Posted by Yoli/CA on 5/14/13 5:45pm
Msg #469916

ServiceLink Rewards Program ...

Just received the following email from ServiceLink:
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To Our Closing Agent:

This is to introduce you to the Closing Agent Rewards Program. As our Closing Agent, you are automatically enrolled in this program and will be eligible to receive a reward for a $40 check each month.

How does this work? There are 2 ways to earn this reward each month:

o Receive recognition from the Lender for going “above and beyond” during a Closing to make the Closing experience memorable for the borrower

o Obtain a high rating on a Chase Loan Survey related to a closing you conducted

Qualifications for a Recognition Reward

The Lender must inform ServiceLink directly about your outstanding work during a closing. In addition, the Closing Agent must not have any strikes against their performance or required counseling.

Qualification for a Borrower Rating Reward

Chase offers the borrower’s the opportunity to rate their experience with the Closing Agent through a survey. The borrower can rate the Closing Agent from a scale of 1 through 10, where 10 is the highest score you can achieve. There are two (2) questions in the survey that pertain to the Closing Agent and their performance. Below are the actual questions taken from the survey:

1. Promptness of your closing meeting; the meeting started and finished as scheduled

2. Professionalism of your Closing Agent, i.e., the person you met with to sign your loan documents

If ServiceLink receives a survey where the borrower rates you with a 9 or 10 score, you will receive a reward check for that month. Please note that under no circumstance should the incentive program be discussed at the closing with the borrower. Any direct discussion of incentives resulting in the appearance of impropriety will result in counseling and/or volume reductions.

As a disclaimer, this program only rewards once per month regardless of how many orders you closed. In addition, ServiceLink reserves the right to change the qualifying terms or discontinue the Rewards Program at any time.

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Nice little program, IMO.

Reply by JanetK_CA on 5/14/13 5:50pm
Msg #469917

How refreshing that some companies are deciding to use a carrot rather than a stick to encourage greater professionalism from signing agents! I hope this is a trend that grows...

Reply by Jim/AL on 5/14/13 7:57pm
Msg #469956

I love carrots! n/m

Reply by jojo_MN on 5/14/13 7:54pm
Msg #469954

I really like what they are doing; however, question 1 states "the meeting started and finished as scheduled". How many times have borrowers told you that the loan officer said it would only take 20 minutes. This just happened to me yesterday. The document package was 150+ pages and it took over 20 minutes just to fill out the borrower questionnaire. He was told "it will only take 20-30 minutes, tops." I would have automatically failed on that one.

Reply by Lee/AR on 5/15/13 4:59am
Msg #470012

During B confirmation call, I tell 'em usually takes 1 hr

or whatever. Do this to counteract the LO who said 15 minutes. That's when you'll find out they've got something else going on and a reschedule may be in order

Reply by BossLadyMD on 5/14/13 9:14pm
Msg #469980

The most ridiculous program

$40 ONCE a month if the buyer gives you glowing reviews??? Let me ask this - when you purchased your house or refi'd did you call the title company and rave about the closing agent? Dont you tell the borrower that you're an independent contractor? I would rather a borrower give my 9 or 10 score to my website to
grow my business NOT ServiceLink.

If SL paid me $175 per signing, the borrowers would give me a standing ovation when I'm done. No need for charity.

Reply by pan/nd on 5/14/13 9:54pm
Msg #469984

Re: The most ridiculous program

I take it you don't do many signings for ServiceLink

Reply by BossLadyMD on 5/15/13 8:41am
Msg #470029

I do SL loans thru a SS who meets my fee

I dont work directly for them because they are bottom-feeders.

Reply by VT_Syrup on 5/15/13 4:50am
Msg #470010

Re: The most ridiculous program

BossLadyMD asked "Let me ask this - when you purchased your house or refi'd did you call the title company and rave about the closing agent?" I never used a closing agent, I always had a lawyer. In all but one case, I didn't have a title company, I had a lawyer who handled the title work. I haven't done any personal real estate transactions in 11 years, but next time, I would certainly compare the cost of having a local lawyer do the title work to letting a national company do it.

Reply by BossLadyMD on 5/15/13 8:43am
Msg #470030

This is an employee program, we're independent contractors. n/m

Reply by Yoli/CA on 5/15/13 8:36am
Msg #470028

Re: The most ridiculous program

"If SL paid me $175 per signing, the borrowers would give me a standing ovation when I'm done."

Just a matter of setting your fee with them. My base fee to ServiceLink is $150. I don't work with them on a daily basis. However, when they do call, I try my best to accommodate. In these past 2 weeks alone, I did one for $225 (1 hr 5 min. drive, check received yesterday) and did one last Thursday for $350 (almost 2 hour drive, mostly freeway). My MO is to, after asking all pertinent questions, give caller my fee quote -- not wait for them to make their offer -- and go from there. With SL, if I quote $150-$175, it's a slam dunk. Anything over that, needs approval. On the $350, they called on Monday and I quoted. They needed approval. They called again on Wednesday, I gave them same quote. They needed approval. They called back an hour later with approval.

"I would rather a borrower give my 9 or 10 score to my website to grow my business NOT ServiceLink." I usually hand borrower my business card at conclusion of signing. My website address is on that card. If yours is also, you can always ask borrowers to enter a review on your website. JMHO

Reply by BossLadyMD on 5/15/13 9:02am
Msg #470032

May be a stretch, but possible RESPA violation???

SL paying notaries/closing agents who are independent contractors a 'bonus' for services (which ultimately generates more business for them) may be considered a kickback or illegal referral fee.

On top of that, tying said bonus to our performance is treating us like employees.

Why dont SL just increase their base fee across the board for preferred notaries and do a better job screening to insure that they always send the best person for the job to begin with???

Reply by garland/CA on 5/15/13 10:38am
Msg #470040

Unfortunately SL doesn't treat all notaries the same

I never received a bonus check and in the past did quite a few signings for them without anything ever coming back needing corrections. Now their fees (in my area apparently) are way too low and they have told me repeatedly they do NOT pay extra for fax backs (B of A, most of the package).

I am astounded some of you are paid $150 and more. In my area they will not go over $100 and again that includes faxing back B of A packages at no extra fee. So, I can't take many of their loans lately.

It is interesting how vastly different the same company will compensate it's notaries.

Reply by Exclusive Mobile Notary on 5/15/13 11:24pm
Msg #470179

$40 is kind of an insult... Can't even get a tank of gas or dinner for that amount...