Posted by frances arnone on 6/18/13 7:08pm
Msg #473897

Unfair policy.

I got burned twice this week with loans that did not close b/c of errors on the part of title. The lastest is tonight. Finity will only pay me $25 for an aborted closing that was no fault of mine (the wife was a no show) I did everything right and spent as much time at the BO's as with any other assignment and of course did the printing, etc. What can we do about this unfair policy on the part of the title/signing companies. i think ServiceLink is the only company that pays the notary's full fee if the closing dosen't happen.

Reply by ToniK on 6/18/13 7:15pm
Msg #473898

Well I never had that problem. Maybe you should ask the companies you work with what their policy is for situations like that and then you can decide if you want to work with them.

Reply by frances arnone on 6/18/13 7:19pm
Msg #473899

I believe most companies have this policy I would not have any work if I turned them all down.
You are among the fortunate ones not to have experienced this.

Reply by ToniK on 6/18/13 8:04pm
Msg #473911

You assume most companies have this policy....

Reply by Moneyman/TX on 6/18/13 7:43pm
Msg #473904

You are correct, ToniK. Knowing their policies upfront and telling them yours prior to accepting the signings would put an end to anyone thinking they are working for companies with "unfair" policies. It's just a standard business practice to know the terms of any contract prior to agreeing to the contract.

If one accepts work from a company with known "unfair" policies, don't complain about it afterwards.

To the OP: ServiceLink is NOT the only company that pays full fees if loan does not fund.

Reply by Shoshana/AZ on 6/18/13 7:28pm
Msg #473900

There are lots of companies that pay full fee. I once got burned. It's not you. Just go to SC and choose your companies wisely.

Reply by Linda Juenger on 6/18/13 7:37pm
Msg #473902

They are few and far between for me, but if its a regular company my fee is 1/2 if it doesn't close. They always agree. I always get the reschedule too. I also have been paid full fee at times.

Reply by ME/NJ on 6/18/13 7:55pm
Msg #473908

As stated know the policy of each company, there are a couple that pay nothing for no sign. I get one maybe two no signs per 100 deals. What you can hope for is that if it re-scheduled you get it back.

Reply by Lee/AR on 6/18/13 8:15pm
Msg #473912

I'd say it's an even split between companies that pay full fee and those that pay 1/2. There are only a few that stipulate no fee... On those, before I go, I get an agreement via e-mail/in writing to at least 1/2 or full fee (if it's a real distance) or, well, go fish! Now if they didn't let you know of that stipulation up front or, at least on the Order, I'd be 'discussing the matter' with them politely but very strongly.

Reply by frances arnone on 6/18/13 8:35pm
Msg #473914

I did just that and got them to give me 50% of the agreed upon fee, they also offered me the reschedule but it was in a different location too far for me to travel. Live and learn, btw it was way out of the ordinary for this to happen to me twice in a short time, usually have great success with Title companies, signing companies another story.

Reply by Notarysigner on 6/18/13 8:56pm
Msg #473916

Maybe that's why I don't get that many calls no days.. n/m

Reply by Notarysigner on 6/18/13 8:59pm
Msg #473917

Ooops. continuing...I don't work for companies that have a

no pay/ 1/2 pay policy. Calif gov't codes say a notary must get paid for work performed, I always have to refer balkers to that section in the gov codes. I don't want a print fee!

Reply by LKT/CA on 6/18/13 10:04pm
Msg #473922

Agree with James

MY policy is full fee if I complete the job - no exceptions. I did the work and I expect payment in FULL.

Reply by Roger_OH on 6/19/13 12:04am
Msg #473926

Curious how that government regulation would work...

Since only about 10% of an average-sized signing is actual notary work, with the remainder being SA duties, I wonder how that government statute would be applied?

Is a 50% no-sign fee better than 10% that you might get from pushing the code?

Reply by Moneyman/TX on 6/19/13 10:40am
Msg #473958

In this case, Yes, "10%" would be better than 50%

Let’s see … a signing with 20 signatures @ $10/signature for CA notary = $200 + travel fee verses paying the full $150 for the signing. I don’t know Roger, I think that even that “10% coverage” might work out better for the Notary rather than just being paid the full price for the signing.

I don’t think many companies would want to really push the issue, considering that the some NSA’s are not even asking for what they are entitled to under those regulations.

Reply by LKT/CA on 6/19/13 9:02pm
Msg #474032

Not exactly, Roger

<<<Since only about 10% of an average-sized signing is actual notary work, ....>>>

Not for the CA notary....we have journal entries that must now be completed on site. 90% of certs are non-compliant for CA. Also, CA notaries must notarize on site. A good portion of the loan signing is record keeping and paperwork (certs). 2 signers, six to ten notarizations *each*........that's hardly 10% of the signing for a CA notary.

Reply by SharonMN on 6/19/13 11:28am
Msg #473968

Re: Ooops. continuing...I don't work for companies that have a

"Calif gov't codes say a notary must get paid for work performed."

Ah but if it was a no-sign, you didn't perform any notary work.
Additionally, I don't believe that you are required to charge for notary work anywhere, so payment (if any) would be whatever was agreed between you and the hiring company.

I think the key is to make sure companies are willing to pay a print/trip fee that covers your costs in case the borrowers don't sign, and limit your time spent on the job if it's not happening (for example, don't wait an hour for a no-show borrower or for the loan officer to call back to answer borrower questions).

Reply by John Tennant on 6/18/13 9:06pm
Msg #473919

Please post in SC. and rate them.