Posted by Jennifer Matney on 6/18/13 10:56am
Msg #473807

Texas Cash Outs!

Anyone else constantly getting called for cash outs and the signing companies wanting you to find a location and fork out the money up front for the title company or law office conference room fee? I don't mind doing a few of these a month, but this is getting ridiculous! I got three calls yesterday and turned them all down, because I am tired of paying an average of $50 a closing up front for the conference room and having to wait 30-45 days to get reimbursed! I think the signing companies need to start reimbursing faster for the conference room fee, like issue a check in a few days after the closing. I don't think it is fair for us notaries to have to fork out so much money for conference room fees up front! I currently charge $100 for a cash out , plus whatever the conference room fee is. I am thinking of raising my fee to $125 because of all the trouble the cash out signings are!

Reply by C. Rivera Chicago Notary Services on 6/18/13 12:19pm
Msg #473823

I think you're an idiot for paying up front for work...

I do cash outs all the time, and we usually meet at the attorneys office.

You sound like you're about to start advertising...

Something is not right about your post?? Hmmm.

Reply by Lisa Cirillo on 6/18/13 12:38pm
Msg #473826

Re: I think you're an idiot for paying up front for work...

I thought this post was leading up to an advertisement, but then I realized it was just a venting session.

Reply by Lee/AR on 6/18/13 12:45pm
Msg #473827

No.. I think you're an idiot for paying up front for work...

In Texas, HELOCs (Cash out) must be signed in an Attorney's office. I'd imagine that not just very many NSAs have or can get access to an Attorney's office--who, of course, wants to be paid for the use of same. Frankly, I'd think she could get more for these signings due to scarcity of NSAs with 'attorney-office capability'. But, I'm in Arkansas--what do I know~~

Reply by C. Rivera Chicago Notary Services on 6/18/13 12:53pm
Msg #473829

Lee, you talkin' to me? You talkin' to me?

Is she from Texas? Can't read her profile since its blocked....

And I reiterate, ANYONE, who pays for work upfront, whether its a cash deal, buyout, copout, whateverout, is a fool ergo idiot.

She might was well, sign her check over to them.

Reply by Lee/AR on 6/18/13 1:10pm
Msg #473831

No, I'm not talking to you...just trying to un-confuse it

The 'AK' is the 'state default' setting... if she's doing that many 'cash out' (HELOCs) for TX, she just has to be in TX, right? As this is a TX oddity, and she has the 'office-capability' required, I would think she can do far better than she's currently accepting.

Reply by SharonMN on 6/18/13 2:49pm
Msg #473860

Re: Lee, you talkin' to me? You talkin' to me?

I pay cash up front every time I start my car. IMHO, the signing agents need to have what's required to do the job, and that's our overhead. In TX that apparently may include office fees. Perhaps if she doesn't want to float the cash for that long, she could arrange for the attorney whose office is it to bill her monthly.

My 2 cents: I can't believe the people that drafted this law intended for notaries to be renting conference rooms from attorneys that have nothing to do with the transaction. Bad law!

Reply by JanetK_CA on 6/18/13 3:34pm
Msg #473871

"Bad law"

Hmmmmmm... I wonder who wrote it? You think Texas attorneys may have had something to do with it? Looks like a pretty sweet deal for some of them.

Reply by BrendaTx on 6/18/13 7:31pm
Msg #473901

The Texas Constitution was changed in 1997 to allow

second mortgages.

Once upon a time, Texans were rock solid in their home ownership. You had ONE MORTGAGE...ONE, and you paid it off...there was no such thing as a HELOC in Texas--no second mortgages.

Why the put into place the provision below (in the Constitution) is beyond me. It doesn't really help lawyers. I have read that it was to reduce predatory lending (huh?).

