Posted by closingpro on 6/22/07 6:39pm
Msg #196523

Fee Reduction

I have been busy lately but I have been receiving one call after another for closings for Countrywide with a rate reductions. I feel like I must be living in a different world from the signing services and mortgage companies. All of my exspenses have gone up and they are trying to reduce the fees. My time, effort and knowledge are worth more than what they are offering. I ask up front what fee they are willing to pay so they don't waste more of my time...they want you to print docs, travel, have them signed and notorized, travel back, fax criticals and then deliver to the courier ASAP. And a majority of the time it is scheduled on nights and weekends. Does anyone else live in my world? I've been saying no to these fee reduction closings in hopes when they can't find someone else to do them they will have to call and meet my price. And for all the notaries accepting these assignments..... I think you are cutting off your nose despite your face. It is hurting us all. If they can't pay us they need to cut out the middle man and pay us more money! I guess I feel better but I'm tired of taking these calls.

Reply by Lee/AR on 6/22/07 6:48pm
Msg #196524

First, you don't ask what they pay; you tell them what you charge. Yeah, you'll lose some of the lowball assignments, but you'll also contribute to the demise of the notary who takes these cheap fees. They will eventually figure out they are working to pay their expenses--with nothing left over for the hours they've spent.

Reply by closingpro on 6/22/07 7:27pm
Msg #196526

Point taken. I have as rule I have waited patiently and I have given my fee. But lately, I just want to cut to the chase because it is the same ole story and I'm tired of hearing about their fees being cut, therefore they have to pay less. My exspenses have only gone up. It would be different if they did not exspect so much.

Reply by JohnnyB on 6/22/07 7:43pm
Msg #196528

This type of posting I have seen over and over again. Posting on this board complaining about lower fees is not reaching a majority of people in this business. I have only seen two people from my state post on this board in the last five years. Plus, most parts of the the country are saturated with people doing this business. Until more people leave this business, these companies can offer lowball fees and get away with it.

Reply by Ndwa on 6/22/07 8:22pm
Msg #196535

Good point, JohnnyB

"This type of posting I have seen over and over again. Posting on this board complaining about lower fees is not reaching a majority of people in this business."

I thought I can cover the whole country with people I saw/met here, but the reality is only a fraction compared to what's out there.

Reply by MikeC/NY on 6/22/07 9:24pm
Msg #196540

Is this Countrywide, or Countrywide Full Spectrum?

I've been doing Countrywide loans since last year for a couple of clients, and there is no problem with fees, no fax-backs, no hassle. Some signings are scheduled for nights or weekends, but the whole point of going to the borrower is that it's supposed to be at the borrower's convenience - that's the nature of the business we're in and shouldn't be an issue. I'll gladly take all they can give me; I know the package, and can go through it quickly.

Full Spectrum may be another story altogether. You may also be dealing with signing agencies that have ridiculous demands and are looking to boost their bottom line at your expense, in which case none of the above applies...

Also, not to pick nits, but:

<<I think you are cutting off your nose despite your face.>>

That would be "cutting off your nose to spite your face."

Reply by Rhonda Skansi on 6/23/07 12:54am
Msg #196585

and I was second guessing myself: to spite? despite? n/m

Reply by MikeC/NY on 6/24/07 9:00pm
Msg #196744

OT: just for giggles

Sometimes people mishear things. Here's a site that lists misheard song lyrics, some of which are pretty funny:

http://www.kissthisguy.com/