| Posted by ej1 on 5/27/04 4:26pm
Msg #2389
I wish there was a general list
It would be nice if you pros out there, if you wouldn't mind give us newbies a little help (Please!) and give us a general round figure of what you all have been charging for different types of closings. After reading about someone getting paid this or that and also about other agents 'undercutting' the business that we have a general round bout figure that we should start out with in these different situations. Like Refi, HELOC, sec mortgages, etc.
I know that I have the list of basic fees from National Notary on this but it is better for me to get more insight on your charges.
Thanks and really appreciate your comments. ((((((love this board)))))
| Reply by Lawrence Goodwin on 5/27/04 4:41pm
Msg #2391
I think most of us charge what I will list below for you, now bear in mind that this is what I charge the signing service companies for a signing, regardless of the type. Now what I charge my direct companies would make ya all mad.
Basic Fee $65.00
50 mile oneway .35cent a mile after that
Add $25.00 for Edocs
Add $15.00 for borrowers copies.
| Reply by ej1 on 5/27/04 5:04pm
Msg #2392
LOL!!! No, that wouldn't make me mad at all!!! That is understood of how much you should charge with direct lenders! That is what I hope to accomplish! I do take note of what is on that Settlement Sheet and say to myself, what the heck was I thinking when I only got the basic?? LOL..
Mr Goodwin, that is what I am basically charging right now for my services but I hear of some getting lots more than the basic. (My daughter for one) who lives about 90 miles away from here who just started about a couple months ago!
I asked her, and she said, well I dont know?? they just call me and tell me that is what they are paying me for it! Geesh.. guess I need to go shake her a bit.. lol but she is bigger than me these days!!!
OH i did go up on the mileage though..
figured that if everyone thinks about it, right now it is costing more and that 35 cents used to be the going rate!!! lol
Am i wrong in doing so? I don't feel bad about it being that the ss don't seem to be feeling bad about how they are getting over on me!
But let me say, I am not one that would EVER take revenge out on any person that I deal with!
I am a nice person who will fight if done wrong the legal way.
Someone called me a sap on one of my other posting.. oh well, all of us can be that way sometimes.
| Reply by CA_Notary on 5/28/04 4:17am
Msg #2447
Wow, there is no way I would drive 50 miles one way for only $65. I charge a minimum of $1 per mile, round trip, and also take traffic into consideration in setting my rates. I tend to measure more in the time it'll take me to get somewhere rather than actual mileage. In parts of Southern California a 15 mile trip can take up to an hour.
| Reply by ej1 on 5/28/04 8:31am
Msg #2455
It is figuring out the same since I will travel within 25 miles/one way of my home for the amount of $65.. so round trip.. would be 50 ... so at $1 a mile and a little more for the 'extras'.
And, that is another thing, within 25 miles around here, I am able to take many alternative routes and zip in and zip out of those 'troubled' times of day when the traffic is so horrible!
Even before I got into this business I have always searched out the best routes depending on time of day and traffic flow. So I am right there with you as far as price charges.
| Reply by Lawrence Goodwin on 5/28/04 12:11pm
Msg #2466
I could charge more for my basic fee for 50 miles one way. But I am retired and I dont want to have to pay the IRS anymore then I have to. and it all works out just fine. BUT, if GAS keeps going up the way it is, I'll have to charge more.
| Reply by ej1 on 5/28/04 4:46pm
Msg #2484
ok, i have that figured out. But, what are all the basic rates for extra charges? that is the base fee ($65) and got the mileage down but what are all the extra charges for? I don't want to under charge and want to basically be in the norm with it all. What is the basic fee for Edocs and amount of pages in that basic fee? When you have a second loan (piggyback)? And, like what happened to me the other day, having to find a second witness for the borrowers calling at last minute since theirs cancelled out on them! Is there a list that is broken down for all of the 'what ifs' or extra charges?
| Reply by CA_Notary on 5/28/04 6:08pm
Msg #2486
You have to charge whatever you think is fair, and whatever the market will support. From what I've seen, $25-50 seems to be the norm for E-docs. The number of pages can vary widely. My basic fee just covers however many pages are included, whether it's 50 or 150.
As far as last minute cancellations go, billing the signing company for half the signing fee sounds fair to me, but I wouldn't be surprised if some of them refuse to pay it.
For a second loan I have a flat fee of $50, no matter what the size of the loan paperwork. There are a lot of signing companies who aren't even willing to pay that much. I have one guy who's only willing to pay $15 for a second loan.
| Reply by Sylvia/FL on 5/28/04 12:07pm
Msg #2465
The best advice when I started doing this 4 years ago came from Janet Lynch.
Figure a 40 mile RT for your base. (20 miles one way), and figure $1.25 a mile. That would make a 40 mile RT $50, then add $1.25 for each additional mile, rounding it up to the nearest $5.
After a year in the business I raised my base fee to $60, now my base fee is $65.
This has been the formula that has worked best (for signing services).
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