I have noticed that CDs don’t always disclose Notary fees and if the wording is listed as another description I just don’t know. I have come across many CDs that don’t disclose it either, but fee was listed in another document titled as fees charges breakdown. What gives with it being hidden from Notary? We should also be informed on how many notarizations and pages. Anyone else experience notary fees being hidden in CDs and how do you handle it? Another thing that really irks me is some SS companies will not send you the documents until you confirm appointment with borrower. I have a problem with that because when I get to review the package after the fact I may need a fee adjustment. If SS is not willing to pay the adjustment I request then at that point I will let them know to reassign it to someone else. Then out out of courtesy I call borrowers back to let them know I will not be doing the signing, I don’t tell them why. How do you all handle these nuances? Please share and thank you in advance! Stay safe out there. Lilly
Notary fee not on CD - you’re probably being paid out of the title company’s operating account from their settlement fee (or if with a signing service, the SS is being paid by title from their operating account ) - it’s a business expense. So it’s been disclosed but lumped into the “settlement fee”.
IMO, I don’t need docs to confirm with borrowers - I always contacted them as soon as I received the confirmation and asked all pertinent questions (including they have acceptable ID and can line up witnesses if needed) - then let company know we’re good to go - what bothered me more was companies who said “do NOT contact borrower, just go”…uuhhh…no - not in this rural area.
I do the same as you though - if I have to give it back, or company advises me it’s “been rescheduled” (yeah right) - I contact borrower immediately and let them know and they should contact their LO for further information. Even when companies tell me “we’ll let them know” I don’t leave it to chance…I want borrowers to hear from me that I will not be meeting with them.
I have had those nuances as well, especially in notary’s fee where is not listed, or is hidden in settlement fee. I always look at settlement fee, and most of the time is in that lump sum, as mentioned by @LindaH-FL
I remember, a couple of months ago I was supposed to do a refinance for Coast2Coast and almost got a heartattack when I received the packet of 225 pages, plus copy and scanbak… I reluctantly refused to do it unless they pay me the value of $275 or better. I put my anger and frustration in their platform, hoping that their client (title company) would see it. I explained in details all my expenses and my time, and $140 wasn’t going to cover not even halfway. I wrote about their abuses toward new notaries offering extremely low fees to their advantages.
Immediately they erased everything I put and just sent me an email saying that “out of courtesy” I was removed from the signing and that they were advising me. Nothing else! Needless I have to mention that never again I have worked for them. They have sent me some signings to do, from time to time, and I just ignore them. The reason I’m still on SnapDocs is because of the title companies, if not I would have removed my name from that platform that only works one way, and not to the benefit of the notary public.
Well said bluepen. Some lenders like to hide the notary fee in tje lump settlement because they do not want us notaries to know how much they are charging for notary fees.
I do hate when SS do not disclose the # of signers or document pages. I have my base fees and if there are surprises after I get the docs, I will send in request for more money. C2C is one of the worse for info disclosures. I do not deal with tjem anymore or any other SS that like to lowball. First American Title is pretty good on disclosing stuff.
Coast2Coast is an extremely abusive
SS. In some forums I have read “their side of the story” that they don’t get high offers from their clients so they can’t offer more… that’s BS, either they are terrible negotiating their fees or they should be out of business by now… and they’re still in business and they forget (all signing services, TCs and escrows) that as long we need their business, they also need our notarial seal. They seem to forget that is a two way street!
I don’t worry about the notary fee on the CD. It’s usually lumped into another fee somewhere. As far as package size, I charge by signing type and location rather than package size. Pick a fee that’s worth what you’re doing rather than piece-mealing every closing by package size. I don’t leave the house for less than $100 for anything and my lowest refi rate is $125, but avg $150.
As far as notary fees being disclosed on the CD, please realize that sometimes it may also be because it is a correspondence loan with the broker. I believe that means LO’s do not have to disclose fees including the notary fee. I try not to work for SS if possible (Coast2Coast the worst!! Had a similar experience as you). But if I do I always ask on the initial phone call to tell me how large the package is and if the docs are ready. That way I can decide to accept or negotiate the fee, or just say NO if too low. Many times notary services don’t have the docs yet and don’t know how large the package is. You can always ask for them to call you back if they still need the help. I have found this method helpful.
I agree with you. I wish more notaries would do this. It would force these companies to have fair pricing for all involved. When I first started I accepted one on Snapdocs for ENS … 225 pages … copy for client needed to be printed, as well … and scan backs … Fee $85 … that was my first and last time doing that.
I know from my first experience on Snap docs I negotiated from $75 to $150. One of the low offers is C2C to name a few and when they try and tell me it is the only fee they can payout without approval from Title. I just let them know if loan type and page count and distance can’t be disclosed during this call, because they don’t want to pay higher. Then they can find another notary. On last minute assignments I also ask if docs are available now and if not, I let them know I need them in 15 minutes depending on time of appointment. I will accept other offers that come through and cancel appointment with company that doesn’t have their shit together. Time is money and money is time for us!
I like and I am adopting your policy! Because they hold back on important information like: loan type, # of pages and distance on purpose to lock you in.
and they forget (all signing services, TCs and escrows) that as long we need their business, they also need our notarial seal. They seem to forget that is a two way street!