Posted by 101livescan on 9/22/11 2:30pm
Msg #398294

Notary "Fee" Gouging, says one borrower

Did a Chase refi on a commercial apartment building...Borrowers are very well to do.

He looks at the closing statement sees $60 for notary fees and begins yelling. You people are gouging me for all these fees. I let him go off, I had no retort, what could I say, sitting at the long mahogany table in board of directors conference room. I had to bite my tongue. I had no response. I just listened to him bellyache, he was very cross. I said, well, let's move this along, I have another appt in 45 minutes, I don't want to have to adjourn his signing to attend the next one. By the way, he was 15 minutes late.

He told me he can get a notary any ole time to do it for nothing. I had no response, I was obviously dealing with someone who feels he is way more important than the rest of the worldly people on this planet.

ho-hum...I was certainly happy to meet the next client who was delighted with his loan and who regards the talents and expertise of title and escrow in a fast and furious refi market we're experiencing this season.

Reply by Notarysigner on 9/22/11 2:38pm
Msg #398297

Question, Is $60.00 notary fee a typo? n/m

Reply by JanelWI on 9/22/11 2:52pm
Msg #398298

I have had a few like that. It is their lack of understanding about what we actually do, as if our entire purpose is summed up by two or three digits on a settlement statement. I had one where the borrowers told me the lender told them straight out I would not be able to give them an overview of the docs. I am just a notary, so their rep said to be sure to to call him back when they get done signing if they have questions. Can you believe that? They were shocked when I was able to give them a good overview of documents. They asked, "What are you actually called then?" I politely said, "The notary public commission is my tool, and I am a notary public; but, I am a professional document signing agent and I am not defined by the tools of the trade, but by the service, knowledge and professionalism I bring to each closing".

More and more I go to closings now where borrowers are prepped to not expect much from us because we are just Notaries. That is the worst sort of customer service I have ever heard. Why would you want to do business with a company that you cannot expect exemplary service from beginning to end?

Reply by Donna McDaniel on 9/22/11 3:20pm
Msg #398304

"More and more I go to closings now where borrowers are prepped to not expect much from us because we are just Notaries."

That's because with the fees some of them want to pay, and the one's who accept them, they are commissioned notaries with no other qualifications but an XYZ course. A lot don't even know their state laws, never mind loan docs, problem solving, organizational skills, punctuality, and where to draw the line.

IMO

Reply by Moneyman/TX on 9/22/11 3:21pm
Msg #398305

"so their rep said to be sure to to call him back when they get done signing if they have questions."

If it were me and my loan, I would have canceled the deal as soon as he gave me advice like this and go with another company. Sign everything THEN get any questions answered after I have already signed and agreed to everything? WOW!

Janel, I really like the explanation and the type of customer service you gave.

Personally, I think the lowered expectations is due to the flood of new "professional" NSAs and the flood of $50 type of offers. I too am surprised at the lack of knowledge and respect for what we actually do by the very people (title, lenders, loan offices, and some SS companies) that depend on our services.

Reply by Notarysigner on 9/22/11 3:28pm
Msg #398312

You're correct! Their fee offering is dictating the "type" of notaries they want to go out on the jobs

Reply by MW/VA on 9/22/11 3:46pm
Msg #398320

IMO, that sort of thing is going to continue to happen

until they change the terminology to say "Signing Agent Fee" instead of "notary fee". There was a big legal deal in NC a few years ago because of the amts. that were being listed on the HUD as "notary fees". It's an industry glich that I think needs correcting.

Reply by Scriba/NM on 9/22/11 3:48pm
Msg #398322

$60? Who signs for $60? $60?

I wouldn't have taken a loan (especially for a commercial building) for $60 and no one in his or her right mind should ever even think of doing that.

That said, when he started blowing about the fee, I would have asked him politely if he still wanted to go through with the signing of if he'd like to get his own notary for free. I would then pack up my loan documents and leave should he elect the latter.

