Posted by Bruce_CA on 7/20/06 10:19pm
Msg #134335

Verification of a couple of Rate questions

I have been charging between 95 and 125. plus 25 for edocs.

After reading this board, it sounds like the numbers are about right, however, I have been charging this for the WHOLE package, weather it is a FIRST or FIRST and SECOND. And only 25 dollors TOTAL for all of the printing.

From what I have been hearing, this is not quite how I "should" be charging.

Now, I realize this is MY business and how I run it is totally up to me, how ever, I would like to find out how people are charging and then go from there.

I have about 25 signings under my belt, so I do have "some" experiance, but am still new.

Thanks for any insight,
Bruce

Reply by REE_NJ on 7/20/06 10:38pm
Msg #134346

At minium you should be charging an additional $50.00 for handling the second. You should also utilize the search feature and take a look at other area NSAs websites who list their fees and come up with a fee schedule for yourself.

Reply by MelissaCT on 7/20/06 10:43pm
Msg #134350

The "rule of thumb" if you will is that the 2nd (piggyback) is charged at 1/2 price, but full fee applies for the printing portion.

For example only: 1st would be 100, plus $25 printing; 2nd would be $50, plus $25 printing -- grand total $200

Granted, every business prices differently, but you're using double the supplies & the 2nd signing takes additional time to sign.

Reply by Bruce_CA on 7/20/06 10:53pm
Msg #134355

Would you charge $25 for the clients copy of each as well? I seem to have seen this being done.

So in the example given, it would be 100 for the first, plus 25 for the ss copy, plus 25 for the client copy, then 50 for the second and 25 for the ss copy, plus 25 for the client copy. Totalling 250.00

How many do this?

Thanks,
Bruce

Reply by MelissaCT on 7/20/06 11:34pm
Msg #134366

No. The bwr's copy is included in the edoc portion of the price quoted for printing. At least, that's how I do it. Others may very well charge extra for bwr's copy. To each their own.

You have to know what it "costs" to print the average sized loan package(and figure what your average size is), both signing and borrower's copies and markup from there. That's one of those relatively "fixed" costs of your business. Some lenders with huge packages could be charged more for print fees, especially if they're WAY OVER your average size for docs, but that's almost nickle & diming, which is usually more trouble than it's worth.

Once you know your "bottom line", it's a bit easier to price your services in order to make a profit, which should be the goal of your business.

Reply by Joan Bergstrom on 7/21/06 12:02am
Msg #134373

One thing I would suggest

Never negotiate against your self.

What I mean by this is always try to get the company to "offer" a rate and then you can counter!
Always toss it back to them and ask them what they are authorized to offer and then "shut up" until you hear them talk!!

Reply by Jenny_CA on 7/21/06 2:47am
Msg #134426

sometimes it's like ping pong

"what do you charge?, " what are you authorized to pay?. " well, what is your fee for so and so?", " I charge $", " we pay $", " this is my fee"

then you'll hear: " we are only a SS" or " sheesh, and you keep busy with those rates", " let me see if it can be approved" or " can you take it for this fee , we'll be giving you lots of biz" or what I love to hear " okay will send you confirmation"

of course I left out the "minor" details of asking about fax backs, payment policy,and so forth.

okay I am really avoiding tripple checking docs and going over tomorrow's singings.