First let me state that I do not condone "low-ballers" Even worse are those who
hire NSAs and do not pay them as agreed in a timely manner and withour hassel.
For those of you who do not know me, i have been on this board since it was founded and have been a full time NSA since 1998. I have done in excess of 20,000 signings.
I fondly remember the days when we frequently received in excess of $200 for a local signing.
Sadly , those days are now like my darlin' Clementine. Lost and gone forever.
Back then, lenders were charging big closing fees, and giving out buckets of cash back with limited reliance on the abllity of the borrower to repay the loan.You all know how that turned out.
Now , most lenders are charging little , or nothing , in the way of fees to the borrower , and are checking them out to a faretheewell.
This of course results in less revenue and higher costs to the lender. They are trying to save expense in many ways. One of these ways is to require the title company to reduce the closing charges to the lender/borrower. You all know what rolls down hill. The NSA, is of course, at the bottom of the hill.
The title cos/ SS make some of the reduced revenue up by reducing the compensation to the NSA.
They make a business decision to acceopt a certain amount of NSA mistakes,.
A large portion of loans being processed are "HARP" type loans, You have seen one Chase, BOA, or Citi Harp loan , you have pretty much seen them all . A NSA would have to be borderline brain dead to screw one up.
The TC/SS do not much care if you are in a state with strict NP qualication, record kkeping requirements , or a state where the NP can pretty much do their on thing. The fees offered are going to be set the the loest common denominator.
Some of us are in urban areas with compact areas, and some with a lot of ground to service.
Some have made the iinvestiment for low cost, high speed printing, and others have a high toner expense. Same with cars, A Prius, vs a Hummer.. etc, etc.
Each NSA needs to decide at what price to accept a particular fee for a job based on all circumstances applicable to that NSA.
Those who say, "I will not walk out my door for less than $125 plus mileage, plus faxbacks, etc, etc, are free to do so, but unless that are in an area with few NSAs, they may end up spending a lot of time looking at that door and waiting for the phone to ring.
The first decade of the 21st century was a lot of fun, but you need to realize that the times have changed, probaly for the foreseeable future, You need to adjust your biz plan to reflect the new reality.
Good luck to all.
I was hoping for a new gig as the Pope, but I guess they passed me over for some guy from
South America. |
