Posted by Richard Ingram on 8/19/09 6:35pm
Msg #300962

Nations Direct Tile Agency

A heads up regarding Nations Direct Title Agency in Ormond Beach, Florida. I accepted a signing with a reasonable fee from them. However, I was not told they would pay zero if it was a no sign or the borrower decided to exercise the Right To Cancel. I talked to the owner today and she said she was not paid and that was the reason she did not pay signing agents for time, printings and travel. I do find this hard to believe as this is the first time this has happened to me in over 2,000 loan signings.
Is this common or have I been living in a dream world. I have always been paid a reduced fee and told the owner to please remove me from her list. If she had told me about this policy I doubt that I would have taken the assignment.
I don't know how people think we can wait until 20 minutes before a scheduled signing to receive docs, rush and print docs, call borrower to inform them that we are going to be late and spend nearly an hour at the table while the borrower tries to reach his loan officer

Reply by 101livescan on 8/19/09 6:50pm
Msg #300965

Kinda sorta sucks, doesn't it. It happens all the time, more and more these days if the loan officer hasn't done his/her due diligence and disclosures. Only had one person not like their loan last month, they wouldn't meet with me to sign, but I had printed out the docs, carried them around with me while they were out of town for a few days, and finally, they called escrow and said they would not be signing, and there was no fee for me. Escrow didn't get paid either.

Reply by Gregory/OKC on 8/19/09 6:57pm
Msg #300969

I will not deal with Nation Direct. They always have an issue. I do believe there favorite saying is, "will you help us out, we can only pay you pennies but we promise more work in your area".

Reply by snoopdogMs on 8/19/09 7:19pm
Msg #300972

Nations Direct and Nations Direct Title not the same n/m

Reply by PAW on 8/19/09 7:17pm
Msg #300971

That's the way it used to work, back in "the good ol' days"!

Title companies used to pay decent fees, much higher than signing services, primarily because of the risk associated with loans that didn't fund and the expected higher level of expertise and experience. The signing agent typically didn't get paid for no-signs and rescissions. Signing services, on the other hand, offered lower fees, but would pay the signing agent when the loan didn't fund and accept lesser trained or experienced agents.

Today, thanks to some help from a so-called major voice of the signing agents, title companies jumped on the band wagon of lower fees to match the signing services schedule of payments. So we end up with a lot of low-paying signing services, who offer a pittance, or nothing, for a no-sign/rescission, and title companies following suit, as well as signing services who do pay a reasonable fee, full fee for a no-sign/rescission and title companies that do likewise. And there are many in between.

The risk of a loan not funding has dramatically increased in recent times, making it more difficult and more often to swallow a "freebie". But I submit that it's still a very small minority of loans that don't fund as compared to those that do go all the way to fruition. I would guess that the "freebies" account for less than 1% of the more than 5,000 closings that I've done. So to me, it's all part of the business. You lose some - win some - and the rest get rained out.

Reply by Deb_AL on 8/19/09 7:25pm
Msg #300974

I have been working for them for over a year now and never had a problem. They are great to work with, pay well and very prompt and always there for questions if you have one during the closing. Will take all I can get from them.

Reply by Richard Ingram on 8/19/09 7:43pm
Msg #300976

My major complaint is the fact they did not tell me of their policy prior to accepting the assignment. At least I would have had the opportunity to evaluate my position prior to accepting the assignment.
It seems to me that the lenders are willing to tell the borrowers anything to get them to the signing table and do not properly inform them of the true costs. They are successful most of the time in convincing the borrower to go along on the phone call from the table and often get by snowing them with their charm. However, the more knowledgeable borrowers are refusing to sign and we spend and extra 30 minutes while they talk to the lender. If the lender was required to get a copy of the Settlement Statement to the borrower at least 24 hours prior to our meeting with them many questions could be answered.
I appreciate everyone's input and Paw you really hit the nail on the head. This situation does not occur that often but there is so much due diligence that could be done on the part of the lender that our job could be made much easier.

Reply by Linda_H/FL on 8/19/09 8:33pm
Msg #300987

Richard....why not call and talk to them

see if you can sweet talk them into at least a print and trip fee....granted reduce but SOMETHING for the time, expense and effort put into the signing....worth a try...

Reply by Richard Ingram on 8/19/09 8:51pm
Msg #300998

Re: Richard....why not call and talk to them

Linda,
Thanks for your advice. I talked to the owner this afternoon and she made it very plain that she paid no one for a no sign. I have never run into this situation before but it is evidently not uncommon. It just seems we are always getting the shaft when we are as important as anyone in getting loans closed. Every signing service and title company is trying to cut our fee but keeps adding more work on us.
Have you noticed that BOA is now adding 10 pages to their loans in the form of two credit card applications. I am not griping, just venting and thankful that I have the business. It just seems that the signing agent is always the one getting dumped on and I wonder where if there is a stopping point.

Reply by Linda_H/FL on 8/19/09 9:08pm
Msg #301009

I'd bill them anyway...:) n/m

Reply by Jim/AL on 8/20/09 1:14pm
Msg #301070

Agree with Linda..bill them and tell them what it's based on

Unless you get free gas, electricity, paper and toner then they should at the very least compensate you $25 to cover all but your time.