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Payment Shortage
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Payment Shortage
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Posted by IL/notary on 8/14/08 2:56pm
Msg #260102

Payment Shortage

I tried the orange search button first but couldn't find anything on the topic. I want to be fair and I’m not sure what is the best way to handle this. I was given a closing 140 miles round trip with e-docs. My fee (to include extended travel) was agreed upon. When I arrived at the closing the first document the borrowers reviewed was the HUD. They became concerned there appeared to be an escrow due to the real estate tax deductions. Looking further into the package they found confirmation of an escrow and stated they have already paid their tax bill and would not sign a loan requiring an escrow. I contacted the title company and was told to have them change the bottom line of the HUD removing the real estate tax figures, initial the change, sign the HUD as well as the rest of the documents. She stated modification documents regarding escrow will follow in a couple days.

Later I learned the borrowers canceled the loan because the title company left me a message they would like me to go back and resign a new loan. When I returned the schedulers call she was in a meeting and I spoke again to the person I talked to the night of the closing. I quoted her the same fee as the first signing in the beginning of our conversation but, said I will try to work with them and will go over my fee when the scheduler calls me back. When my call was not returned I called back speaking to the same person and was told they did not want to meet my fee a second time and the closing was given to another notary.

Almost a month later after emails and phone calls my payment arrives $50.00 short. This is usually a great title company to work with. They do not require fax-backs, they do not micro manage and they pay at funding. I certainly don’t want them to stop using me (I average one signing a month from them) but, it seems to me I should be paid my entire fee. Is it standard among title companies or SS to deduct a portion of fee if the loan cancels. This is the 2nd time this has happened (I reluctantly waived half my fee the first time for a good client).

How do you some of you handle payment deductions from your Invoice when a loan is canceled? Do you waive it, write it off or re-invoice for the balance?? TIA!


Reply by Derrick/MT on 8/14/08 3:12pm
Msg #260104

It really depends on how valuable this TC is. Is the $50 worth more to you than lossing the relationship. I would call them and find out why they feel that they needed to reduce my fee and then weigh out the cost of proceeding with getting the money or keeping the relationship.


 
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