6(N) Place of closing

An equity loan may be closed only at an office of the lender, an attorney at law, or a title company. For purposes of this section, the lender is any lender that is authorized pursuant to section 6(P), that either advances funds directly to the owner or is identified as the payee on the note. If the transaction is closed at one of these offices, but lacks the consent of a spouse or other party, it is permissible to obtain that individual's consent by mail. A properly executed power of attorney is acceptable for designating an individual to close the loan on behalf of the owner.

Texans should strike a deal with a little solo practioners. Offer them $100 for the room; charge $100 + $150-ish. You'll still be cheaper than most title companies.

Reply by BrendaTx on 6/18/13 7:44pm
Msg #473905

The other thing about a cash out is that

to be 'by the book' you will make a copy of the documents after they are signed to give to borrowers. I could go dig that little stipulation up, but that would tax my brain and I'm not going back to work for the next several days. BRAIN GEL mode.

Company is a-comin'.

Reply by Linda_H/FL on 6/19/13 3:29pm
Msg #473992

Here ya go Brenda..you talked about this before

Msg #352296

Reply by ToniK on 6/18/13 12:51pm
Msg #473828

I dont know anything about these type dealings but from what you mentioned even $125+ $50 for conference rooms is a bit low. If they require these to be done in a Title or Attorneys office, they should be setting things up. But if they cant, my fee would be at least $300 all inclusive...time effort scheduling yada yada I think you are working for free.

Reply by Sandra G Holland on 6/18/13 1:19pm
Msg #473832

I am not familiar with the term "Texas Cash Outs". In my area, which is outside a major metropolitan area but in a small city, I have had to get the room. The title company is very accommodating, even giving me the room for free the first time. I took them some fudge a couple of days later. The other offices that I could conceivably have used either didn't respond to my phone call or had some reason to decline. One was afraid of a lawsuit as a "party" to the contract. A lawyer told me that using a room without being his employee was against the law. I guess he is the only person who thinks that. I want to do some further research, however. The title office settled on $25 a visit, if they have the room available, of course. I've been told that that is standard for our larger area.

No, you are not an idiot for asking or for doing what you have to do. Maybe the companies requesting the assignment would pay your fee ahead of the regular check, such as cutting a separate check the next day. The companies I work with are grateful that I know the community well enough to find a place. The employees there were vaguely familiar with who I am, making it more comfortable to rent to me. I suppose they would wait for the money, but I pay them after the borrowers walk out. I am grateful that they are willing to work with me.

To answer your question directly, I suppose it just depends upon what you can negotiate with the signing company. That's always the case. Sometimes we have to have the questions in mind before the call, don't we?

Reply by GOLDGIRL/CA on 6/18/13 2:10pm
Msg #473850

As nutty as CA laws are, few are as nutty as this Texas stuff where you have to sign certain r.e. transactions in an attorney's office.... and not even in a supervising attorney's office ... just any ole office where somebody has hung a shingle outside. But apparently it's OK to also sign at a TC? Then why in heck are they charging for room rent? Seems they should accommodate a signing for which they are the TC (if in fact they are the TC).

I'm not a Texas notary but it seems to me the way around this is get the stupid law changed, or if this were me, I'd put the responsibility on the borrower to find a place and play the rent upfront. It's not the notary's rule .... it's the Texas legislature's. Why should the notary be expected to jump through all the hoops? Talk about using you. (Of course, what else is new?) You're supposed to take the time to call all around to find a space? And different spaces in different cities? And then front the $$? Insane! And, yes, you're taking a huge risk putting up your money unless you absolutely know you'll get reimbursed. I wouldn't trust even the best SSs that I worked for to reimburse me.
Or, like you said, raise your fee to compensate you for your time.
Or make borrowers come to one predesignated signing location that's central to most everybody. I don't see how you can be expected to find a place custom fit for every signer's location. But then, like I said, I'm not a Texas notary....

