Reply by jnew on 4/7/09 2:54pm
Msg #284013
I used to close for a title company and it was our company policy that on any "mail-away" the borrower had the option to find his own notary for the documents that had to be notarized or we could hire a notary from a list of service providers.
It was required by management that ANY disclosed service provider had to be listed on the hud and a check was cut directly to the service provider. We did not use signing services very much, but when we did they had to disclose the relation with the person actually notarizing or witnessing signatures. They had to disclose if the notary was an employee of their firm or a third party vendor. If the WSA was a third party vendor we asked for an invoice from the signing company and cut the check directly to the notary.
There were several reasons for doing this: 1/we did not want to get phone calls from third party vendors who performed work on one of our closings and did not get paid. 2/it created a headache for our overworked staff to handle a matter which should have been accomplished at the time of disbursement. 3/ if the lender got a call from an unpaid provider, it created bad will from one of our customers.
From that perspective, we, as WSA's have a bit more leverage than we think. Then again, a bad title company is going to get those calls anyway because they just don't give a s#&t about service.
But if you are going to call a title company, let them know that their signing service is not paying bills on their closings and remind them of the number of signing services out there who DO pay everyone involved in their closings and keep everyone (the lender, the borrower, the closing company, the notary and maybe even the signing service) happy.
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