Posted by MichiganAl on 9/15/06 11:22am
Msg #146346
E-docs & LSI's letter revisited
I was out of town for the big conversation about this, so I want to add my two cents. First, let me say that there are a lot of people that I like at LSI. But I stopped working with them, in part, because of some of the ridiculous procedures they've implemented and because of the attitude that was displayed in the e-mail. The cost of e-docs is only minimally about things like ink, cartridges, and printer wear and tear. Here's a current example:
Got a call to do an e-doc signing for 6 p.m. yesterday. Call the borrower and leave a message to confirm. Get a call from a TC that wants an appointment for the same time, can't change the time. Out $160. LO calls, borrower can't do a 6 p.m. appointment (didn't someone bother to check this before setting up the appointment?). Rescheduled for 9 a.m. today. So I'm out for the signing I turned down that I could have taken. Get back from my last signing at 8:30 p.m., no docs. Call the TC contact, she's ready to walk out the door. No lender approval yet, but they might still get it early a.m. Call borrower to inform. So, I'm up at 7 a.m. just in case docs come in. Nothing. 8 a.m., 9 a.m. I have no other appointments this morning, so I'm trying to be accommodating. 10 a.m, 11 a.m. Calls to TC, calls to borrower. It's now noon, still no docs. So I've got to call it off because I have other appointments and borrower's not available later anyway. What did I get for two days and about five hours wasted? Not only nothing, but I lost another appointment. So tell me again how e-docs are worth 10 or 15 bucks. And don't think this is the exception. 60 - 70% of my e-doc signings are late, rescheduled, or canceled. Lenders and TCs seem to think e-docs is an excuse to wait until the very last possible moment.
I charge $35 for e-docs, and that is waaaay generous in my opinion. I can't imagine being successful in this business doing e-docs on a regular basis, and I've become very selective about which ones I'll take.
I'll give LSI one exception. If they are still doing the Countrywide HELOCs, and that's all you're doing for them, then I think $15 or $20 is fine. They're 40 pages, and they're open date and time. You don't have to wait for them or schedule anything until you actually have docs. But as someone else mentioned, let's not forget that this isn't a middleman SS. It's a TC.
| Reply by Joan_OH on 9/15/06 11:26am
Msg #146351
I don't know what Countrywides you have been doing, but I rarely get one under 70 pages now that they've added 25 pages of instructions and most are well into 80-110 pages. Granted, I don't print a copy of the instructions for the borrowers, but I do for the docs going back.
I haven't seen a Heloc in months. In may area, they are switching over the straight 2nds.
Joan-OH
| Reply by MichiganAl on 9/15/06 11:34am
Msg #146354
It's been about a year since I've taken anything from them, but they used to have Countrywide HELOCS (not Full Spectrum) that were 38 to 40 pages. They were very easy. But then they started following up non-stop with silly calls, and it became less and less worth the trouble.
| Reply by Bob_Chicago on 9/15/06 12:07pm
Msg #146359
Not arguing with you , Al, but there is no fair e-mail......
price for the situation that you described. Not even $100
e-mail fee would compensate you for lost job and grief.
This does not sound like an e-mail doc problem , but due to a L/O scheduling
an appt prior to everyone gettin their respective acts together.
Turning down one job, because you sort of have another
just scheduled is, of course, an art more than a science.
Most of the e-mail jobs that I get have the dox sent a day or two
before closing date. If they want to use me as fedex/ups, then
that is fine . I make more $ because my e-mail charge exceeds my incremental
printing costs incurred.
On last miinute jobs, there is a reqmt of flexibility on the part of all parties.
| Reply by MichiganAl on 9/15/06 12:15pm
Msg #146361
Would you care to share the names of those companies?? ;)
E-docs a day or two in advance?? I'd pass out from the shock.
| Reply by Dorothy_MI on 9/15/06 12:16pm
Msg #146362
Re: Would you care to share the names of those companies?? ;)
ME TOO! I think I've died and gone to heaven if I get them 1 to 2 HOURS before the appointment.
| Reply by JM_NY on 9/15/06 12:20pm
Msg #146364
Re: Would you care to share the names of those companies?? ;)
I am glad I get them 1/2 hour before appointment time. I am usually calling the borrow and telling them I will be late.
| Reply by Sher_AZ on 9/15/06 12:21pm
Msg #146366
Re: Would you care to share the names of those companies?? ;)
I agree! Only on occassion have I rec'd complete e-doc's in less than an hour or two. Generally those are for not date sensitive doc's and rare to come by. 
| Reply by Joan Bergstrom on 9/15/06 2:04pm
Msg #146381
Re: Would you care to share the names of those companies?? ;)
NASCO is one that sends them at least 1 day ahead.
| Reply by Bob_Chicago on 9/15/06 12:21pm
Msg #146365
Sure , here they are........
dji3540s8sdjo990
and
I*&(*&Gio9jds3ee9
and my favorite that pays $300 plus $100 e-doc
08987hgi9778797869&()(&*
You can reach them at 800-rotsaruck
ps. I'll contact you off-board
| Reply by JanetK_CA on 9/16/06 12:25am
Msg #146471
Re: Not arguing with you , Al, but there is no fair e-mail......
I think you both have a point. Naturally, we can't fully make up for lost work, but I think it makes sense to factor in at least some of those eventualities into our cost of doing business when setting edoc fees. And it occurred to me today that we also should consider the time involved to shred all the no-sign and cancellation packages! (My latest pet peeve... I know, I need a bigger shredder, but the larger, much more expensive ones don't take that many more pages at a time.)
|
|
