So I took a call from a signing service and negotiated my fee… happy with that part. The part that I am a little nervous about is I received their confirmation email and noticed on the bottom it states that “XXXXX will not pay signing fees for files that do not fund.” they pay net 30-45 days and this is a Reverse Mortgage Loan. Considering that this is guaranteed by the Gov’t and they have already gone through the application process should I be concerned that this will not fund?
I kinda committed to it because I made that commitment but I’m not sure about future assignments because of this policy. Any thoughts on this one?
Ahhhhhhmmm not so sure about any SS that says they will not pay if the loan doesn’t fund. Who’s zoomin’ who, here? Everybody has to share the risk, don’t they. If you do the job and it doesn’t fund, I’d demand at least 40% of the agreed-upon fee, which is only fair. You did your job and completed the assignment, after all. Title and the SS can work out the rest with the lender.
Don’t think you need to worry about this stip with a Rev. Mtg. All other types of loans, yes…woirry. But, overall, it’s rare. Annndddd… Bobby4913 is right.
Yes, something I’ve cautioned about in the past on the Notary Café forum threads.
• Non-payment if the loan doesn’t fund.
• Extended payment interval for Reverse signings.
• The funding period is quite extended for Reverse signings.
• ALWAYS query if the remuneration interval is calendar days OR business days . . .
Best Wishes
NOTE: If the Signing Order Confirmation identifies "No payment for non-funding loans: => that’s an immediate SHOW-STOPPER for me and I return the Signing Order.
As business owners, we have out-of-pocket expenses for the services we provide and that stipulation would be unacceptable for my business stratagem.
@VIPnotaryCO if that question is addressed to me, I’m not doing loan signings any more…BUT back 2006 - 2013 my fee was $135 - $150 for reverse within my county, add an additional $25 for out of county (no scanbacks/faxbacks, just drop package on way home)
I understand VIP is very well positioned, secured title companies giving her the bulk of their business giving her the privilege to charge the fees she finds convenient to charge them, she is the only one who does not show the dire situation the bulk of notaries experiencing right now.
I agree with cNsa5 … as a Reverse Mortgage Originator for many years, there are many reasons a reverse would not close, especially if its a reverse for purchase …
i dont take any rev mort signings
but i would charge a minimum of $250.00 in my area…i just do not take any.
and
30-45 days for payment is also a no no
for me.
It was my first… and they paid me very well so I don’t have an issue with doing them again for the right price. I didn’t mind it I am kinda glad I did it gives me the experience to see what it is all about.
I know I hear ya. I only saw that after they sent the confirmation. I committed to you so I followed through. I did speak to the scheduler about it though and was assured that would not be an issue on this closing.
You don’t have to answer, what are you charging max over there?