Posted by loma on 3/17/09 11:33am
Msg #280960

$50, fifty page edoc refi, Any thoughts??

I am not sure I should accept the assignment.

What do you think?

Reply by Jessc098 on 3/17/09 11:38am
Msg #280961

I'd walk, unless it's next door. I've never seen a refi that was only 50 pages. Are you sure it's a refi and not a mod?

Reply by Linda_H/FL on 3/17/09 11:42am
Msg #280963

Or a Respa signing..

Reply by MW/VA on 3/17/09 11:47am
Msg #280964

Beware. There are a lot of lowball companies who pull this trick--"it's only xx pages".
I'm call them & get more info. Either way, $50 is too low for almost anything.

Reply by Sylvia_FL on 3/17/09 11:49am
Msg #280966

Whether or not you should accept an assignment is entirely up to you. You know how much your time and materials are worth.

You need to have your fees figured out before anyone calls you, so you will know whether it is worth it to you to accept an assignment.

But by the time you get your question answered here, the company will have moved on to someone else, so it matters not what we think.

Reply by loma on 3/17/09 11:53am
Msg #280971

No it IS a 1st Mortgage Refinance. 50 pages MAX I was told

I know it is low..................but should I go??

Reply by Sylvia_FL on 3/17/09 11:54am
Msg #280972

"I know it is low..................but should I go??"

Only you can answer that question!

Reply by spnotaryplus on 3/17/09 11:59am
Msg #280974

Re: Sylvia is right!!!

Only you can answer that question. There are NSA's in my area doing refi's and purchases for $40 just to get the business. However I know the packages they are printing are at least 110 pages. For me $50 does not work.

Reply by Les_CO on 3/17/09 12:18pm
Msg #280977

I charge $50 to get an affidavit signed (If I drive, and its close) I sometimes charge $50/$25/$0 for POA's in nursing homes (depending on my perceived assessment of the signers ability to pay) Does this Lender seen to be in a bad financial way?

Reply by Lee/AR on 3/17/09 12:33pm
Msg #280980

Re: $50/50 pg. refi. Any thoughts? Just one: No n/m

Reply by ReneeK_MI on 3/17/09 12:37pm
Msg #280983

Well, you asked ...

Try this: call a taxi and ask how much they'd charge to drive there and drive back, without even getting out of the car to say hello ...

Reply by jba/fl on 3/17/09 1:04pm
Msg #280986

If this is your best friend and you want to see him/her not get charged max fees and he/she wants to come to see you for notarization/ID check, your ok. But you will still see on the HUD that he/she is getting charged $150-350, so you have saved them nothing.

Your call though - charity begins at home, mine.

Reply by ChristineHI on 3/17/09 1:40pm
Msg #280992

Well, as a loan processor, I think it is doubtful that the paperwork is only 50 pages long if it is a refi. The only company I have seen docs that small is Quicken, and even then it is just about that many pages.
I would not do it for that, but that is just me. $50 is just so low and with costs like gas, paper, time, I would not make a profit. Be aware, as someone else mentioned, they will say it will be only 50 pages long and then it is much longer. They act surprised.
Remember, the signing companies don't draw the docs, the lenders do, so they haven't even seen the docs so how would they know? They don't, usually. They just say that so you will do it. Remember, you are printing duplicates too, because they need a copy, so you are at 100 pages, if it turns out to be correct.
Please let us all know what happens, because 18 years experience tells me, your docs will be longer than 50 pages. We shall see. :-)