Posted by Carla_MD on 12/28/10 9:48pm
Msg #366236

Family Abstract-No fund no pay

I completed a signing in October for Family Abstract. I was emailed on the next day and told that this loan may not fund if it did not I would not get paid. Well it turns out that the loan did no fund and so I received nothing. In the email I was also notified that I had swapped the split packages by putting the airbills in the wrong envelopes and thus I was kind of embarrased about making a stink about the issue. The more I think about it though, it doesn't seem right. I traveled 46 miles each way to do the signing and I would have easily paid to swap the packages to accomodate the signing in time for funding to correct my error. What still eats me is that my confirmation which was generic in nature said nothing about "no fund, no pay" which I still found kind of strange for a title company. Has anyone else experienced the same?

Reply by OR on 12/28/10 10:18pm
Msg #366238

I would call the borrowers and ask if the loan funded. I have never ever called the borrowers to see if a loan closed ever. I have never recommended any one call the borrower ever either. But you case is an odd one. I think I would call if I was in your shoes. Just me.

Reply by mwm143 on 12/28/10 10:37pm
Msg #366239

Does the ROD for the county have online records?

If so, you can see if the mortgage was recorded.

Not being paid after a closing is completed, for any reason (other than notary error or course)is absurd! I would never take an assignment with those provisions and if this was disclosed after you completed the assignment you should pursue your due payment.

Reply by Glenn Freeezman on 12/29/10 8:47am
Msg #366253

Re: Does the ROD for the county have online records?

Really???? The loan recinded, the rate lock was blown, the package went to the wrong location, the husband decided he no longer wanted the loan. No money exchanged hands, its absurd to think you can be in a business that pays you, win loose or draw. Do you have any idea the amount of real dollars that are lost when a loan rescinds, of course not, you know that it cost you your time which is your money. What about the amount of money that was spent on searching, certifications, subordinations, printing, faxes, tracking etc, etc etc, and thats just the title company, the mortgage compaby has their own list of expenses. Its nice that you can all get together and offer your opinions, but the facts would be nice to include as well.

Glenn Freezman, Family Abstract

Reply by HisHughness on 12/29/10 9:29am
Msg #366261

Re: Does the ROD for the county have online records?

***its absurd to think you can be in a business that pays you, win loose or draw.***

Really?

What kind of business do you think doctors are in, Glenn?

Lawyers?

Appraisers?

She did the work. She's entitled to be paid. A portion of the work she did apparently was not up to par, so deduct for that. As to the rest of it, pay her. When you agreed to handle the loan, you did so knowing rescission was a possibility. You didn't hire her with payment contingent upon funding.

Write the agent a check.

Reply by LOVETEAM on 12/30/10 11:01am
Msg #366396

Re: Does the ROD for the county have online records?

Hishughness, She did NOT do her job correctly. Based on you response to Glen Freezman, if she was a Doctor, Lawyer, and or appraiser and screwed up as she stated in her post, she might be sued for malpractice.
I believe she should have apologized for the mistake she made, and hope that they forgive her and give her future work.

Reply by bagger on 12/29/10 10:57am
Msg #366282

Re: Does the ROD for the county have online records?

Hmmn.
So I'm a salesperson, working on commission, and I travel to a distant city to visit a client and pitch a new product. He doesn't buy, so I can tell the airline, cab driver, rental car company, restuarant where I ate and hotel where I slept that the deal didn't close, so I don't owe you anything?
I am a sub-contractor, and I did my job so I could care less if that loan closed. Pya me!

Reply by Mary Ellen Elmore on 12/30/10 7:02pm
Msg #366501

Re: Does the ROD for the county have online records?

Mr. Freezman,

I agree she admits she messed up on sending the right split to the right place. Her error, she should have been docked for that.

You, should have disclosed up front that you are a "no fund, no pay" company. Disclosing that fact AFTER she does the work, is at the very least, unethical.

Some companies do not pay at all in the of a no fund, some pay half, some pay all BUT the ETHICAL companies disclose their no fund pay policy up front on the confirmation.

I also know that many biz losses can be deducted on your tax filings. Just all those other people have to get paid whether the loan funds or not, so should the NSA.

