Posted by Loretta Reed on 2/17/06 8:29pm
Msg #98086

Okay, I did it.......

I had a signing company call me to do a signing, he said it was a 1st and 2nd, the borrower's had the docs. He said their base fee was $67.50 (what an odd number) (for the 1st AND 2nd). I told him I couldn't ride my gravy train with those fees and I am sick of getting these phone calls and I hung up.

Reply by Nd_WA on 2/17/06 8:38pm
Msg #98087

1/2 of $75 based is $37.50 which maybe what he meant for the 2nd set.

Reply by Becca_FL on 2/17/06 8:38pm
Msg #98088

Wow, $45 for the first and 22.50 for the second. Yipee!

Loretta, after my day, you're words to the scum sucking SS were kinder than mine would have been. Way to put 'em in there place.

Reply by Nd_WA on 2/17/06 8:44pm
Msg #98091

Must be Nations Direct.... n/m

Reply by Loretta Reed on 2/17/06 9:11pm
Msg #98098

Re: Must be Nations Direct.... ...I'm going to vent

Get ready for this rant.....
No, it was not Nations Direct, it was Sign on the ___! (you guess)
I questioned him again about the $67.50, I said "$67.50 is the total amount for the 1st AND the 2nd, total fee for both" he said Yes. I was so mad I could hardly talk.
I am sick of these companies. I have just taken on a new client in my area, $125 for closings, I go to their bank branch, the docs are already printed and waiting for me, all I have to do is have the borrowers sign. They cut me a check when the closing is over. I did 2 of these today and I have 6 scheduled for next week already. Move out of my way signing companies, I have bigger fish to fry.
When a signing co calls me and tells me their "base" fee. If it is $50 lower than my "base" fee, I tell them to stop calling me. Let's be reasonable about this, I have been in the title business for 10 years and the fees that title companies pay have not decreased that dramatically, at least not here in Maryland. I have one title company, basic refinance they pay $175 for email docs.
I am tired of hearing signing companies say that they do not make a lot of money for signings, that is why they cannot pay us a reasonable rate. Another company I work for pays me $135 for email docs, he charges them at least $195 and keeps the difference. He covers the whole state of Maryland and has closers every where. He does at least 30 closings a day (subcontracting them out, of course). He is so busy, he only does one a day and eats off of the fat of us, the subcontractor. Hey, money is money and it's not $67.50.

Reply by John_NorCal on 2/17/06 8:45pm
Msg #98092

I know what you mean! I've had 2 calls the past couple of days wanting me to do signings for $50.00. Even though they're docs to the borrowers, that barely covers the cost of the notary and travel fees. What they won't consider is the quality of service, explaining the docs, delivery, etc. I've told these people what the going rate is and their reply is, "Well the title company won't pay that, we'll call around and see if we can get someone one cheaper." You go right ahead sweethearts, you'll get what you pay for!

Reply by Danny_FL on 2/18/06 9:05am
Msg #98165

Yeah, those really frost my cookies. I just had a call to do a refi 1st, Countrywide for $45. Edoc included...

Go figure.

Danny

Reply by Jason on 2/18/06 9:02pm
Msg #98225

The good news

All of you are correct to refuse low fees. I don't leave my house for less than $100 - no matter how "small" or "easy" the package.

The good news is that most of the nsa's in my area taking these low fees have gone out of business. With volume down, even the newbies are realizing they can't make a buck.

There are only 4 of us left in my large area. We all get good prices.

And none of us do Ameriquest.

Paul Newman is right: Living well is the best revenge.