Posted by Hugh Nations Signing Agents of Austin on 6/28/08 3:19am
Msg #253441

Countrywide renegotiation

Accepted a Countrywide Full Spectrum loan. Asked if there were faxbacks. Told yes, said that would be $1 a page. Scheduler wanted to pay a flat fee; having been stung with that before, I held firm to the $1 a page. Finally agreed on the faxback charge, and on a base fee >>for a maximum package of 140 pages.<<<

Got the docs. Twelve -- count 'em, 12 -- separate attachments. Total of 212 pages, not counting the mailback label and a revised HUD that came in separately. Largest package, by 20 pages, that I have ever had for a single loan. Called back, got the scheduling supervisor, said my fee was explicitly based on 140 pages or less. Quoted her a print fee for the additional 72 pages, and an additional closing fee for the time involved in signing an additional 72 pages. She finally reluctantly agreed, and dropped any requirement for faxbacks.

Don't ever accept a scheduler's estimate of the size of a document package or the number of faxbacks. In this case, I was assured the package would be no more than 150 pages.

The package contained no less than six ID docs, all seeking the same information but in different formats. It also had two deeds and two notes, something I had not seen before unless the deed and note benefitted separate entities, as in a reverse mortgage. Both of the extra documents were specific to Texas. A conversation with the lender leads me to believe that the extra deed and note were simply included in case they, rather than the generic deed and note, were going to be required by Texas law. There were also numerous other duplications.

I think if other signing agents established maximum sizes for the document packages covered by their base fees, the mania for pushing document package obesity would quickly be controlled.

Reply by Cari on 6/28/08 7:18am
Msg #253447

Re: Countrywide ugh, I hate these loans...

did a countrywide loan the other day, 210 pages, 6 files, 43 faxbacks, didn't ask for cash for fax backs, thanks for the idea. I will try this out. I'm starting to wonder if just having these loans overnighted is worth it. I know the pay will be reduced, but in the end, I'm thinking I'll be saving toner....hmmm something to think about.

I think establishing a max doc size is also something to ponder, maybe it would fly.

Reply by Lee/AR on 6/28/08 8:17am
Msg #253456

Agree. We all should get on board with this.

Recently burned, too. Mostly, I've been seeing smaller packages...and if a refi can be done in 90 pages, then CW needs to be charged for their over the top 180 pages or more pkgs. Ditto the faxback nonsense.
Nor do I want to see the rationalization of 'no big deal to put drop it on my fax or scan to e-mail & walk away while it's happening'. Yes, it is a big deal. This equipment costs and will break down, needs repairs, simply wear out and need replacing. The money for this needs to be calculated into 'cost of doing business' and the big user of your resources also needs to be the big payer. You can rationalize yourself right out of business. THEY are bean-counting & we're fools if we aren't.

Reply by davidK/CA on 6/28/08 11:31am
Msg #253492

You ain 't seen nothing yet!

Just wait until BoA gets their fingers into the CW operations. What is now 125 pages will probably jump to 150 pages, all the way up the line. And the vast majority of the additional pages, if not all of them will be unnecessary duplicates of course. After all, integrating one system into another is really a massive opportunity for another lawyer full employment program, and the only employees who get screwed are the ones who really need their paychecks to survive from week to week. Thus the announcement of 7,500 layoffs already by BoA.

Result for the NSA? More work, more time and lower fees wherever possible since the new Masters at BoA will want to increase the bottom line as quickly as possible.

It's way too complicated to ask for fee adjustments on CW/Full Spectrum loans based on pages of printing or faxing. I'm just going to say NO to all CW loans.

Reply by thnotary_NY on 6/28/08 1:28pm
Msg #253505

Re: You ain 't seen nothing yet!

I said no to them a couple yrs ago, after having done FS loans and then faxing and waiting all AM to hear back. I was able to take some of those I had to refuse.

Reply by Cari on 6/28/08 11:21pm
Msg #253575

I'm thinking this is a perfect opportunity for BOA....

to consider e-notarizations vs paper....thoughts anyone?