Reply by LOVETEAM on 12/30/10 10:55am
Msg #366395

Re: Does the ROD for the county have online records?

mwm 143, What company do you work for that pays you when a loan cancels?????

Reply by Moneyman/TX on 12/30/10 12:14pm
Msg #366421

Re: LOVETEAM

See Msg #366420

Reply by Glenn Freeezman on 12/29/10 8:40am
Msg #366251

"OR" As the owner of Family Abstract, i take great offense to your insinuation that we did not pay Carla on a loan that did in fact fund. This loan rescinded, if this board allowed pictures, i would scan and post the rescission notice here. I invite you to call the mortgage lender IFG at 215-579-0800 and ask them.

Glenn

Reply by Linda_H/FL on 12/29/10 8:43am
Msg #366252

Re: Family Abstract-No fund no pay...Glenn

I, for one, would suggest you not post that rescission notice here - that's a serious breech of confidentiality.

Reply by Glenn Freeezman on 12/29/10 8:50am
Msg #366255

Re: Family Abstract-No fund no pay...Glenn

I have no intention to, i love the big three too much to break their laws, Mr. Graham, Leach and Bailey. luckily, i have no choice cause its not postable, but to even suggest that we would keep a notaries money is disturbing. I have been in the title industry for 26 years, and for me, this is a first. Our reputation is flawless and above reproach.
But thanks again

Reply by 1Notary1 on 12/29/10 12:25pm
Msg #366288

I wouldn't call the borrower directly like someone else suggested. I would put pressure on the title company to pay you. After all, you did provide the work. It doesn't matter, in my opinion, whether or not the borrower gets approved. When a borrower applies for a loan, and pays for applicable costs and fees, he/she doesn't get that money back if the loan does not get approved. Same principal applies to you. You provided the work and you should get paid regardless. I never had this experience before.

Reply by LOVETEAM on 12/30/10 11:05am
Msg #366397

1Notary1, She might have done the work, but it was done incorrectly.
If you took your car to be repaired, and they did not do it properly, would you pay them??
Or, would you pay them regardless? I think not.

Reply by James Dawson on 12/29/10 12:47am
Msg #366243

Just my .02...think about it. Did the borrowers cause you to not be paid? If you were not paid as a result of your error, well that's it. If you can verify the loan funded and recorded, with your notary stamp on it then you have proof you may be able to contest in court. Also, look on the HUD1 (if you still have it) to see what notary fees were paid. The bottom line is it's going to take a lot of time and energy to get paid and depending on what it is they owe, it may be better to chalk it up to a good learning experience.

I am speaking from experience, so far I've spent about $375.00 trying to collect $225.00 sound dumb huh? LOL

Reply by Glenn Freeezman on 12/29/10 8:53am
Msg #366256

We can't pay when there is no money to fund. A rate lock is blown when the packages are split incorrectly and returned to wrong parties. NO ONE GETS PAID... THE MORTGAGE, TITLE OR CLOSER. This loan rescinded, plain and simple, we all take the loss.

Reply by docs1954CA on 12/29/10 9:10am
Msg #366260

I have to ask Glenn,

You mean to tell us that everyone involved with the process doesn't get paid? That's BS, and you know it.I can't believe that the title co. will have their employees give back their wages for the time spent working on any particular file.Maybe, you didn't get paid, too bad, that's the risk you take, not one we should even have to consider as a risk.The husband cancelled? That negates any package splitting issue doesn't it? Pay the Notary,don't try to slither away from that.

Reply by Glenn Freeezman on 12/29/10 9:34am
Msg #366263

Re: I have to ask Glenn,

iw as referring to companies and the notary is another company in the chain

Reply by docs1954CA on 12/29/10 9:45am
Msg #366267

Glenn, you didn't answer my question,

But, of course I already know the answer,all of the salaried employees were paid for their time, weren't they? You are showing your true colors here, trying to get out of paying for the job that was done. Again, pay what's due.

