Do all title companies use the “If the loan doesn’t close, the Notary doesn’t get paid” schtick? Is that common practice?
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Not all title companies or signings services do that and it’s “common practice” only if you let it be and accept those terms. Depending on the situation, my policy was:
For closings:
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If a no-sign at table (I’ve printed and traveled) - 50% agreed fee. That’s why the first docs I present are the CD, Note and payment letter - if it’s going to be a no-sign you’ll know right then and there.
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If signing complete but they exercise their right to rescind during the ensuing 3-day period, then full fee is due as I’ve done my job.
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If canceled after printing but before travel - print fee.
For RESPA Signings: payment due in 30 days - my payment is not contingent upon mortgage approval or successful closing. That loan app may never go through and may never close and I’m not going to be denied a fee for services rendered due to circumstances beyond my control and through no fault of my own.
Hope this helps.
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No, it isn’t common practice and LindaH gave a great explanation of what is more commonly done in instances where the loan doesn’t close.
However, be sure to get clarification from each title company or signing company BEFORE you accept an assignment, that way you can make the choice whether or not you want to do it and risk not getting paid.
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That really helps! The one signing I did, didn’t close due to fraud on the part of the signer that the title company didn’t find out about until 2 days after the signing. Apparently, she didn’t disclose she had a silent second on her mortgage and that’s why it didn’t close. At any rate, I had to print the package, drive 75 minutes to the signing after my day job. The loan officer was there at the signer’s home and they were friends so they kept chatting about boyfriends, etc and the signing took 2 hours than I had to drive 90 minutes home then, in the morning race to the title company an hour further than my own say job to drop the docs becuase they didn’t have a dropbox, which led me to eat vacation time and didn’t get paid for the signing. I was furious! Haven’t done a signing since. And, don’t really want to after that.
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In all honesty, I’d do up an invoice outlining everything you went through
Travel time xx hours
Table Time xx hours
No, of notarizations (@ $xx each)
Printing $xx
Give them a courtesy discount of maybe 10-15% and I’d send it to them - tell them you expect to be paid for the job you did - the fraud is not on you. I might also send a copy to the LO
JMO
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Wow, you’re a trooper…
In the future, take the LO aside and ask them if they would like to review the CD with the client before you start the signing. If so, let them do that and get the numbers out of the way.
My signings take 15-25 mins. because I keep control of the document movements, and get the next document ready, even before they have completed their signature on the previous document.
You need to take charge of the signing, Not the LO.
If the LO becomes a distraction, you do whatever it takes, to get their attention, at all times.
Also, demand you full pay. You just lost over 4 hours of your life to not get paid. That is their fault, not yours.
Also I’ve been signing for 12+ years and have never got paid because the loan did not fund. Drop that company, but harass them until you get paid.
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What’s your trick to 15 - 25 minute signings? Do you go over the package as the NNA says to or, do you just have them sign, initial where they need to and get out?
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My signings for loans mods are 15 to 20… New Loans 60 mins less if only 1 signer. CD should always be presented first
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Annamarie, i hate hearing your story…really frosts my gel pen!
One thing I have found to be helpful in collecting on a closing…I call the title company that was involved. They want you to be paid. It makes their biz look bad if the word got out.
I tell the title company that xyz co. didn’t pay me. Twice, after doing so, I was paid within a day or 2.
Also I’ve tapped into the Better Business Bureau where they are locatedand won my payment that way.
Don’t know if ether of these help in your situation as it sounds like a title company set it all up…but it does work.
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Hmmm this quite a ironic to me . because when I go to any patient service, repair service, it clearly states; Payment due for service rendered. Why is it that we have to beg for our 
when a loan have been closed.
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I constantly ask this question since I’ve started doing this. 30-45-60 days before you see your checks come in and majority of the time you are having to hunt companies down for them. When it is closed the money has been disbursed same day for the closing. Not sure why we must wait a month to two months before getting paid.
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