Posted by LAG-Fl on 4/30/05 7:00am
Msg #35004
Charging brokers in Florida
I did a search and found two responses about how much to charge a mortgage broker. One listed the fees on the NNA site and the other said $125. I am in Florida and was asked by a broker to do signings for him. I do not want to tell him $65 and be too low and $125 and be too high it seems like such a big difference in t he two answers. Can anyone in Florida tell me what they charge? I am in Fort Myers. Also do the brokers usually attend the closing too? I think he prints his own docs.
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Reply by Sylvia_FL on 4/30/05 8:02am
Msg #35005
Charge the same as you do title companies.
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Reply by Lag-Fl on 4/30/05 8:13am
Msg #35009
I haven't worked for title companies yet. What do you normally charge?
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Reply by Sylvia_FL on 4/30/05 12:57pm
Msg #35077
If it is in my area I charge $100, if e-mail docs are involved it is an extra $45.
Make sure your work is error free
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Reply by Barry on 4/30/05 8:57am
Msg #35012
The standard we charge in Florida is $75.00 for over night docs and an additional $25.00 if you accept E-Mail docs. It is not standard practice to have a broker attend the signing.
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Reply by Dave_CA on 4/30/05 9:30am
Msg #35019
Not in FL but...
that seems low for Title fees.
IMO
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Reply by LAG-fl on 4/30/05 9:52am
Msg #35024
Re: Not in FL but...
I was going to tell him $125. I also think he does go to his closings. He said to me the other day he had to go he was getting ready for a closing. Has anyone else had the mortgage broker go to the closing too?
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Reply by Dave_CA on 4/30/05 10:18am
Msg #35030
Re: Not in FL but...
First I think $125. is a better start.
I have had the broker or loan officer attend closings.
It has not happened very often and has generally made the closings shorter.
This is from a very small sample and I have read posts about closings that were made more difficult because the LO was there and did not understand the docs or the proper notarial procedures. I guess you have to take them as they come but so far if the LO wants to attend I just say "Great, I'll see you there "
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Reply by Robert E (Bob) Rogers on 4/30/05 11:20am
Msg #35037
Pardon me, Dave...but I am not aware of any Florida Standard fee of $100.00 for edocs. You may do them for that, but I Don't!. I agree that $75 for overnight docs is reasonable for a standard size package, but I get an additional $45 for printing edocs to cover the printing costs, and time that it takes waiting, printing and prepping the package for return. For a Broker I would quote $125 all inclusive fee within a 20 mile radius for a standard package. If it were Ameriquest, Argent, Countrywide Full Spectrum or Residential, I wouldn't take less than $150 (if I would do it at all).
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Reply by Robert E (Bob) Rogers on 4/30/05 11:22am
Msg #35038
Sorry, Dave...I meant to say, Barry!.
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Reply by Dave_CA on 4/30/05 12:59pm
Msg #35078
No problem :-)...n/m
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Reply by Lag-fl on 4/30/05 12:06pm
Msg #35050
Thanks all! I just spoke with a woman in my local area she is a SA she said she charges between $100-$125 for title co.
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Reply by PAW_Fl on 4/30/05 1:40pm
Msg #35089
For title and/or broker fees? That may be what YOU charge, but it certainly is no _standard_. I charge a base fee of $75 to signing services and work up from there. Edoc fees range from $25 for simple, small HELOCs to over $50 for large packages.
There is no standard, except you need to charge what you, as an independent business person, need to, to cover expenses and provide your profit margin, taking competition into account.
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Reply by Ernest_CT on 4/30/05 12:14pm
Msg #35053
Just be very careful not to get into "discussions" with the broker / loan officer in front of the borrower! Follow the notarial rules and laws, be friendly but not overly so, and let the broker / loan officer explain everything. Be careful; you may be being tested.
Good luck!
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Reply by Sylvia_FL on 4/30/05 2:58pm
Msg #35116
Also
Make sure you do put the borrowers under oath for the jurats,and have them acknowledge for the acknowledgments.
I had a loan officer at one of my signings, and he was impressed! He said he always attends his closings and he has never seen a notary put the borrower under oath before.
He actually let the title company know that he was impressed. They told him that is why they use me because they know I am meticulous in my duties.
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