Reply by Glenn Freeezman on 12/29/10 10:28am
Msg #366272

Re: Glenn, you didn't answer my question,

correct, costing everyone in the transaction real dollars including time

Reply by Moneyman/TX on 12/30/10 9:39am
Msg #366374

Including you when you hire a SA - pay her already. n/m

Reply by Marian_in_CA on 12/29/10 1:48pm
Msg #366300

Give me a break!

Glenn, does that mean you're going to tell FedEX that they don't get their money because it didn't fund? What about your power or gas company? They will just laugh at you... you used their services, and you owe them the money.

Notaries are NOT part of the "chain" of companies that rely on a loan to close. They are service providers that you hire to get a job done. They deserve to be paid, no matter what. We are not agents soliciting work contingent upon a deal closing. We are not companies who assume that risk.

Reply by James Dawson on 12/29/10 4:43pm
Msg #366321

Re: Give me a break!

Don't you just love someone who adds an extra "E" to their name to throw people off.

I promised at the start of the year that I would not belittle another notary...I hope I can make it 3 more days!

Reply by JulieD/KS on 12/29/10 7:58am
Msg #366249

Was this a new company to you? If so, did you ask all the relevant questions? When I was new at this, I'd go into signings pretty blind because I didn't know all the tricks these companies have to try to steal my money from me. These days, I know their tricks and I am diligent before accepting or performing a job for an unknown company - or even a company that I've worked for but not for quite a while. Companies change, companies go downhill, so it's good verify.

When they email me a confirmation listing the details of the signing I've accepted, I immediately email them back with these details (see below). I ask them to respond to my email accepting my terms. Then, I have it in writing that they accepted my terms should they ever try to not pay me. I print out their acceptance email and staple it to my confirmation. Here is the standard email that I send, after filling in the pertanent details:

Our agreed-upon fee for this signing is $xxx. That fee is based on receiving the final documents by x:xx am/ pm on [date]. If documents are not received by that time, the signing from my schedule. You will then need to call me when the documents are ready to see if I am still available. If so, there will be a $25 late-fee charge added to the original fee.

This email confirms our fee agreement made by phone and the price quoted is the fee agreed upon by both parties and is not subject to arbitrary reduction or increase by either party. Your invoice will be for the amount we agreed upon, as shown on the confirmation. No exceptions. No Shows will be billed a Trip Fee plus edoc fee (if applicable). No Sign/No Fund all receive full fee. If this is not agreeable with you, please cancel this order immediately before documents are printed.

Regards,
Julie B. Dailey (etc.)

Reply by Glenn Freeezman on 12/29/10 8:57am
Msg #366257

That sounds like a great idea. After all, this is the business that you are in. When asked by a mortgage or title company to complete a job, you should have your own contracts, that protects you. We, at Family Abstract, dont cover the closers points in our cover or instructions as they are ours.

Reply by Ernest__CT on 12/29/10 11:44pm
Msg #366338

Good for you, Julie! n/m

Reply by Glenn Freeezman on 12/29/10 8:36am
Msg #366250

Family Abstract-No fund no pay

As one of the owners of Family Abstract, i will chime in on your conversation. You are in a business, when a sale does not go through nobody gets paid. Not the mortgage company, the processors, the loan officers, the title company, the closers, nobody, do you know why, because there was no money to fund the sale if it was not consumated. The fact that you did your job, and the husband decided that he did not want the loan that the wife had quarterbacked so he rescinded is no ones fault and blame should not be placed. The error of splitting the package is huge when it comes to funding a loan on time and blowing a rate lock is more than you make on a closing for you to "easily have paid".

Reply by James Dawson on 12/29/10 8:47am
Msg #366254

Doesn't that depend on whether or not it is a "tablefunding state (if I said that correctly) or an Escrow state"?

Reply by Glenn Freeezman on 12/29/10 8:57am
Msg #366258

this is a refi not a purchase and it was not a non owner oc!

Reply by Linda_H/FL on 12/29/10 9:05am
Msg #366259

Okay..once again I'm confused

Didn't both sides of the split signing go back to the same title company? How did airbills get "swapped"? Or did you swap it with another unrelated closing you had?

