American Signing Connection Payment Policy For Our Vendor/Contractor:
Payment Terms: Generally do not exceed 45-60 days from date of signing. Most payments are issued within 45 days.
Signing fee: Fee to conduct the signing.
Edoc fee: Download of entire loan package and borrower copies. Title docsand HUD are considered part of trip fee and do not qualify for Edoc fee.
Copy fee: Please advise if you do not have a borrowers copy in your package. You must supply a copy to the borrower for all signed loan packages at the signing. No exception. If a copy is not included in the package, contact ASC and a copy fee will be added to your base fee.
Double Signing: Full fee on 1st, half fee on second.
Trip Fee: Half fee on borrower no-shows for travel appointments only.
Borrower Refusal: Half fee.
Borrower Rescind: Half fee.
Cancellation: No fee, no trip, no Edoc.
Cancellation with Edoc: If docs have been printed an Edoc fee applies.
Edoc fee: $25. Printing of lenders, title and broker docs and borrowers copies. $10 if RESPA OR CASH CLOSE.
Abstractor fee: Abstractor fees are flat rate which are inclusive of copy requirements. Each file has specific requirements and abstractors are expected to perform all requirements when accepting order.
Errors and Omissions and Surety Bond coverage
ASC requires all our Preferred Agents to carry E&O insurance to protect their notary business and if your state requires carry an Surety Bond.
American Signing Connection – Fee Adjustment Policy
American Signing Connection expects nothing less than the following from our Independent Agents:
1. Communicating with the lender/title at the table in an effort to save a loan.
2. Signing loan documents correctly to comply with state and lender requirements.
3. Notarizing correctly.
4. Accurate and detailed reporting of the signing status to include tracking number, issues or items of mention..
5. Return shipment of the loan package within 12 hours of the signing.
6. Read and comply with ASC’s signing instructions AND closing instructions that accompany each loan package.
Failure to follow our instructions will result in the following penalties
1. Borrower Refusals: Signing agent MUST contact the lender/title at the table on all borrower refusals. If every attempt has been made to contact the lender/title, you must contact ASC. NO EXCEPT IONS. Failure will result in a $25.00 penalty first offense. Forfeiture of full fee on second offense. Removal from active list on third offense.
2. Failure to report completion status: NLT 8:30 a.m. EST day following the signing. You may call, fax, email or post it on our web page. A $10 penalty for first offense. $25.00 penalty second offense. Removal from active list on third offense.
3. Failure to notarize or have the borrower(s) sign all documents Missed notarization and resigns will be penalized at $25.00 for the first offense. $50 penalty second offense. Removal from active list on third offense.
4. Documents must be shipped next day: Package must be received by title within 24 hours after the signing – NO EXCEPTIONS. Failure to ship package with 12 hours of the closing will result in a fee deduction equal to half the signing agent fee. (Only exception agent must have written authorization from ASC.)
5. Resigns: due to signing agent failure to read and follow signing instruction and closing instruction: (missed notarizations, missed download, missed required documents that were to be shipped back with the package, failure to follow state marital law requirements, notary failing to sign as witness (in appropriate states) etc) are considered signing agent errors and therefore agents will not be paid a trip fee. . Please note if you refuse to correct this mistake ASC will reassign to another agent and will deduct that agents fee from your closing fee. ASC requires our agent to be committed to customer service. Failure to correct errors in a timely manner will forfeit signing fee and will automatically remove you from our active list
6. LEGAL: GENERAL LAW AND FORUM: ASC’s Signing Confirmation is accepted as a legal and binding agreement between our independent contractors, clients, employees and ASC (non-compete and non-circumvent applies). This agreement between contractor, clients, employees and ASC shall be governed by and construed in accordance with the laws of the state of Georgia without regard to its conflict of law principles. Independent Contractors, clients and employees hereby irrevocably and unconditionally consent to submit to the jurisdiction of the State of Georgia.
Enforcement of this agreement through attorney, collection agency or directly through small claims court: Defendant shall pay all attorney’s fees, agency fees, court costs and other collection costs, including without limitation post-judgment costs for legal services at trial and appellate levels.
ASC is dedicated to client service. ASC expects nothing less than full service from its agents in the field. In return, ASC is committed to assist our vendors in the field.