Posted by garland/CA on 8/17/11 2:54pm
Msg #393969

any one else have this experience with LONG closings...

super long closing yesterday ( my longest ever) - took three hours. Was a reverse mortgage, which I only discovered when I received docs to print. Husband signed ok, but wife took 2 hours alone to sign her papers, with her nurse and son keeping her going. She was coherent and alert, just not physically able to sign that many pages (why are reverse mortgages the biggest loan packages - poor seniors!).

I found out from the son that the initial docs she signed (at application) took three separate sittings, ~ 35 minutes each, over three days. I was not told any of this beforehand. The issue is this: the son wanted to write me a check for an additional (rather substantial) amount to compensate me for my time. I did not feel I could take it. It seems all "closing costs" should be on the settlement statement and any extra compensation should be received through title. Has anyone else had this experience? Are we allowed to accept additional money separately if a borrower (in this case family member) offers it? I have been offered small gifts such as wine before, which I have taken, but not additional money. One other time I was offered an additional $20, which I declined.

I did contact the SS today and did receive an additional compensation for this signing.

Reply by MaggieMae_CA on 8/17/11 3:21pm
Msg #393979

Took cash one time because it was required...

After all docs were signed the wife left the table to get her purse. I had no idea what for, but the husband asked if I would do him a personal favor. He wife TIPS everyone and he said there was no way I would be able to leave the house unless I accepted the token of his wife's appreciation. I agreed under the condition that he walk me to my car.

Wife came back and gave me $20, husband walked me to my car, I shock his hand and pressed the $20 bill into it. I told him that my taking the $20 could be considered a RESPA violation and I really couldn't take it. He smiled and put the $20 in his pocket and thanked me for respecting his wife and maintaining my integrity.

Reply by garland/CA on 8/17/11 4:03pm
Msg #393984

Re: Took cash one time because it was required...

thanks Maggie. I thought it might be a RESPA violation. They mean well, but it just doesn't seem the right avenue to receive additional compensation.

Reply by Notarysigner on 8/17/11 6:35pm
Msg #394005

could you please point out where I can find that

taking a tip from a borrower "could be" a RESPA violation? I couldn't find it. Thanks

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/ramh/res/respamor

Reply by MaggieMae_CA on 8/17/11 6:58pm
Msg #394008

I am not an atty nor have I ever claimed to be

I said "could have" As has been mentioned hundreds of times in this forum by many notable signing agents... such as yourself Notarysigner... The charges the borrower incurs are listed on the HUD Settlement Statement. The $20 tip the borrower extended to me was not listed on the HUD.

Reply by Notarysigner on 8/17/11 7:07pm
Msg #394010

I understand that and I "echoed"

could be..... in my post. I'm just trying to learn the facts. I want to be the best notary I can be so I try to verify everything I can before I act on it.

I have received many cash tips and have posted about it because borrowers were so grateful for my work. I don't know where you are in Ca but in the San Francisco bay area, tipping is a "thank you very much"!

Reply by MaggieMae_CA on 8/17/11 7:16pm
Msg #394011

Re: I understand that and I "echoed"

We are all entitled to run our businesses as we choose. I do not accept "tips" from borrowers for loan signings as I am being paid by a title company, lender, etc. I have received extra funds from title on occasion for going above and beyond. I truly feel there is no conflict with receiving those funds.

I have my line in the sand and you have yours.

I have accepted tips for general notary work and do not see a conflict when I've quoted a price to a client and they have chosen to tip me for my services.

From everything I've read that you've ever posted about yourself and your business and from everything others have posted in the forum about you, I am sure you are "the best" in the San Francisco bay area and could not possibly learn something from me. I applaud your knowledge and business savvy.

Respectfully yours

Reply by Notarysigner on 8/17/11 7:21pm
Msg #394012

There's an old saying, that I follow which is

..."you don't get old being stupid"!

I learn something everyday from everybody.

Reply by RickG/CA on 8/18/11 10:54am
Msg #394104

Just wondering, do you report these "Thank You's" to the IRS n/m

Reply by Notarysigner on 8/18/11 11:42am
Msg #394116

Re: Just wondering, do you report these "Thank You's" to the IRS

Wonder no more, what do you think? It's the law.

Internal Revenue Code section 6053 details the reporting of tips by both the employee and the employer.