Hi everyone,
I appreciate all of the comments regarding recent price changes with one lender for a client of ours. It's fair to say we are concerned with our profitability. To say we don't care about your profitability isn't a fair statement though because we recognize this is a delicate balance as you also need to be profitable to make any of these closings worthwhile. I do regret the choice of wording regarding the growth of Loan Depot. I understand it's counterintuitive and probably frankly frustrating to you that they show growth yet want reduced pricing, but again, that is not our decision to make unfortunately. They are growing though. Look at LinkedIn and elsewhere and you will see the growth happening so that is a true statement.
In this case, pricing was dictated to us and we are being forced to accept a price that is $15.00 less than what we've made. Without changing anything on our signing agent pay, this amounts to a net loss to us no matter how many closings we manage. Closings in volume at a loss is still a loss. We do have overhead (20+ EE's and all of the technology) in addition to what we pay our signing agents. We aren't even passing along this entire cost as our base price was $90.00 before on these closings (-$5.00) so we are sacrificing as well trying to make it work.
Our alternative was to lose 100% of the business to a competitor that has an existing relationship with Loan Depot and is priced below us already. We're the current primary vendor due to superior service and quality. From review of the competitor's website, they recommend a proposed price of $75.00 to obtain the most assignments and require QC faxes / scans on each file. I'd like to think our initial proposed price of $85.00 without these scans is the better of the two for our signing agents. We're not applying this pricing to any other clients and also our signing agents are free to propose a price that will work for them and we may accept it where we can. This isn't an ultimatum with no leniency.
I wish we made $175.00 - $200.00 per closing, but I can tell you with almost 200 title company clients that zero pay us that much unless it's a rural exception. I agree with our signing agents that the industry undervalues them (and I believe us as well) but we're being forced to play with rules handed to us (not made by us). We do value you and appreciate you. I've walked a mile in your shoes and I'd change the industry if I could but I can't so we're going to continue to try to balance our interests with your interests. You can be sure we don't take these matters lightly or make decisions to harm our signing agents intentionally. Our main core value as a company is accountability to do the right thing always.
"We are accountable to one another, to our clients, and to our signing agents to do the right thing always."
Regarding eClosings...
Initially, these eClosings will be face-to-face interactions. In the states that allow e-notarization, you'll have more documents that will be electronically signed and notarized but likely will still have some wet signed documents. In states that don't allow e-notarization (yet), you will still be able to do most of the closing on Pavaso's eClosing platform and will sign some documents wet signed as today. You just won't be able to notarize anything electronically.
We're not concerning ourselves with counties that will or will not accept these documents. That's for lenders and title companies to determine from our perspective.
Phase two will be to evolve to offer remote notarizations in my mind in addition to face to face non-eClosings and face to face eClosings. Although only a few states allow it today, I'd expect a majority of states to soon legalize it. Ohio has already passed a law as of 7/1 but it's up to the Secretary of State to implement. It's happening nationwide and we plan to stay informed, keep you informed, and hopefully provide a pathway to continued work for our signing agents. We'd highly recommend becoming certified by Pavaso (and really any other vendors). It's free and takes 15-30 minutes so why not?!
We understand not everyone will be able to work with a reduced closing fee on these files, and it pains us to have these difficult conversations and exchanges, but please know we're doing our best and not trying to undermine your value in anyway. We appreciate your worth not only as a signing agent but as individuals as well. Thank you.
