Posted by LarryTN on 7/2/13 1:52pm
Msg #475419

Fees n/m

Reply by ToniK on 7/2/13 1:55pm
Msg #475420

Ill let you finish your train of thought lol n/m

Reply by LarryTN on 7/2/13 1:55pm
Msg #475421

Re: Fees

Did a RESPA signing for a reverse mortgage last week. The paperwork stated my fees was $350. This was quite a bit more than I was actually getting paid for my services...Is this legal? It did not have title charges or anything else except "Notary Fees".What should I have done? Comments please.

Reply by SheilaSJCA on 7/2/13 2:49pm
Msg #475440

Re: Fees

Was it thru a signing service? My guess is that is what the signing service is being paid for the respa and future closing. Just a guess...If they hired you direct, then I would question it. It really irks me, when direct hires, show a different amount on the HUD, than what is actually being paid to me.

Reply by Bear900/CA on 7/2/13 4:55pm
Msg #475447

Silly signers....!

What is on the HUD-1 is what the title company is charging, not you! You're 3rd down on the food chain.

Reply by Bear900/CA on 7/2/13 5:32pm
Msg #475450

Or in the case of a HECM (Reverse) Application...

The fee is entered by the LO (not title/escrow). It could be based on:

1) an estimate from title co for BOTH signings - keyword "estimate". This is just an application
2) From LO's past experience or guesstimate of fees if in a hurry (always the case)
3) Some HECM loan origination software auto-populates the Notary and other fees that are typical
4) Some wild-@ss guess.
5) the LO inserting a "cushion" so the title and escrow fees will be within the 10% allowable tolerance required by law.

Hope that helps!

Reply by Blueink_TN on 7/2/13 7:52pm
Msg #475463

Re: Or in the case of a HECM (Reverse) Application...

If the RM doesn't close, who is going to pay you for the RESPA?

Reply by parkerc/ME on 7/2/13 8:07pm
Msg #475464

Re: Fees

Usually your fee is buried in the TC's servicing or closing fees. In the few instances I've had where the notary fee was actually broken out and listed separately, it actually listed as low as $75. I pay no attention to it. Like someone so colorfully put it on this forum.."me fees is me fees is me fee"...(or something close to that). They are paying the fee I state no matter what is reflected on the HUD.

Reply by JanetK_CA on 7/2/13 10:53pm
Msg #475474

Re: Fees

Is it possible that it included not only the RESPA signing, but also the final signing of the loan docs?

Reply by Bear900/CA on 7/4/13 4:19am
Msg #475607

Re: Fees

There are several possibilities I can think of and maybe more.

Blueink_TN asked what if the RM doesn’t close.

On the application's Costs Worksheet next to “Notary” there is an estimated notary cost. It is possible this estimate can be a lump used by the LO as a cost for both signings. It may later be broken out differently such as an application fee and notary fee if the state permits both. CA does not.

CA does not allow a loan app fee for RMs and there is no way for escrow to funnel that money back to the originator that I can think of. Maybe others are more creative. If the lender sends out a signing agent for the loan application and the loan cancels, the lender eats the cost. It’s also possible that a lender owned escrow company may have ordered the signing. Same bucket.

If the state allows the fee to be collected in advance from the customer it may be non-refundable. The lender in such state also has the option to pay the fee and be reimbursed at closing. Not in CA.

For janetK, the cost for the app signing in CA would typically be paid by the lender and not buried anywhere when the loan closes. It’s the cost of doing RM business in CA. The same is true for the loan processing fee. They cannot be charged to the customer in any form. Some lenders and brokers will eat the appraisal fee and many eat the credit fee for loans not closed.

Often, LOs will travel for hours to do a face-to-face RM application signing. I only do face-to-face.