Posted by MonicaFL on 2/21/10 8:53am
Msg #323651

I gasped when I saw this

I did a closing friday for a TC -they called me - not a SS. I agreed to a certain fee. While I was going over the docs to make sure all was well, I happened to look at the HUD to see if my name was on it. It wasn't but guess what - the "notary fee" was listed and was quite substantially more than what they were paying me!!!!!!!!!! Now that's just tooooooo much. TC's make a whole lot - why would they charge to borrower so much more than what I was being paid? I just can't figure that one out. And, it was a "reputable" TC!!!!

Reply by Ilene C. Seidel on 2/21/10 8:58am
Msg #323652

I always review HUD too Monica I see more then I'm getting but not substantially. I wonder what they had to cut in fees elsewhere and bump the notary fee to make up the difference. The profit for title insurance in Fl is substantially higher then in other states, there's no excuse.

Reply by Linda_H/FL on 2/21/10 9:13am
Msg #323656

Other than to determine if funds are required at the

table, I don't review the HUD at all. IMO the contents of the HUD are not my business. There's nothing there that I need to know in advance - it's the same thing time after time..page two is an itemization of closing costs, totaled at the bottom, that total brought to page one..added to payoffs, deducted from loan proceeds and bottom line is this. With the new HUD yes the format is different BUT the basic contents are still the same.

There's much that goes on behind the scenes that doesn't include us - those *notary* fees may cover that and our fee may well be incorporated in the settlement charges.

MHO

Reply by Shoshana/AZ on 2/21/10 8:58am
Msg #323653

That's a very common practice!

I see you're not a newbie. I don't know why you find that surprising.

Reply by Frank/NC on 2/21/10 9:17am
Msg #323658

I don't mean to be disrespectful or nasty when I say this. However, if you are happy with the fee that you requested, I think that is all that should matter to you. Just look at some of the other fees and charges on those statements and you might also be aghast. I really don't think it is within our purview to care about what they charge.

Reply by MonicaFL on 2/21/10 9:24am
Msg #323660

I was just shocked because this company has never done that before. I also look at the HUD to see if my name is on there because if it is, I know (well, supposedly) that I will most like be paid at closing and not have to wait two or three months to get paid. It was just that I work for this company quite a bit and was just shocked because I have not seen them do that before. I am not complaining - I agreed to the fee - just was so shocked that they did this. That's all - no more, no less and let it go at that.

Reply by Dave Heine on 2/22/10 4:55am
Msg #323709

Actually in Florida YOUR fee is never to be luisted on the settlement statement NOR are you supposed to be paid off the HUD. Florida Department of Financial Services has published the following guideline several years ago and any fees paid to an outside party for the signing of the closing documents is supposed to be part of the Settlement Charges and paid from the title companies operating account.

See Below:

What fees may I charge on the settlement statement form?
The only amounts that may be charged by a title agency for issuing the title Insurance and completing the closing are:
Closing Services - “Closing services” means services performed by a licensed title insurer, title Insurance agent or agency, or attorney agent in the agent’s or agency’s capacity as such, including, but not limited to, preparing documents necessary to close the transaction, conducting the closing, or handling the disbursing of funds related to the closing in a real estate closing transaction in which a title insurance commitment or policy is to be issued.
Title Search - “Title search” means the compiling of title information from official or public records.
Premium - “Premium” means the charge, as specified by rule of the commission that is made by a title insurer for a title insurance policy including the charge for performance of primary title services by a title insurer or title insurance agent or agency.
No other charges are authorized by the Florida Statutes to be charged by a title insurance agent or agency for these services.


Can I use an outside notary to assist with performing closings for my title agency?
Yes. However, this would be an expense of the title agency and not an expense of the closing file. The cost for this service should be calculated in the closing services fee recorded on line 1100 of the settlement statement form. The notary service is conducting the closing which is clearly defined in Florida Statute §627.7711(1)(a) as being part of the closing services. By hiring an outside vendor to assist your title agency, you are assuming the responsibility for that vendor as if they were your employee. The title agency will be held responsible for the closing transaction performed by the outside vendor.

Reply by MW/VA on 2/21/10 9:20am
Msg #323659

It would only be an issue is you are named on the HUD & the amount isn't what you're being paid.

Reply by Notarysigner on 2/22/10 8:54am
Msg #323718

When my name (often) is on the HUD......

notary line it reflexs what I'm being paid

Reply by jba/fl on 2/22/10 8:59am
Msg #323722

Re: When my name (often) is on the HUD......

You got those muscles working...lol.

Reply by Travis Paul on 2/21/10 10:34am
Msg #323665

I'd be surprised IF it weren't a huge number for SS n/m

Reply by John_NorCal on 2/21/10 12:44pm
Msg #323667

On the other hand....

I have reviewed a number of refinance and purchase closing statements lately in my tax practice and I have noted notary/signing fees of $100 to $150. Maybe this is a regional thing, but here in the SF suburbs that is what I'm seeing. I'd like to know if others are seeing the same thing here.

It's no wonder that I won't accept the low ball fees that are offered, I sure won't split that kind of signing fee with anyone else.

Reply by GOLDGIRL/CA on 2/21/10 5:25pm
Msg #323686

The problem is when the borrower also gasps...

and screeches: "$250 (or whatever) for a Notary Fee?!!!" or turns to the husband, and says: "We could have had (notary) Aunt Wilda do this for FREE!" Then glaring at us. Meanwhile, we're sitting there, thinking: "If you only knew."

I always tell them that's what the title company is charging to send a notary to them, that is not what I get paid, unfortunately for me, even though I'm sure I'm worth any penny. They always seem to see some humor on the last part and it allows us to move on .... if there's a SS involved, I mumble something about the Middle Man getting his cut - this they always understand ... still, it's all very uncomfortable ...

Reply by MistarellaFL on 2/21/10 7:06pm
Msg #323693

Notary fees HUD line encompass more than just the signing

Not necessarily refers to what you are being paid.
Sometimes there are other notarizations being completed by the buyers/sellers/lenders and TCs.

Reply by JulieD/KS on 2/22/10 8:16am
Msg #323716

If they put anything in the notary line, it's usually quite a bit more than I'm being paid. Sometimes the borrower will point it out and I have to tell them that, no, I am not being paid nearly that much, with a wistful "I wish", of course.