Posted by Beverly Henson on 7/4/13 4:08am
Msg #475606

TX HELOC and cash/out refi signed in Title or lawyer office

I've turned down several "cash out/refi" assignments. The signing company says "Do you have a relationship with title companies or lawyers?" Been a realtor for 22 years. Called 2 Title companies--"sure--if they are using our title insurance policy." Both people I talked to were the heads of their company. They said that they didn't want the liability in case something went wonky with the signers or the loan. The Signing Company said "well that's not going to happen--another title company has the title policy." I asked if I could sign in a branch of the bank in Austin--"No, they don't have one--HAS to be title company or lawyers office." (not talking about straight refi--talking about cash out) Y'all--what am I missing here? Am I approaching the wrong way? What do I say when I ask if I can use a room for a signing? Apparently it's state law. I don't know any other Texas signing agents except one and she's afraid I'm competition. Can somebody tell me how to get in these doors so I can accept these signings? (They also said to charge 125-175 for doing it.)

Reply by LKT/CA on 7/4/13 9:37am
Msg #475620

<<<Apparently it's state law. I don't know any other Texas signing agents except one and she's afraid I'm competition.>>>

IMHO, *that's* more of a problem than not being able to accept those signings. A lot of times, it's who you know.

When I was a new notary and building my business, I was a Chamber of Commerce member. From there, I met other professionals and was invited to other networking groups. Over a two year period, I attended luncheons, ribbon cutting ceremonies, breakfasts, etc. I got to know professionals from many industries and build business relationships, to include six attorneys. One of the attorneys is an estate planning attorney. Because of those relationships, I was able to call them with questions - anytime...had their office AND cell numbers. I notarized for them personally, and their clients. One time, I drafted a demand letter and emailed one attorney to ask a question about the letter. He told me to email the letter to him, he'll review it and let me know what needed editing.....AND....said I could use his name and office contact info as if he was my personal attorney in the letter - at no charge. Right now, I know at least six notaries I could refer business to if I cannot accept an appt. They do the same for me.

So I said all of that to say that it would be of great benefit to build business relationships with many types of professionals....and the best way to do that is through the Chamber of Commerce and other networking groups. The cost of the membership is a business expense and will pay for itself. If you become a Chamber of Commerce member, you'll be invited to other networking groups. The business relationships you'll build will be like flawless gemstones and you'll have no problem finding an office to complete cash-out refi's. You'll have to be a regular at the events - which means lot of eating and socializing. Who doesn't like to eat and socialize?

Reply by BevTX on 7/4/13 10:13am
Msg #475626

HA! "Eating and dining out" are two things I like to do! (I'm pretty good at it, too!)
The way I approached both of those title companies was the same--and I got the same answer "not if they're not using us as a title agency." As a realtor representing a buyer or a seller I've known these people at least 20 years. Do agents give the title company/attorney some $$ to use a table somewhere for each signing? Does anybody know anybody in Austin? (I'll be happy to help any of y'all if you ever need it.) Thanks! (Yes--I'm a newbie at this.)

Reply by BrendaTx on 7/4/13 10:03am
Msg #475623

Beverly, lawyer's office will probably be your only

option.

Here in College Station, the local title companies charge $350-$400. Period.

I have a local attorney that I now refer all of them to. In the past, I paid him $100 plus $25 for a copy and I charged $150. (Total of $275.) He was fine with that because I did notary work for him at a reasonable rate when he needed me to do it.

It's not worth it otherwise. The borrowers are supposed to get a copy of the SIGNED documents at the end. I have always observed that and used the lawyer's copier to make that copy.

This guy is wealthy enough that he doesn't need his law practice. He does legal work for court appointments and doesn't serve the best clientele....he is definitely not a mainstream lawyer here in town. He's the kind of guy who could not care less about appearances and the office is in a nice enough building, but the office is not fancy.

I just knew how much the market would bear here and used it to set my prices at a competitive rate.

I don't blame title companies for charging premium prices. I have also done HELOC signings in TCs, but it was not comfortable because they are p-o'd at you being there and taking money they could be getting.

The "law" is actually in an amendment to the Texas Constitution. I have made several posts on it if you want to search.

Good luck.

Reply by BrendaTx on 7/4/13 10:12am
Msg #475625

If you search my name and

Texas Constitution + HELOC (or equity) you will pull up a lot of links to study.

This one talks about the copies.

Msg #352296

Reply by BevTX on 7/4/13 10:17am
Msg #475627

Re: Beverly, lawyer's office will probably be your only

Thank you!

