Posted by Alicia Stidham on 1/19/09 5:22pm
Msg #275074

How much FASS?

They have contacted me to do a closing for them.. as I wait for the docs(ive called 3 times) I decided to search them., yes mistake #1 should have searched before. The fee is very low and I was hoping that maybe quantity would make up for such lowball fees. Does anyone get 2 or more a week from them on a consistent basis? TIA

Reply by Philip Johnson on 1/19/09 5:41pm
Msg #275076

Low fee X two = Twice the low fee.

Figure your costs and what you need to make in profit and subtract from the fee, if this works for you, then quantity will work for you. Having said that I am going to venture that doubling or tripling your low fee work will only help you find another job down the road, because this one did not make you any money.

Reply by Julie/IL on 1/19/09 6:07pm
Msg #275079

Re: Low fee X two = Twice the low fee.

They want too much work done for too little fee. We were "white gloved" with them for many years and at first it was great taking all the appts we wanted. But all the calls from the philipino ladies (sorry if I have the nationality wrong) all day, you had to status out the appts, call in for this and that, blah, blah, blah! Just not worth it in my opinion. And on top of it they take you off their "white glove" list based on their menstral cycle.

Reply by John/CT on 1/19/09 6:22pm
Msg #275080

You asked, "Does anyone get 2 or more a week from them on a consistent basis?" How about once in two or more years? Lesson to be learned: Don't count on "quantity" to make up for low fees. Never happens ... at least during my lifetime in this business.

Reply by Lee/AR on 1/19/09 6:38pm
Msg #275081

Ditto tht, John.

15 years & no volume yet! Oh, it might have a run of a couple of weeks or months...but they all eventually go pffft. Might have another go 'round months or a year later. Fact is, they really can't predict the volume any more than we can. It's just a convenient thing to say to the unknowing. Sounds good.

Reply by MikeC/NY on 1/19/09 6:45pm
Msg #275082

Quantity rarely makes up for lowball fees, but it's easy to fall into that trap.

Discounting your fee based on a promise (or a suggestion) of more work just doesn't make sense. The two things that remain relatively constant for you are the amount of time you spend on each job and your overhead costs. Unless you can figure out a way to lower at least one of those, how can you make more money by discounting your fee? At best, you're going to be making less; at worst, you're going to lose money on the deal.

If anything, you might agree to discount your fee AFTER they provided a certain volume of work - but few companies would go along with that, because they know they can't guarantee volume.

Reply by Alicia Stidham on 1/19/09 10:16pm
Msg #275093

Lesson learned.. I should have known. I cannot even begin to tell you the amount of crap I have been through..... although it was nice for FASS to catch title with thier "pants down". I am now beating my brains in trying to complete the report and be done with it, but I can't because they have a issue with me not calling the borrower w in 24 hrs. ~I did, but both #s we her work #'s and bo wasn't in that day~ ugggghhh. and you are all right No amount of volume can make this worth it.

Reply by Susan Fischer on 1/19/09 11:58pm
Msg #275098

Communication is the key to every transaction. Regadless

of the changes SSs have gone through, the basics are the same. Offer, Acceptance, Completion, Satisfaction.

We SAs have the power to set our fees, and there is a huge 'cover your @ss factor. We set our bottom line. Or soon learn to. Every transaction is different - with different borrowers'/lenders' circumstances. Being in the 'pipeline' is better than being indifferent or left out. Communication is essential.

So, when our communication is scarce, like not informing a SS of the status of personal confirmation, or some other vital information, the process of a SS's quality control is affected. As for FASS outsourcing confirmations/information (which didn't seem to be connected to phone/email/fax reports from SAs better to be over-diligent than lax.

Life teaches us that reputations are earned. And that competent communication is the key to every successful transaction. JMHO.

Reply by CaliNotary on 1/20/09 2:01am
Msg #275107

Re: Communication is the key to every transaction. Regadless

"So, when our communication is scarce, like not informing a SS of the status of personal confirmation, or some other vital information, the process of a SS's quality control is affected"

Informing the SS that you've confirmed the appointment with the borrower is hardly vital information. It's just micromanagement on their end if they need that information. A good signing service trusts that we'll confirm the appointment and contact them if we have any problems.

Reply by Alicia Stidham on 1/20/09 9:00am
Msg #275120

Re: Communication is the key to every transaction. Regadless

I should have also included the ss was emailed about the phone #'s .. after attempt #2 to bo work (not open) I emailed ss and it was actually in the 25th hour. Live and Learn.

My inspirational quote of the day: A happy person is not a person in a certain set of circumstances, but rather a person with a certain set of attitudes.
- Hugh Downs

Have a good one guys!

Reply by Gary Boehm on 1/20/09 9:12am
Msg #275122

Communication is the key to every transaction. Agreed

I agree that communication is important - especially back to the SS or whoever gives work to you. I have two companies that have been giving me somewhat steady work (ok, sometimes two weeks without but then two weeks of 2 - 3 signings). After the initial phone call I email back that I have received the Confirmation, I email if I call the borrower but only get an answering machine, I email when I have contacted them and confirmed the appointment (ok sometimes those are all one email but sometimes not), I email again when I receive the documents and have printed them out ok, and again when the signing is complete AND if I haven't already shipped the package - email again AND Fax the Fed-Ex Tracking ID. Not only that, I send copies of the same email to whoever sent the confirmation and whatever email address the docs come from. Do they give me more business? YESSS!!
Yes it is hard getting started and for everyone these days but take care of those who do give you business and they will take care of you! Anyone else agree?

Reply by jba/fl on 1/20/09 9:36am
Msg #275123

Re: Communication is the key to every transaction. Agreed

I change the confirmation line to include STATUS: Confirmed (or signed or whatever), and do much the same. I find that those who hand hold begn to leave me alone as they have my history to work upon. Also, how long does it take? merely seconds.