Posted by Western Pennsylvania Notary - Gabriel on 3/15/13 5:00pm
Msg #461413

No Sign fee, am I wrong?

I'd love to hear other notaries opinions on the issue of a no, sign or cancel at the table fee. My recent experience goes like this. I printed out a 145 page package twice (executed copy and borrower copy), conducted the signing for over an hour, eventually we realize a mistake with the taxes, the borrower contacts the lender, and the deal is cancelled because the title company didn't include school taxes in the payment.

I feel that for the printing, and the amount of time I spent with the borrower (more time than on a typical signing) that I should be afforded my entire fee. It's not my fault that someone made a mistake and this loan can not move forward. The signing service felt that I deserved less than half of my fee. There feeling was that since they only get paid a certain amount on a no-sign, they can't afford to pay me my fee.

I was curious as to what others feel about this when it happens. Am I wrong in feeling the way I do. I look forward to hearing from everyone from both sides on this.

Reply by Yoli/CA on 3/15/13 5:08pm
Msg #461415

I'm in total agreement with you. You performed the service you were hired to perform. HOWEVER, what were the terms of the agreement. If there was only the SS confirmation, did that confirmation state that notary is only paid whatever fee they're now willing to pay? When you accepted assignment, did you let them know you get full fee regardless of outcome? It all depends on what the agreement was between you and the SS.

Unless otherwise stipulated, most TC's do not pay anything if loan cancels. Likewise, unless otherwise stipulated, most SS's will only pay a print & trip fee if loan cancels. That's the chance we take unless we stipulate our terms up front.

JMHO

Reply by Moneyman/TX on 3/15/13 5:20pm
Msg #461417

OP not wrong, imo.

Full fee since the mistake was not yours.

Once I complete my part, I expect to be paid. If loan doesn't fund because lender or BO cancel-- Not MY issue, pay me. That's my policy with SS or TC's. I have had two TC, in 7 yrs, try to say that BO canceled afterwards so they don't pay. After reminding them that I am an independent 3rd party, I completed the requested assignment, and in my state, notaries are not allowed to have any financial interest in what is notarized by them so my payment cannot be tied to the funding status of any loan, both paid within a week. I still receive about the same amount of signings from both of them as I had prior.

Reply by Linda_H/FL on 3/15/13 5:26pm
Msg #461420

I have a question...

"conducted the signing for over an hour...eventually we realize a mistake with the taxes"

Why did it take an hour to find that? Did they not see the HUD first thing? Or the First Payment Letter?? This could have been seen right at the getgo instead of you getting in "over an hour" for nothing.

This loan could move forward too - just needs a new HUD and maybe a new TIL - which will probably trigger a new RTC but the package is still good.

I also agree that we should be paid for no-signs and rescissions - that's my policy. Thankfully hasn't been an issue - most go through and those that don't I've been paid.

JMO

Reply by Saul Leibowitz on 3/15/13 5:39pm
Msg #461421

Re: I have a question...

I think you should be paid; Linda is right in theory but I bet the tc and lender will not an entire reclose.

Reply by Western Pennsylvania Notary - Gabriel on 3/15/13 5:42pm
Msg #461422

Re: I have a question...

We did see the issue on the HUD when we first started signing. At that time the borrower called the LO and left a message. We continued with the signing, the LO didn't call back until the signing was almost completed, and at that time told us that we could not move forward due to the mistake.

Reply by Linda_H/FL on 3/15/13 5:52pm
Msg #461423

Well, then, you did what you were told...yes

IMO you should be paid SOMETHING...I'd offer them a deal

1. Pay me for each notarization at $x/notarization plus $25 print plus $xx travel/time; or

2. Pay me 3/4 of our agreed fee and we're even.

Just a thought.

Reply by Notarysigner on 3/15/13 6:11pm
Msg #461429

Re: you should be paid...if

When I first saw this I just shook my head and went outside and watered my garden. Now that I am back and reread the post, of course you should be paid....this is a re-draw not a no sign if the borrower still intend to proceed after the error is corrected. My .02..

Reply by Shoshana/AZ on 3/15/13 6:51pm
Msg #461433

This happened to me a few months ago.

I gtot paid full fee, no questions asked.

Reply by MW/VA on 3/15/13 8:34pm
Msg #461447

I agree that you should be paid a full fee. You printed &

spent time at the signing. After all, it's the borrower that usually ends up eating the cost of a redraw, even though it's not their mistake either.
I always get confused about this. IMO if the loan amt., interest rate, etc. are correct, and it's escrow amts that are incorrect, I'd think the loan could close and they would need to get them revised TIL, etc. during the 3 day RTC. Amts. for escrow are separate from the loan anyway.

Reply by Belinda/CA on 3/15/13 10:40pm
Msg #461482

Western - they r treating you like employee not a contractor n/m