"I would have easily paid to swap the packages to accomodate the signing in time for funding to correct my error" - how? Were they to send the docs back to you to resend to the proper party? Or you would go back out for the resign on your own dime? Again..I'm confused.

Glenn: If the husband rescinded a loan he didn't want, there was no "blown rate lock" - he didn't want the loan anyway so rescission was imminent IMO. And if the OP's account is accurate, it would appear that funding was in jeopardy anyway since they told her *the next day* that it may not fund.

As for payment...I've always been paid for any work I do - my policy is half fee for no-signs, full fee for rescissions since I've done my job and my fee cannot be contingent upon a loan funding. I've printed, I've traveled, I've sat their and obtained and notarized signatures - my job is complete. Companies need to have sufficient capital to back them for these unforeseen "operating expenses" - and most *good* title companies and SS's do this. Now, that being said, if non-funding occurs as a result of my error, that's a diffferent story - I would expect to be given the chance to correct it and if I'm unable to I would expect my fee to be impacted, but ONLY in that instance..

MHO

Reply by Glenn Freeezman on 12/29/10 9:31am
Msg #366262

Re: Okay..once again I'm confused

it all played into the mix. the husband did not want the loan and used this error as part of his thought process. Since many of our lenders use 3rd party funders it is imperative that the packages be split at the closing and returned to 2 seperate location in the essence of time. We have successfully funded over 125,000 loans in my career in 26 years thats $18,750,000.00 to notaries, and this is the fist complaint i ever received.

Reply by Linda_H/FL on 12/29/10 9:40am
Msg #366264

Can I ask why the husband even KNEW of the notary's

purported error?

Reply by Georgia Attorney Closings on 12/29/10 9:44am
Msg #366266

Re: Okay..once again I'm confused

As owner of a signing agency, I would never accept assignments from a title company that pay $0 or even reduce a fee when a loan rescinds.

If there were errors by the notary that caused this, that's a different story. In most cases, rescinded loans are caused by poor communication on the part of a broker or L/O. In those situations, the broker is responsible to the title company. If they are not, then the title company needs to eat the loss or maybe reconsider working with non-credible brokers.

Reply by Marian_in_CA on 12/29/10 1:21pm
Msg #366295

Re: Okay..once again I'm confused

If you've made that much money, as you are so gallantly boasting about... and this is the ONLY time this has happened, then what's the big friggin' deal about paying the notary for her work? If you've pulled in over $18Million... what's $125-150 loss on your part? If, of course, you even bother to pay that much.

Of course... now that you've posted here about your policy, my guess is that you're going to lose a whole lot more than that from the good, decent notaries who are adding your company to their naughty lists.

Reply by SReis on 12/29/10 9:41am
Msg #366265

Totally agree w/Linda & I would not accept work w/this co.

based on this policy. What is even more troubling is that it was not disclosed up front to the notary. IMO she did the job & she deserves to be paid (save any issues re: retuning the pkg correctly). It is NOT our job to ensure the loan funds. I would even argue that it would place us in a difficult situation if this were the policy because we would then have an "interest" in the transaction because our pymt would be contingent on it.

Reply by S Peterson on 12/29/10 9:50am
Msg #366269

No Fund, No Pay...

A title company once tried to pull this on me. Took them to small claims and the Escrow Officer tried using the same defense saying if the loan didn't fund, no one got paid. The Judge disagreed, awarded me my fee, all expenses, interest, late fees and a few other expenses.

Reply by JulieD/KS on 12/29/10 9:58am
Msg #366270

Re: No Fund, No Pay...

I had a local title company pull this on me once. The borrowers rescinded and they had the audacity to tell me I wasnt' getting paid one thin dime (she was very rude about it) and she said no one was being paid.

I said, "Really? No one? Not even the appraiser? Not even UPS who delivered the paperwork to you?" She said not even the appraiser or UPS. I know that is bologna.

The signing agent is the low man on the totem pole and many companies think we don't have the brain skills to know how to go after them for payment. Well, guess what? I showed the local title company that I'm not to be screwed out of my well-earned money. THEY PAID ME IN FULL.

If you need help collecting from this loser company, let me know.

