Posted by JOE/NC on 7/30/05 3:01pm
Msg #55946

PURCHASE LOANS What do you charge?

I have done a few purchase loans recently and my price is not much different than my refinance price. I did one for $150 that was 30 miles rt and I printed docs. Should I charge more this was for title company that gives me most business lately.

then last night they had a last minute one but it turned out to be double loan they printed docs at the motgage co and offered $200 when I said 250
I took it it was on way back from another signing and they printed.
Just want to see what others charge in these instances.

Joe/NC

Reply by kynotary on 7/30/05 3:38pm
Msg #55953

From what you are stating here Joe, sounds like you did fine, I would have taken them for those prices, but probably not any less and that is where so many are making their mistake, and so many won't ask for more to test the market so to speak, afraid I guess?

Reply by Cathy - Ca on 7/30/05 5:35pm
Msg #55972

I'm just starting out with loan signing I asked 150 and got it we were told in the classes that we could ccharge as much as 250 a loan signing is this reasonable for
CA?

Reply by kynotary on 7/30/05 5:51pm
Msg #55975

My wife told me of a friend of hers today that has a friend in so cal that gets $250 per signing, so I could say yes, it is reasonable, but I could be doing you an injustice if I were to say that, so what you have to do is just ask yourself are you being paid what you are worth, or are you worth more. We know a few people in so cal, as we lived there 30 years and my wife is from there, just to qualify how I would find this info out.

Thing is, I know how much it cost to live in so cal and it ain't cheap. I would say, for me at least, I would be hard pressed to take any less than $150 for a signing in so cal, northern cal either, the cost of living there is just to high to settle for less in my book.

My wife and I expect to be here in KY for about another 2-3 years and are planning our move back to so cal, I as an appraiser and notary public and her as a notary public so I am vested in what I am saying here Cathy, hope this helps.

NOTE: My wife doesn't know who the company is that pays the $250, but we are working on it!

Reply by CarolynCO on 7/30/05 9:35pm
Msg #56014

I base a purchase loan on the type -- are just the borrowers going to be present?--or are the sellers going to be present, too?--are there going to be loan officers, real estate people, etc. present?

I've done one purchase loan for the borrowers only and no one else was present. I charged the same as a refi.

Reply by joe/nc on 7/30/05 10:26pm
Msg #56036

Most purchase loans I have done have 2 realestate people thereeach represents the seller asnd the other the buyer also the mortgage guy is there because in most instances the title co sends me to the mortgage people they are dealing with.

I feel since there is a bit more paperwork involved a slightly higher fee should be charged and also more time involved because there always is some discussions that ensue.

Joe/NC

Reply by MJ FL on 7/30/05 11:16pm
Msg #56042

What is the primary source for purchases? Title companies? I only get a few through SS and they are all builder deals.

Reply by CarolynCO on 7/31/05 7:57am
Msg #56062

Joe, that's what I was getting at. The more people, the more paperwork and the more time and work. Although, some purchase loans, as when there is only the buyer present are no different than a refi.