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Posted by Bob-Chicago on 5/3/04 11:05pm
In all due respect, Dennis, I see no need to denigrate someone for trying to make a living. I do plenty of $100 to $175 signings (More than 20 last week alone) , but am not too proud to accept $50 signings from establshed clients. They are mostly HELOCS, very easy, 15 minutes or less, and I can fit them into my schedule between more lucrative signings. I agree, that it it not worth it to jump into your car and drive 20 miles each way for a re-fi. But you can certainly do them profitably on a round trip with other signings.
Most of the ss paying $50 are only being paid $100 and sometimes less. They have overhead, employees, rent, telephone , etc.
I find it profitable to incorporate $50 -$60 signings into my other work. HELOCS are frequently open dated , so you can usually be flexible in schedualing. My daddy told me that "you rarely lose money by making money"
I can usually incorporate 10 -15 $50 signings into my week. At the end of the month, it adds up to a nice piece of change.
I agree that $40 is ridiculous for a re-fi (usually Ditech) with a bunch of fax backs, and will not do them. They can be good, however , for newbys who want to build up experience and need a bit of handholding until they learn the ropes. I would never criticize anyone for doing whatever they can to support their family , especially in these troubled economic times, with college grads forced to get jobs asking "do you want fries with that order?"
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