Reply by Glenn Freeezman on 12/29/10 10:01am
Msg #366271

Re: No Fund, No Pay...

I invite all notaries that have worked with family abstract in the past to chime in on this conversation. As a discussion board is doesn't feel like much of the discussion it feels like more of a lynching so I will leave this to all of you and I will go back to creating more closings for more notaries. I've been doing this for 26 years of close over 125,000 loans and I'm responsible for over $18,750,000 paid to notaries in my career. I've a reputation of paying it forward and never hurting anybody in my 26 years furthermore I was taught by my grandfather to never fight with a pig the mud as at the end of the fight can really tell who the pig was. Have a good day all

Reply by HARRY_PA on 12/29/10 10:33am
Msg #366275

Re: No Fund, No Pay...

Glenn:

Of course you are entitled to your policies, the legality of which can be decided in a courtroom. You elected to defend yourself on this forum and if you had left it a that, fine. However your parting shot was to disparage the folks who responded to you. Poor choice.

Harry

Reply by Larry/IL on 12/29/10 10:39am
Msg #366276

Please add this dead beat to S/C n/m

Reply by Linda_H/FL on 12/29/10 10:41am
Msg #366278

Great minds and all that stuff...

I tried to add....said it's already there but I don't see it logged in OR out - maybe someone else already did and it's "in process"...

Reply by James Dawson on 12/29/10 10:40am
Msg #366277

With all the money you've paid out it doesn't seem like

One more would hurt. Boy, just think what it would do to your credibility. Right now, you've done yourself more harm then good, for the sake of a few dollars? Please! The name obviously says it all!

Reply by James Dawson on 12/29/10 11:26am
Msg #366283

Way to much info on web about this guy... n/m

Reply by Carla_MD on 12/29/10 10:41am
Msg #366279

Re: No Fund, No Pay...

Glenn, my post was not meant to be a "lynching" as it were but only a request for other opinions , in this situation. Again, my confirmation was generic in nature and certainly did not include a disclaimer for loans that did not fund. I was simply told in an email that I would not be paid point blank. Now I accept responsibility for my error, but because this was a residential refi, I do know that there are 3 business days before the loan funds. I have done several loans for Family Abstract in the past through other signing companies without a hitch. The way the events transpired with my "e-mail lashing" from the title company made it appear that I was being penalized for my error and that is what I was questioning.

Reply by Larry/IL on 12/29/10 10:49am
Msg #366280

Flawed Thinking

Based on his policies, a notary could do a Hundred closings and if none funded the Notary would travel & conduct a Hundred signings for Zero income. Wonder how long anyone could stay in business?

Reply by Moneyman/TX on 12/30/10 9:06am
Msg #366364

RE: Flawed Thinking

Obviously, that is not something he thinks, or even cares, about.

Reply by LOVETEAM on 12/30/10 11:26am
Msg #366399

Re: No Fund, No Pay...

Excuse me Carla, You didn't know that there are THREE (3) BUSINESS DAYS for a residential refi loan to fund? How long have you been doing this, and who trained you?
After reading all these responses from fellow notaries on your behalf, I believe you owe them an apology for lighting this fire, not to mention Family Abstract as you stated who you have done several loans for in the past. you may want to look into doing some retraining with someone in your area who could mentor you, and help you bone up on this business. good luck

Reply by LOVETEAM on 12/30/10 11:53am
Msg #366411

Correction!!!!.

Carla, I misread the knowing bout the 3 days for funding and apologize for that error. However, I do NOT see how we can be paid for a transaction that was not completed. Agaon, I sincerely apologize for that error previously stated.
john

Reply by rengel/CA on 12/29/10 7:05pm
Msg #366326

Sorry Glenn,

I, as a notary, do not work on a commission or a contingency fee basis. I provide a service and expect to be paid for that service. Period, end of story.

My .02

Reply by Ernest__CT on 12/30/10 12:13am
Msg #366339

There is a word for people who do not pay their debts:

Thief.

Notaries Public MUST NOT have any interest in the documents on which they notarize the signature(s). Not being paid for conducting loans signings which ended up not funding would cause the Notary to be in the position of being paid only if the potential borrower(s) did sign and did not rescind. That would be an illegal incentive for the Notary. Plain and simple.

