Posted by Loretta Reed on 10/2/04 9:10am
Msg #9226

Just thought I would amuse you all this morning....

Got an "emergency" call yesterday about a closing for this morning (Saturday). It was a closing with a "piggy back" which is a side loan. Got the package emailed to me last night. Would you believe that the package is a total of 223 pages, not including the borrowers copies. I tried to call the signing company about my fee because I usually charge 1/2 for a piggy back but the second loan is as big as the first and not a credit line. Of course they are not opened by the time I get the email last night and no one is available until Monday morning. Either I have learned to ask "How big is the second loan" or I will have to eat the fee on this one. Either I laugh or I will cry on this deal.

Reply by Sylvia/FL on 10/2/04 10:09am
Msg #9230

I always ask if it is a 1st and a 2nd, or is it a HELOC along with the loan.

If it is a full first and second, then I price accordingly.

Reply by Bob-CHicago on 10/2/04 11:23am
Msg #9237

My recent experience

I had a last minute (is there another kind) "Ameriquest Type Docs" double at month end. Fortunatly I quoted and recd $200+ . the Ist pkg was 136 pages and the second was "only"
122. That is over 500 pages ( did not print out instructions for bwr copies). I'm glad that I invested in an expensive, high-speed printer with low ($0.01 + paper cost) per page cost.
Bwrs were in a hurry and knew all terms ahead of time (thank ye, Lord) so it was a "point and sign" (Not to be confused with Victoria's excellent book of that name).
I fail to see the logic of sub-prime lenders burying the bwr in tons of paper. Three different forms each of Occupancy Affidavits and compliance agreements, 4506 and 4506T, Detailed personal info and Heaven knows what else. They seem to think that lots of paper makes up for bad credit.

Reply by Loretta Reed on 10/2/04 12:24pm
Msg #9244

Re: My recent experience

It was a first and second. What do you all think I should have charged for this. I drove 305miles one way. Thank ye, Lord the borrowers knew what they were signing and had me out of there in one hour this morning.

Reply by Sylvia_FL on 10/2/04 2:15pm
Msg #9253

Re: My recent experience

305 miles one way????? No way would I drive that distance for any company.

Even if that was just one loan and not a piggy back, the fee should have been $762.50, not counting the edoc fee. Add the edoc fee, and mine would have been $45, that makes the signing $807.50 with just one loan. Then you have the edoc fee for the second loan package, making it $852.50 and the signing of the second loan, at a minimum should have been $65 extra, making $917.50

(When calculating the signing fee, I usually figure out $1.25 a mile - round trip, which in this case would be 610 miles) to cover the travel and the signing)

But, even if you were to calculate the mileage at 38 cents a mile, that would have been $231.80 just for the travel, without doing the edocs and signing and notarizations.

Reply by Loretta Reed on 10/2/04 7:00pm
Msg #9262

Sorry Sylvia...35 miles not 305

I would never drive that far for a closing. Sorry, slip of the finger

Reply by Sylvia_FL on 10/2/04 7:18pm
Msg #9263

Re: Sorry Sylvia...35 miles not 305

I was hoping it was a slip of the finger!

Reply by Dotti_CA on 10/4/04 12:02pm
Msg #9298

Re: Sorry Sylvia...35 miles not 305

Whew! Me too. The farthest I've gone is 60 miles (120 round trip) and I thought that was a long trip. It was also the only time.