Posted by Mary_in_CA on 8/26/05 11:01am
Msg #61984

loan does not close, pay trip only!

Are any of you not accepting work for companies who will only pay you a trip amount if the loan does not close or if borrower does not want to sign? This week I have had to reject 3 signings because I don't think it is fair that I would only get paid between $25 and $40 if borrower decides not to sign, and that was a quote on one that was going to be e-docs. That $40 barely covers the edocs, so I would get a mere amount for my trip made, and the guy at the ss got really upset, What do they expect us to do. The last borrower who didn't want to sign because the docs were not what she agreed with her loan officer I had printed the docs, traveled, and was at borrowers house for 40 min. because she was trying to resolve the issue with the l.officer on the phone, it didn't get resolved and she told him she was not going to sign. Now that would not have been fair to get $40 for. THANK GOODNESS this signing was for NEGRETES NOTARIES who are excellent people and I got paid the full amount. THANKS TONY IF YOU READ THIS! We sure need more ss like Negretes.

Reply by Iris_WA on 8/26/05 11:06am
Msg #61987

I turned down one last week because the entire fee (including e-docs and trip fee) would have been only $35 if the borrowers would not sign. The SS said "but it's only one mile from you!"

Heck! Costs me almost more than $10 just to turn on the ignition these days! (Slight exaggeration, but not by much in my not-very-fuel-efficient vehicle.)

Reply by CaliNotary on 8/26/05 1:04pm
Msg #62017

What percentage of your loans are no signs? 5%? 10%?

So instead of doing work where you have a 90% - 95% chance of getting paid your full fee you'd rather take the 100% guarantee of not making any money?

Business involves risk. Yeah, you might get dinged a bit on the occasional signing, but overall you'll come out way ahead if you take these signings. No risk, no reward.

I've said it before and I'll say it again, run your business based on the overall picture, not on each individual signing.

Reply by Iris_WA on 8/26/05 1:36pm
Msg #62023

Generally, I agree with you, CaliNotary, however, when I get a first call from a SS for an e-doc signing within 2 hours and they tell me -- WITHOUT MY HAVING ASKED THEIR "no sign" policy -- "If the borrowers won't sign, the fee will be $X," I get more than a bit leary that the SS has 'inside information' this is a potentially problematic signing. *shrug*

Reply by CaliNotary on 8/26/05 4:36pm
Msg #62060

OK Iris, I will concede that your situation is the exception to the rule, lol. If a company is going to throw that at you without you even asking about it, I'd say that's a red flag that deserves heeding.

Reply by Art_MD on 8/26/05 10:30pm
Msg #62115

I agree that with a 90% chance of a loan closing, it's foolish to turn it down - especially if it's a reputable SS or TC. Factors to consider:

100 signings at $100.

90 close = $9000
10 don't = 350

Total 9350 income. $93.50/signing.

If you know that a SS handles closing for b-c paper (loans to people with poor credit) that has a high rate of not closing, you may be able to negotiate or decide to turn down all call from that SS.

Look at the big picture.

Art

Reply by TinaG_CA on 8/27/05 10:07am
Msg #62202

I also did an E-doc signing for Negretes. Printed docs, drove out to the borrowers house, borrower wasn't there, no one was there. Waited a few minutes, borrower's son showed up. His mom was at her second job so he called her. That was when I found out that the borrower had put a hold on the loan and had discussed it with her broker earlier that day. I immediately called Tony who was upset that he hadn't been informed (new client). I asked how much should I bill for the trip fee? He told me the full amount, it wasn't my fault, and I got paid the full amount. I agree with Mary there should be more SS's like Negretes. Their E-docs are never late, they are always available when problems arise, they pay well and on time and are always a pleasure to work with.