Posted by Anonymous on 2/22/06 8:36pm
Msg #99084

What is a piggyback signing? What's a good fee to charge? n/m

Reply by Janlee_MI on 2/22/06 8:52pm
Msg #99089

Re: What is a piggyback signing? What's a good fee to charge?

It is when you have two loans closing at the same time. It is your choice what you charge.

Reply by Anonymous on 2/22/06 8:53pm
Msg #99090

Re: What is a piggyback signing? What's a good fee to charge?

Thanks, I appreciate that.

Reply by Dorothy_MI on 2/22/06 8:55pm
Msg #99091

Re: What is a piggyback signing? What's a good fee to charge?

The accepted rule of thumb is at least 50% of what you charged for 1st., i.e. - $90 for first plus $45 for 2nd = $135.00 for both. Of course, if you can negotiate more, good for you!

Reply by Charles_Ca on 2/22/06 9:07pm
Msg #99104

Good answer Dorothy! However how do you expect that

since she doesn't even know what a piggy back is how your breakdown is going to work. And then what if they want e-docs, I charge more for a piggy back with e-docs than a straight loan with e-docs and I suspect that you do too. Unfortunately we are dealing with someone who doesn't know. Its not a sin not to know and I'm not trying to hurt anyone's feelings but how to deal with someone who really doesn't know the basics??

Reply by Charles_Ca on 2/22/06 9:02pm
Msg #99100

Questions

I have questions also. May I ask what planning you did before you entered this line of work. Do you have a business plan. If you don't have a business plan how do you you know where you stand with relation to where you should be. Most people don't start out on a journey to someplace without knowing how to get there. You charge based on your business expenses and a reasonable profit. The reasonable profit should be what you expect to make. At the bottom of the spectrum is the burger flipper at around $8 an hour. Now you should charge so that after all your expenses (and only you can determine your expenses) you are making more that the burger flipper. Because if you are not you might as well be flipping burgers. I mean that as a burger flipper you have few responsibilities. As a notary you hold the most expensive thing most people possess and if yo screw it up, I guarantee I'm sorry isn't going to cut it. You should have done you homework before you took the classes. Get a basic book on business or Google "business plan" and you will find out exactly how to charge and what to charge. Its not rocket scinece but you need some intiative. There is an old saying "if you fail to plan you plan to fail!