Posted by ladyinred29 on 8/5/04 4:44pm
Msg #5573

Two loans/price of one???

Last night I got a call from a SS asking me to do a signing today. They quoted me a fee that I accepted, and I let it go at that.

This morning I received the papers, and they were for two loans. Is this common? The fee I was paid was fair for a single loan, and the gentleman on the phone didn't tell me that I would be signing on two loans. They weren't small loans, either.

I am just "getting my feet wet" here, so I'm not going to make waves, as I need the work desperately and I need a great reputation, and this is a good company. It just didn't bode quite well with me.

Is this common? Does a NSA usually get paid extra for an extra loan? Thanks for the helps, guys and gals.

Greta

Reply by SN-PA on 8/5/04 4:51pm
Msg #5574

In many cases the SS isn't aware of the 2nd loan (piggyback). It's happened to me a few times. Nicely call them & explain the situation. If they're a good company, they'll do the right thing & pay you for the 2nd loan. I typically charge 1/2 the fee of the first. If e-docs are involved, I charge the full fee for each set. Hope that helps.

Reply by ladyinred29 on 8/5/04 10:04pm
Msg #5584

Thank you for that information. I wasn't aware that they didn't know about the second loan. It is a good SS, or at least seems to be . . . I can't see them gyping me intentionally.

I'll give them a buzz tomorrow and see how that goes. Thanks!

Greta

Reply by redonthehead on 8/6/04 10:18am
Msg #5598

Hate to sound negative, but this does happen quite often. It recently happened to me coming straight from escrow. As soon as I received the docs and found two sets, I called the person in charge. I was told, "I didn't think you would mind, since you were going there anyway". Ahhhhh!!! I charged her half of a normal loan set, they were not e-docs. If it happens again, more so with an SS, call them right away and have them send you a new confirmation, otherwise, chances are, you will never get compensated for the second set of loan docs.

Reply by Fran-wi on 8/6/04 6:43pm
Msg #5661

If that happens do not leave to the closing until you have received the new confirmation with the new fee. If its a matter of the borrower already having the documents when you get there, call the agency immediately-not escrow- and tell them. And get the name of the person you talked to.

Reply by ladyinred29 on 8/7/04 12:21pm
Msg #5698

Thank you all for your help. I let this one go, but if it happens again, I certainly will NOT!! I couldn't believe the size of the package from UPS. Whoa!!

Greta

Reply by Paul/FL on 8/7/04 12:42pm
Msg #5700

I've had doubles arrive that were so big they were sent in two FedEx packages. Over 110 pages in EACH. So much duplication of documents, especially affidavits, that is so unnecessary. But, if it's in the package, we get them signed.

Reply by ladyinred29 on 8/7/04 12:48pm
Msg #5702

Isn't that the truth?? We have no idea what is coming our way, and when it's a huge package, all we can do is moan and groan, and get the darned thing DONE!!! But it's such a great feeling when it is done, isn't it??

Greta

Reply by Sylvia_FL on 8/7/04 3:50pm
Msg #5706

Don't let it go! (Being only paid for one loan). The signing company was probably not aware of it, and if you let them know, they should pay you for the second loan - plus they can bill the title company/lender and so will make more money themselves (a win-win situation).
Which company was it if I may ask?

Reply by ladyinred29 on 8/7/04 5:16pm
Msg #5708

It was DAC. One of the reasons I'm going to let it slide is because it only took us an hour to sign both of the loans. The borrower had no questions, and we tore through it. I've certainly spent more time signing one loan than the two I did for this gentleman! I know that that is really not a valid reason, but I'm really not one to rock the boat, so to speak, The signing was on Tuesday, so he'll wonder what took me so long to call back! I'm a newbie, but I'm learning the ropes and I'm NOT going to forget them!

Greta