Posted by Buddy Young on 6/20/12 11:56pm
Msg #424180

You are in control...

"This is especially for all you tyro's out there.

I took a signing today: a reverse mortgage application. I don't usually do these but I didn't have any other jobs today so I accepted. They pay $xx I said " sorry my fee is $xxx" They accepted.

I recieved the emails and there was no assignment sheet and the job required fax backs.

I emailed the SS and told them that I would require an additional fee for fax back as my original fee didn't include them. I also stated in my email that I would not be able to continue with this signing unless I recieved an assignment sheet with my fee on it.

I proptly recieved an emil accepting my new fee and an assignment sheet.

So if you are a neophye, remain in control and don't let those SS push you around.

What a strange week: 5 signings on Monday with 2 turned down, 0 signings Tuesday and 1 on Wednesday.

Reply by Scriba/NM on 6/21/12 12:18am
Msg #424184

Yes - and many of us have already learned that "mortgage application packages" are a large pain, low pay and if you demand more $, you may or may not get paid. If you do get paid, you may wait weeks and weeks ............... but then again, YOU are in control. I guess it's better than shoveling out the chicken coop - in your shorts.

Reply by Buddy Young on 6/21/12 12:51am
Msg #424187

OK, OK, I'm not wearing shorts anymore, no matter how hot it is.

Reply by Buddy Young on 6/21/12 1:04am
Msg #424188

Can't even post trying to help without some wise a$$ posting to undermine sincere efforts.

Reply by HisHughness on 6/21/12 1:15am
Msg #424190

Buddy, you're only half right

ScribaN/M is arrogant, certainly. Convinced of his own utter rectitude, yes. A narcissist, yes. A braggart, yes. But wise...no.

Reply by MW/VA on 6/21/12 9:08am
Msg #424199

That's not necessarily true. I do handle RESPA's and

am paid a fair fee for those. I've also done RM Applications. The advantage is that we usually get the signing as well. It's all a matter of personal/business preferences.

Reply by MW/VA on 6/21/12 9:09am
Msg #424200

BTW, my response was to Scriba. n/m

Reply by PegiT_MN on 6/21/12 10:54am
Msg #424211

I Agree With Scriba.....

......."mortgage application packages" are a super large pain! I stopped doing them. I don't have the time nor the energy to go out to a "potential" borrower's home and "explain" a mortgage application to them, sign a gigantic package, and collect all their documentation. In my opinion.....that is the loan officer/mortgage broker's job. And then I have to keep my fingers crossed for the next two months that the loanofficer/mortgage broker can actually get it to the table so that I may or may not get the actual closing out of the deal and that I can finally think about getting paid for all my work. No thank you! And what happens if the thing doesn't close......the mortgage broker conveniently forgets you ever went out to do the work and you have a heck of time collecting your money. Nope.....not interested! I was burned one time......and that's all it took.

Reply by sigtogo/OR on 6/21/12 12:05pm
Msg #424218

Solution would be to not accept an app that's payment is

determined by a loan closing. Two separate jobs, two invoices, two paychecks.

Reply by Linda_H/FL on 6/21/12 12:38pm
Msg #424225

When I do RESPA's - that's a separate and distinct

job - and my payment is not contingent on that loan closing - many never make it to the table, and that's not my problem.

I'm clear up front with the hiring party that payment is due at 30 days regardless of the outcome of underwriting and I will not wait for underwriting to get done to get paid - if they can't agree on that they can move on to someone else.

JMO and JMBP (just my business practice)

Reply by PegiT_MN on 6/21/12 3:42pm
Msg #424257

Re: When I do RESPA's - that's a separate and distinct

most of them can't agree on that.......and that is why I say they can move on to someone else. That is exactly why I have stopped doing them.

Reply by MistarellaFL on 6/21/12 9:32am
Msg #424203

My biggest worry for you Buddy

First, I don't do applications for SSs, because SSs often don't pay for these until THEY get paid, usually after the closing, and if it doesn't get closed, you might hear a number of excuses for a number of months.
And, this SS apparently agreed to your additional fees, quickly.
That also raises a BIG red flag!

