Posted by CA on 7/25/05 4:16pm
Msg #54532

Asking what type of signing before quoting a price

I was wondering how many people accept a signing and ask if it is a refi/ purchase/ equity line before quoting a price. I just bought my printer last night and now that I can print out docs I want to know if it will be 50 docs or 150 docs before quoting a price or I have read Ameriquest loans are difficult so asking if it is a Ameriquest loan to quote a higher price.

Usually when I accpet a signing I have no idea what it is until I get to the borrower's home (docs go to borrower's). Now that I have a laser printer I am hoping to get more business but am worried about charging too much/ too less. Is it okay to say "How many documents?" I hope this isn't too confusing. Thanks.

Reply by Charm_AL on 7/25/05 4:29pm
Msg #54540

I ask what kind of signing it is...a single re-fi, a piggyback, how far and so on. Charge your base fee plus an extra $25.00 or so for the e-doc print and copy. Add another half of your base and printing charge for a piggyback. imo---that's what I do, you have to set your own fees. I usually ask a brand new SS what the max is that they can pay and take it from there.
It doesn't hurt to negotiate, what some raise their eyebrows about others will say ok really quick!
Good luck on your new e-doc career, the most frustrating thing is waiting on them so make sure you tell them the cut-off time for accepting e-docs for each apt, otherwise you may wind up running apts together and that is NOT fun

Reply by Ted_MI on 7/25/05 4:46pm
Msg #54548

CA,

Several thoughts. One, I always ask whether it is an Ameriquest loan or not. I believe a very significant question. As far as asking about the number of pages, my perspective is that if it is a signing service they probably won't know. One of the reasons I say this is that I accepted a first and a second after inquiring as to the number of pages; the response was - 60 pages for the first and thirty for the second. AHHH NOOO. It turned out the total package was 205 pages. And the borrowers were a long, long way away. That I did know though.

Reply by CA on 7/25/05 5:24pm
Msg #54553

Thank you all for your resposes, very helpful! Are there other loans besides Ameriquest that I should watch out for? Ameriquest seems to be the one I have read the most about. Thanks.

Reply by Melody on 7/25/05 9:37pm
Msg #54602

Ameriquest = Argent = Town & Country

All the same company.

Reply by CarolynCO on 7/25/05 5:12pm
Msg #54550

Actually your should ask various questions *before* accepting the signing --
Single, double or piggyback, HELOC, reverse, whether the docs are going to be overnighted to you or borrower; e-docs, etc. Then you should find out if the signing time is set in stone.

I never ask the number of pages because of so much variance in companies/loan docs. Set a *base* price, then a printing charge, and then an excess mileage/travel charge. Additionally, if there are faxbacks, set a maximum number you will do before adding a surcharge fax charge.

Reply by Lily on 7/25/05 5:59pm
Msg #54559

Carloyn,

I am a new notary / signing agent. I am not familiar with any of those terms you mentioned in your message re the subject above. Single, double, piggyback, HELOC, reverse??? Care to shed some light there for me?

Thanks...really appreciate it.

Reply by Rick_NY on 7/25/05 8:00pm
Msg #54590

Why don't you go the library or Barnes and Noble, etc. and pick some books on the real estate and mortgage lending business? The "entry cost" into the this business is ridiculously low, get some "edjumacation," if you are serious.

Good luck!

Rick

Reply by you are rude on 7/25/05 9:47pm
Msg #54605

search for message 33325

Rick,
everyone is new at one point.

Reply by NY_TaxLady on 7/26/05 12:28am
Msg #54656

To Rick

What part of NY are you from.I am in Rockland County

Reply by CarolynCO on 7/25/05 10:50pm
Msg #54625

Lilly,
The terms are really pretty basic, and since you aren't familiar with them, you need to use the orange search button using keywords and also read all past messages. Just to get you started, a single is a single (i.e., one) loan; piggyback or double are two loans together (i.e., a first and a second); HELOC is a home equity line of credit; a reverse is for older people and their estate is responsible after the borrowers death.

Also, you need to include your state in your author field - i.e., I'm from Colorado, because there are a lot of questions that are state-specific.

Please don't tell me that you don't know the difference between a jurat and an acknowledgment. You need to know your own state notary handbook forward and back before considering signing.

Reply by TCMN on 7/25/05 10:05pm
Msg #54609

ASK like THIS...


SS: "Hello CA, I'm wondering if you're available to do a closing tonight at 6pm?"

CA: "Where's it at?"

SS: "Lil-ole-town"

CA: "Is this a refi or heloc?"

SS: "Refi."

CA: "Who's the lender?, is it Ameriquest?"

SS: "no"

CA: "I'm available, what are you authorized to pay?"

SS: "$75, we only get $100"

CA: "I'm sorry, I won't do a refi, where I print docs and drive 45mins one way for that."

SS: "well, what would your fee be?"

CA: "$150, plus $25 for the printing and having a customer copy."

SS: "Would you take $110?"

CA: "No, I'm sorry. That would be my fee and since I'm the closest signing agent to that area and am available, see if you can find anyone else for less and when you don't find anyone for less, then when you get my fee approved give me a call back. I book up pretty fast though so, please don't wait too long, I'd like to help you out with this one."


I guarantee you, if your fees are not exessive, they call back. I generally get at least 70% calling me back. The thing you have to watch is taking control of the questioning, and staying firm when you answer. Make sure you have the knowledge of who your competition is and where they are traveling to. I know my area and have networked with the notaries in the area and we've banded together to have the same fees. And when some "snake" of a SS (and we all know who are the one's that low-ball) calls and we quote our fee and they don't bite, we call each other and tell each other what we quoted and then start going higher. That way one of us will get it and it'll be whomever they get in touch with the last time. We keep our fees up where they should be that way.

So, for all the people who don't want to network or think someone will take all your business...think out of the box and band together to bring the fees up. The companies HAVE TO get loans closed and should EVERYONE possible quote the same fees...they WILL pay it.

jmo

Reply by sheila in san jose ca on 7/26/05 12:37am
Msg #54659

Re: ASK like THIS...jcmn, I like the way you think! ~n/m~

Reply by Melody on 7/26/05 12:46am
Msg #54661

The above post should join thread 33325

Excellent attitude and advice!

TCMN, would you please add it to thread 33325?

Just copy paste as is. Perfect.