Posted by Gilda Murray on 1/5/11 11:45am
Msg #367104

Loan Modifications- ServiceLink Aliquippa, Pa

Good Morning fellow Agents. I would like to get some input. Been getting several calls lately from ServiceLink which is a very reputable SS and I love working for them because they always pay within 30 days period. Recently they changed their policy regarding loan modifications. They are only paying $35.00 because they are sending the docs overnite express. I have turned down some due to the location some area's are 40-50 miles one way not worth the effort in starting up your car leaving home. Do you agree?

Reply by MistarellaFL on 1/5/11 11:47am
Msg #367106

Agreed. n/m

Reply by Glenn Strickler on 1/5/11 5:53pm
Msg #367209

Yes. n/m

Reply by Linda_H/FL on 1/5/11 11:51am
Msg #367107

Agree...especially with gas prices rising daily..

That's why I limit Modification assignments (final, not application), RESPA signings, etc etc to my home county only - even at that I can, feasibly, travel 40-50 miles round trip within my county...

Reply by James Dawson on 1/5/11 12:11pm
Msg #367114

Re: Agree...especially with gas prices rising daily..

Ditto here.....one price/distance mindset by SS cannot/willnot work. IMO

Reply by 101livescan on 1/5/11 1:46pm
Msg #367132

Re: Agree...especially with gas prices rising daily..

They are probably getting $100 a file. $35 is not enough for the scope of work, given gas is going to go through the roof.

Reply by CopperheadVA on 1/5/11 12:19pm
Msg #367117

Agreed - the signing location would have to be in my zip code in order for me to consider that offer. Absolutely no way would I travel 40-50 miles for that fee!

Reply by HARRY_PA on 1/5/11 12:42pm
Msg #367126

Though their fees may seem like a signing service, ServiceLink is a settlement company.

Harry

Reply by Les_CO on 1/5/11 1:20pm
Msg #367128

That's $15 to little for me, within a 5 mile radius. Please call someone else.

Reply by Claudine Osborne on 1/5/11 2:09pm
Msg #367135

I agree with everyone else..No way!

Reply by Christine L. Reeves on 1/5/11 3:21pm
Msg #367161

Gilda, I agree. The companies we might work for want us to travel forever, work hard for nothing. I am currently conducting a cost analysis on my business to see if I can make any money for $ 85.00. I charge more for way out of my area. When you are doing a loan modifications, if you are only notorizing 2 signatures and 2 pages, you still need to be able to pay for your gasoline, time, and all your expenses to see if you can make a buck or two or lose money. If you are going to lose money, at least you will know what you are doing.
Good luck and in this economy, Good Luck to us all.

Reply by Sha/CA on 1/5/11 5:39pm
Msg #367204

I just finished my taxes for 2010. I made $2000. more, gross, and $100. less, net, than 2009. I'm trying to hold my expenses down. Something has got to change. I guess I'll try marketing more to better clients, title companies and maybe get a more economical car than my Honda Accord. More miles, less money. I've been in this business many years and have never made less! What now?

Reply by MW/VA on 1/5/11 3:36pm
Msg #367167

I agree. I'm tired of their using "poor economy" to offer

lower fees. Our costs are up--gas, paper, toner, etc. I'd set a minimum of $50 for loan mods, overnight docs or not. The o/n thing cracks me up. It's really much more cost effective to send us the docs via edocs. I don't think they realize how much the cost of o/n is. In most cases it's more than $25. LOL

Reply by MichiganAl on 1/5/11 5:06pm
Msg #367191

Re: I agree. I'm tired of their using "poor economy" to offer

And when things were great, it was the "volume discount" pitch that companies were laying on us to get us to accept lower fees. Lowballers will ALWAYS find and excuse to lowball.

Reply by JanetK_CA on 1/6/11 2:31am
Msg #367255

Re: I agree. I'm tired of their using "poor economy" to offer

FWIW, the big volume users of overnight users like FedEx get big volume discounts that can be a fraction of what the general public (including us) pays. Still, I'm with you on a reasonable minimum.

Every time we leave for an appointment, we have to consider not only our real costs like gas, wear and tear on the car, paper and toner, etc., but the fact that the time involved also takes us away from other activities that we need to do to keep our businesses operating. So leaving your office for even just an hour (if you're lucky) to do a mod for $35 interrupts your productivity, can make you unavailable for other income possibilities, and leaves you with precious little - if any - profit.

It also seems that the companies that are scheduling the mod signings typically want to set them up during prime signing hours. No thanks. Just not worth it to me anymore. I might take an occasional one not too far away, during an off time, but definitely not for $35!

Reply by Gilda Murray on 1/5/11 6:48pm
Msg #367216

Thanks to all of your comments regarding my earlier issue. I just wanted to make sure I was still in my right frame of mind. "LOL" It appears I am. Hoping all of you have a properous year we all deserve it.

Reply by Gilda Murray on 1/5/11 6:56pm
Msg #367218

oophs, I meant to spell "prosperous," sorry.

Reply by Susan Otero Rainer on 1/5/11 11:48pm
Msg #367250

absoultely. Many of them seem to be Lowballing. Turning many away and it appears notaries in my area are getting desperate and taking these cheapo's.

Reply by HrdwrkrVA on 1/6/11 2:18pm
Msg #367357

W/these fees you literally work yourself INTO the poorhouse! n/m