Posted by Alice Jones on 7/29/08 3:54pm
Msg #257545

Loan officer at closing with docs.

I got a call today from a title company telling me they need a Notary at a RM signing. "The loan officer will be there and will bring the docs". Do I charge my overnight doc fee? I show up and notarize needed docs and go.
New to me....... I don't know how to charge.










I will charge it like an over night docs closing.

Reply by CaliNotary on 7/29/08 4:00pm
Msg #257547

I just charge my normal fee. I actually prefer loan officers at Reverse Mortgage signings, those are one thing I can't explain very well and it seems to make the process go nice and smoothly for me. I have yet to do one that took longer because of the loan officer being there.

Reply by Les_CO on 7/29/08 4:51pm
Msg #257571

Yes. Charge your normal (RM) fee...Remember RM's take more time than a std refi. Charge accordingly.

Reply by Alice/MD on 7/29/08 5:09pm
Msg #257575

The docs will be printed and delivered by Loan Officer... I have to be there just to notarized.
My overnight fee takes in consideration no printing cost, and that is my question. What do you mean; charge my normal RM fee...even though I didn't have to print the docs?

Reply by jba/fl on 7/29/08 5:16pm
Msg #257576

Charge as though you were printing - charge $1, we don't care. Since I charge all inclusive, it doesn't matter if I print. Actually, I prefer not to print - profit is better.

Many charge more for RM's - saying they take longer. I charge the same - I don't see that much difference. But, it is your business, so charge what you think you will profit

Reply by WDMD on 7/29/08 5:31pm
Msg #257578

"The docs will be printed and delivered by Loan Officer... I have to be there just to notarized.
My overnight fee takes in consideration no printing cost, and that is my question. What do you mean; charge my normal RM fee...even though I didn't have to print the docs?"

Are you saying you will be doing nothing other than notarizing the required signatures? You will not be printing,conducting the closing, or returning the signed docs?

Without doing anything other than notarizations, I don't see how you can charge anything more legally than the statutory fee for notarizations plus 35 cents/mile and $5 travel fee if that is the case.

Reply by A-1 Signing Agents, LLC on 7/29/08 5:58pm
Msg #257582

I have had this situation. IMO a closing is a closing. Even with l/o there it could take the same or more time.

Reply by WDMD on 7/29/08 6:04pm
Msg #257586

"I have had this situation. IMO a closing is a closing. Even with l/o there it could take the same or more time. "

Don't know about your state but in Maryland time is not a consideration when notarizing signatures. Doesn't matter what kind of document is being signed either, a notarization is a notarization. Our notary laws do not say if you are notarizing signatures on loan documents then it is ok to charge whatever fee you can get.

If Alice is doing nothing more than notarizing signatures then legally she can not charge more than the statutory fee plus the allowed travel charges. If she is printing, conducting the closing, or acting as a courier then yes, she should charge additional for those services.

Reply by MonicaFL on 7/29/08 6:04pm
Msg #257587

I have been in this situation several times and believe me, it takes MORE time when the L/O is there because they have a tendency to carry on a conversation with the borrowers - this doesn't happen all the time, but has happened on several occasions. I charge my normal closing fee (figure not having to print the docs is a +).

Reply by WDMD on 7/29/08 6:40pm
Msg #257597

Correction: Travel Fees in MD are 31 cents/mile + $5 travel n/m

Reply by Nomad/OR on 7/29/08 6:04pm
Msg #257585

Charge a normal fee. It's still your gas and time. n/m

Reply by Les_CO on 7/29/08 6:12pm
Msg #257591

My fee for a std refi edocs, that is close is $125. For a RM $150. RM take more time, sometimes a LOT more time. The LO being there could help (if you've never done a RM) or could be a distraction. I can't advise you what to charge, there are to many unknowns. You must decide for yourself. In your position, I'd charge your std overnight fee, go do it, and chalk up any difference to education

Reply by WDMD on 7/29/08 6:20pm
Msg #257593

Let me start off by saying that if it was me, I would make sure I conducted the closing, and let the LO answer any questions, so there is no doubt about my closing fee.

I would like to ask though, whatever happened to that old saying we wear two hats at a closing. One as a notary and one as a signer? If one is just notarizing signatures, then it seems to me that one is only wearing their notary hat, and as such can only charge state mandated fees.

If you are only notarizing signatures, and charge a full signing fee, then you better hope the signer is not aware of notary law. It can come back to bite you.

Reply by Alice/MD on 7/29/08 7:23pm
Msg #257603

I have had loan officers show up at some of my closings before, but I have always printed the docs and came to closing with docs. This time the Loan officer will show up with the docs and deliver docs. I quoted my overnight fee for this closing. Thanks for your input. WDMD gave great insight and so did the rest of you who answered.