That may be a matter of semantics. In my experience (maybe it's a regional/state thing?) the notary fee is not always transparent. It's very common for the notary fee to be lumped into the title fee and not broken out separately, especially if there's a signing service involved. (Of course, that's less common when working directly for the title/escrow company.) So "who's paying for it" mostly depends on whether or not the lender is covering all or some portion of closing costs (and what kind of agreement there is between the LO/broker and tc).
As we've heard, in some situations the title/escrow contracts with ss's are negotiated at a flat rate per signing and may even be paid out of a general fund or at least a different account. And some tc's pay ss's only once or twice a month vs. cutting a check for each signing. I have no direct involvement with any of that, though, so this is speculation to some extent.
It's very possible that the tc will not lower fees to borrowers, but I think the point that was being made above is that a LO (or his broker or boss) will sometimes shop title companies for what their fees are, so if (s)he is competing with another LO for a BO's business, they can claim that their (overall) fees will be lower than the other guy's. Naturally, a savvy borrower will want to know about all that before agreeing to proceed with a loan they've been approved for.
And if that's not an issue, and if the notary fee is lumped in with the title fee, eliminating the notary fee just means that the tc keeps the whole thing and can eliminate one expense from their bottom line. I've run into this myself, with EOs doing their own signings either in-office or after hours. This was probably after the mortgage meltdown. For some, it was a fight to not have to lay off office staff. For others, it might have meant staying in business or not. For one of my key clients at the time, it wasn't enough and they went out of business, closing multiple locations. If enough business goes online, that kind of pressure could once again be put onto the smaller operators.
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Messages in this Thread |
| The elimination of mobile notaries - Gogetit on 5/20/20 9:25am |
| Re: The elimination of mobile notaries - Lee/AR on 5/20/20 9:34am |
| Re: The elimination of mobile notaries - - Gogetit on 5/20/20 9:51am |
| Re: The elimination of mobile notaries - Yoli/CA on 5/20/20 10:06am |
| Re: The elimination of mobile notaries - Philip Johnson on 5/20/20 10:16am |
| Re: The elimination of mobile notaries - Gogetit on 5/20/20 10:32am |
| GoGetIt - I don't know what TX allows you to - Linda_H/FL on 5/20/20 10:40am |
| Oh..and let us not forget the fee for record retention - Linda_H/FL on 5/20/20 10:41am |
| Re: GoGetIt - I don - Gogetit on 5/20/20 10:55am |
| Linda is right - Luckydog on 5/20/20 11:03am |
| Re: Linda is right - Gogetit on 5/20/20 11:13am |
| Re: Linda is right - Luckydog on 5/20/20 1:49pm |
| Signing companies out. - jnew on 5/25/20 2:55pm |
| One solution to bypass the "wet signature" requirement - Linda_H/FL on 5/20/20 10:31am |
| Re: One solution to bypass the "wet signature" requirement - Gogetit on 5/20/20 10:47am |
| Re: The elimination of mobile notaries - Luckydog on 5/20/20 10:55am |
| Re: The elimination of mobile notaries - Gogetit on 5/20/20 11:01am |
| Nothing about being lucky - Luckydog on 5/20/20 11:15am |
| AMROCK will soon provide RON - Gogetit on 5/20/20 11:19am |
| Re: AMROCK will soon provide RON - Luckydog on 5/20/20 11:22am |
| Re: AMROCK will soon provide RON - Luckydog on 5/20/20 11:28am |
| how can I contact PeggiT in MN n/m - Gogetit on 5/20/20 11:44am |
| Re: AMROCK will soon provide RON - Gogetit on 5/20/20 11:41am |
| Re: AMROCK will soon provide RON - Linda_H/FL on 5/20/20 12:18pm |
| not always, Linda. I rarely see charge to signers - sigtogo/OR on 5/20/20 4:04pm |
| Re: not always, Linda. I rarely see charge to signers - JanetK_CA on 5/20/20 4:09pm |
| surprised by your comment, Janet. Do you think fee's hidden? - sigtogo/OR on 5/20/20 4:32pm |
| Re: surprised by your comment, Janet. Do you think fee - JanetK_CA on 5/20/20 7:02pm |
| Re: surprised by your comment, Janet. Do you think fee - Linda_H/FL on 5/21/20 8:39am |
| That's great! Good luck, not may here want to n/m - Luckydog on 5/20/20 1:51pm |
| IMO, when & if it becomes the norm...it won't be with ICs - Lee/AR on 5/20/20 11:52am |
| Agree...Big Tech not us little independent notaries.. n/m - Linda_H/FL on 5/20/20 12:19pm |
| Re: IMO, when & if it becomes the norm...it won - JanetK_CA on 5/20/20 4:05pm |
| IMO there will be some RON signings, but I don't see the - MW/VA on 5/20/20 12:25pm |
| Remember the Golden Rule, Marilyn - Linda_H/FL on 5/20/20 12:33pm |
| Agree MW/VA - Luckydog on 5/20/20 1:57pm |
| Re: The elimination of mobile notaries - Joe Ewing on 5/20/20 1:11pm |
| Poking a beehive with a stick is hazardous - Cheryl Elliott on 5/20/20 1:44pm |
| If this comment is directed to the OP, I think she - Linda_H/FL on 5/20/20 1:57pm |
| Re: If this comment is directed to the OP, I think she - Luckydog on 5/20/20 2:32pm |
| Re: If this comment is directed to the OP, I think she - Gogetit on 5/20/20 3:05pm |
| RON: In theory a great idea. In practice very difficult to - grapebed on 5/20/20 3:36pm |
| most of the thread quite informative Gogetit. Please don't - sigtogo/OR on 5/20/20 3:42pm |
| Re: as well as “not the audience you seek” n/m - Carolyn Bodley on 5/20/20 3:48pm |
| Re: most of the thread quite informative Gogetit. Please don - Gogetit on 5/20/20 5:58pm |
| Please do keep us advised, informed. Not much 'before' info - Lee/AR on 5/22/20 10:35am |
| Truth be - Luckydog on 5/20/20 4:11pm |
| "It's aggravating that NOBODY is telling us how it is" - sigtogo/OR on 5/20/20 4:47pm |
| Re: "It - Luckydog on 5/20/20 5:28pm |
| AR isn't onboard, so I'd really like to know how's the water - Lee/AR on 5/20/20 5:13pm |
| Re: Truth be - Matt Miller on 5/21/20 12:13pm |
| Re: The elimination of mobile notaries - Matt Miller on 5/21/20 12:05pm |
| Re: The elimination of mobile notaries - Cheryl Elliott on 5/21/20 1:03pm |
| Cheryl, please clarify non-disclosure of costs comment? n/m - sigtogo/OR on 5/21/20 4:24pm |
| Re: The elimination of mobile notaries - apology accepted - Gogetit on 5/21/20 4:52pm |
| Re: The elimination of mobile notaries - Luckydog on 5/21/20 2:16pm |
| Thank you for participating - this is my last note - Gogetit on 5/21/20 5:43pm |
| The IC online notary will be a thing of the past - FlaNotary2 on 5/22/20 1:05pm |
| Re: The IC online notary will be a thing of the past - JanetK_CA on 5/22/20 9:21pm |
| Re: The IC online notary will be a thing of the past - Gogetit on 5/24/20 4:37pm |
| You’re actually contributing to the death of the profession n/m - FlaNotary2 on 5/27/20 5:20pm |