Being that I have reviewed 100’s of CDs ( HUDS ) I am not aware of other stated charges where
non-related items are complied into one amount…it defeats the purpose of the DISCLOSURE of charges for the client. When you review the CD’s you will see amounts like $148.45 …including pennies! They are very detailed. When the notary fee is HIDDEN, it does not allow the client to shop for a cheaper price!
I don’t know why the TC’s do this, or how RESPA allows this?
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I have been a real estate agent, and the services that can be “shopped for” is something I’ve never totally understood. I would tell clients to ask the title company if they had any questions. I totally get what you mean about the fees.
As a side thought, to me, the CD is more confusing, or not as detailed, or (something I can’t explain)as the HUD-1. I’m probably the only person who thinks that.
Remember the CD ( HUD ) is sent to the client before closing ( or shown to them prior to the final documents being prepared ). The agent explains what the charges are and which ones can ‘be shopped’
and of course the NOTARY fee is one which the client can SHOP. When the preliminary HUD is given to the client, they often OVERLOOK the NOTARY charge because the terms of the financing are in their mind. Just like when we buy a car…HOW much a month are we paying and when is our payment due. But, when we are sitting face to face with them …they are shocked to see they are paying $400 for our notary!