Posted by nn/IL on 10/26/10 9:57am
Msg #358260

Fees

I am fairly new at this and am wondering what most of you do when you accept a signing, receive the confirmation for the date and time, and then 1 hr before the signing you have not received docs. (The signing was to take place at a bank so there was no phone number to confirm with the borrower). I called 1 hr before the signing (signing was to take place at 4:00)to inquire about the docs and was told they are waiting to receive them from the tc - they were going to call the tc and then call me with the update. Finally, 1 1/2 hr AFTER the signing was to take place I called again and was told the signing was cancelled. I told them I charge for this even though it was cancelled and they said that is not the way it works! If I didn't confirm with the borrower and did not receive docs then I have no reason to charge. I blocked that time from my calendar so shouldn't I receive some compensation for my time? They only pay $65 per refi as it is!!! Is this standard?

Reply by Lee/AR on 10/26/10 10:12am
Msg #358264

Yes, that is the nature of the business. A few companies will offer some compensation if they cancel within 2 hours of the appt. time, but you need to discuss this when you accept the signing...or, at least, when the docs were not available in a timely manner. This one had 'cancel' written all over it. As you printed nothing, did nothing, they aren't paying. However, $65 is way too cheap under any circumstances.

Reply by Mary Ellen Elmore on 10/26/10 10:37am
Msg #358272

Why did you even agree to take a re-fi with e-docs at %65 to begin with?

I am in no way telling you what to charge, but you are cutting yourself very short and no way you can make a profit at that.

Cancellation fees, etc. should be discussed and confirmed up front in writing or you will not get them, even though you deserve them.

Reply by C. Rivera Chicago Notary Services on 10/26/10 10:40am
Msg #358273

NN...sent you a pm.. n/m

Reply by PAW on 10/26/10 12:55pm
Msg #358306

Ensure the SS knows **YOUR** payment policy

Whenever you accept an assignment, make sure that both parties, you and them, fully understand and agree to ALL terms and conditions. Many companies do not pay anything if the assignment is canceled. Some pay a token print fee if docs were printed.

Personally, whenever I receive a confirmation email, I respond with my own email spelling out MY policies, like payment if loan cancels within X hours of the scheduled appointment. If the hiring agency is not in agreement with MY terms and conditions, they have the right to take back the assignment and give it to someone else. Many agree with my terms and some don't.

But, as others have said, I wouldn't have accepted in the first place for $65.

Reply by CopperheadVA on 10/26/10 3:38pm
Msg #358323

I agree that it's very frustrating that we sometimes get our time taken up with these appointments that end up getting canceled. Yes, we do deserve some compensation, but if the appointment canceled without any docs being printed, it's pretty much a given that you will not receive any compensation. If I have a company that does that to me repeatedly, then I simply stop accepting their assignments. Also, that fee is about half of what you can get from good companies. You definitely need to charge more.

Reply by MW/VA on 10/26/10 8:36pm
Msg #358359

If you charge a decent fee in the first place (definitely not $65), then you will find it works out on average for the few that get cancelled or rescheduled.

Reply by JanetK_CA on 10/27/10 2:17am
Msg #358387

Exactly!!

Everyone says that $65 is too cheap, but the point is that we need to have enough profit built in to every assignment to cover for the times that we end up stiffed. I've had several of those appointments just in the last couple of days, but fortunately the ones I did have completed paid much more than $65.