Posted by Blueink_TN on 1/14/11 9:21pm
Msg #368736

Feedback appreciated - LO assisted services

Since I am licensed in KY and TN, quite frequently I arrange a refinance with a borrower who is out of my area, hasn't the ability to print and has no fax machine. I'm working on a concept where I would hire a SA to print the initial disclosers (25 to 30 pages) , have the borrower(s) sign, collect the necessary income documents and fax everything to me. No notarizations, no shipping. I would pay immediately by paypal. If the SA preferred I set the appts, I would -otherwise it would be open time, open day.
Your thoughts please? I'm trying to get an idea of appropriate pay and expectations. thx.

Reply by Shoshana/AZ on 1/14/11 9:29pm
Msg #368743

Typically $50-$75.

Reply by OR on 1/14/11 10:02pm
Msg #368747

Re: Feedback appreciated - Few points

I agree with Shoshana. For me in my area it is $50 to $85 per loan app only then ship

You are asking for SA to collect the income documents. Who is going to make the copy's of the income forms to take back to the office to fax? 2)... What if the LO need 2 sets of income statements one with the app and one at the before the loan goes to closing. Would that not incur a another fee? I have done this and collected insurance information with banking records. That in its self can be 10+ pages each trip. 3)... Would that not take 3 trips assuming that the SA closed the loan?

I would say that a fee of ......1st trip... $50 to $85(trip and fax)....2nd trip.....$50 to $85 (trip and fax).....3rd trip to sign the loan....$$$. JMO but that is the way it should be for every loan.

Reply by Blueink_TN on 1/14/11 10:16pm
Msg #368748

Good points

Of course if the borrowers only have originals of the documents needed to collect, that would be another trip or at least postage to mail back - understood and compensation included. Unfortunately, I wouldn't have any say-so about who does the signing unless the SA is registered with the title co that my co uses....

Reply by Linda_H/FL on 1/15/11 7:41am
Msg #368761

When I've done Respa signings

I have the borrowers sign the preliminary paperwork (obviously) and have collected whatever copies of docs the homeowners have available for me...they don't always have everything ready, which is why I carried a portable copier with me (until it went kaphooey, which I'll be fixing soon)...but in addition to that, it's ALWAYS been a given that if they don't have it ready for me to send back then I have a fax number to give them so they can fax the info into their LO. I just let them know how important it is that they follow up and get this paperwork in and I include a short note in the package letting the LO know what's missing, why and when the borrowers will be sending it to them.

These usually take more time than a full signing, believe it or not, because although they say they have everything ready, they usually don't. Income statements are 2 years old, homeowners' insurance is expired, can't find that dang bank statement...and they have to go digging around to find the most current. I've spent upwards of 2 hours at the table on Respa signings.

I've never had a Respa where I faxed everything to the LO and I wouldn't feel comfortable doing it - mainly faxing borrowers' copies of ID and financial information. All the ones I've done get dropped at UPS or FedEx for courier shipping.

*MY* fees for these are $85 and up since I'm very rural here and that's taken up mostly in travel - the higher side being outside my county.

My .02

Reply by CopperheadVA on 1/15/11 7:45am
Msg #368762

Re: When I've done Respa signings

I don't do RESPA signings any more because I agree with Linda that they are very time consuming and the pay offered ($70 - $85) is not commensurate with the amount of time that it takes and the PITA factor you are dealing with regarding people having their info ready. Then combine that with the fact that often times these are hard to get paid on for some reason.

Reply by Linda Juenger on 1/15/11 9:18am
Msg #368778

I also don't do them anymore either. They are a pita.

I down right hate doing them.

Reply by Linda_H/FL on 1/15/11 9:23am
Msg #368780

I don't mind doing them .... they're not my favorite

but I'll do them. I don't like having to wait to be paid - most I've done I'm not paid until the loan funds - sometimes 45-60 days....I've rarely been paid for these in less than 30 days, no matter what promises are made.

However, I did do one in December, 2010 and I was paid in two weeks - beat payment on some of my signings - I was stunned when I saw that check that soon...

Reply by Blueink_TN on 1/15/11 10:05am
Msg #368794

The payment issue

Getting paid in a timely manner was my biggest issue with being a signing agent. There was no excuse having to wait weeks and months to be paid and it started to become the norm. Unbelievable lame and that is why, if I choose to hire SA's to assist me, they will be paid by paypal. Wondering what the percentage of SA's with PP accounts?

Reply by jojo_MN on 1/14/11 11:01pm
Msg #368751

I offer these services for loan officers. I print and take all of the respa docs out, have them signed and collect all of the supporting documentation. I then take it back to my office and scan them back to the loan officer and overnight the originals. This way he can get his paperwork done one day sooner to get his loan through. I offer off of this for $150. It then charge the full fee again when the full docs are ready to be signed.

I do have the licensure to explain documents, so the borrowers know what they are signing.

Reply by LKT/CA on 1/15/11 11:53am
Msg #368808

$80 (within 30 miles) and let the SA set the appointment with the clients.