Posted by Barb25 on 9/12/12 9:46am
Msg #434051

RESPA Signings

Believe it or not... I cannot ever remember doing a RESPA signing in 12 years.. At least not recently or that I can remember. I just got a call to do one locally. Offered $50 becauseeee when then you would get the loan signing. I just said I didn't do RESPA signings. Thank you..

I would love your comments.

Reply by Ali/IL on 9/12/12 11:03am
Msg #434056

The respa signings are for the application. You still have to probably print quite a few pages so , maybe that $50 isn't enough.

Reply by Teresa/FL on 9/12/12 11:12am
Msg #434057

These signings take just as long, sometimes longer, as an actual closing.

$50 is not enough for me to do these. The rationale that you will then get the loan signing is just a carrot that they try to tempt you with. I might not be available when the loan is scheduled to close, so the fee offered must be enough to cover my time for that one assignment.

Reply by Linda_H/FL on 9/12/12 11:24am
Msg #434059

not to mention the loan may never close...

who knows what's going to happen between application and closing? bad credit; bad title; for FL, spouse on title but not in picture for 20 years; loss of job/income.

I do them (contrary to popular belief that we're not supposed to) but not for $50.

Reply by dutchcloser on 9/12/12 11:34am
Msg #434062

Re: not to mention the loan may never close...

I agree with Linda and Teresa. When I have done these in the past with Reverse loan apps I charged as a regular signing. It's your time that you are spending and yes they do take just as long and even a little longer than a closing.

Reply by MW/VA on 9/12/12 3:11pm
Msg #434096

I don't have a problem with RESPA's & have a minimum

fee of $75 for those & more for RM apps. There isn't as much paperwork as a final signing (app. & initial disclosures--usually about 35 pages). It usually takes about 20 minutes.
Yes, I generally get the signing. Some choose to do them & some don't. We have a lot of VA loans here, and many cos. want the paperwork back so they can start processing.

Reply by Teresa/FL on 9/12/12 3:26pm
Msg #434098

Re: I don't have a problem with RESPA's & have a minimum

I do them too, but my response was intended to point out that everyone should make sure they receive a large enough fee to cover their time (and expenses). Everyone has a different idea of what that means for them, but $50 would not cut it for me.

Most of the time I get the loan signing too, if it gets to that point. Occasionally I cannot do the signing because I am already booked for that time slot.

I don't discount fees on promises of future work. Along those same lines, I also do not discount when I'm already going to be in that area. Experience has shown me that as soon as you do, your original appointment is cancelled or rescheduled and then you end up working at a loss or at best a greatly reduced profit margin.

Reply by Barb25 on 9/12/12 3:33pm
Msg #434100

I also do not discount because I am going to be in the

area. I thought that was a good idea but got burned.. Shame on me. It happens and unfortunately you can't go back and ask for more due to "extenuating circumstances." LOL. They don't give out medals for this type of sacrifice in the notary world. At least, that I know.

Reply by Barb25 on 9/12/12 3:26pm
Msg #434099

Thanks for all the responses.

I have never been a fan of "I will make it up to you later." Reminds me of when I was in sales. A customer would many times tell the salesman I am interested in buying many units within the next year so it is in your best interest to give me very good pricing. The correct philosphy is the discount comes with the subsequent sales or in this the loan closing. Let's be real.

Maybe we should use this aproach: You give me $xxx.00 for the application and I will do the closing for $xx.00. Better yet give me a fair fee now and I'll do the closing for nothing. Sounds good to me.

I think I will just stay continue to stay away from them. I appreciate all your input.

Barb

Reply by bfnotary on 9/13/12 7:55am
Msg #434172

I had one to do once, all I had to do was drive 3 miles to the house and double check for missed signatures. Prior to me getting there, they already had the docs, in a nice folder, all highlighted. The loan officer I guess walked them through it. So pretty much I had to drive over 3 miles to house, check signatures, and drop at fed ex. I was literally at that house for about 4-5 minutes. That is the one and only signing I took for 50. But prior to taking it I knew address, and I knew that all i had to do was check sigs, and drop in fed ex. My entire time involved in that signing was about 20 minutes, that includes everything. (drive, fed ex drop, house, and printing confirmation and record keeping)

Reply by Teresa/FL on 9/13/12 8:48am
Msg #434179

If they were all as you describe, I would do them for $50 n/m