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CinOh
10 Posts |
 Posted - 10/28/2008 : 4:26:44 PM
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I'm a newbie here but thought I'd add my two cents. I understand what you're saying about signing companies lowballing signing agents.
I had one call me the other day and asked me to print two sets of a 45 page settlement package, drive to the signers home, make all the notarizations and fax back for $15-20 dollars. I laughed and I could tell she was shocked and hurt. So, I'm with you 100% on the lowballing getting out of hand.
However, from a business standpoint I think this could backfire on signing agents. There is no guarantee that most realty companies, brokers, loan officers would do what you're asking. They could very well send the docs to the borrower and ask them to mosey on over to Kinkos and have the notarizations done. Where would that leave us? Possibly out in the cold.
What many of these signing companies are doing is unethical but I don't think government involvement or mandates are the way to go.
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KanDoNotary
Oklahoma
69 Posts |
Posted - 10/27/2008 : 2:29:41 PM
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Getting the government involved is not the way to go. Everybody has an opinion, and all may be legal. But that won't make it right or fair. Also, has anyone seen a bill passed in Congress without a dozen or so other, unrelated projects added on?  What could potentially be added to get it to pass? Do we really want to go there?
I like the idea put forth on another topic--that the notary be paid at the table. That would make it more of a business transaction between the borrower (who pays the fee anyway) and the notary who hasn't had anything to do with the paperwork being signed. Seems that would be more of a hands-off transaction that may have saved the current real estate mess.
Have Seal, Kan Travel! |
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jthorne
California
9 Posts |
Posted - 10/26/2008 : 1:49:04 PM
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Can you give me some suggestons then on how to handle these situations. I spoke to the NNA and they seemed to be very open to working on both of these issues.[quote:
Originally posted by LindaH
Be careful what you wish for - government regulation may be the last thing you want when being an independent contractor..JMO
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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jthorne
California
9 Posts |
Posted - 10/26/2008 : 1:47:26 PM
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Can you give me some suggestons then on how to handle these situations. I spoke to the NNA and they seemed to be very pen o working on both of these issues.quote:
Originally posted by LeapFrog
What LindaH said!
Chris
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jthorne
California
9 Posts |
Posted - 10/26/2008 : 1:43:37 PM
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Darlene that is true, but it is a RESPA violation by not giving the borrower a choice of vendor they desire or allowing them to shop the price as they are the one paying the fee. Provident too is in violation there is nothing in the FHLMC and FNMA guide that requires E&O insurance be any greater than the insurance required by the State for Notaries. I have had 28 years in the Lending and Title industry. Just the same they require the Signing Service to carry as much E&O, what does the signing service do but assign the job, they don't meet the customer, they don't see the docs the liabilty lies on the Notaryquote:
Originally posted by Darlene
Some title companies have policies in place that if they are to use a outside notary that they must have the following: Errors & omissions insurance in the amount of $100,0000 (Provident requires $500,000) as well as three business references. Since lenders hold title companies responsible for having the signing conducted in a controlled atmosphere the companies must follow the rules that are in place. Keep in mind they are not discriminating against notaries but do have a guideline in place.
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Lee-AR
Arkansas
678 Posts |
Posted - 10/26/2008 : 11:29:24 AM
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Please... no government involvement. If you are in business--any business--you make your own rules. Either people wanting to hire you meet them--or they don't. End of story. Any businessperson who wants Uncle Sam to take care of all their problems shouldn't be in business for themselves as they obviously can't handle it.
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n/a
Arizona
1 Posts |
Posted - 10/25/2008 : 10:29:17 PM
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| Some title companies have policies in place that if they are to use a outside notary that they must have the following: Errors & omissions insurance in the amount of $100,0000 (Provident requires $500,000) as well as three business references. Since lenders hold title companies responsible for having the signing conducted in a controlled atmosphere the companies must follow the rules that are in place. Keep in mind they are not discriminating against notaries but do have a guideline in place. |
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LeapFrog
Idaho
35 Posts |
Posted - 10/24/2008 : 2:36:07 PM
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What LindaH said!
Chris |
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azdocsign
Arizona
89 Posts |
Posted - 10/24/2008 : 2:24:59 PM
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jthorne
Please don't hesitate to contact me if you shuold decide to go to Congress. I might be able to assist you some in the process.
Kathy Fletcher
kfletcher@azdocsign.com
http://www.azdocsign.com
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Edited by - azdocsign on 10/24/2008 2:25:47 PM |
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LindaH
Florida
1754 Posts |
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jthorne
California
9 Posts |
Posted - 10/24/2008 : 08:39:08 AM
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I am sure all of you have a signing company or two that you enjoy working with as do I. But as these hard times keep growing the signing companings are starting to take more of your money. Example: yesterday a frind of mine was called to do a "esigning" but was asked to print a set of docs for the client. Our fee where we are would be $125, they told her her fee was $100. The notary noticd on the closing sheet that the signing company was charging $225 to the title company. That is when it's getting out of hand.
Second borrowers are being told that they can't use their own notary in transactions. Title companies at tying together with signing companies where the the signingcompany has them wrapped around their finger. I am in the process of checking out with HUD regarding RESPA rules but I believe this is a violation of RESPA. The borrower has the right to choose whever they desire to be their notary as they are paying the fee. Example you set up a relationship with a Realtor to to all their closings, the realtor tells title you are to be the signer, the title company should not be able to change that, even in theses short sales and bank repos.
give me your thoughts or email me at jeffrey@jeffreythorne.com. We are considering taking this to congress to have a bill passed on behalf of the notaries.
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Dear Signing Agents,
Time to put Signing companies in their place
Be the first person to vote!