Posted by A-1 Signing Agents, LLC on 7/16/08 4:09pm
Msg #255468

Find your own notary?

I'm sure this has been addressed already, however, I couldn't find anything on it. May be a good opportunity for me here anyhow. I called to confirm a closing for tomorrow and the agent thought it was odd that the TC told her just to find a notary. I know myself and everyone else feel like more than just a notary doing this job. Anyhow, she was saying she is getting this more and more and refuses to do it. I told her just call me. Not a problem and she seemed very happy. Now, here is the issue. If that is the case that the TC's are telling them to find their own Notary, who would we charge. Sorry if it sounds like a dumb question but I think it's legit. (NO POUNCERS PLEASE). I'm sure someone has the answer to this question. I'd like any feed back. Thanks in advance.

Carol (Nice way to cut out that middle man too IMO)

Reply by MistarellaFL on 7/16/08 4:27pm
Msg #255473

It sounds like a mail away closing in which the TC sends the docs directly to the brw, and the brw bears the responsibility of payment.
This is not a signing appointment, and you will only be notarizing the appropriate docs.
Down here, I can charge brws a "package price" between $50-$75. Anymore than that and they go to UPS. Some folks have been more successful with charging more.
The upside is payment COD.

Reply by James Schultz on 7/16/08 4:30pm
Msg #255475

For the borrower to hire their own Notary is a great idea. There are a few lenders that do that, I can't remember their names at the moment, but I've done several over the past few years.The borrrowers pay us directly, and save lots of money on the signing fee.We don't have to worry about the loan funding, the SS stiffing us, and would help with our cash flow.

Reply by lindetteh_PA on 7/16/08 4:31pm
Msg #255476

Maybe I mis read but the original poster said the AGENT was told to find there own notary not the borrower

Reply by A-1 Signing Agents, LLC on 7/16/08 4:33pm
Msg #255477

Yes, it was the TC that told the real estate agent to find their own notary. I think it's great actually.

Reply by Merry_CA on 7/16/08 4:34pm
Msg #255478

I don't know if it is the way TC's are doing business in the area of Northern California that I live in, but I am called often by borrowers who have received overnight docs and they need a Notary to I.D. them and notarize docs as needed. I charge what you would see on the HUD as Notary fees. I have never had a borrower question my fee and am always paid at the table. In my opinion this is the best way for the Notary.

Don't quit your day job!

Reply by Charles_Ca on 7/16/08 4:34pm
Msg #255480

In CA its $10 per sig, I advertise for that service locally!

Save money, no intermediaries and I get paid immediately from the BO, it just doesn't get better than that!

Reply by lindetteh_PA on 7/16/08 4:34pm
Msg #255481

Re: Find your own notary? sorry hit the buttin to quick

I think you should call the Agent and ask her how should you expect payment if she says the Title company you should firm it up with them to make sure they are responsible or request to be added to the HUD

Reply by Julie Dailey on 7/16/08 4:56pm
Msg #255491

Re: Find your own notary? sorry hit the buttin to quick

I've been called by the borrower several times and I charge them a flat $50. Some don't want to pay that much and will go to their bank.

The thing with hiring their own notary is that for notary fees, all they get is notary service. I go above and beyond and make sure everything is done correctly...because if I didn't, the package would go back with missing dates, missing initials, etc.

Reply by Sylvia_FL on 7/16/08 5:08pm
Msg #255502

Re: Julie

The bank probably won't notarize for them. Banks here are sending them to me, telling them that they cannot notarize the loans as somewhere along the line their bank may have an interest in the loan.

Reply by sue_pa on 7/17/08 8:20am
Msg #255556

I'm curious

Why, if you are hired as a notary only, do you do anything 'above and beyond' what you are being paid for ... potentially opening yourself up for liability. If it goes back with missing initials, dates, etc., it's of no concern to you.

I truly don't feel anyone receiving notary fees should EVER comment on anything other than what they are hired to do which is notarize. If I'd go to a local notary to have something notarized (not talking about loan docs here), I cannot imagine they'd make any comments about anything other than asking for my license and my $5.

I notarized estate planning documents for a family last week and I didn't review any of them although preparing those very docs was my job for several decades. I didn't review to be certain they were in the proper format or determine whether several pertinent clauses were in there. I just took licenses, had them sign, notarized and collected my check.

If presented with a Deed to notarize (private situation, not relating to a closing), I wouldn't ask the questions or review it the same as if I were in the law office.

"Notarizing", whether having to do with loan docs or anything else we have 'expertise' in, is notarizing, not going beyond that scope.

Reply by Les_CO on 7/16/08 4:58pm
Msg #255496

I think this could have/cause problems. If you are just acting as a notary, and charging accordingly, I see no problem. If you are acting as a NSA, and charging accordingly, and this charge is NOT listed on the HUD, I believe this to be a RESPA violation.

Reply by Sylvia_FL on 7/16/08 5:01pm
Msg #255499

I'm getting quite a few borrowers coming to me with Modifications.
Company is sending them the docs and they are told to find their own notary.
They usually go to the local pack n ship place, expecting to find a notary there, but they don't have a notary so they send them over to me. (get lots of notary business through them, they have been sending people to me for almost 10 years now). Even the local banks are sending them to me.
Nice, money on the spot. I don't have to go over the docs with them as they only want a notary. Only takes about 10 minutes maximum!

Reply by WDMD on 7/16/08 5:09pm
Msg #255503

In Maryland if a notary was to charge more than the statutory fee they should have a TPL.

Reply by lindetteh_PA on 7/16/08 5:48pm
Msg #255510

Re:RE_READ THE POST IT"S THE AGENT NOT THE BORROWER ASKING n/m

Reply by WDMD on 7/16/08 6:02pm
Msg #255511

Re: Re:RE_READ THE POST IT"S THE AGENT NOT THE BORROWER ASKING

No matter who asks in Maryland, if the notary charges more than the statutory fee they need a TPL.

Reply by Les_CO on 7/16/08 9:31pm
Msg #255539

Re: Re:RE_READ THE POST IT"S THE AGENT NOT THE BORROWER ASKING


My take is that this is about a purchase/sale, where the Title Company is telling the Real Estate Broker (that also may be doing the “closing”) to get their own notary. There is nothing wrong with that. However if there is a loan involved, and a HUD, and the buyer/borrower is paying for the services of a “Signing Agent” it should be noted on the HUD (Also, in my opinion, any Notary fees if they are revelent to the cost of the transaction.) If the RE broker pays the notary great.

Reply by EastTxNotary on 7/17/08 8:01am
Msg #255554

Re: Re:RE_READ THE POST IT"S THE AGENT NOT THE BORROWER ASKING

I had one of these. Two realtors involved, "big dogs" selling and both they and the buyer were approx. 80 miles from the subject property and couldn't be bothered to come to a closing in our little old county. So, the realtors hired me, drove me to the seller first and then to the buyer to do my "thang". Got a check from each realtor when they dropped me back at my car!

Other than this, I also own a pack n ship store and frequently have BO's come in with their loan packages, having been directed to do so by TC. We have an "area" where they can sort out the docs requiring notarization (and in Texas that is generally quite a few) and when they've done that we can deal with those docs only. We can charge $6 per, so we usually make $30 - $60 a pop! Nice quick money, and the BO's are always grateful. (If I'm there and doing the notarizations for them instead of my employees, they get a little more bang for the buck because I can't stop myself from going into NSA mode.)