Posted by Alabama on 5/10/05 1:34pm
Msg #36949

Turning Down Closings

I guess this would really be a busy month for me but I seem to be turning down more closings than I am accepting because of low fees associated with the closings. I guess somebody is busy but I guess I am going to have to get more hungry for closings and money to accept the low fees. I feel like if I accepted these closings I would be neting zero after time, taxes and other exspenses are calculated. I guess I am just frustrated....I know these loans are being closed but not by me and I hate to turn down work! I can't find my bright side to this one.
Anyone else frustrated???

Reply by Melody on 5/10/05 2:07pm
Msg #36956

I probably turn down at least 25% of the requests I get. The reason is the same as yours: low pay.

I calculated that my per job operating expense is at least $26. That doesn't count having to buy a new car much sooner than if I had my old office job.

I'll be darned if I am going to run my $24K car into the ground just to make $24 or even $54.

Nor am I going to spend time chasing down those tiny checks 2-3 months later.


Plus work is slowing down as interest rates rise.


Two items of good news:
My competition is filling their calendars with cheap jobs, leaving me free to take the higher-paying jobs. This is especially true at end of month.

I have more time to devote to my new business. Like Margaret/FL, I am focusing my time away from signings. I am starting a construction company.

I'll continue to take signing jobs because I like the work. Can't beat it for people watching!

But I will only take the well-paying jobs within 5 miles. The majority of my energy will go to the new business.

Reply by Alabama on 5/10/05 2:17pm
Msg #36960

I am glad someone else feels the same way I do...I beginning to wonder. I have better things to do than to work for free. My theory is as you stated I don't want to tie myself down with these petty closings so I can take the ones that pay well. In my area you get what you pay for because I have closed loans behind some other notaries and they were not very professional and really did not have a clue. I guess they are real busy right now doing the ones I am turning down.

Reply by Charm_AL on 5/10/05 2:25pm
Msg #36963

Alabama...

where are you? I'm in Huntsville and I don't get many low fee calls. What do you consider low?

Reply by Alabama on 5/10/05 2:38pm
Msg #36969

Re: Alabama...

Birmingham. Anything under $75.00 for courier docs and anything under $100 for emailed docs. Anything under $150. for a 1st & 2nd loan closing. What fees do you usually get for these? I would think you are able to get these fees and more in your area.

Reply by Charm_AL on 5/10/05 2:48pm
Msg #36971

Re: Alabama...

$75. for overnite single, $100. for single e-doc and half of each fee for piggybacks. I'll also request another $25 if it's out of Madison County. I have had a few say they can't do it and don't call back, so there are notaries out there that would take $50. for e-docs....not me!
I did accept a signing from singingz.com yesterday for today for $100. piggyback and the borrowers already had the docs. I had nothing else planned so I figured $100 is better than nothing and no printing! Found out they put down the wrong city when I got home and called to verify with borrower, it was in Birmingham...Ten minutes after I accepted that signing, my fav - IREP called for the same night half hour later and I had to turn it down. They do $75. at the local HFC which is blocks away from me and I have no printing there either. I love those, 20-40 minutes and I'm out of there

Reply by Charm_AL on 5/10/05 2:52pm
Msg #36972

Re: Alabama...

I should clarify that those fees are for SSs. I get from 125.-150. base for TCs.

Reply by Alabama on 5/10/05 3:07pm
Msg #36977

Re: Alabama...

My fees are somewhat similar, I have been getting phone calls for alot less and my phone has been ringing off the hook. I guess I will keep turning them down until the "Price is Right"

Reply by Stephen_VA on 5/10/05 4:05pm
Msg #36988

Re: Alabama...

Yeah. You may as well turn down $3-500 in business so you can get an extra $60 on a signing later.

Reply by Margaret_FL on 5/10/05 2:38pm
Msg #36970

Melody, I turned down 3 assignments yesterday due to low pay. I got my inspections assignments on 5/1 , I only had 14 and I worked 5/1, 5/2 and 5/3 and made $910. Then I got a call from the company I work for that an inspector did not accept his inspections for Southern Ga. It was 5/5 and you have to accept of decline the inspection orders within 48 hours. The Ga inspector had not accepted his inspections and he offered them to me. They were not that far from me. There were 7 inspections at 65 each for $455.00 and did those all in one day . Each inspection only takes about 20 minutes with another 20 minutes to download photos and inspection report. I have done this in the past and he always knows he can count on me. I him him that I can do North Florida and South Georgia if he needs me.
I even went to Miami in December to do 46 inspections, that was $2990 and they paid my travel expenses for hotel and extra mileage to Miami. It was real tough, 80 degrees in December where it was 40 degrees in my home town.

What I am saying is that in 4 days I made $1365. Plus, they pay like clockwork, they pay within 2 weeks of receiving my invoice. I can not make that kind of money doing loan signings. I only do loan signings now if they pay my fee and they are close.

I am going to training on 6/2 to become a Certified FEMA inspector. The training is fee but you have to pay your hotel/air fare, meals, etc. It will be well worth it for me. Hurricane Season starts 6/2 and I did FEMA inspections last year but this year you have to be certified.

You have to do internet searches and be signed up for the newletter from SOFI and advertise and companies contact you for work.

