Posted by Deborah Lewellen on 5/28/10 7:36am
Msg #338714
What do you do or say?
When a document in the pkg. says the notary fee is $200 or $225 and you are lucky to get half that, the borrower is looking at you like, man, you are ripping me off, or they actually make
comments to you in regards to our exorbitant fees?
My usual comment is, I don't get anywhere near that, unfortunately, there is a third party involved who hires me and they get that.
I was speaking to a Real Estate agent the other day and she was talking about BPO;s and how they want her to go out and check the house out, take pics and pay her $15 and the third party is charging the bank $200.
How can the company provide a doc for the borrower to sign, saying I'm getting paid $XXX and it's simply not true?
This could literally be challenged in court.
Your thoughts?
thanks
| Reply by CF on 5/28/10 7:55am
Msg #338722
I have wondered about that too with the new changes to the HUD...it must be valid b/c that is what is being charged to the borrower it is just not broken down by vendor per say?
| Reply by PAW on 5/28/10 7:59am
Msg #338724
>>> How can the company provide a doc for the borrower to sign, saying I'm getting paid $XXX and it's simply not true? <<<
You must remember that the line item labeled "Notary fees" is not just your fee. It also includes any fee paid for any notarization. There are a few documents that the borrower never sees which require notarization. These are usually handled by the legal department of the title company. It also includes the signing service fee, if there is one. More and more, especially with the new HUD's, notary fees are not explicitly shown, but absorbed in the title company's operating expense.
| Reply by Notarysigner on 5/28/10 8:01am
Msg #338725
I don't usually say anything (it may backfire on you if they, and sometimes they will, complain to the TC). When I'm filling out my journal they will see what my fee is. Then if they ask, I explain the process.
I have actually had this happen where the borrower thought it wasn't fair. Something changed so there had to be a redraw, they told the TC they would get their own notary, then called me and give the entire fee to me instead.
| Reply by MW/VA on 5/28/10 8:19am
Msg #338730
I would tell them to call the lender/tc for an explanation of what that fee includes.
We know that isn't our fee. It's been quite a while since I have been listed by name on the HUD.
I also haven't seen "notary fees" listed as such, and usually see it lumped together as "Settlement fees" or "Closing fees".
| Reply by Deborah Lewellen on 5/28/10 8:50am
Msg #338740
I've still seen it on the new Huds, but also a separate document, it was in with broker docs.
| Reply by DaveCA/CA on 5/28/10 10:28am
Msg #338756
RE Agent told me in front of buyer my fee was high
I do a lot of signings at the escrow company. The other day, an agent came with her client (which is good most of the time) and said to me, "Wow, that is high". To which I said, "It might seem high but I'm really good at what I do and I don't make any mistakes. When we're done, there will not be any issues with the documents be accepted." I try to give compliments to the agents and loan officers when they attend a signing. This was no exception. I took care of the signing without a glitch and the agent thanked me at the end. I told the escrow officer about what the agent said and what I said. The escrow officer and I had a good laugh.
| Reply by GOLDGIRL/CA on 5/28/10 11:44am
Msg #338766
Dave: The first thing ...
that came to mind when I read your experience is what I would have been tempted to reply: "You know, I was just thinking the same thing about your fee!" Followed quickly by a nice smile and welcoming handshake for her client, then down to business. Yikes! How rude. But I've had the same experience several times - in fact, one time a borrower and I were just sitting down to sign when the agent called and cancaled the signing cos of the notary fee. She wanted a freebie! On the flip side, a recent borrower asked me how much I get paid (always a tricky question). When I explained basically who got what, she said, wow, you don't get paid enough! And both of these examples were for the same fee: $100. Anyway, I do like your response. Very professional, very positive.
| Reply by Moneyman/TX on 5/28/10 7:03pm
Msg #338888
Re: RE Agent told me in front of buyer my fee was high
Good answer Dave. However, when going over the numbers on the HUD I might have had a hard time not pausing after pointing out the origination fees (while looking at the agent of course.) 
Of course, I wouldn't do that, but I would definitely be tempted.
| Reply by Glenn Strickler on 5/28/10 10:45am
Msg #338759
"I am not the only notary public involved in your transaction. Just the only one you meet. "
| Reply by Hugh Nations Signing Agents of Austin on 5/28/10 11:07am
Msg #338764
I take the exact opposite approach
I never apologize, explain, or denigrate my fees in any way. To the contrary, I tend to say, "Yes, I gave the title company a slight break on this fee because I get a lot of business from them," or "...because I haven't worked with them before, and I'd like their business in the future."
People think $500 an hour lawyers are better than $150 an hour lawyers. There is a direct relationship for most people between quality and price, whether the correlation actually exists or not. When the typical shopper thinks of quality, she doesn't think of Target: The image she has is of Neiman-Marcus. If anything, I want the borrower to believe she is getting a discount, not a fee set at what the service is worth. Hopefully, she will believe she is getting the best and lucky to be getting it at a bargain. Fees are low enough in this business nowadays; I certainly don't want to do anything that would reinforce the idea that the low fees are justified and they are what our services are really worth.
| Reply by DaveCA/CA on 5/28/10 2:27pm
Msg #338829
Love your answer better Hugh. Thanks n/m
| Reply by Moneyman/TX on 5/29/10 3:03am
Msg #338947
Good point Hugh! n/m
| Reply by CaliNotary on 5/28/10 1:45pm
Msg #338813
I just play dumb
I guess it's not playing dumb, since I genuinely would have no idea who is getting the rest of the fee. Sometimes it might be for additional notary services, but I'm sure sometimes it's just extra padding that someone else is pocketing.
I just say "wow, I wish I were getting paid that much to be here. I'm not sure where the rest of it goes" and let them take it up with their loan officer later.
| Reply by Dorothy_MI on 5/28/10 5:13pm
Msg #338858
My response is similar to Cali's n/m
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