Posted by MB_NC on 5/13/08 11:47am
Msg #247256

Are they kidding?

I haven't done too much of this work latelty because of my other job, but..I received a call on Monday for a closing (about 15 minutes from home). I agreed to overnight docs only. The fee was to be $100.00 ~overnight and close to home HELOC ~. Pretty simple stuff. Well I just received a call from somebody, advising me that the documents were in my email already fro tomorrow morning. I told her that I only agreed to overnights for that price, and I would need an updated confirmation for and additional $50.00 for the edocs. She said that was fine..Guess what I just got in my email...and upated confirmation for an additional $25.00, and they want 3 copies...Are they kidding?

Reply by CopperheadVA on 5/13/08 11:58am
Msg #247260

3 copies.... Hmmm, was this from Settlement Corp?

Reply by MARY BETH FOTHERINGHAM on 5/13/08 12:05pm
Msg #247262

Why yes, as a matter of fact it was Settlement Corp. And like I said, I don't do a lot of this work any more, but I have never been asked for three copies. Now the best part, I just opened the docs and surprise surprise, it is a refi not a heloc!! Go figure.

Reply by CopperheadVA on 5/13/08 12:38pm
Msg #247267

Oh, wow. They did something similar to me a while back. They told me it was a small, 35 page HELOC. Well, it wasn't, especially when you add in the 3 copies of the Mortgage/DOT and they also want 2 copies of the Agreement. You actually did pretty good to get $100 for o/n docs - they will only pay me $75. Their o/n docs frequently turn into e-docs, and they pay $25, so I'm surprised the girl agreed to $50.

If it's a refi instead of a HELOC, there quite possibly is a list of faxbacks required before you ship the package back. They only want to pay $90 + $25 for e-docs, for a total of $115. The last time they called I quoted my normal fee (higher than $115) and they accepted, classifying the extra fee as "travel". In the past I have had to insist with them that I cannot begin printing docs until I receive a correct confirmation.

Reply by Pierces Notary Services on 5/13/08 12:52pm
Msg #247271

I just did one for them - do you know what their payment terms are? I had two actually, one was adjourned so I am getting a travel/print fee and the 2nd is full fee - the girl told me that the check would go out 6/15.

Reply by ME/NJ on 5/13/08 1:02pm
Msg #247273

First off what compamy would pay 50 edoc fee for 55 pages..

Get real, wake up. Settlement Corps payment policy is anything that funds this month a check will be cut 6/15 and is mailed a day or two later (payments arrive between the 20-24th of the month)

Reply by sue_pa on 5/13/08 1:30pm
Msg #247280

quite a few

First, it's not 55 pages when she's saying 3 copies - that would mean the document package is only 18 pages long - of course if that's true, I'd line them up all day long.

The number of pages to be printed isn't my concern - I don't charge extra for a large package and I don't charge less for a small package. I charge, and receive $50 e-doc fee EVERY day. TIME to be available to print and maintaining the PROPER equipment are my main criteria. "Back in the day" when docs were overnighted, all of us who were busy did double digit orders DAILY. Basically impossible with e-docs. To maintain the same income level for the same hours per work day, charging appropriately for the e-docs makes up the difference.

Reply by ME/NJ on 5/13/08 3:38pm
Msg #247293

Settlement Corp HELOC package

runs between 43-55 pages, add 20 more pages for the extra mortgages. Takes about 10 minutes to print out everything.

Takes about 8-15 minutes to sign.. Best money you can make if you keep it local like I do.

Reply by CopperheadVA on 5/13/08 1:05pm
Msg #247275

That sounds right - anything that funds in May will be paid on June 15th.

Reply by MB_NC on 5/13/08 1:05pm
Msg #247274

Well I sent them back an email explaining that I told the girl this morning my fee would be 150.00 and not 125.00. I actually received a new confirmation for 150.00, I was very surprised, but she did send an email advising me that in the future their edoc fee would be 25.00 and not 50.00. That's fine...for an actual HELOC

Reply by ME/NJ on 5/13/08 1:10pm
Msg #247276

You killed a possible large volume client

After you're done you will be pulled from there data base, they offer alot of volume. till 3 months ago I did 10 or more a week for them, now about 5.

Very picky till they can trust you and even then 3 strike and bye bye client.

