Posted by Anonymous on 1/9/05 8:42pm
Msg #16032

Fee - Refinance vs. Purchase

Should I charge more for purchase?

My base is $65
Edoc - $25
piggy back - $30

Reply by Terri Garner on 1/9/05 10:42pm
Msg #16038

My rule of thumb is that the fees are the same. Suggestion, $25 for e-docs is truly not sufficient if you take into consideration the cost of your time in addition to the hard costs of the paper and toner etc. Piggy backs are generally 1/2 of the base fee.

Remember Purchases do not have RTC's thus borrowers may take more time reviewing the documents. Also, docs need to be dropped ASAP, especially if its a daytime signing. I've had some where they've arranged for a messenger to pick them up early the next morning to take them straight to the title company with no delay! Evening assignments, I've been asked to find a TBS Courier box (they pick up as late as 11 p.m.).

Good Luck with your business.

Reply by Anonymous on 1/9/05 11:26pm
Msg #16040

Thanks for the fee structure suggestions. When doing a purchase, are the buyers and sellers usually at table/signing at same time?

Reply by Terri Garner on 1/9/05 11:30pm
Msg #16041

The purchases that I've done here in California, only the buyer/borrower attended.

Terri
Lancaster, CA

Reply by Lee/AR on 1/10/05 4:49am
Msg #16049

I've had both Buyer & Seller at the same time... all 5 of 'em! Very time consuming as EVERYBODY wants to read & understand the docs. I'd charge more than a 'standard' signing.

Reply by Anonymous on 1/10/05 7:49am
Msg #16054

I've had buyers and sellers at all of the purchase closings I've completed. My normal fee is $75 base plus $25 e-docs and 1/2 price for seconds in one closing. I'm wondering if my fee is too low also after seeing how much the signing agencies are getting for the closing that I'm performing.

Reply by victoria ledford on 1/10/05 5:12pm
Msg #16127

What are piggy backs? :(

Reply by Brenda J Khan on 1/10/05 7:51am
Msg #16055

I agree that your rates are a little low but that it your choice, but if I may suggest raising your base to $75 would increase your piggy back rate as well up to $40, and then you could keep your Edoc fee as you stated.

As far as charging more for purchases, I do and would suggest everyone to! Not only is there more notarizations involved for both borrower and seller but it is more time consuming than a regular refi. BK-FL

Reply by sue on 1/10/05 10:22am
Msg #16078

this is state specific. In my state, you aren't doing a 'signing' when you're doing a purchase, you're doing a 'closing'. There is a lot involved. My minimum is $200 plus extra for e-docs & seconds.

Reply by Cheryl/FL on 1/10/05 12:13pm
Msg #16087

What are you calling "seconds"?

Reply by victoria ledford on 1/10/05 5:21pm
Msg #16129

Here in TN. several companies pay only $75.00 to $100.00 for refi. Clips are $75.00 my fee. Please let me know what the going rate is for refi, purchase, seconds, and piggy backs. How much is any one else charging for e docs? Please e mail me the pay structure if you are in TN. working regularly. I only get one or two every signings every other week. How can I increase my work load? HELP