Posted by Tony_FL on 7/30/08 1:46pm
Msg #257684

Is it getting to the point ..

.. where the borrower will have to pay our fee at the table in order to begin the signing? It sure looks that way.

And I say at the table because you KNOW that neither the TC or SS will 'front' the fees for the borrower prior to the loan funding.

At the rate it's going, we may have to make this type of demand SOON!

Reply by jba/fl on 7/30/08 1:53pm
Msg #257687

Agree...sad state of affairs. n/m

Reply by Les_CO on 7/30/08 1:56pm
Msg #257691

If the Title Company goes belly up, they are unlikely to pay the SS's or the notaries. Most SS's are now fronting the fees to the notaries, and hoping to get paid by the title company. Not a bad idea though. When scheduling just tell the borrower to have a check ready for the notary. Problem is how do you put it on the HUD?

Reply by jba/fl on 7/30/08 1:57pm
Msg #257692

POC n/m

Reply by jba/fl on 7/30/08 1:59pm
Msg #257694

Re: POC

And I may not want a check either - MO, CC, Cash, collected funds. You know there will be some balking too - "Money due at the table???" totally aghast.

Reply by Les_CO on 7/30/08 2:10pm
Msg #257704

Re: POC

If they don't mind paying the appraiser, they shouldn't mind paying a much smaller notary fee. I used to have one company here that put me on the HUD and never had a borrower complain about the fee. In my first post I should have said "on time". Half the time today after title works up the HUD, it has to go back to the lender for approval. This is usually 10 minutes before the scheduled signing. Can you imagine having to send it back to include a notary fee POC.

Reply by SheilaSJCA on 7/30/08 2:01pm
Msg #257696

Exactly...paid outside of closing. That makes so much more sense. I do not see a borrower having a problem with that. Unless they are willing to go to the esrow office or title company directly, they should be willing to pay for this service up front. Most people are willing to pay for the convenience , as well as the savings to them in time and gas.

Reply by desktopfull on 7/30/08 2:06pm
Msg #257699

Time to be paid the same as an appraiser, they never

have to bill for their money.

Reply by Tony_FL on 7/30/08 8:32pm
Msg #257852

Show it as a PREPAID fee or whatever fee

Since we are having to wait for the edocs anyways; and you know the HUD hasn't been finalized when you accept the signing (90% of them anyways); why can't they show on the HUD-1 that the borrower is paying the Notary fess out of pocket, just like they did the appraiser, surveyor, etc.

Reply by christiSocal on 7/30/08 2:08pm
Msg #257700

I have had several borrowers ask me what they owed me at the end of a signing.
Then again I've had others who knew it was packaged in and were grateful because they just didn't have it.
It just may have to come to this though.

Reply by SheilaSJCA on 7/30/08 2:33pm
Msg #257713

Or how about this? The lender sends the borrower the loan docs, and has them find a notary. This is a trend I have seen in my area, lately, more often in recent months. Then the notary comes to terms with the borrower directly. There is no reason why it can't be handled outside of escrow. period.

Reply by jba/fl on 7/30/08 2:34pm
Msg #257714

Now the Yellow Pages would be a good place to advertise, esp. for those who are not computer savvy.

Reply by MistarellaFL on 7/30/08 2:43pm
Msg #257717

Yellow Pages would be a good place to advertise

I have to mention this: I took out a yellow pages ad this year...and it has paid off.
But the caveat is this: most brws aren't willing to pay $150 for a loan signing.

I've had them balk at a $50 cash payment. Depending on what you can get per notarization, they will nickel and dime you, and when you are almost giving it away, they will go to the UPS store and get it cheaper. (In my experience here).
We can charge $10 per notarization (not signature) in Florida. UPS charges $10 for the first, and $5 for each subsequent notarization....meaning, if there are 3 notarizations in the package, they will pay me $50, for 3 notarizations and $20 travel fee. Instead, they are choosing to drive to the ups store and pay them $20 TOTAL.
I'm not trying to sound negative, but this has been my experience with docs to brw in the last 6 months.

Reply by Susan/CA on 7/30/08 3:21pm
Msg #257750

I have had the same experiences!

Borrowers or even people calling for general notaries nickel and dime you, call around and yes eventually go to a UPS, Mailboxes etc., FedEx etc. and pay 10.00 per signature. People don't want to pay the notary more than 10.00 per signature. Or should I say, most people don't. That has been my experience more and more as of late.

Reply by Lee/AR on 7/30/08 4:01pm
Msg #257772

And they sure balk at travel expenses... n/m

Reply by Charles_Ca on 7/30/08 4:51pm
Msg #257793

Re: And they sure balk at travel expenses...

Let them come to your office and charge the per signature fee. I have no problems with that, in fact I'd rather they came to my office then I only have to deal with the notary docs and they can mess with the rest, I find they usually come back asking how much I'd charge them to go over the whole pile, by that time they are glad to pay whatever it takes. Of course the docs are all messed up and it takes more time but then one is compensated for it.

Reply by Alice/MD on 7/30/08 3:54pm
Msg #257769

I agree that it is at the point .... getting paid at the table is what we did ( my husband and I )when we went to a lawyer to close our mortgage loan back in 1998. I was not a mortgage loan closer back then, at the time ,and did not know that it could be placed on the HUD. WE were told to have a check made out to the closer in the amount of a much larger amount than what I charge to close a loan. This lawyer did nothing more than point to where to sign. There was no notary present to notarize my DOT even. The loan closed.