The alledged bad split of the docs is a red herring. The husband rescinded. Period. The Notary did her job. She must get paid.

The fact that the confirmation did NOT say no fund == no pay makes this a slam-dunk for the Notary in court. The Notary should be able to get a Small Claims Court judgement. Then she might have a problem collecting, but the Attorney General _of the offender's state_ would be very interested to know that a company in that state has stolen money due to a public official in another state....

Please note that there are several companies out there that fine NSAs for supposed Notary errors. $25 for a missed signature, $25 for dropping docs late, $25 for not calling in status by 9 AM, et cetera. If you accept these deductions that's up to you. I don't. All my work is guarenteed, and if I miss a signature or make some mistake, I get it fixed on my own dime INCLUDING SHIPPING. But I will never accept a fee reduction based upon an alledged mistake.

On this Forum Glenn Freeeeeeeeeezman has admitted his guilt. And boasted about his income. Make your own decisions about working for him.

Reply by DD/OR on 12/29/10 11:40am
Msg #366285

Carla, I hope you post your experience on Signing Central. I don't want to work for Family Abstract. They are obviously a bunch of crooks.

Reply by Marian_in_CA on 12/29/10 1:15pm
Msg #366294

I, for one, do not work for companies who refuse to pay if a loan doesn't fund. That's not my problem. I am an independent contractor providing a service -- and I deserve to be paid for my time and effort. I do not care if a loan funds or not... it's none of my business, nor in my control.

On my website and in my confirmations, I make it very clear, "Payment for my services is not contingent upon the closing or funding of any particular loan or file. In other words, if a loan is canceled or doesn't fund, I am still due any and all fees for the services I provide."

If those terms aren't acceptable, I will not do the job... they can find somebody else.

If I do something wrong for those things that *are* in my control, that's a different story. But I f do the job I'm hired to do, I deserve to be paid for it -- plain and simple.

Mr. Freezeman will have us believe that his way of doing things is how it's done in our industry. Nonsense. Title/Escrow and Signing companies have more capital to work with and, thus, the ability to handle that risk. I don't have that luxury... so I don't take it Nor, frankly, should any notary. He himself has said this is the "first time" time it's happened to him in all those years, right? Well, then paying this one notary for her work shouldn't be an issue, then, should it? It's a loss he'll have to take. Now, if there are other issues involved, that may call for a reduction or negotiated fee, that's a different issue.

Also... there is the little matter failing to pay a government official... which, if I recall (but don't quote me exactly), is actually illegal in some states, or can subject you to heavier fines. I know I've read about that here before.

Notaries... don't put up with the "way things are" just because you're told something. YOU are your own business owners and you have the right to set the terms of your contracts. Do not let these companies find ways to rip you off or coming up with creative reasons not to pay.

Reply by Moneyman/TX on 12/30/10 9:01am
Msg #366362

100% agree Marian, not the "way things are"

If a SS is willing to pay me $250/signing for the extra risk of "no fund = no pay" and they gave me at least 10 loans a month, then, and only then, would I consider the job.

SS are middle men and that is part of the risk that THEY take for jumping in the middle of things. If they are not willing to take that risk, then stop taking a cut of the money from the people actually doing the work just to make some phone calls and sending a few emails (i.e. get out of the middle man business).

As for TC's, it is part of the risk of doing business on their part as well. The lame excuse of "do you know how much money is lost when a loan doesn't close" given by the owner of this company is crap. If I provide a service, pay me. Does he have any idea how much money is made when loans DO close?

I DO NOT have a financial interest in the transaction, other than being paid for my services. At least in TX, and elsewhere I'm sure, the regulations prevent me from even notarizing any signature for transactions that I have a financial interest in. Tying my pay to the funding does just that, IMO.

Reply by bagger on 12/29/10 1:52pm
Msg #366302

With that attitude, Family abstract has made my sh*t list

Reply by JulieD/KS on 12/29/10 2:19pm
Msg #366304

Marian...very well put, and I agree! It's not our risk to take.

