Posted by Karla/OR on 9/18/13 2:03pm
Msg #484949

I can't get this question out of my head . . .

I'll preface my question by saying I did searches via the orange button but it still didn't quite give me the satisfaction I wanted:

We obviously do not see the HUD and Itemization of Fees docs until AFTER we have agreed on a fee. When we get those docs to print out, it shows: "Notary Fee $150 to (name) Title Insurance Company." I was hired by (name) Lender Services for $1XX.

Can we not go back to the hiring party at that point and ask for the higher fee based on what the docs say, or AM I TOTALLY OUT OF MY MIND HERE????!!!

Reply by Clem/CA on 9/18/13 2:16pm
Msg #484952

You are out of your mind. You already agreed to a fee.

Reply by PA_Notary_II on 9/18/13 2:21pm
Msg #484954

I had a reverse on Monday that listed the closing fee at $470.00 and the Notary fees at $175.00
Ya gotta love it !

Reply by Jack/AL on 9/18/13 2:26pm
Msg #484957

Somone, somewhere, gets paid for scheduling the notary (you, in this case). They don't tell us how much they're going to make for providing their service. Seeing their fee at any time will not do you any good.

Reply by ME/NJ on 9/18/13 2:21pm
Msg #484955

No...

Reply by MW/VA on 9/18/13 2:30pm
Msg #484960

I see that all time, too, and was concerned about it.

Many times my "notary fee" isn't itemized separately, and is included in the tc's settlement or closing fees. Also, they have included their part of the prep, etc.
It's a different story if you are listed by name on the HUD, which rarely happens anymore. I had a few cos. back a couple of years that always listed my name on the HUD with my fee. That also meant I was paid at disbursement!

Reply by 101livescan on 9/18/13 2:51pm
Msg #484963

Not if you want to keep this company as a client!

I know that escrow officers pad the settlement statement, and if there is money left over it goes back to the client.

It is a very bad idea to try to hike the fee after you've accepted based on your stated fee, no matter what the settlement sheet says.

I know many a notary who lost jobs because they tried to change the numbers after they saw the settlement statement.

Reply by Scriba/NM on 9/18/13 3:07pm
Msg #484966

How Long Have You Been Doing Loan Signings?????

The fees shown on the Hud-1 are what is being charged by (for example the title company). That IS NOT the fee YOU are being paid in most instances. You were called on the phone or emailed and agreed to a set fee. That's it. You get what you agreed to.

If you are hired by a local title company, then in most cases that IS what you are being paid.

Obviously you cannot go back and try to demand more money simply because you see a fee other than what you agreed to accept as payment for your services. If you do, people won't only think you don't know what you're doing, but they will KNOW you don't know too much.......especially if you can't get this out of your head (hopefully it won't be lonely in there).

Reply by Karla/OR on 9/18/13 3:34pm
Msg #484969

I pretty much knew the answer but wanted confirmation. Thanks for your response everyone!

Reply by Barb25 on 9/18/13 3:35pm
Msg #484970

Actually Karla, I love it.

Desperate times. Deserate measures. Too bad it doesn't work. Everyone just needs to lighten up.

Reply by Karla/OR on 9/18/13 3:38pm
Msg #484971

Re: Actually Karla, I love it.

Appreciate that Barb. I knew I would take some 'heat' in just asking the question, and it WAS just a question. I had no intentions of acting on it. Hope things are well on your end.

Reply by Barb25 on 9/18/13 3:43pm
Msg #484973

Re: Actually Karla, I love it.

Hanging in there. My house has never been so clean.

Reply by Karla/OR on 9/18/13 3:57pm
Msg #484975

Re: Actually Karla, I love it.

Glad you can see the positive side of this. Hanging in there as well. Wish I could say the same about my house!!

Reply by Barb25 on 9/18/13 4:06pm
Msg #484979

Re: Actually Karla, I love it.

See below. That will keep you busy.

Reply by Marian_in_CA on 9/18/13 3:59pm
Msg #484977

It's frustrating... but you have to realize that the vast majority of that time, unless you are specifically listed on the HUD as the payee, that number has NOTHING to do with you. That's the fee being paid to Title or similar service, which may or may not then be passed on to the hiring party. It may, or may not, be equal to what your fee is for the job.

Your fee is your fee... don't accept a job at a fee unless you're comfortable with it for YOUR business. Your fee is between you and the hiring party.

I've quite often charged significantly more for a job where the notary fee listed on the HUD was $175, for example. I remember one, in particular, where the signing service was being paid $200. However, my fee to the signing service was $245. There were a lot of reasons for that... but it was the signing service's fault for accepting a job a a fee to low to get done. The signing service owner said she would eat the difference because she couldn't find anyone else to do that job and she knew I'd get it done right. She also didn't want to turn the job back because she was trying to negotiate a contract with the company and wanted to impress with quality notaries. She told me that she thought $200 would have done it, but didn't realize the complications involved until after the job was awarded. She later told me that she went back to the company and told them what happened. They increased the fee to $260. So ultimately, she got $15 out of the deal...which I know didn't come close to covering her time on this particular case.

But on the HUD, it still said $200. The title company paid the extra $60.

As I said... you charge YOUR fees.... don't let anyone else dictate your fees. You're in business - if that number bothers you when you see it, I suspect it's because...and I'm trying to say this nicely... that you know you've undercharged for your services.

But mostly, realize that fee on the HUD often goes to pay multiple entities, not just you.

On the flip-side, this is also a really good tool for those notaries out there who accept $65 for a signing and see that their signing service is getting paid $180... keeping 2/3 of the fee. You don't think it happens?? It does... there are a lot of signing services who keep 50-60+% of the fees for themselves, for doing about 5-10% of the work.

Reply by Karla/OR on 9/18/13 5:25pm
Msg #485001

<<As I said... you charge YOUR fees.... don't let anyone else dictate your fees.>>

The only thing that dictates my fees are my bottom line and my competition in the area.

<<if that number bothers you when you see it, I suspect it's because...and I'm trying to say this nicely... that you know you've undercharged for your services.>>

I usually want to ask for the moon, sun, and stars, but know reality is that I am only going to be working if I keep my fee at a going and reasonable price. I know that is no mystery to anyone. I stick with my minimum ($1XX) and go up from there, depending on the case. That is fair and reasonable for me.

Reply by jba/fl on 9/18/13 6:16pm
Msg #485014

I start high, work down to my minimum if need be. Sometimes I am surprised.

Nothing ventured, nothing gained.

Reply by Karla/OR on 9/18/13 8:47pm
Msg #485037

That works for me for GNW but not for SS calls because I always get the old, "I'll try to get that approved and call you back." So I don't get a chance to have that discussion. Is that true for you as well?

Reply by jba/fl on 9/18/13 9:48pm
Msg #485045

I don't work for many SS's. There are ones who I know will NOT negotiate at all so I just say I am busy if it is not in the neighborhood and thank them for calling.

For me, everything is based on zip code - one price for each - if a TC doesn't like and says so, then I ask what they can pay. If a new person/company then I ask what they normally pay and sometimes ask "is that the best you can do?" if I think it is lower than I want. Then we have dialog. Some just do as you said - but they are price shopping and I'm not concerned about losing non- or low profit jobs.

I can adjust - I like pb & j and hamburger.

Reply by Karla/OR on 9/19/13 1:31am
Msg #485058

Great food for thought jaba - thanks! n/m