Posted by Pat Leedy on 10/14/10 12:26pm
Msg #356752

Re-signing

I'm looking for input as to whether I am entitled to my first invoice for loan doc signing, when the loan did not fund in time and we need to resign. My signing had no impact on the reason the loan did not fund in time. I am in Ca...

Reply by James Dawson on 10/14/10 12:38pm
Msg #356758

I would say it depends on your agreement with the hiring party.

Reply by Tish/CA on 10/14/10 12:53pm
Msg #356760

No, it should have no impact on your being paid your full fee.

Reply by CopperheadVA on 10/14/10 1:00pm
Msg #356764

If you made no mistakes and the loan needed to be resigned due to reasons beyond your control, then you are entitled to that full fee for the first signing. And if you did the second signing, then you are also entitled to full fee for the second one.

Sometimes though, if this happens with a particularly good client that provides a lot of consistent business, you have to weigh whether you want to give them a break on the fee and be a team player. But definitely don't allow yourself to be taken advantage of in those cases.

But if the company has a policy to the contrary and that was communicated to you before doing the job, then like James said it depends upon what your agreement was with the hiring party.

Reply by JanetK_CA on 10/14/10 2:29pm
Msg #356780

I had a similar situation recently. It was for a relatively new, good tc client. I did get paid for the second trip (without having to do any convincing), but because I'd already been through the docs with the borrower, they were pretty close to home, and I was being paid a pretty decent fee to begin with, I did give my client a break on the second one of about 30%.

Every situation is different. I probably wouldn't do the same for a ss where my profit margin was much, much slimmer. I think it's fair to still expect to make something on the 2nd trip because, theoretically, at least, you could have been doing another signing in that time slot if someone other than you hadn't messed up. However, that's a situation we run into on a regular basis in this business, and as I've said before, is hopefully something we are factoring into our fees.

You have to use your own judgment in a situation like this - and weigh how important is that relationship with this client and how big of an issue it would be for you to push it. But if they're trying to stiff you altogether, then I would question just how good a client they really are...

Reply by C. Rivera Chicago Notary Services on 10/14/10 3:27pm
Msg #356794

most excellent post JanetK... n/m

Reply by MW/VA on 10/14/10 8:04pm
Msg #356845

Agree, this was well said. :) n/m

Reply by Ronnie_WA on 10/14/10 3:43pm
Msg #356796

The loan didn't fund because someone other than you made a mistake. Why would you think you need to take the hit for someone else's error? You might give a slight reduction if there is no change to loan or settlement figures if these are folks that will sign quickly, otherwise, I would charge a full fee.

Reply by LKT/CA on 10/14/10 7:58pm
Msg #356842

Yes, you are entitled to your full fee for completing an error free job. Once, I completed a signing and was called to do a re-sign because the seller delayed the transaction for one reason or another and the signed docs expired. <that's what I was told>

I received my full fee for the original signing and a full fee for the re-sign, though I gave a discount on the re-sign because of a good business relationship with the mortgage broker who gives great referrals.