Posted by mtnotary on 4/24/10 2:11pm
Msg #333298

Is it me or are the loan packages getting bigger this month?

Now this month has been pretty slow around here...but understandable as we have a huge unemployment rate and the housing prices have dropped very low.

Anyways, in the past 2 days I have had one package 145 pages long and todays is 185 pages long. It's not a FHA or VA...it is a conventional loan. It is so big my huge clip almost won't clip around it. Normally I can use the middle size clips.

It makes me wonder if the packages are getting bigger because of the banking mess. Up until now a normal package is 100 pages or less.

Oh well, glad to be working.

Reply by John/CT on 4/24/10 2:16pm
Msg #333300

In the "olden days", a MONSTER package was 100 pages.

It now seems my "normal" e-dox package runs between 110 and 130 pages. Sign of the times, I suppose.

Reply by Moneyman/TX on 4/24/10 5:15pm
Msg #333319

Not you. Even my Quicken pkgs have gone from the normal 80-105 to over 135+ pages. I'm noticing a huge increase in title docs in every loan (mostly duplicated lender docs with title headers). As well as an increase in the number of docs from title requiring notarized signatures.

Reply by MW/VA on 4/24/10 5:34pm
Msg #333326

And a lot of waste (at my expense). I printed a loan pkg.

today from JB Nutter. There was a "borrower copy" file to print. That borrower copy contained FOUR copies of the 1003, etc.--a complete waste. The "copy" was over 100 pages, probably 20 more than it needed to be.
Otherwise, yes, the packages are bigger. The HUD has gone from 2 pages to 4, 4-page GFE's in many packages, etc. Everyone is is CYA mode, I'm sure.

Reply by CF on 4/24/10 6:11pm
Msg #333332

I have noticed a couple of copies that look like a new HUD

but to appear to be a work-sheet for the work-up of the HUD. It is about 6-8 pages and has the bottom line as negative number that includes the payoff and the settlement costs. It says: Do Not Sign. Also, I have been instructed to remove this from a couple of packages and return the borrower copy and my copy back with the package. Has anyone else had this document in their package?

As for increase....my standard clients packages appear to have increased a bit over the past couple of month; maybe 10+ more pages.

Reply by Moneyman/TX on 4/24/10 7:09pm
Msg #333342

Re: I have noticed a couple of copies that look like a new HUD

I've had that same (work-up) doc in a few pkgs. No instructions regarding taking them out as of yet. Keeping my fingers crossed.

Reply by CaliNotary on 4/24/10 9:36pm
Msg #333351

It's not at your expense

That's why we charge for edocs. The cost of toner, paper and printer depreciation is a relatively small percentage of a normal edoc fee, if it's costing you more than 25% of what you're charging for edocs, you're not charging enough or you're not buying your supplies wisely.

If they want you to give the borrower 100+ pages in their copy what's the problem? That's what they're paying you for and that's a perfectly reasonable amount of pages.

Reply by MW/VA on 4/25/10 9:58am
Msg #333380

In reality it is still at my expense. Factoring the cost of

equipment, paper, toner, time means waste does cost me.

Reply by CaliNotary on 4/25/10 11:04am
Msg #333387

Re: In reality it is still at my expense. Factoring the cost of

How does it cost you if it's something you're being paid to do?

Reply by JanetK_CA on 4/25/10 10:25pm
Msg #333501

Re: It's not at your expense

It kinda depends on how you look at it, but I think you each have a point in different ways.

First of all, I agree with Cali's statements that printing costs are a relatively small percentage of our edoc fee. Most of it compensates us for our time and the inconvenience of the frequent scheduling hassles, inability to be doing other signings during that time, etc. And I agree with his statement about the number of pages. I try not to think too much about multiple pages being printed. I'm sure those doing the doc prep would consider it a huge waste of their time to bother separating out multiples in the borrowers' copies so that the notary doesn't have to print extra pages. Probably a waste of our time, as well.

On the other hand, I can see how it could be viewed as our expense. When it comes to our accounting, what we take in and what we pay out fall into two separate categories. We don't have to compute a profit/loss per job (although, as you inferred, we need to take these things into consideration when setting pricing). Generally speaking (and for tax purposes), all income goes into one pot and all expenses go into another.

What kind of actual profit margin we're able to keep then depends on how low we can keep our expenses vs. what we manage to bring in for doing the job. That's where working smart comes into play. Trying to keep costs down for paper and toner is just one aspect of working smart. No different than picking printing equipment that is efficient and cost effective. It could also be compared to carefully choosing which route to drive to keep actual miles down or avoiding toll charges -- even to keeping our car maintained to get better mileage. However, I don't think that means that we don't do all of the job that we are paid to do. As independent contractors, though, it's up to each of us how we proceed.

Bottom line, though, is how much is our time worth? It would take a fair amount of time to figure out which pages we might be able to avoid printing to save a few pennies. That's something everyone has to decide for themselves. Sure, if someone is very careful, they might be able to increase the profit margin per set in printing edocs, but at what cost?

Reply by Linda Juenger on 4/25/10 12:46am
Msg #333365

Re: And a lot of waste (at my expense). I printed a loan pkg.

I scan through the docs before I print borrowers copy. If there are multiples of anything except the RTC, I only print 1. They only need 1 and only want 1, IMO. A waste of resources.

Reply by parkerc/ME on 4/24/10 8:08pm
Msg #333348

The past couple of months, packages have been less than 100 pgs. I was thinking, great, 'bout time. Then got a Countrywide to BOA package the other day . . 150 pages. So went my dreams of Camelot!

Reply by BossLadyMD on 4/25/10 1:51pm
Msg #333408

definitely bigger packages, full of disclosures

the ideal loan package should only be 70-90 pages. a lot of the inept title companies, who dont know what they are doing, just throw everything in the packages 'to cover all the bases'. its crazy. plus, we have about 5 or so additional disclosures in maryland due to the housing mess. and the feds have included about 10 disclosures for folks getting the 'hybrid' loans. the lawsuits and bailouts have supersized the packages!

Reply by Love, D. Love Mobile Signings - David on 4/25/10 2:17pm
Msg #333414

Re: definitely bigger packages, full of disclosures

def. bigger packages, anyone else notice the "marital waivers"?