got a lot of work from them, and then Jamie started his signing service and gave them a lowball fee and so they started using him as a signing service. When he got out of the business I called them and was told they already had signing agents in my area doing their signing for under $100. (These were packages where you also had to copy the signed package and send the copies with original mortgage to IPT and originals with copy mortgage to lender - usually Wilmington Finance if I remember correctly) No way was I doing their signings for under $150)

Reply by LJ on 9/2/07 9:53am
Msg #209134

Re: IPT? Now that's a Co. I haven't heard of in ages.

I did a quite a few for IPT but not recently. Last one was in July. Although notorious for re-schedules, I enjoyed working for them. Inoviced at end of month and paid for entire month in one check. Nice.

Reply by JanetK_CA on 9/2/07 1:24am
Msg #209125

Yes, but not often...

It's either, as you said, partly buried somewhere else, or I'm being paid by a ss that wants to make sure they take care of a situation with a good client of theirs. It's just another example of why we need to be careful about focusing too much on what is put on the HUD. It can make you crazy sometimes.

Reply by ReneeK_MI on 9/2/07 4:50am
Msg #209126

actually CORRECT way to part-out fee

The fee shown on that line on the Hud (Notary fee) really shouldn't include anything BUT the actual state-allowed fee, for the actual notarizations. The reason for that is because notary fees are not designated to be included in the APR calculations - while the added items (mileage, printing, SS portion, etc) ARE in the APR calculation.

When a lender prepares their HUD (assuming they calculate their APR's correctly), they'll guesstimate a reasonable (or even factual!) fee for the actual notarizations, and enter that on the Notary line - dump everything else into an APR fee line (like "Settlement/Closing cost" line). With the lending software, the HUD 'APR' lines are hard-coded and the TIL is generated by those lines/fees.

Some T/C will follow the lender's Hud exactly - some will part things out differently, but totals will be the same; some lenders require their Huds to be signed. Some lenders don't correctly calculate these fees. So - sometimes you'll see this parted out like you did, sometimes not.