-Mark
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| Messages in this Thread |
|  Signature Closers LLC post from FB. - docs1954CA on 8/19/17 8:34pm |
|  This is the ignorant line that gets to me - Lee/AR on 8/19/17 10:35pm |
|  My thoughts exactly! Makes ZERO sense in this universe! n/m -  JanetK_CA on 8/20/17 1:48am |
| All about them as usual - Cheryl Elliott on 8/20/17 8:40am |
| Re: This is the ignorant line that gets to me - pdl/cali on 8/20/17 3:07pm |
| Note, they care about THEIR profitability, not ours. - Stoli on 8/20/17 12:51am |
| Re: Signature Closers LLC post from FB. - Cheryl Elliott on 8/20/17 7:19am |
| "30%incr-receive more of their signings"=>old volume ploy :( n/m - Christine/OK on 8/20/17 8:49am |
| FYI..Loan Depot uses TC's to hire directly so please do not - Cari on 8/20/17 8:53am |
| My only experience with Signature Closers ... - Yoli/CA on 8/20/17 9:51am |
|  They made their own volume $$ pact with vendors - Cheryl Elliott on 8/20/17 10:07am |
| It appears that Loan Depot is causing a bidding war - MW/VA on 8/20/17 10:30am |
| Signature Closers has partnered with Pavaso for - MW/VA on 8/20/17 10:33am |
| Re: Signature Closers has partnered with Pavaso for - Linda_H/FL on 8/20/17 11:06am |
| E-notarizations are only done by webcam..unless Im missing - Cari on 8/20/17 2:55pm |
|  Re: E-notarizations are only done by webcam..unless Im missing - VT_Syrup on 8/20/17 3:06pm |
|  Re: E-notarizations are only done by webcam..unless Im missing - VT_Syrup on 8/20/17 4:36pm |
|  Re: E-notarizations are only done by webcam..unless Im missing - JanetK_CA on 8/21/17 2:36am |
|  Re: E-notarizations are only done by webcam..unless Im missing - VT_Syrup on 8/21/17 9:59am |
|  Thanks! Sounds right - & looks like a useful resource! n/m - JanetK_CA on 8/21/17 2:24pm |
| Gerry, my reply was directed towards Linda's reply. Didn't - Cari on 8/20/17 7:47pm |
| It sounds like the e-signings will use electronic - MW/VA on 8/20/17 6:11pm |
| Re: It sounds like the e-signings will use electronic - VT_Syrup on 8/20/17 6:30pm |
| Re: It sounds like the e-signings will use electronic - JanetK_CA on 8/21/17 2:30am |
| Same as Cheryl, I don't do SS anymore. - Calnotary on 8/20/17 12:09pm |
| Bottom line... - Luckydog on 8/20/17 9:02pm |
 | Re: Bottom line... - Signature Closers, LLC - Marketing on 8/21/17 10:17am |
| Re: Bottom line... - canotaryhere on 8/21/17 12:50pm |
| Re: Bottom line... - JS_MD on 8/21/17 12:54pm |
| For that fee of $85, and the size of the package - Linda_H/FL on 8/21/17 1:28pm |
| I agree. If Loan Depot doesn't want to pay a decemt fee for - MW/VA on 8/21/17 2:03pm |
| Re: I agree. If Loan Depot doesn - Signature Closers, LLC - Marketing on 8/21/17 2:21pm |
| Like everything else - Luckydog on 8/21/17 7:21pm |
| Re: Like everything else - JanetK_CA on 8/21/17 11:47pm |
| Re: For that fee of $85, and the size of the package - NVLSlady/VA on 8/21/17 5:29pm |
| Mark, I'm sorry, so if you don't make any profit, then WHY - Cari on 8/21/17 2:39pm |
| Re: Mark, I - Signature Closers, LLC - Marketing on 8/21/17 2:55pm |
| Re: Bottom line... - HisHughness on 8/21/17 4:04pm |
| Re: Bottom line... - Signature Closers, LLC - Marketing on 8/21/17 4:18pm |
| Re: Bottom line... - janCA on 8/21/17 6:17pm |
| Mark......thanks for the laugh..... - JS_MD on 8/21/17 11:14pm |
| Re: Mark...thanks for the laugh (Excellent Post, JS) n/m - NVLSlady/VA on 8/22/17 8:15am |
| Re: Bottom line... - JanetK_CA on 8/22/17 12:07am |
| Mark, STOP the bleeding; drop the account. n/m - Stoli on 8/22/17 11:07am |
| Re: Bottom line... - Luckydog on 8/21/17 7:16pm |
| Re: Bottom line... - Luckydog on 8/21/17 7:26pm |
| What!? No requests to LINK THIS??? n/m - NVLSlady/VA on 8/21/17 9:17pm |
| Re: What!? No requests to LINK THIS??? - Signature Closers, LLC - Marketing on 8/22/17 8:25am |
| Re: What!? No requests to LINK THIS??? - JS_MD on 8/22/17 9:35am |
| Re: What!? No requests to LINK THIS??? - Signature Closers, LLC - Marketing on 8/22/17 10:28am |
| Wrong profession - NVLSlady/VA on 8/22/17 10:33am |
| Re: Wrong profession - Bear900/CA on 8/22/17 3:23pm |
| It's contingent upon your region. . ."You can stay VERY busy - Christine/OK on 8/22/17 5:59pm |
