Posted by DHartley_PA on 9/17/10 8:22am
Msg #352974

Wells Fargo - Close at Home

Got an interesting phone call yesterday from borrowers who were looking for a notary to notarize 2 documents in their refi package and what would I charge if they came to my office. I told them $25 to notarize the 2 docs. I asked them why they were searching for a notary themselves and they said that the loan package was a Close at Home deal with Wells Fargo. All the docs were sent to the borrowers, then it's up to the borrowers to sign the papers and get a notary to notarize the 2 docs that needed a notary stamp, then return the package with the UPS envelope Wells Fargo sent them. No closing costs. The only fee to the borrowers was the fee they paid me to notarize the 2 docs. They brought the entire package and asked if I would "sit with them and go through it"??? What?? For $25??? Don't think so. I told them I could not do that. I was only authorized to notarize the docs that needed notarized and that was all I could do. Anyone ever hear of this? Is this the way this business is heading?

Reply by 101livescan on 9/17/10 8:27am
Msg #352975

It's only a matter of time....I think I would ask them to come to me. In CA we can charge a travel fee, so it would be $20 for each document with two signatures, or $40, plus $40 to travel. But if they want hand holding that would be the full fee for loan document signing, $125. Are we being completely negated as this industry's closing professional, sure seems like it.

Reply by PA_Notary_II on 9/17/10 8:41am
Msg #352976

I had one of these the other day. Bwr called and asked what it would cost to meet at their home to notarize their docs. Gave them a choice....$25.00 travel fee plus $5.00 each notarization ($2.00 for each addl sig on acks) or $125.00 for me to go over their whole package. Declined the whole package offer as they said they knew all about it. Set up the appointment and on the morning of the close, they called and said their bank would do it for 'nothing'. Have a nice day, says I. And BTW Doreen, if they came to your office, you could not charge them $25.00 unless the actual notary fees were in excess of that. Read your PA Notary manual under fees you may charge.

Reply by karen_va on 9/17/10 8:54am
Msg #352977

This is for existing Wells Fargo clients. Wells Fargo will lower their interest rate at no charge. The loan officers call their existing clients and they make a little money. I guess Wells wants to make sure and keep those clients and collect interest over the life of the loan.

Reply by MW/VA on 9/17/10 9:02am
Msg #352979

I've seen quite a few of these. It's a great deal for existing Wells Fargo customers. There are no closing costs to refi to a lower rate & payment. Because of that, there is no signing fee included, and the borrowers have to pick up that small cost. I've gotten a few calls & charged a flat $50 & I go to them. Why not? I'm not printing docs, dropping, etc. If they don't use me, they go to UPS stores, etc. & just have a notary notarize the docs that require it. It's up to you. You can choose to make some money or have that business go elsewhere.

Reply by Nina Thomas on 9/17/10 9:12am
Msg #352982

hmmm, well, that ansewers my question as to why I have not done any work for them in a month. my volume with them was high but your all right about the drama with FASS not being worth it. I would make an educated guess that after dealing with a few of the other notaries in my area they will be calling again but surprise, my rates for them just increased. They can micro manage someone else.

Reply by Nina Thomas on 9/17/10 9:12am
Msg #352983

oops , was replying to fass thread and replied in wrong one. sorry

Reply by 101livescan on 9/17/10 9:42am
Msg #352986

Nina, they don't care about anything except cutting their fees. I went through this last year with them, when they said I was no longer a white glove signer because of my fees. Well, so what! Let them struggle with the low-knowledge, unskilled notary who doesn't know a DOT from a Taco Bell receipt.

Reply by Calnotary on 9/17/10 10:08am
Msg #352991

I have never bothered to try to get in to their database of: FASS,Banserv,Nations Direct et al and only because of what I read here.

Reply by Linda_H/FL on 9/17/10 10:26am
Msg #352992

Wells Fargo has been doing this for a very long time...

Send docs to borrowers - borrowers find a notary = notary fee only (or add authorized travel fees if you go to them and they're disclosed up front).

Reply by Tonya Grimes on 9/17/10 10:40am
Msg #352993

Re: Wells Fargo has been doing this for a very long time...

I worked for WF in Loss Mitigation until this past June. Once we established a modification plan, the docs were prepared by the underwriters and sent to the borrow with instructions to find a notary and return to WF. We could send out hundreds per day. The idea was to keep costs to borrower to a minimum since most were underwater or so far behind that they could never catch up. Usually there were less than 10 pages and only 1 notarization required.

Reply by MW/VA on 9/17/10 10:54am
Msg #352995

Re: Wells Fargo has been doing this for a very long time...

Yes, that's on loan mods. But I've seen full refi pkgs. sent to the borrowers.

Reply by SReis on 9/17/10 12:14pm
Msg #353002

Re: Wells Fargo has been doing this for a very long time...

That def would not fly in MA. Maybe for a loan MOD but def not a full refi pkg.

Reply by MW/VA on 9/17/10 6:38pm
Msg #353051

Re: Wells Fargo has been doing this for a very long time...

I would be curious what they do in attorney-only states.