Reply by BrendaTx on 6/18/13 7:39pm
Msg #473903

** Seems they should accommodate a signing for which they are the TC (if in fact they are the **TC).

They are not the TC. The big bad national title companies hope that notaries will go ask the mom and pop title companies to open their hearts and give them a free room. I have not seen a free TC room in years.

To small private TCs, SAs are the competition. They have finally gotten smart and don't let the big bad national title companies into their doors for less than $350 in my town. Here is a good example of why. The last time I closed a HELOC in a TC, there were fourteen people in that room and they went on and on and on for two hours. It was after 5 before we left...I will never again put those poor title company ladies through that.

The TCs now take the $350 for the "courtesy closing". SSs should be prepared to open their wallets on these. They can't get them done without help.

Reply by GOLDGIRL/CA on 6/18/13 11:45pm
Msg #473925

Very interesting, Brenda

Thanks for filling me in on how it works in Texas! This is far from anything we have to worry about in CA! The few times nervous-nellie borrowers wanted to sign at a TC because they just couldn't get their head around a mobile notary coming to their house, I just let the big bad national TC branch know we were coming in, and that's all there was to it.

I can't imagine having the hassle of a finding/paying for a signing location, let alone getting caught in the middle of warring TCs. Yikes!

Reply by BrendaTx on 6/19/13 8:48am
Msg #473940

The problem is that there are only mom & pops tc's

In most of the smaller cities and outlying areas.

Dallas, Houston, Austin would definitely have the national chains, or one of their partners, but in College Station (a great little city, by the way) has four title companies and they are all owned by local business people. They have zero affiliations with the big guys.

All refis that originate in town go through them. They keep the "signing fee."

If one of these four send off a refi or a package to be signed in another location, they call it a mail away and tell the borrower to find a notary. When Texas packages are signed up, there are usually at least 10 notarizations in them. That's cash on the spot, no printing. Nice general notary work fee.

Only the big national lenders use signing agents in this area.

Reply by frances arnone on 6/19/13 5:55am
Msg #473930

Whatever!

Reply by BrendaTx on 6/19/13 9:15am
Msg #473946

Yep. Whatever. n/m

Reply by EastTxNotary on 6/18/13 2:22pm
Msg #473855

First, I would not accept for $100, but, otherwise, these signings aren't any more difficult. In Texas, a "cash out" can be signed in an attorney's office, a title company office or an office of "the" lender. If you have access to any of these, it can help your business. I have two small towns in my service area whose attorneys and title companies refuse to allow courtesy closings. They feel it is costing them business. So, I cultivated a relationship with an attorney located between the two towns but still convenient to signers. Perhaps Jennifer, since you're located in a much busier area, you should consider "pricing" yourself so that the calls either slow down OR the fact that you have the ability to provide the venue makes it more worth your while. Good luck! I've been doing this for 12 years and haven't been stiffed yet...I guess I know I have that attorney to help if need be...

Reply by C. Rivera Chicago Notary Services on 6/18/13 5:09pm
Msg #473882

it just confirms my theory that Texas is a separate country. n/m

Reply by ProGal on 10/3/13 9:51pm
Msg #486957

I do Texas cash outs for $125, The law office chatges $50, plus I have to bring kolaches or treats for 7 office employees. SS get upset with me but often I am the only game in town. The company that uses me the most takes 45 to 60 days to pay. I am also frustrated with putting my money out upfront to help them when they make no extra effort to pay me promptly. Nor do they give me any extra regular business.
There are two companies that pay me the following week, but that is not the norm.

Reply by HisHughness on 10/3/13 11:16pm
Msg #486964

So, what it boils down to is you are doing Texas home equity loans for $75 PLUS treating an entire law office PLUS fronting office rental PLUS waiting two months to get both your fee and the money you advanced. Even more startling, you have a monopoly, and are still getting rolled in that fashion?

You need to change your handle from ProGal to NotReadyForPrimeTimeSucker. There's no way you should be running your own business; you need to be on the payroll of somebody who knows how business works.