Posted by Kristen Guggerty on 1/22/07 3:54pm
Msg #172061

Lenders First Choice Fee Reduction

I'd like to know if anyone else doing business with this company has been told of a fee reduction? I got a call this morning - the gal said they have to reduce fees, they were just told this. So I reluctantly agreed to $80 for edocs (borrowers live close by). However, when I got the confirmation email they had listed practically every page in the package for a fax back - and that I couldn't overnight the docs back until I got an approval. I wrote back and said no thanks - having to rip the loan apart, fax and reassemble it would be another hour's work and for a measly $80, I'm not up for the task. I have done several for this company, always $100 and never any fax backs. Is this a new policy anyone has heard about?

Reply by Lee/AR on 1/22/07 4:21pm
Msg #172066

Msg #171725 will answer this question. n/m

Reply by Calnotary on 1/22/07 4:49pm
Msg #172072

Re: Msg #171725 will answer this question.

I think your message # is wrong. There is a person here that calls him/herself Lenders First Choice and has nothing to do with LFC.

Reply by jojo_MN on 1/22/07 4:55pm
Msg #172075

See message #138081 I think she is from LFC n/m

Reply by Kristen Guggerty on 1/22/07 5:37pm
Msg #172083

Re: Msg #171725 will answer this question.

No, this message nor the next one listed answers my question. I'd like to know if anyone has dealt with before and now being told that the fees are reduced and now we have to fax back a ton of pages. I wrote and told them I would not sign for their offered fee and the gal said she'd get approval for more money. Maybe they are just testing the waters and seeing if they can get us to take less money.

Reply by jojo_MN on 1/22/07 6:00pm
Msg #172087

Re: Msg #171725 will answer this question.

I believe that is what the message was trying to tell you. They were fishing yesterday to see what the minimum was to pay their notaries because they didn't want to pay realistic fees. They probably want to pay what the NNA "recommended" fee is.

The next question was saying that the person fishing yesterday wasn't with their agency. I was referring to a posting that Lenders First Choice had on NotRot in the past to show that they are one and the same.

Reply by janCA on 1/22/07 7:01pm
Msg #172091

My two cents

Just my opinion but a realistic e-doc fee from a lender is not $100. Most SS's have better fees than this. LFC used to pay very well, but unfortunately, they have become a low-ball company.

Reply by ZeeCA on 1/22/07 7:09pm
Msg #172092

Re: and My two cents

they want to attract the NNA greedy grads desp for a signing... and since NNA told them $50 is a fair price.... this will seem like gold to them

Reply by NCLisa on 1/22/07 9:45pm
Msg #172123

I work for them all the time, but if they reduce their fees, I won't work for them. I don't walk out my door for anything less than $100.

Question: Why when you take docs out to fax back, do you feel the need to put them back in the same order? The loan package should be in the order you are comfortable signing it, not the way it comes off the printer. Once you fax the docs, put those same docs at the front of the package with the hud on top and overnight them back. That way if there is a doc missing, or they didn't get the fax, you don't have to reorganize the package.

Reply by Kristen Guggerty on 1/23/07 6:14am
Msg #172128

Does LFC ask you for fax backs? I have done at least 4 signings for them and have never had to fax back anything so this looks like a new policy?

When they ask for things like the first/last page of the mortgage or all the notarized pages, I figure they need to go back to proper order (think I may be a little anal?) but you are correct.......when the ss asks for this many fax backs I should simply put a note in the package being overnighted to the title company explaining why the docs are out of order.

Thanks

Reply by NCLisa on 1/23/07 8:30am
Msg #172140

I've never had them ask for faxbacks. Several other companies I work with do though. For the DT, I pull the pages needed, put the rest on top, then put the DT back together. The loan documents do not come to you in a specific order, just the way the programer put the prog together. The "order" sheet that is in the loan package, is for the TC to send the docs back to the lender in that order, and believe me, they don't. The TC has to make a complete copy of the signed loan package, several copies of the note, dt, and the docs are put in the order they want it in their files. Every company, ever EO/paralegal has a different order.

I put the docs in my own order for every closing HUD, Note, payment letter, escrow/impound info, TIL, DT, all notarized docs, junk docs, RTC, and last is the loan app. I put every doc that doesn't require a sig in the very back. They've got their copies, they can read the instructions and privacy policy on their own time.

Reply by Terri_CA on 1/23/07 2:24pm
Msg #172172

LFC is now handling Ameriquest docs and yes they want docs faxed back, you wait for approval and then drop them once you've received approval. Yuck!

Terri
Lancaster, CA

Reply by NCLisa on 1/23/07 2:40pm
Msg #172178

Ameriquest

I won't touch an Ameriquest closing. I don't care if my best client begged me to do one, I won't. I'm in this to make money, but not at the expense of naive desperate borrowers who are being lied to by one of the WORST lenders out there. LFC should be ashamed to be working with Ameriquest!

Reply by PJM/MI on 1/23/07 7:16am
Msg #172129

Re: Also got the call

But I never did a lot of work for them. She told me she WILL meet my fee for o/n docs.

Reply by MC_oh on 1/23/07 8:34am
Msg #172141

Re: Also got the call

I've done a lot of work for them in the past. They have two offices. One of the offices usually tries to pay lower fees. That office also asks for some fax backs. The other office is a pleasure to work for... no fax backs and they pay promptly.

Reply by MSFlorida on 1/23/07 8:52am
Msg #172142

Re: Also got the call

I am so furious with NNA I just wrote them a long nasty email asking them what gives them the right to post minimum fee's each and every assignment is different just like from state to state fee's are different however I do agree with the cancellation fee if cancelled two hours prior to assignment time. But what Company do you know of will pay that. NONE. I told them here in Fl. we can charge 10.00$per page so if these company's want to break it down. Let's see if there is 9 pages to be notarized that would be 90.00$ then print fee of 25.00$ then drive time and expenses 25.00$ then hour signing time 25.00$ this would put me at 165.00$ for this paticular signing. We all know that LFC has at least 9 pages to notarize in their package. I think we have already given them a break if your only charging 100.00$ per signing don't you agree?

Reply by Terri_CA on 1/23/07 2:21pm
Msg #172171

Was it the branch in Frisco, TX? They woke me up at 6:40A yesterday morning offering me a palty $85 for e-doc assignment, I turned them down flat. Told them minimum $100, if the confirmation came in the all those fax backs I would have called 'em back and added $ to the signing fee.

Oh, BTW - I may tear the package apart to fax the docs back, but I plop them back on top, I do not put the package back together. They want all those docs faxed back, they can put the package back together!

Oh yeah, I didn't take that assignment and neither did my friend down the road either! At least when I told the Supervisor that her scheduler needed to learn how to tell time between Texas and California! I got an apology for that.

We need to stick together, same thing happened with ServiceLink, they wanted to lower both their signing and e-doc fees. We all stuck to our guns and now they are paying someone decently.

Terri
Lancaster, CA