Posted by sheltn on 3/24/12 10:33am
Msg #415920

reduction of fee..

If you complete a signing but the b.o. cancels
or stops the closing midway, why would you only
receive half-fee? (If it is not specific in the agreement or
order) It isn't our job to sell the loan or try and talk
the b.o. into anything, so I can make my entire fee. I feel like I have completed
my duties and I should get my entire fee.

Reply by Pam/NM on 3/24/12 11:05am
Msg #415923

If I have arrived at the closing and been there longer than 15 minutes, I require full fee. Less than 15 minutes, I charge trip/print fee. Before I've gone to borrowers, I charge only a print fee. I've made exceptions, however--my favorite title co lists me on the HUD. If borrower should exercise RTC or cancels, I've been known to let it slide. This would be only for a hiring entity that I have an established [good] relationship with.

Reply by Pam/NM on 3/24/12 11:11am
Msg #415926

Sorry--somehow hit "post" twice. Must've been that 4th cuppa joe that made me shaky!

Reply by ikando on 3/24/12 11:19am
Msg #415928

This is why I've got a confirmation of the confirmation email that I send with MY contract stipulations. Among them is I get paid if I do what I was hired to do. If the borrower doesn't sign or if they cancel, I get paid the full agreed fee. I have no control over the signer, the signing service, the title company or the loan. I am an independent contractor. I expect to be paid my full agreed fee per the verbal contract made by them calling me and telling me what they'll pay, and that I'll receive that payment within 30 days of the assignment date.

Some callers don't like that, and cancel the signing. But I'm still ahead because I haven't wasted my time, energy and materials to not be paid for the service I provided.

Reply by Pam/NM on 3/24/12 11:10am
Msg #415925

15 min + at signing = full fee (this would usually entail me talking with l/o or escrow at length while there--but I NEVER try to sell the loan. It's usually a fee/rate clarification issue)
<15 min = trip + print fee
no trip, but printed = print fee


I've made exceptions, tho'--especially for a hiring party that I have a good relationship with. Also, if I haven't printed yet, I don't charge cancellation fee as a general rule. Just my own business practice. Sometimes you have to eat it. Cost of doing business.

Reply by PegiT_MN on 3/24/12 4:30pm
Msg #415938

Full fees for me too....always. . n/m

Reply by BossLadyMD on 3/24/12 12:14pm
Msg #415932

I always get paid my full fee n/m

Reply by Les_CO on 3/24/12 6:25pm
Msg #415941

Any good (IMO) SS or Title company pays a full fee if the borrowers cancel or if it’s a no-show.

Reply by MW/VA on 3/24/12 7:25pm
Msg #415944

No, full fee for no-signs. In my experience, the few I've

encountered ended up taking longer than if they signed. We need to try to get the LO on the phone to get issues resolved, etc. I had one a few weeks ago. I was there for almost an hour. Signing would have taken little more than half that. The ss did pay me a full fee. :-)

Reply by VT_Syrup on 3/25/12 7:58am
Msg #415954

Re: No, full fee for no-signs. Less statutory fees?

If the details are not fully spelled out ahead of time, I wonder if the hiring party would expect the fee to be reduced by the maximum statutory fee for the number of notarizations that would have occurred had the signers signed? Not a big deal in my case; ignoring protests, the only fee specified by law is 50 cents per certificate under seal. I'm sure no one would ever connect the dots, but if you state in your confirmation that courier and printing services are $$$ and notarizations are free, and then at tax time, reduce your social security income by the amount of the statutory notary fees, would that be a contradiction?

Reply by sueharke on 3/25/12 12:19pm
Msg #415984

Re: No, full fee for no-signs. Less statutory fees?

As a Notary Public and CPA, I would say "notarizations are free and reducing" would not allow you to reduce social security income. The reduction in social security income is only for notarization fees, not travel fees or printing fees. The IRS and various states really look hard to find a way to put a hand in your pocket to get more taxes from you.

Reply by CopperheadVA on 3/25/12 8:51am
Msg #415959

I agree with you that we *should* get full fee, but I work mostly with regular clients that throw me a large amount of my business, and on the rare occasion a no-sign happens I usually accept a reduced fee. The clients I work with do pay a decent trip/print fee, and since no-signs happen so rarely I don't sweat it when it does. I also get the re-sign so I end up making an additional fee with the same borrower. I feel the no-signs have GREATLY diminished since the new disclosure requirements came out a couple of years ago.