Posted by JustANotary on 12/10/06 1:13pm
Msg #165139

What to charge for 7 loan packages

I usually charge $125 for a single set of docs, $150 for a double as 2nd loans are usually pretty easy. A loan officer I work with wants to know what I need to charge for 7 refinances all done at one appointment. What do you think is a fair charge?

Reply by SueW/Tn on 12/10/06 1:27pm
Msg #165143

Investment properties? E-docs?

Reply by Kevin Ledbetter on 12/10/06 2:11pm
Msg #165153

Investment properties, not e-docs. The loan rep does a good job letting her clients know the closing cost before the signing, so usually things go smoothly.

Reply by ME/NJ on 12/10/06 1:46pm
Msg #165146

What is your time worth. Need to find out what kind of a loan, how long it will take and do I need to print out the docs. When you know all the facts then you can give a rate for service.

I judge my companies time between 50-60/hour.

Reply by Becca_FL on 12/10/06 2:10pm
Msg #165151

I have a few investors that I do closings for. I completed 6 loans (3 Combos) for them last Tuesday. I love working for investors because they already know what they are signing and just want to see the HUD & the Note. I closed the 3 combos with them in 2 1/2 hours.

To figure your fee, first figure out the approx. amount of time it will take you from start to finish including travel time.

Reply by PAW on 12/10/06 3:07pm
Msg #165169

I too close for a few investors and one investor's club from Miami. The last time I did one for the club, it was for 6 houses, combo (1st and 2nd) loans, 6 signers. We all sat around a large conference room table, reviewed each of the important parts of the docs using an overhead projector (HUD, Note and TIL for each). Since they were all basically the same, purchase price being the main difference (and fees based on the price), after the review, it was "pass the paper" time. Started with the club prez, and passed each piece around the table, returning to me with another notary on the side, notarizing the docs as required, and restacking the paper. Took just over 2 hours, start to finish, including the presentment of the keys. Great day.

Reply by Joe Ewing on 12/10/06 2:38pm
Msg #165162

Each loan has a seperate settlement statement. That's 7 checks to you. $200 each if the loans are full doc refi's.

Reply by ck_KY on 12/10/06 3:15pm
Msg #165170

I would personally give some type of small discount to be sure to get those 7 loans and future loans from that client. IMHO!

Reply by Joe Ewing on 12/10/06 3:41pm
Msg #165173

I did 4 for one borrower last week and bidded $150 each and the escrow officer upped to $200 each. So why question it.

Reply by Becca_FL on 12/10/06 3:57pm
Msg #165177

I give a discount to one of my investor clients. Why? Because I just love them as people, they ALWAYS use me and I know they will continue to do so. They also have 42 more properties to close on this month and said they'll be keeping me very busy. ChaChing!