Posted by SReis on 10/4/07 12:56pm
Msg #214759

Is something better than nothing?????

Call today from SS, I've never worked w/before but seemed to get good ratings here & willing to meet my fee. Get confir & states that only pay 1/2 fee for no-sign/no-fund. Although I normally charge full for either I was willing to accept 1/2 on the no-sign because the location was close. Told them I could not accept less than full fee for no-fund because my job would have been completed & not my job to ensure loan funds. Get same old re: them not getting their full fee, etc. In the end I said sorry can't do it. Part of me sorry because it has been so slow & could use the work either way but the other part says no way, its the principle that if I do my job I should get paid fully for it.

Reply by Bob_Chicago on 10/4/07 1:10pm
Msg #214762

Opinions of experienced NSAs differ on this issue. I work...

for several companies that only pay partial fee if no sign , and
in some cases, no fund.
My experience is that this only occurs on a very small % of assignments
with these companies.
Would be different if they they did a lot of sub-primes which have a
much greater chance of falling out of bed.
You have a 100% chance of not being paid for a job that you
turn down because you think that there is a chance that you will
not be paid in full.
Similiar issue with companies with a slow pay record.
Determining which jobs to accept is an art, more than a science
Good luck

Reply by Philip Johnson on 10/4/07 1:10pm
Msg #214763

As a percentage how many of your closings don't close?

Seems to me you had your eye on the wrong ball, the chances of it closing are way greater than not. JMO

Reply by Glenn Strickler on 10/4/07 1:50pm
Msg #214783

It has been a long time since I have had a loan not fund, or a no-sign . I believe it is because of the tighter credit requirements, so I have relaxed my policy of requirement of full payment for a sign but no fund. One positive aspect of the sub-prime mess .....

If things change and I spend a lot of time on no signs or funds, then I will have to take another look, but I think that you are losing $$ right now if you don't accept from a good company because of this ......

Reply by Linda Juenger on 10/4/07 2:21pm
Msg #214797

I do a lot for a particular company. Once in a great while a loan doesn't close with them. I only get 1/2 fee if it recinds, and full fee if it closes at the table. They aren't paid either. Something to think about.