Thanks for the kind comments guys. ;)
Since we are permitted to charge for the extra work but have to account for it, I prefer that the abstractor itemize when there is extra work. If they don't I can usually figure it out by just looking at their normal fee. When we book income we categorize the extras and then run a report on them, create a spread sheet report, then send it to our underwriter. The underwriter is responsible for filing the info with the state.
Just for kicks following the discussion on invoicing recently here on SOT, I started disclosing abstract costs as POC items by TCS on the HUD. We are also disclosing the split with the underwriter in the same format. I'm not certain that most people will care but it will be there if they do.
As for markups on title, we're permitted to charge for our own extra work if we want to so the additional work may be billed on the HUD as a rate higher than the abstractor. I only do this rarely, if we really had to do lots of extra work. Usually, it's just the abstractor who worked harder.
to post a reply:
login - or -
register