Posted by Marian_in_CA on 8/5/13 12:39pm
Msg #479267

Interesting article out today...

http://wvrecord.com/news/261437-woman-says-quicken-loans-committed-negligence-misrepresentation


There's so many things in this article!!

Reply by Priscilla Witman on 8/5/13 12:45pm
Msg #479268

Sounds kinda like she's trying to get out of the loan. n/m

Reply by Marian_in_CA on 8/5/13 12:54pm
Msg #479269

That's what it sounds like to me, too. n/m

Reply by Malbrough_LA on 8/5/13 1:17pm
Msg #479270

Best Part EVER! SS/TCs pay attention...

"On Kemper’s closing documents, there was a $575 closing fee, far in excess of the $2 maximum fee for notarial services under West Virginia law and more in line with a typical attorneys’ fee for loan-closings, according to the suit."

How often have you heard, "Let me see if I can get that fee of yours approved...." Check and Mate. Your move.

Reply by Priscilla Witman on 8/5/13 1:27pm
Msg #479271

Re: Best Part EVER! SS/TCs pay attention...

I will agree that $575 is excessive for a "Signing Agent", but she would be complaining regardless. Borrowers have no idea all the factors that go into a signing appointment anyway, notarization aside. She's doing her best to get out of the loan...it wouldn't matter if it was only $50.

Reply by Marian_in_CA on 8/5/13 1:29pm
Msg #479273

Re: Best Part EVER! SS/TCs pay attention...

Most people don't realize that the "closing fee" has little to do with what the notary actually receives. We all know that.

Reply by Malbrough_LA on 8/5/13 1:34pm
Msg #479274

I agree that it's common knowledge amongst us;

however, it's clearly not common knowledge among everyone. The immediate assumption (don't you love when people make those) is that the signing agent is walking away with that whole chunk of change. Would that that were the case since (referencing a former post here) we are so integral and vital to the process after all [I see what I did there.]

Reply by Notarysigner on 8/5/13 1:51pm
Msg #479279

Re: I agree that it's common knowledge amongst us;

I'd like to hear the notary's side...something don't smell right. Even a stupid notary wouldn't ask for $575.00.
Who did TS pay that to??

[e-mail address] ????

Reply by MW/VA on 8/5/13 6:47pm
Msg #479323

I agree, Marian. It became an issue in NC when those fees

were listed as Notary Fees. There's a lot of difference in terms like Closing Fees, Signing Fees, Courier Fees, and Notary Fees. I rarely see my fee itemized on the HUD, and it's been a long time since I was named & paid directly at settlement.

Reply by Teresa/FL on 8/5/13 1:43pm
Msg #479278

Re: Best Part EVER! SS/TCs pay attention...

One of the local TCs I deal with in Orlando has a "Closing Fee Disclosure" that lists all the items that are included in the "Closing Fee." Here is what the disclosure says:

Effective October 1, 2007, House Bill III of the 2007 legislative session modified several title insurance statutes.

"Related Title Services" are now referred to as "Closing Services" under s. 627.7711 (I)(a) Florida
Statutes, and should be recorded on the HUD-I Settlement Statement Line 1101.

ITEMS CONTAINED IN FEE, WHERE APPLICABLE, IF NOT ITEMIZED:

Title Search
Document Scanning and Storage
Federal Express/Courier/Copies
Wires
Lien Search
Clearance of title matters
Speaking and corresponding with attorney's and parties to the transaction
Obtaining copies of title related instruments
Verifying "patriot" status of all parties
Verifying real estate tax payments
Ordering estoppel letters
Ordering payoff letters
Performing actual closing
Disbursement of all items listed on HUD Settlement Statement
Notarization of all necessary documents
Escrow Reconciliation of file
Completion of 1099S
Preparation of title related closing documents
Other:


Initial Here: __________ __________

Reply by Luckydog on 8/5/13 2:46pm
Msg #479286

Re: Best Part EVER! SS/TCs pay attention...

