Posted by Janis Smith on 1/23/07 2:03pm
Msg #172167

Modifications

I have been called a number of times recently asking me to do a "modification". I am told that there are 9 documents and only one notarization. The borrower has the documents. They are offering $45. Has anyone had calls with this kind of request, I'll do one to see how much time I have to put in to it but my sense is that there will be more to this than a quick 10 minute visit. Love any feedback. I don't usually even leave the house for less than $65.

Reply by PL on 1/23/07 2:14pm
Msg #172168

I did 3 last Tuesday and it took all of about 2 hours including the drive to and from, very easy.
Most of them that I do are corrections from the lender, that are caught in the qc process.

Reply by Janis Smith on 1/23/07 2:18pm
Msg #172170

Thank you, I like to stay within my range but if it's not a lot of work then. . .

Reply by Roger_OH on 1/23/07 2:39pm
Msg #172177

Very simple - 10 minutes tops in/out. Good if they're very close or can be worked into an existing trip.

Reply by MikeC/NY on 1/23/07 2:42pm
Msg #172179

These sound like HELOC mods. I've done them if they're local, within a 15 minute drive or so. Docs got to borrower, and you aren't there long enough to get the seat warm. They sign 8 or 9 documents, you notarize one of them, and you're out the door. I would take as many of these as offered, as long as they're close by - no stress, no aggravation, and the company I've done them for pays in less than 30 days. The ones I've done have been flexible on the date, with instructions like "any time before next Tuesday", so there's no need to turn down other assignments.

Reply by Kate/CA on 1/23/07 3:37pm
Msg #172192

They are generally just increasing an existing loan. Very easy.

Reply by MariaIECA on 1/23/07 7:22pm
Msg #172283

The Modifications they are refering to are increases on borrower's existing loan. (usually HELOCs) I do them all the time as long as they are close to home. Takes less than 10 minutes. Only 1 document needs to be notarized. Total of maybe 9 pages that need to be signed. Wish all my assignments were as smooth as these! Another plus is that they always pay on time. Hope this helps.