Posted by LawrenceOK on 3/3/05 10:22am
Msg #23420

Overnite vs Edocs

Most TC's & SS's use FedEx, UPS & DLS on a regular basis and I'm sure they get discounts for bulk shipping. Most of us charge between $25 - $30 for E-docs. Would it not be cheaper for these companies to overnight the docs (omitting last minute signings of course) What are your thoughts?

Reply by HARRY_PA on 3/3/05 10:44am
Msg #23422

OF COURSE MONEY IS IMPORTANT. BUT E-DOCS GIVE THE LENDER THE FLEXIBILITY OF PROCESSING UNTIL JUST BEFORE THE CLOSING TIME (AND SOMETIMES AFTER). THIS ALSO MEANS MONEY

Reply by Art_MD on 3/3/05 10:57am
Msg #23426

It probably cost $13-15 to overnite docs depends partially on distance.
Timing is a big consideration - when are the docs finally ready. Sever companies I work with do both e-docs and overnite.

Art

Reply by John_NorCal on 3/3/05 10:58am
Msg #23427

What a difference a decade makes! When I first did this in 1993, whoever heard of e-docs? It was overnight or nothing! Time marches on and technology gets better and better!

Reply by PAW_Fl on 3/3/05 11:37am
Msg #23432

Edocs have sort of been around for at least 30 years. It's just that the form and methods have changed. Document files have been exchanged within financial institutions and with outside sources (such as large, national title insurers) using EDI* and dedicated networks. It's not new. What is new, is that the internet has replaced the dedicated networks which has opened up a wide array of possibilities including sending/receiving packages to small businesses. And, the encapsulation of the documents has changed from EDI to PDF and other formats to allow the small businesses access to these documents. EDI is still used across the Internet (mostly on VPN) between businesses.


* EDI is short for Electronic Data Interchange, the transfer of data between different companies using networks, such as the Internet. As more and more companies get connected to the Internet, EDI is becoming increasingly important as an easy mechanism for companies to buy, sell, and trade information.

Reply by fiKS on 3/3/05 11:03am
Msg #23428

When you figure in cost of printing (equipment wear and tear, labor, toner/ink, paper) and shipping cost, they are really not saving but a dollar or two, even with bulk discounts. Just like we are not making a significant profit when charging $25 for edoc.

Reply by Lee/AR on 3/3/05 7:39pm
Msg #23516

For whatever this is worth as an observation of how "times, they are a-changing":
Back in late '93 or early '94, during my first year of doing signings... they walked me thru my first 'e-doc' and... are ya' ready... paid DOUBLE my normal overnight fee (which was $50...yep, $50...over 10 years ago..) for 'doing e-docs'. Ahhhh... sweet, sweet memories.

Reply by sue on 3/3/05 8:43pm
Msg #23529

In 1998 if a loan turned out to be a last minute faxed package (I do miss The Money Store & Jim Palmer) BancServ automatically upped your fee to $200. Haven't worked for them for years - wonder what they pay now?