Anonymous claims:
***I do not know of many people who can make $50 for an hours work, which is what a HELOC basically, even with driving time, usually takes.
I'm not going to respond to the question of whether $50 represents adequate compensation for a typical signing. But the allegation above that even with driving time a typical HELOC takes only an hour is poppycock. This is what is involved:
1. Initial discussion and acceptance of assignment via phone/e-mail
2. Review order upon arrival
3. Insert into computer calendar, traveling calendar
4. Assign a file number in computer tracking program
5. Create file
6. Fill out order information form for file
7. Create map with computer program, place in file
8. Call borrower to confirm appointment, give instructions on ID
9. Go to appointment, execute documents
10. Prepare fax to closing/title company confirming closing and providing invoice; send fax
11. Write letter to title company detailing any problems with the closing, soliciting future business
12. Prepare overnight courier package if one is not provided; get overnight package to courier
13. Fill out order information form in file with tracking number, start/finish time of closing, etc.
14. Note closing completion in tracking program, change from pending order to account receivable
15. File file
16. Record check in when received
17. Deposit check
Of course, this is for a closing in which everything goes smoothly without a single hitch. That may be one closing out of five. You may be stuck with a closing that cancels, in which case the effort put into steps 1-8 are wasted, uncompensated effort. Or, you may have to place several calls to the borrower before you finally get him. You may find that your computer map program does not recognize his address. You may get lost going to or coming from the closing. Your printer may run out of ink or paper, and you discover that despite your best planning, you have neither on hand. Your computer may crash, adding another glitch, and so on, ad infinitum.
But wait, there’s more!
The above outline does not include the time spent trying to collect a belated or unpaid fee, the time spent occasionally correcting an oversight, etc.
In short, anyone who claims that a signing fee of $50 translates into an earned $50 an hour either has never run a business, or is blowing smoke up somebody's unmentionable bodily orifice.
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