Bagger....ditto for me!

Reply by James Dawson on 12/29/10 4:16pm
Msg #366317

Marian (I love you) and Bagger....said it best and of course DITTO!

Reply by kathy/ca on 12/29/10 7:25pm
Msg #366327

Mr Freeeezeman, you have lost many good NSA's, I am

afraid by coming on here and trying to defend how unprofessional you are in the way you run your business. I will not work for a company that does not pay me for the service I provide no matter what the outcome unless I did something that created a negative outcome. AND, no it is NOT standard in this business. In over 8 years of doing loans I have NEVER not been paid because a loan didnt fund, get real!!!!!

Reply by LOVETEAM on 12/30/10 11:32am
Msg #366401

Re: Mr Freeeezeman, you have lost many good NSA's, I am

Cathy, PLEASE let me know what companies you work for that will pay you for a loan not funding.
thanks in advance
john

Reply by Linda_H/FL on 12/30/10 11:37am
Msg #366404

John, that's twice you've asked this of a poster

No one is going to publish their client list here or anywhere..for reasons which should be obvious to you.

I, for one, DO get paid if there's no funding..but that's worked out at the outset, not after the fact.

Reply by kathy/ca on 12/30/10 11:46am
Msg #366409

I have only come across 1 co with that policy and told them

to take me out of their database. I dont take the risk of spending my money on paper, toner, gas, travel, my time etc with the knowledge that I might be giving it away for free. That is one of the first quesitons I ask a company that is new to me. John, no I wont give you the names of the companies I regularly work for but you were joking, right? Happy New Year!!

Reply by Susan Fischer on 12/29/10 10:38pm
Msg #366334

Note to self: 1) Std question for first-time companies:

Do you have a "No Fund, No Pay" policy? Yes? No thanks. No? Put that on the Confirmation, please, or I'll have to turn it back.

2) Family Abstract is a bad dog, do not pet.

Reply by Moneyman/TX on 12/30/10 9:08am
Msg #366366

You said it, Susie! n/m

Reply by LOVETEAM on 12/30/10 10:51am
Msg #366391

I’ve closed more than 1,500 loans with more than 15 different title or closing companies in the last five and 1/2 years and I can say with no hesitation that if a loan rescinds, I do not get paid, no matter who hires me. That is the industry standard in PA and NJ – has been since I started and is still the same today.
If I make a mistake I correct it.
If I cause a loan not to fund, I do not expect to get paid.

Reply by Moneyman/TX on 12/30/10 12:24pm
Msg #366424

John, just because YOU decide to accept work based upon that does not make it an "industry standard". That is your choice.

If I chose to operate my business that way, so be it. My fees would reflect that extra risk as well and as you well know SS and TC are not willing to pay the higher fees associated with that risk. Not only that but I am prevented from having a financial interest in the outcome of the loan in TX as are many others, if not all other notaries.

Reply by LOVETEAM on 12/30/10 2:29pm
Msg #366463

No companies other that Service Link (which pays a small% of your fee) will pay a Notary their full fee for a NON FUNDED loan.
So with what you say is right, you only work for SL, and MDA
No one has given me any names when I asked the question what company will pa for a NON FUNDED REFI? The silence (other than the spin) is deafening.

Reply by Moneyman/TX on 12/30/10 4:19pm
Msg #366477

No one is giving you answers because you are trolling

Your are here attempting to take up for a company and a practice that is NOT an "industry standard". So cry all you want that I am not giving you the name(s) of companies that operate in a professional way. As others have told you, do your own research and discover the good ones.

Once the signing is completed, and baring any notary errors, I invoice them and I am paid 100% of what was agreed to. I can't help that you are willing to accept that your fees are tied to the funding. That is a choice that you have made. It is not one that I, or a lot of others, are willing to make.

The total number of companies that I have accepted work for in the past year alone is a 3 digit number with SL being one of them and I have never received a reduced fee due to the loan not funding. I have even been told by a few of the SS companies that a loan did not fund and received the full amount. I don't make it a habit to follow up on the loans to see if they have been funded or not. That is not my concern nor is that any of my business as long as there are no notary errors.