Reply by Les_CO on 6/21/12 10:15am
Msg #424208

Re: My biggest worry for you Buddy

I would be interested in what SS hired you, and if and when you get paid.

Reply by Pro Mobile Notary on 6/21/12 11:27am
Msg #424213

Buddy, according to the changes to RESPA it is strictly forbidden for a notary to take any type of application for any type of mortgage (1st, HELOC, reverse, etc) unless they have a loan originators license issued by the National Mortgage License Agency plus a state license if required, which in your case would be a CA Dept of Real Estate license which is required to be a mortgage broker. It is the law, so if you are unhappy about it, do not blame me for mentioning it in public.

The fine is $10,000 for each instance plus potential jail time too.

Reply by sigtogo/OR on 6/21/12 11:31am
Msg #424214

What?? Pro Mobile? we don't "take" the app, we just watch

them sign and mail back the docs.

Reply by SheilaSJCA on 6/21/12 12:15pm
Msg #424221

Pro Mobile Notary, please clarify the code or section where this information can be found. Interesting to hear this, as I don't think particular issue has been discussed here before.
If you are just picking up the signed application and collecting signatures on broker disclosures, collecting requested paperwork, how are you in violation?
Are they talking about "taking" the app, as in filling it in, as it is input into your computer system, while the applicant relays the answers over the phone? That sounds like "taking" an app. If it is hand-written by the borrowers, or given to them to sign (as if often the case) with the fields already typed in by the loan originator, how can that be a violation? Loan packages include applications to be signed all the time.

Reply by Pro Mobile Notary on 6/24/12 6:51pm
Msg #424538

You go out and ask for signatures and you are in violation.

Reply by sigtogo/OR on 6/21/12 11:57am
Msg #424216

I do both conventional and RM apps-no problem getting paid

RM apps usually take some time so I charge accordingly. I always discuss terms of payment before I take the assignment, just like I do with any other transaction. And, if its a new company, I check them out here on Not Rot before confirming assignment!

Reply by bygrace/PA on 6/21/12 3:58pm
Msg #424261

Re: Make SS & TC Research our Industry -Your Certified!!

I agree with Buddy all the way. I am a CNSA/TEA (LLC) and I also have another LLC as a Business Consultant.

Let me offer this piece of information in Industry Analysis by Sharon Olsten author of Modern Competitive Analysis:

By lowering prices just a little the business can increase its market, thus
increase its own profits. The business may well believe that it cut prices in
this way without upsetting the overall industry but, if enough businesses (thats
you CNSA) yield/submit to this temptation (behavior), the market price willl
drift down and the industry will be threatened (e.g. lowball fees offered that
all "Certified" Notary Professionals all habeen offered). Intense (rivalry)
amongst firms/companies (CNSA/TEA's) in an industry reduces "average
profitability"

Total profits in an industry are greater with coordination (aka CNSA/TEA collective
consciousness) than without.

In closing, Let's not forget about Geographical Location, Costs of Living, Cost of Supplies/Material, CEU's, Gas costs, Safety of the Notary (especially late night signings) etc.
LS Prices/fee charges, $$$ Premium Fee Charges for Late night signings are especially appropriate for (our---not their) Profession. Keep in mind that a fee in Wyoming for CNSA's
(will not) work for say a NY CNSA's. It is for the Professional who is "Certified"--->that's
right your not just any Notary.... to know their Industry and worth and set fees
accordingly.

***SS, TC etc....just need to do a little more homework on their end about
our industry.....wouldn't you say----btw, this last remark only applies to
the SS, TC, etc companies who hope and has succeeded to drive down
our CNSA/TEA Market with low fee assignments in order to eat like fat rats!!
(You know who you are....even if you do show up in this forum as a trojan
horse bashing like a spoiled brat)

I too have been successful with renegotiating SS,TC Contracts to match my company
fee schedule per my LLC Operating Agreement. I know my worth and for all the SS, TC
companies that continue to pay me well .....my company thank you and respects you as well because of it. As any customer service department would have it....I'll keep applying those discounts to your company for repeat business. I love it, when the relationship works!!!!!....Blessings All