I have to agree with Theresa, the "closing fees" entail a lot more than just our fees. As far as the appraisal, if her home qualified doing a quick valuation, no need to do an appraisal and cost her more money. I think she is looking to get a payday and get out of her loan. (not likely)

Reply by GOLDGIRL/CA on 8/5/13 1:37pm
Msg #479277

Hmmm can't figure out what's going on

You're right, Marian,, there are soooo many things in this article, and yes, it sounds like she's trying to get out of the loan. In any case, focusing on the poor notary (I sure as heck wouldn't want to be named as a defendant in some knucklehead lawsuit like this).

I'm guessing WV is an attorney only state, so I'm basing all my thoughts on that. I once did a signing for a GA property. The signing fee was $550, all of which went to some lawyer whom the borrower never heard of, "didn't want," "couldn't afford," blah blah. In other words the borrower had no idea about GA closing laws. She was also ticked she needed witnesses. Anyway, all I *know* is that the TC gave me the phone number of this GA attorney who was supposed to be "available" during the signing. TC also said it was also sending attorney phone number to borrower.
Borrower and I met, signing went snicker-snack, and I'm outta there. No call to or from alleged lawyer earning this big fat fee. Clearly, the $575 closing fee in this lawsuit obviously has nothing to do with the notary, either. So I'm wondering what's in this for the lawyers who took her case? I mean hundreds of loan signings must go down exactly like this every day. Aren't they satisfied that "one of their own" got $575 and the notary got whatever TS paid him .... (while the borrower expected the notary to do all the work for $2 per)?

Yes, so much going on here. You'd think lawyers would be thrilled earning $500+ for doing nothing as far as I can see, except picking up the phone when the TC calls, while letting lowly notary do all the work.

Reply by Les_CO on 8/5/13 2:36pm
Msg #479281

Re: Hmmm can't figure out what's going on

West Virginia is an Attorney State, meaning the closing must be presented by or ‘supervised’ by an attorney licensed in WV. This often means a notary working for an attorney does the actual presentation. Sometimes the ‘supervising’ attorney simply speaks with the borrower by phone and asks if they have any questions, while a Notary presents the actual closing. The ‘supervising’ attorney often provides the lender a letter stating that they have reviewed the documents and that they meet, and were presented under WV law. If none of this was done my guess is that she has a shot at the lender/title, and think the notary may have to waste some time but isn’t liable. JMO

Reply by desktopfull on 8/5/13 2:36pm
Msg #479282

Re: Hmmm can't figure out what's going on

There's a big difference in closing a property for an attorney only state in a different state. If a notary in the attorney only state is closing in that state without an attorney present I don't want to be in their shoes and Title Source should know better than to do that. As far as the fees go, we do more than just notarize a few documents to earn what we are paid for our services.

Also, I've never had a Quicken Loan package that didn't have the Appraisal Disclaimer page that the borrower checked off whether they had received their appraisal 3 days prior to closing or that they were waiving the 3 day rule for receiving the appraisal. Why didn't she stop signing when she got to that page and knew there wasn't an appraisal? Sounds like she just wants out of the loan and doesn't want to give back the money either.

Reply by Paul2_FL on 8/6/13 9:35am
Msg #479371

Re: Hmmm can't figure out what's going on

I agree that it sounds like she just want to get out of the loan and her lawyers are throwing everything against the wall to see what sticks.

With regards to the fees, appraisal, negligence, etc. I believe the Lender/TC lawyers can easily defuse these but the one thing they will have difficulty with, IMO, is; if, in fact, the lawyer for the closing was not in communication with her during the actual closing to go over any concerns she may have had. Generally speaking, the notary usually gets instructions from the Lender/TC to call the lawyer who was contracted for this signing at the start of the signing. The Lawyer will go over a few documents with the borrower and then instruct the borrower to contact her/him with any questions that arise during the rest of the signing with the notary.

If the contracted lawyer did not participate in this signing then I believe a Judge just may grant her her wish. Also, if they go before the Judge that ruled against Quicken in a previous case she may just win anyway!

http://www.statejournal.com/story/22715968/wv-judge-grants-homeowner-damages-in-quicken-loans-case

Reply by OR on 8/6/13 12:48pm
Msg #479387

Re: Funny thing an attorny took the case.

Does not look like he knows his stuff very well.