Posted by BetsyMI on 11/27/05 1:53pm
Msg #78814

Thought I negotiated well

Got a call from an SS asking me to do a closing that, although only 28 miles away, is very tedious getting to that area. They offered $125 for a "simple" refi with edocs. I said I'd do it for $150. Said she'd have to get it approved. When she called me back (yes they DID call back!) she said they would up the fee to $135. I accepted rather than lose the closing.

I get the edocs (another surprise..got them on Friday for a Monday closing!) and I see that the closing fee is $720! Other charges include $815 underwriting fee to lender, $675 processing fee to lender, and $995 admin fee to lender, and courier fee of $75 to lender!!

PLUS, this "simple" refi is a whopping 282 pages including the borrower's copies!

Reply by Leslie_Mo on 11/27/05 3:03pm
Msg #78827

Care to name names as a warning to other?

Reply by BetsyMI on 11/27/05 3:06pm
Msg #78828

No, I won't post their name. It's my first signing with them, and I'll just make a note to negotiate a bit smarter next time.

I thought $135 was pretty good for a SS offer, so it seems the lender is the greedy one.

I am going to try tomorrow to get a bit more for the huge package size. I couldn't even find a clip big enough to hold the borrower's set!

Reply by LawrenceOK on 11/28/05 9:02am
Msg #78875

With the size of the loan package and all the lender's fee's, sounds like AMQ to me.

Reply by BetsyMI on 11/28/05 9:21am
Msg #78877

No actually it's not. This is about the third one I've had in a few months that is the size of an Ameriquest package, and they've all been different lenders.

Reply by eXpedN_TX on 11/28/05 10:02am
Msg #78882

I suggest saying that when you receive the files, if the package looks to be more than ### of pages, you will contact them with a higher price. I always say this to the signing company as well as ask them about how many pages will I be expecting. They don't always know, but it doesn't hurt to check. I find that some of the initial conversations you have with SS's are too quick. I have a small check sheet I use to make sure I talk about everthing, then I follow-up with an email as to what was discussed. Are you going to call the service and ask for more money now that you have reviewed the number of pages?

Reply by BetsyMI on 11/28/05 10:07am
Msg #78884

Thanks eXpedN.

I originally thought I'd ask for more due to excess pages, but now that I'm looking at them, there are a lot of blank forms that don't need signature.

I also have already done my "negotiating 101", although now I think poorly, so I don't want to act as if I am trying to nickel and dime them to death. I'll just learn from my mistake and make good notes for this SS for future jobs.

Reply by eXpedN_TX on 11/28/05 10:09am
Msg #78886

I understand what you mean. I hope you don't lose out too much and wish you many successful closings for the future!!!