Reply by MB_NC on 5/13/08 1:15pm
Msg #247277

Re: You killed a possible large volume client

Well if they didn't want to pay me my fee, all they had to do was say "no" and move on to the next one. It certainly wouldn't have hurt my feelings. But they agreed to it, so I gladly accepted. I'm not sure how I "killed a large client volume".

Reply by Becca_FL on 5/13/08 1:17pm
Msg #247278

Re: You killed a possible large volume client

I agree, Mike. I have worked with them for years and they have been very loyal to me. They don't want three packages printed. What they require is three copies of the Mtg. and the Note, it's a NY thing.

Reply by dickb/wi on 5/13/08 3:00pm
Msg #247288

becca i have had some long...

discussions with co's that want me to print and have signed more than 1 copy of the note...that is a very dangerous thing as the note is a negotiable document and can be [and in many cases as we know] sold.......can you imagine a borrower who would have 3people comming at him/her seeking their money for the note.......that comes to the notary's question to the borrower [at least in wi] "do you understand the document you are about to sign"??...i have actually refused to do signings where they insist on more than 1 copy of the note.......i don't have any problem with more than 1 copy of the mortgage as it is not saleable.....it is only the security for the note.......my .02

Reply by Becca_FL on 5/13/08 3:39pm
Msg #247294

Re: becca i have had some long...Dick

Dick, I couldn't agree with you more. Personally, I would NEVER sign more than one note, but that's just me knowing what goes on from the inside. If a borrower ever said no to signing more than one note I wouldn't even press the issue. I've had the same discussion with the companies that insist on this practice and end up with "you are are being contracted by us and this is our policy" blah, blah, blah.

What lender was it that had "Only sign one Note" wording in bold on the signature page of the note? I wish some consumers were smarter and did their homework.

Reply by Linda Juenger on 5/13/08 3:43pm
Msg #247296

I have a TC that always has me get signed 2 Note

One is the original and the other one is a "Certified Copy".
This is in everyone of their pkgs.

Reply by jba/fl on 5/13/08 3:44pm
Msg #247298

Re: I have a TC that always has me get signed 2 Note

Is it marked "Certified Copy?"

Reply by Becca_FL on 5/13/08 4:12pm
Msg #247304

Re: I have a TC that always has me get signed 2 Note

The reason some TCs do this is to save time on their end. When a package is post closed the TC is responsible for making certified copies of the mortgage to return with the executed loan package and the TC needs a certified copy of the note for their file and possibly the brokers file. Instead of making copies of the originals, all they have to do is pull from the package. NY TCs are notorious for this practice.

Reply by Linda Juenger on 5/13/08 4:20pm
Msg #247307

Yes it is n/m

Reply by MikeC/NY on 5/13/08 4:52pm
Msg #247310

Multiple copies of note

I've had several clients (NY TCs and/or law firms) that want 2, 3, or 4 copies of the mortgage and note. I know you said it's a NY thing, but I don't understand why, unless for some bizarre reason they feel they need wet signatures on all copies. I know it's not required here.

In these cases, without exception, the loan number appeared on all pages of the documents - so they were clearly signing copies of the same thing, not multiple negotiable instruments. Is the potential for fraud there? Possibly, but I've never heard of a case where two different lending institutions claimed ownership of the same note. In fact, I've seen the reverse - foreclosure actions that were dismissed because the note has changed hands a few times and the lender bringing the foreclosure action can't prove that they actually own the note.

Reply by Janie Kearns on 5/14/08 10:24am
Msg #247393

Re: Multiple copies of note

The note is tracking via MERS. Mortgage Electronic Registration System. You may see this number on your documents. It will also appear on the scedule B of the title commitment under the originating broker/lenders placement of lien. When the note is sold, it tracked electronically. When due dillegence is performed and the loans are bulked for sale, the MERS number is then assigned to the new servicer. In the old days, this was not the case. But given the vast amount of volume on the secondary market of mortgage backed securities, a better processes was initiated.

Reply by Gerry_VT on 5/14/08 10:56am
Msg #247401

Re: Multiple copies of note

My take on what Janie wrote is that it's a bad idea to sign two notes, and anyone who does so does not really understand the note. However, the MERS will serve as a safety net for people who make this error. Of course, the safety net won't always be there, as in the case of an owner-financed mortgage.

Reply by Lee/AR on 5/13/08 12:02pm
Msg #247261

They're just hoping you don't notice... n/m