Posted by Markita_MI on 11/3/05 9:53am
Msg #73921

Unbelieveable!

I facilitated a sigining for NREIS the middle part of October. It was edocs and a good distance both ways. I get to the signing the borrowers are great. But half way through, the paperwork (note & mortgage) did not line up with what was adv to the borrower by the loan officer. By now I have been there for about an hour or a little more. I adv the borrower no problem. We'll get that corrected with NREIS and lender and I would be back. I immediately contacted NREIS right there at the table to advise.

Now yesterday NREIS calls me for the same signing. I ask about me full fee for my time, travel, printing--all of that for the last time I was there. Could they include both fees on the confirmation they planned to send over? After about 4 people call me to say what they can do---from $25-$75 being the maximum that they would be able to pay.

I advised the vendor manager that was not acceptable as I had spent so much time there,printing,travel, and again my time. Afterall, I did what I was contracted to do therefore I expect my full fee. He then says well you signed a contract to except $50 should this happen. That is the best we can do. I advised him that typically those fees are negotiable upon task. Thus I expected no different from this company. Afterall, I make exceptions to accomodate this company which I might now have reservations about doing in the future. THe manager then tells me that he can fix it so that I don't have to make any accomodations for NREIS by never sending me anymore business.

I told him it was unfortunate that a million dollar company like NREIS would nickel and dime me a small enterprise over the full fee. In the process terminating what had been a very mutually beneficial relationship. I can not nor will I compromise the value of my time, experience, expertise, and knowledge because some manager decides that he can say or do anything and get away with it because SA are desperate. Fortunately, I have the support of several area title companies. So I happily told that Manager to delete me from their database and never call me again. My time is worth every penny from cancellation to an actual completed signing.

Do you know this company had the nerve to call me today---and request the same rescheduled closing that they refuse to pay me my full fee for the original signing that was cancelled. I am frustrated that there was absolutely NO flexibility, NO consideration, nothing JUST that's it. We are the BIG DOG take it or leave it. Well, I left it. BIG SMILE

NOw that I am through venting....back to signing for GREAT companies who know how valueable I am!

Markita-MI

Reply by BetsyMI on 11/3/05 10:23am
Msg #73928

That is too bad, Markita. I feel if you've spent time at the table, you deserve the full fee. It's not like you got there and the borrower's changed their minds. You actually spent a lot of time with them. I'm sorry to hear this about NREIS.

Reply by LawrenceOK on 11/3/05 10:29am
Msg #73931

Re: Unbelievable!

Good for you. I never let any one company think they have the right to dictate my fees. This is why I do not sign contracts that have all the stipulations that so many of us are adamantly against. It is my opinion that if you get inside the borrowers home, then you have done your job. It is of no fault of ours that a borrower refuses to sign the documents because the LO did not do their job, or the documents were prepared incorrectly. Is it our fault that the borrower utilizes his/her right to rescind. If it is an error on my part I will do everything possible to correct it at my dime, if they give me the chance to.

Reply by Roger_OH on 11/3/05 10:34am
Msg #73934

I'm sorry you had that experience with NREIS. They have always been good to me in terms of fees and prompt payment. They DO, however, only pay a trip fee for no-signs (although I agree that edocs should be on top of that).

I have to wonder why it took over an hour into the signing to get to the note, when things then went south on you. I would suggest getting the the RTC, Note, HUD and TIL done first thing; any issues will more than likely occur with these docs, and if you do them in the early part of the signing you at least haven't invested a great amount of time at the table if they can't be resolved.

My sense is that you may have cut off your nose to spite your face (or for older posters, "thrown the baby out with the bathwater") in severing your otherwise profitable relationship with them. In this instance, I would have taken the $75 and salvaged the relationship with what has otherwise been a good company. No-signs are few and far between enough with NREIS that in the overall scheme of the big picture, I can live with an occasional one. This is similar to a title company that pay little if a loan doesn't fund; annoying when it happens and unfair, but it doesn't happen nearly often enough to outweigh
the long-term benefits with that TC. I'm just saying you have to pick your battles.

Best to you down the road.

Reply by Markita_MI on 11/3/05 10:51am
Msg #73947

My docs were set up with the most important doc order...Hud,note,mortgage and so on. I also had the NREIS packet of docs. If I can remember this correctly, I had that stack signed first then we got down to the actual Dynamic-doxs pack which of course inclued HUD, NOTE,MORTGAGE,TIL...etc

I was more than an hour into this closing because there were discussions back and forth between the borrower and coborrower(wife) about other things and on every doc viewed. Not to mention they both had to read everything---first him, then her,separately.

I am not one to wallow in self pitty and regret. So, I will chalk this up to live and learn.

Live and Laugh In Every Moment
Markita-MI

Reply by Mysti_FL on 11/3/05 11:18am
Msg #73954

I also decided not to do any more signings with them.

When I first started I would do their $50 loans because most were HELOCs and even the refi's were easy because borrowers were explained everything before I got there. In most cases, the documents would be overnighted to the borrower. Additionally, the signings were in my neighborhood.

However, when they started trying to send me 30-45 minutes away (one way - depending on traffic) and over the county line and still only wanted to pay $50, I started turning them down.

One day, they sent me to one of those that are 30 minutes away and I negotiated $75. They sent me a check for $50 and I was never able to get the additional $25.

Although I never asked them to take me out of their database, they did get the picture because I continued turning them down due to my schedule or for other reasons.

Mysti

Reply by Roger Rill on 11/3/05 12:18pm
Msg #73970

My other suggestion would be to take control of the signing so that the borrowers are not reading everything. The best way to do this is to politely mention that you have other appointments to follow, and a certain amount of time for theirs. Emphasize their three (or four over a weekend) day RTC and suggest that they go over them at their leisure during that period and contact their LO with any questions. If they don't like what the LO tells them, that's what the RTC is for. If they insist on reading everything, advise them that the appointment will have to be rescheduled, and the docs redrawn, which could affect their terms. This has always worked for me.

Reply by Mike_WI on 11/3/05 11:22am
Msg #73955

I agree with Roger, I would have taken the $75 and salvaged the relationship. Unless this was happening many times over. I try to track all companies that I work with so that I know what I am making hourly and per closing from them. Clearly if this was happening over and over it would lower the amounts that I was making from them. If it got too low, I would consider severing the relationship. When a closing goes bad, I try to work with them so everyone gets resolved and all parties are happy.

The other thing I have noticed is they tend to just any extra fees I have requested to the HUD so now the borrower is paying more. If they (LO, Title Co) make a mistake it does not lower their fee.