Posted by MasterCloser on 6/30/08 4:42pm
Msg #253688

a Keen Signature Service

They offered $100 for a purchase edocs. Does not seem fair to me.

Reply by ChristineHI on 6/30/08 7:24pm
Msg #253705

Well, I normally charge $125 for e docs but do accept for $100 when necessary. I would take it myself. Purchases are usually pretty easy because the borrowers are excited to close because they are getting a new home.
Anyway, I think $100 is quite fair. A bit low, but I would do it.

Reply by sue_pa on 7/1/08 6:38am
Msg #253734

ABSOLUTELY disagree

In Pennsylvania, $100 for any e-doc loan is lowballing. For a purchase, it's less than half what should be paid. THERE IS A TREMENDOUS AMOUNT OF RESPONSIBILITY WITH A PURCHASE. "Pretty easy" is not a term I would ever associate with a purchase closing.

In a purchase, you just aren't getting loan documents signed, you're coordinating all the efforts - you have buyers, sellers, realtors, and many times a lawyer all at the table. Your job is to be sure all those others are doing their parts to be sure everything meshes in the end. You are disbursing funds. You are gathering funds. The title company who hired you could care less about the basement floor being wet - but you sit there alone in the office while sellers and buyers and realtors are all at the house waiting for the fans to dry the floor because the seller power washed it and it's not water seepage. You sit there while they 'discuss' what's to be done about the missing curtain rods. You sit there when the seller's realtor must go to the seller's house to get the paperwork signed because they weren't planning on showing up - they were going to allow their realtor to sign the settlement sheet for them (an old fashioned local custom absolutely forbidden by out of state/out of area title companies). You sit there when the sellers throw a fit about title closing costs on their column - they didn't hire that out of state company and they're not paynig them for anything, especially deed prep which they've brought themselves (another custom. in this area). Twice in the past few months I've had buyers show up with uncertified funds - what fun that is explaining how they can't take possession until they get certified/wired funds to the title company. And, don't get me started on the division of transfer taxes out of state companies can't seem to understand. It always works out -- sometimes it is "pretty easy" but seldom is that the case.

Maybe Hawaii is like CA appears to be but that's not the case in Pennsylvania. If you don't know what you're doing, you will be on the phone the entire time with the title company and you will look like a fool in front of an entire room of people.

Reply by Ilene C. Seidel on 7/1/08 7:02am
Msg #253738

Re: ABSOLUTELY disagree

Sue your are 100% correct. A purchase closing takes longer and is more responsibility. It's a rare that a purchase go smooth there's always additional compromising at the table and more addendums. $100.00 is a joke.

Reply by ChristineHI on 7/1/08 2:09pm
Msg #253795

All experiences are different

I have done more than 11,000 signings and spent 15 years processing and underwriting loans. Perhaps that is why things are easier for me, however, purchase docs and refi lender docs are the same here. You may have a couple of additional title docs, but that is the only difference. A loan is a loan and refi loans and purchase loans are the same. I am not sure why you think a purchase is more responsibility. All of our signings are responsibility and I put the same energy into all my signings. We are not there to do any compromising etc. We are there to sign them correctly. Addendums...not sure what you are speaking of, but there may be a couple more title docs but in reality, at least here, the amount of docs comes out the same and my signings never take any longer than my refi signings. There are less docs than some refi's like there is no right to cancel so if you are counting pages only they come out the same.
The seller signing is done separately. I have never been asked to go and sign the seller as well. I do signings for seller docs but never for the same transaction. That would be a whole separate signing. Seller docs are very easy as well. They typically take about 15 minutes to sign.
Purchases are always easier for me because borrowers just want to close and get their house. They are not "shopping around" for loans and wondering if they should get the loan or not. They are not getting a loan to get cash back or pay off debt, they are buying a house.
I have a lot of experience and also processed the loans myself for so many years that it is very rare that a signing is difficult for me, however, in my 17 years doing this and 15 years as a processor purchases and refis are the the same when it comes to docs.
Remember, every state is different and what is required is different and our experiences are different because of that.

Reply by Louisiana33 on 7/1/08 6:38pm
Msg #253830

I guess it would depend on the circumstances. I would take it if it were local. I do live in a small town and I am not flooded with business, but I am busier than most notaries in my area. $100 is on the lower end of the spectrum and if you can't make enough of a profit to make it worth your time and effort, don't do it.