Posted by Nicole on 3/18/05 6:31am
Msg #26216

Follow-up questions

When you have to go out to the borrowers house three times did you just charge the 1 flat original fee? I haven't had this happen to me yet, but always wondered if you had to go back to the borrowers house several times and it was nothing to do with the work you had performed do you charge for each visit? THANKS SO MUCH FOR YOUR HELP.

P.S. What is the going rate when you deal with Executive and Ameriquest? As you know I said $100.00, but how far off am I? This closing wasn't worth the time -- I have about 4+ hours into it, plus travel, fax and printing.

Reply by Ted_MI on 3/18/05 8:11am
Msg #26228

I sure wouldn't charge the 1 flat original fee. And speaking from personal experience I didn't. Towards the end of January (at "crunch" time) I went to a borrowers house on a Wednesday morning and then again that evening. And then I had to go back out the following Saturday evening. Both the second and third trips involved printing out new documents, admittedly not a complete set though. And it was comparable to the situation you have posed, as neither of these additional trips involved any screw-up on my part. Each time I negotiated an additional fee.

Also if you post again (with a question) you might want to indicate what state you are from, as often state-specific responses are required.

Reply by Korey Humphreys on 3/18/05 10:33am
Msg #26256

If you were asked to go to the borrowers home three times then you should charge your fee for the three services. HOWEVER if you made mistakes and the company sent you out to get them corrected, then you shouldn't charge because you made the mistake(s) to begin with.

Just a suggestion. Let's say you were asked to go to a borrower's home three or more times for different reasons. What you should do is charge your normal fee for the first two times, and anything after two you should lower your fee.

You mentioned that you worked 4+ hours for a closing! Holy crap what took you forever??? I don't rush through my closings (when I did them) but they only took me 45min. to an hour at the most, and this includes chit chatting.

Charge for everything: your travel. time, printing, faxing and notarization(s). If it took you 4+ hours then you should charge between $130.00 - $200.00. (Depending on your neck of the woods of course, here in MA $130 for a signing is considered cheap!! )

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Korey

Reply by Nicole - Maine on 3/20/05 11:33am
Msg #26524

Executive sent the first set of E-docs from Ameriquest. On my way to the closing they called and said they needed to resend some new documents. I turned around and went home. I then arrived at the borrowers home and they started to question every document - from the very first one. They called the loan officer they were dealing with at Ameriquest 9 times while I was there. Three of the calls required phone calls back from Ameriquest. I was at the home for about 2.5 hrs. Finally the borrowers called Ameriquest and said the documents they were signing wasn't what they agreed to -- they were concerned about documents saying the rate could adjust after 6 months - even though the loan officer kept ensuring them it wouldn't. It was a nightmare. I got home about 9:30 and started the loan closing that night around 5 pm. When I got home at 9:30 two different people from Ameriquest called and wanted to know what happened. All and all I was done around 10:15 pm. Definitely not worth the $100 -- THAT I'M NOT EVEN SURE I'LL RECEIVE.

Reply by CarolynCO on 3/20/05 12:59pm
Msg #26528

Nicole,
If I see that the borrowers are questioning every page/doc, I remind them of the 3 day RTC. If that doesn't solve the problem, I suggest they get a pad and begin writing down their questions/concerns and also the suggestion that we continue through the entire package -- at which time they can make one call.l