Posted by Dmitri/SD/CA on 1/9/13 4:25pm
Msg #449671

What is normal these days for print/trip fee on no-sign?

Hi,

I just had a no-sign on a loan mod (about 20 pages printed twice) and had the company (UST Global) only offer me a "maximum" of $30.00 on the print/trip fees, while stating that their "standard" no-sign print/trip fee on loan mods is only (!!) $25.00. They've also indicated their standard no-sign print/trip fee on refi docs is $40.00. This seems a little low to me; I was under the impression a normal "standard" no-sign print/trip fee on a refi is supposed to be at least $50.00. How about loan mods? I'd think, at least $40.00, since the only thing different is less pages printed out?

Please share your thoughts.

Thanks!

-DK

Reply by Shoshana/AZ on 1/9/13 4:44pm
Msg #449674

It's their standard. There really is no standard for the industry. It is what you want it to be.

Reply by Dmitri/SD/CA on 1/9/13 4:48pm
Msg #449675

Thanks, Shoshana, that's good to know. I was hoping to get a feel, though, for what other notaries demand for a no-sign print/trip fee these days.

Reply by Dmitri/SD/CA on 1/9/13 4:53pm
Msg #449677

...and how to handle these situations. You have a no-sign and bill the SS your standard no-sign print/trip fee, well substantiated and itemized. Say it's $40. Only to have an SS rep call you back and let you know the most they can do is $30. Before too long, you find yourself in an argument with the SS. How do you avoid these? Disclose your no-sign print/trip fees in advance and see if the SS would agree to them? Not take the assignment at all otherwise? Is it really worth doing when the SS can just say, "ok, we'll call someone else" and hang up on you?

Do notaries really have any leverage in that? I think, only if all notaries begin demanding good, fair no-sign print/trip fees. Otherwise, I don't see how we can prevail.

Just as they say in the well-known oldie "War Games". The only way to win is not to play. But is it really?

Reply by Moneyman/TX on 1/9/13 5:23pm
Msg #449680

"How do you avoid these?" ---

By making sure that YOUR policies are clearly stated and accepted by the SS PRIOR to any final acceptance of the signing request by you. It is best to do this via email so that you have it in writing, imo. It's not personal, it's just business.

I get the idea from your postings that you allow your customers to set YOUR fees and YOUR policies which will always result in such a company that did that getting paid whatever scraps the customer (the SS) decides to pay, if at all in situations such as a no-sign/no-show and/or a cancellation after the NSA has preformed the requested assignment without any issues on their part.

The only "standard" fee for a no-sign/no-show or a cancellation by the BO during the RTC period, is the standard that YOU set for your company. Your policies and payment terms MUST be discussed prior to printing or any final acceptance of any assignment. That is just good business. If not discussed prior to printing, then basically, imo, you would have accepted whatever your customer says they will pay, or not pay.

Just as it would be unfair, and bad business, for the NSA to decide to arbitrary charge more after the docs are dropped for shipping, once the fees for the requested assignment have been accepted by both parties, if the NSA accepted terms that included a paltry fee for no-signs, then, imo, it just has to be chalked up to an expensive business lesson. Of course, there are always exceptions such as the docs being 175+ pages or fax back requests not disclosed prior to accepting the request. Those type of things can be renegotiated and a new confirmation sent or result in the assignment being turned back to the SS.

I charge my full fee for no-signs/no-shows ($125-$150 for a local refi w/ 125 pgs or less) and any BO that cancels during the RTC period, is not any of my concern, as far as what the SS is invoiced and full payment is expected as agreed. It is always my decision to lower my fees if I were to choose to do so for a very good customer. I have rarely lowered my fees in such a situation in nearly 7 years.

Reply by Dmitri/SD/CA on 1/9/13 6:00pm
Msg #449684

Thanks, Moneyman!! I do always set my fees and negotiate, but you're right, I should also be discussing the no-sign fees up front.

I'm interested to know, have you had a lot of no-signs/no-shows; and among these, have you always been able to successfully charge the SS your full fee and get paid? If so, what kind of leverage are you using with these SS's that you're able to get to pay you full fee for no-sign / no-show?

Thanks for sharing!!

Reply by MikeC/TX on 1/9/13 5:24pm
Msg #449681

Notaries really have very little leverage, and there are a lot of companies that flat out refuse to pay anything for a no-sign. Your best bet is to determine what their policy is when you are first contacted. Don't ask what they pay for a no-sign - tell them what you charge, and then have them confirm they're OK with it. Either they'll agree, come back with a lower number, or tell you they don't pay at all in that situation. Whatever the response is, you'll know up front and can make your decision from there.

As far as not taking the assignment if they won't pay for a no-sign (or pay less than what you charge), that's your call. If you decide not to take it, you won't lose money in the event of a no-sign; on the other hand, you also eliminate the chance to make any money at all.

Most loans close without a problem, so you have to determine what level of risk you're willing to take for that. If you're just starting out, you probably want to take a little more risk. Eventually you'll build a client list that understands how you do business and is willing to work with you, but that's not going to happen overnight.

Reply by Dmitri/SD/CA on 1/9/13 6:03pm
Msg #449686

Thanks, MikeC!!

No, not just starting up, have been doing this for years; but I haven't had a no-sign in a lo-ooo-ong time. So wanted to get a feel on how to handle these.

Thanks!

Reply by Yoli/CA on 1/9/13 9:46pm
Msg #449711

Dmitri:

Looked at your profile. Are you aware that clicking on your listed website opens new tab but opens at your NotRot profile? Just wondered if that's intentional .......

Reply by HSH/WA on 1/9/13 10:34pm
Msg #449717

Re: I had one recently that paid 60% of my normal $XXX fee

for a no show. Not happy with it, but will still work for them - that was their first no show. I'm not new but have not established my business and created the volumn where I feel that I can "negotiate" no sign fees as a matter of course. I will if possible (meaning if I see it in time) avoid companies with no pay if not funded or not signed clauses because our fees are not high enough to work on contingency. SSs need to negotiate their fees to allow for paying a print/trip fee to NSAs in such cases - hopefully it won't happen often.