Reply by BrendaTx on 7/4/13 10:19am
Msg #475628

You are new to the board, and may not know about

pm's. Check yours. You can go to HOME and look down at the mailbox.

Reply by BevTX on 7/4/13 10:39am
Msg #475632

Re: You are new to the board, and may not know about

Thanks, Brenda. I didn't realize that either. I'll check.

Reply by LKT/CA on 7/4/13 11:00am
Msg #475634

There are lunatics everywhere

<<< I have also done HELOC signings in TCs, but it was not comfortable because they are p-o'd at you being there and taking money they could be getting.>>>

So they're po'd at what the notary has NO control over....hmmm - and they say CA is the land of fruits and nuts. Oops...I just insulted fruits/nuts comparing those loons to the fruits/nuts.

Reply by BevTX on 7/4/13 11:15am
Msg #475637

Re: There are lunatics everywhere

Apparently, the title company has some responsibility if we close in their office (So, I guess the lawyers would as well) Both my title company friends (and one is the head of the title company) said that if the loan goes wonky or the buyers default that it could come back on them (somehow. ) I didn't realize that. So,it's that liability on top of them letting me use their title company table when nobody is buying their title policy.

Reply by LKT/CA on 7/4/13 11:25am
Msg #475638

Re: There are lunatics everywhere

<<<So,it's that liability on top of them letting me use their title company table when nobody is buying their title policy.>>>

That makes sense but my point is (from Brenda's post) is that the TC (in her experience) got po'd at HER, the notary. I understand their concern and apprehension....but to get *po'd* ?!?! and at the *notary* ?!?! That is bonofide lunatic behavior...LOL!!

Reply by BrendaTx on 7/4/13 12:46pm
Msg #475640

Lisa

That is an interesting view. I just don't think that you comprehend what all is going on, and that's ok.

The notary's business offers nothing to the title company, nor to its employees. The reason that they are letting you use the room is out of the goodness of their hearts. It's like letting another signing agent use your car, your name, your advertisement, and your investment in the community to take $350 out of your income while undercutting you to earn $125.

That title company's name and address are on the documents. It's a bad business decision and once the employees and officers of the TC figure it out, they don't care for the situation. Also, I once caused them to have to stay late on a Friday. That was my last one in a title company. The lawyer that I worked with gave me a key as needed. I could do on Saturday or after working hours. I just returned the key later.

I have never said that CA is full of fruits and nuts. It is a beautiful state.

Reply by LKT/CA on 7/4/13 1:52pm
Msg #475649

Re: Lisa

<<<The notary's business offers nothing to the title company, nor to its employees. The reason that they are letting you use the room is out of the goodness of their hearts. It's like letting another signing agent use your car, your name, your advertisement, and your investment in the community to take $350 out of your income while undercutting you to earn $125. >>>

Brenda, I got all of that. I comprehend perfectly the issue at hand - they are letting you use a room...and for what, an hour or less? That doesn't compute to using another SA's car, name, advertisement or investment in the community.

<<<I have never said that CA is full of fruits and nuts. It is a beautiful state.>>>

No claim was made that *you* said......I wrote "THEY say"......I didn't write "*you* said"......

Reply by BrendaTx on 7/4/13 3:42pm
Msg #475654

Re: Lisa

I knew that. Just settng the record straight!

Reply by BrendaTx on 7/4/13 12:47pm
Msg #475641

Bingo!

*So,it's that liability on top of them letting me use their title company table when nobody is buying their title policy.*

Reply by BrendaTx on 7/4/13 12:51pm
Msg #475642

Re: There are lunatics everywhere

*So they're po'd at what the notary has NO control over.*

That is just it...once they figure out that you are closing a loan in their building that may cause them liability, a loan that a national title company plucked from their local pool of customers, they do have control over it...they don't allow it any more. They are not happy with themselves that they are dunces and said yes.

Reply by LKT/CA on 7/4/13 1:58pm
Msg #475651

Re: There are lunatics everywhere

<<<They are not happy with themselves that they are dunces and said yes.>>>

EXACTLY!! That's exactly my point. That has always been my point. They volunteered the room, yet get po'd at the notary. I got the "liability" issue....got it the first time. But I don't get being po'd at what they *volunteered* for - that's ridiculous. It's like when NSAs on this board accept signing fees that don't cover their costs, time, travel, and experience and then whine/complain about. Same thing - if they volunteer to work for less....accept it without complaint.