Reply by Anonymous on 5/10/05 3:07pm
Msg #36978

Hi Margaret, I have been wanting to do insepctions. How do you get info on doing inspections. I live in Brevard county,Florida Thank you much Jimmy

Reply by Anonymous on 5/10/05 3:11pm
Msg #36982

I have a question for Margaret??

I live in brevard county,Florida. How do you get involved in doing inspections. I would love to do inspections, but I don't know how to go about doing them, any help would greatly be appreciated. Thank you Jimmy/Florida

Reply by BrendaTX on 5/10/05 4:38pm
Msg #36993

Re: I have a question for Margaret??

http://texnotarynewsletter.blogspot.com/2005/04/april-15-2005-about-doing-inspections.html

There's a lot of info about inspections in the above link.

Also, do a search for Margaret's posts.

Reply by Markita In MI on 5/10/05 8:37pm
Msg #37042

Thanks Margaret and Brenda

Very helpful website information Brenda. Thanks a bunch!

Reply by Margaret/Florida on 5/10/05 5:11pm
Msg #36999

Re: I have a question for Margaret??

Like Brenda said, do a search on this message board for my posts or do a search on inspections. I have training and attend any training I can. I am now only doing signings part-time. Right now I am getting ready to do a signing the is a 1st and 2nd with Edoc for $200 and it is 3 miles from my house. I can demand the high fee due to my experience and flawless record. I have the same record with my inspections, 100% on-time and flawless. When I was a sales rep I had the company fly in new employees for me to train. They told me they wanted the new ones to learn from the best.

Reply by Anonymous on 5/10/05 8:27pm
Msg #37038

Thank you Margaret and Brenda!!!

Thank you very much for your information.I am new to the inspections and I would like to learn how to do them, also I am looking into fema inspections. Again thank you Jimmy/FL

Reply by Margaret/Florida on 5/10/05 8:56pm
Msg #37047

Re: Thank you Margaret and Brenda!!!

Here is a link to some inspection companies.

http://www.mrgst.com/Finance/FieldServiceCompanies/ I found this by doing a google search for Field Inspectors.

Reply by Markita In MI on 5/10/05 8:31pm
Msg #37040

How did you get started doing these inspections? Once you signed up for the SOFI newsletter and listing, then what happened? Companies just started calling you for inspections....did they require experience?

I am always looking for ways to expand business. Thanks

Reply by Margaret/Florida on 5/10/05 8:53pm
Msg #37046

Some inspections do not require experience and some require experience or training. Two companies I work for have trained me. It would help if you purchased the Inspection company directory from SOFI and sign up with as many companies as possible. With the loan signing I have signed up with 300 companies. With the inspection companies, I have signed up with about 50. Some also require liability insurance that can be costly, I only work for the companies that do not require the insurance.

Reply by Anonymous on 5/10/05 9:16pm
Msg #37050

Thank you Margaret....

I was wondering about the sofi directory..I am going to order the directory soon..Thnak you Jimmy/FL

Reply by Margaret/Florida on 5/10/05 9:33pm
Msg #37054

Re: Thank you Margaret....

I also am listed on www.fieldinspector.biz. I paid $25.00 a year and companies also use that web directory to find inspectors. I get companies call me all the time and just as Signing Services, they try to offer you jobs at low, low prices. One company called me and offered me $5.00 per inspection doing the same thing that I get $65 for. I laughed and said, you have got to be kidding. She said but you will get 100-250 inspections a month. I said no thanks.

Reply by Mysti_FL on 5/11/05 10:26pm
Msg #37239

Re: Margaret, Going to Inspection Class!!!

Hey Margaret,
Just wanted to let you know, I found a school that offers the Home Inspection Course down here! I am so excited and will take the course June 18th.

Am already signed up at sofi.com and will become premium after the course.

I was told that I didn't NEED a mobile office. Do you think it is a must?
Mysti

Reply by dvbell_IL on 5/10/05 9:19pm
Msg #37051

I feel your pain Alabama. Although for the last several months I see a clear pattern. Slow first half then super busy hectic last half. So don't fret , as volume increases so do the varieties in fee opportunities.

About the turning down of closings. I really never do that in the true sense of the term "turn down". I simply use variations of the following. If the caller tells me that their fee is $X and that is lower than my rate I say "Really, that's going to be quite difficult for me to give this priority because my fee for similar signings has always been $_. (await response - usually one of surprise or confusion)

50% of the time they say "OK, hold and I'll see about getting authorization for that" then you know the routine. Usually you have it.

The other 50% they say "That's quite out of our range"(then comes the quibbling over mileage/doc delivery, etc). After which I say "I understand if you need to pass me by on this assignment. No hard feelings. Please keep me in mind for the future. Goodbye.

Thus, it is the companies themselves that limit the quality of SA they deal with. And need I mention that almost all companies in that last 50% group call back again and surprise!! they are more flexible with their pay.

Don't let your frustration get you down.

Reply by CTNotary on 5/11/05 6:53am
Msg #37075

When closings agent's accept ridiculously low fees to do a signing, it hurts all of us. If we all stand firm with fees, we can all make a decent living. How do you make any money when you low-ball a signing. What good is getting the job if it ends up costing you money after expenses! We are an important part of the loan process, without us...nobody makes money. Demand a decent fee for your signings, you are worth it!