$60? Really? How can anyone accept that? This business is getting crazier by the minute.

Reply by JanetK_CA on 9/22/11 4:06pm
Msg #398329

Normally, I would agree with you, but I also know Cheryl Elliott - and I know that she's one of the best (and best paid) in our business. You can bet your last nickel that she wouldn't have accepted that assignment if she wasn't making a profit on it, with whatever particulars were involved in this loan. [Not that Cheryl needs me to defend her, but I couldn't resist... ]

Cheryl, kudos to you for keeping your mouth shut. I think I'd have a very hard time doing that, but sometimes it just isn't worth it to even try to reason with an irrational person!

Reply by Les_CO on 9/22/11 4:22pm
Msg #398335

I would have said “That is not my fee.” and it would not have been as I don’t do $60 closings. If he asked what my fee was I would tell him. If he complained, I’d tell him to go get someone free, and leave.

Reply by Sylvia_FL on 9/22/11 4:27pm
Msg #398338

I don't think Cheryl took the signing for $60. But that is what the "notary fee" was.

I used to do signings for a title company, they always put $40 as the notary fee as that is what the notary fees would be, however I always got paid in excess of $100 - and this was overnight docs, long before companies started to do strictly e-docs.

Reply by JanetK_CA on 9/22/11 6:20pm
Msg #398356

That makes lots more sense to me... n/m

Reply by Notarysigner on 9/22/11 4:38pm
Msg #398344

I've gotten my a$$ chewed twice for disclosing my

fee from Escrow officers although I am required to do so when making my journal entries. I've even had notaries here advise to make that entry later so the borrower wouldn't see it which is BS!

Reply by Notarysigner on 9/22/11 4:33pm
Msg #398341

Cheryl is a much better person then I, Janet I Agree. I don't personally know her but I have never disagreed with ANY post she has made.

Reply by Susan Fischer on 9/22/11 7:21pm
Msg #398371

Which reminds me, (TY Janet) - is there a better way to keep

my mouth zipped than to pinch myself? And when 'auto-eye-roll' engages, how can I get faster at blinking it off?

A little prayer for us all:

Lord, please keep your arm around my shoulder, and you hand over my mouth.

Amen.

Many thanks, Cheryl, for a grand post.

Reply by 101livescan on 9/22/11 9:13pm
Msg #398386

Thanks, Janet, of course my fee was substantially more than $60, that is just what was disclosed to the borrower. It was a huge loan amount, over $1M...That's why I was surprised that he felt $60 was too much....if he only knew what I was paid on this, he'd be #$%*ing bricks.

Sometimes there is more valor in keeping one's thoughts to themselves.

Reply by Riley/FL on 9/22/11 9:19pm
Msg #398388

Yes, taking the high road, staying silent (very hard to do sometimes), and not losing a good client over some jerk you're never going to have to deal with again. Kudos to you!

Reply by MistarellaFL on 9/22/11 10:09pm
Msg #398393

Notary "Fee" does not equal NSA fee

Many times "notary fee" is just another TC charge.
Normally, NSA fee is built into the closing fee.
Doesn't mean Cheryl accepted $60 as her fee.

Reply by BobbiCT on 9/23/11 6:49am
Msg #398408

Was it Notary "Fee" Gouging?

If you performed 6 notarizations at $10 each(I think CA fee) = $60; more than 6, he got a deal. If you performed less than 6, then the customer may be right. Also, you could disclose your "travel fee" as part of the $60 (as long as the customer didn't have to agree to it in advance under CA law).

The customer looks at it as: this is the fee for a "notary public," which my office, local attorney or real estate agent would have had their staff notary do this for free.

The better disclosure on the settlement statement: "Notary Signing Agent." Then you could tell the customer that you are not acting as "just a notary public," you are working as a Notary Signing Agent and explain why he paid "extra" for your services.