It's possible (maybe even probable), that the lender is trying to compete for borrowers with other lenders based on lower closing costs. I've also heard some advertise that they pay for closing costs, which would give them incentive to squeeze as much a possible on fees.
I'm not saying I agree with it or that it's a good thing. But as it gets more and more difficult to find borrowers, there will be pressure on lowering fees that will be passed from one player to the next. The challenge we face is that we're the last ones in the chain and there's no one else for us to pass the cuts on to. We can try to lower our costs of doing business but there's only so far we can go and still be profitable. What those up the line are missing is that the ones who are most likely to go along with the slashing of fees may be those who are least qualified to do the quality of work that they want and expect. That's old news to us, but it seems there are many players at every level who haven't figured out a way around it.
Yes, there are still some greedy middlemen, but there are also lots of companies whose revenues are down because there are fewer loans going through the pipeline. Many will try to compensate by taking the easiest route, which is to cut fees they pay to their contractors. Not an excuse, just a possible explanation.
|
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 |