Posted by Nd_WA on 10/5/05 3:33am
Msg #68908

Fixed price or price fixing....I'm out!

This is my most recent dealing with a well known TC which I never had a problem with naming my price. TC called Friday for a Monday appt. (o/n docs), fee met. TC call back 1/2 an hour later to confirm that will be edoc instead, and it's a combo. Ok, new fee will be $xxx for that, TC quickly said "Uhuh...That's not how we pay!"

TC: First set is base then 1/2 of that for 2nd plus edoc fee.
Me (almost fell of my chair): since when was this standard implemented?
TC: This is what we are allow to pay from this lender, take it or leave it!
Me (pulled my hair, bit my tongue & kicked myself): Ok, just wait to see who the next lender is.

I always thought that 1/2 thingy was just an idea or someone's preferential price to their bread & butter clients. Since when did this became a norm for the industry? I got squeeze so bad that my fee on this one came to be xxx dollars and 50 CENTS. Still, I know my competitors (for now) will take this signing with joyful tears in their eyes b/c I know for fact I have lost a few hi-paying clients to them.

Well, my fixed price is not bringing me new businesses, but loosing one by one each day. I'll be off for a while to do some "price fixing", if it's going to be smooth sailing y'all can expect a call from Andy the new SS in Vancouver/WA next year.

Reply by LawrenceOK on 10/5/05 7:56am
Msg #68913

Not price fixing. This has been standard acceptable fees since I've been doing loan signings. Piggybacks are your standard fee + 1/2 + edoc fee if applicable.

Reply by Charm_AL on 10/5/05 8:36am
Msg #68925

Andy...that's pretty much the standard as far as I know. I have a TC that will occasionally tell me that this client is only paying x amount and other times they meet my fee with no debate.
I charge base/print fee and 1/2 for second and print fee.

Anyway, good luck with your new venture!

Reply by O/CNotary on 10/5/05 9:33am
Msg #68929

Sorry to say, I think ya blew it! That IS the standard & has

been for as long as I know, which has been since the beginning of mobile loan signing agents.

Reply by BrendaTX on 10/5/05 10:08am
Msg #68933

Okay, guys...Andy's obviously had a different experience...

I have watched this fellow for awhile and he's sharp. I'd be interested to hear his rebuttal.

In Texas I have only had ONE loan with a second. I got taken on it because I was new. This doesn 't really have much to do with my work so I am not going to stress over it, but I know Andy's got a reason for saying what he did.

Reply by PAW_Fl on 10/5/05 10:31am
Msg #68937

That IS the standard - Not for me!

I do not necessarily accept ½ additional fee for a piggy-back. I charge on a per loan basis, though the second is discounted. The amount of discount depends on the type of second. HELOC seconds get a substantial discount, but conventional, ARMS especially with a balloon, don't deserve such a discount.

The only standard is what you charge. It's YOUR business. YOU charge YOUR fees. (Did you notice the emphasis?) You can negotiate anything you want, including half fee for a signing. That's what being 'independent' is all about.

And I've been doing that since the beginning of my signing career (almost 5 years).

Reply by Merry_CA on 10/5/05 11:44am
Msg #68961

Re: That IS the standard - Not for me!

I learned, just as Brenda did, the hard way. I accepted a signing (one of my first) with an agreed upon fee. I found out when downloading the docs that it was a conventional 1st and 2nd (80+ pages in each one). I did not have the experience with this particular industry then to call the SS back to re-negotiate. I just ate it and went on.

My "day-job" is in the construction industry and negotiation is just a given. Every player negotiates their terms. Contracts are drawn and liens are filed. Licenses and bonds are on the line if you do not perform.

In my spare time (LOL!) I'm doing my homework!... getting myself positioned to be able to continue to generate a living when I turn 65 (5 more yrs.!). I intend to be fully self-employed by then. That means that I must build a business (or businesses) that generate a PROFIT. Being a NSA is a very tricky business... it is so important to do your homework... learn how to define and charge for ALL of the expenses involved. Know when and how you ARE and when and how you ARE NOT turning a PROFIT.