Posted by Matham on 4/6/11 4:18pm
Msg #378940

What is a Simultaneous Second Discount fee?

Are judgements and contin fees performed by non-attorney notaries in California?

Reply by ReneeK_MI on 4/6/11 4:38pm
Msg #378946

Rare animal these days - but it's when a borrower is taking out a first and a second (or a Heloc), and they close simultaneously. Typical for the fee to sign the 2nd/Heloc is discounted - they're smaller pkgs, and you're not traveling twice.

Reply by Linda_H/FL on 4/6/11 4:40pm
Msg #378948

That's what I thought too, Renee

til I read the body of the post - then I wasn't so sure...

Unless this is two messages/questions in one?

Reply by Matham on 4/6/11 4:42pm
Msg #378949

Re: That's what I thought too, Renee

yeah, sorry, two questions in one.

Reply by Linda_H/FL on 4/6/11 4:44pm
Msg #378952

LOL..okay..Renee's right...and I can't help with 2nd ??..:) n/m

Reply by ReneeK_MI on 4/6/11 4:46pm
Msg #378953

I'm clueless as to the 2nd question - dang, washes my score! n/m

Reply by HARRY_PA on 4/6/11 4:48pm
Msg #378955

Perhaps it is time for Matham to do his/her own research.

Harry

Reply by Matham on 4/6/11 4:50pm
Msg #378956

Yeah, I'm looking myself, but google doesn't seem to recognize the word "contin."

Reply by James Dawson on 4/6/11 4:54pm
Msg #378958

contingency fee n/m

Reply by MikeC/NY on 4/6/11 10:16pm
Msg #378993

>>Yeah, I'm looking myself, but google doesn't seem to recognize the word "contin."<<

It's short for "continuation of title." In this part of NY, it's done by a title closer (who represents the title company) at the closing table, usually by making a phone call to the TC to verify that title is still clear - no new liens have suddenly appeared. The title closer is also responsible to verifying that all judgments and other liens have been released, and that any other title issues have been resolved.

I have no idea how it's handled in other states, but it seems like it's a bit above the pay grade for a notary...

Reply by CopperheadVA on 4/6/11 5:17pm
Msg #378963

I recently signed two loans for the same guy at the same time - one was for the home he lives in here in VA and the other was for a home he owns in TX and rents out. The national company that booked me is a lower payer that I limit to my zip code due to the lower fee. I did not give them a discount on the second closing because I already give them a discounted fee. But back when biz was good and companies did not bat an eye at paying a decent fee, then I would extend a discount for the second loan signed at the same time.

Reply by Moneyman/TX on 4/6/11 5:53pm
Msg #378968

"But back when biz was good and companies did not bat an eye at paying a decent fee, then I would extend a discount for the second loan signed at the same time. "

Good point about discounting already discounted prices.