Posted by kate_nortca on 6/22/07 10:32pm
Msg #196557

Loan Closers

Received a call tonight from Loan Closers to do a signing next Tuesday in a town reasonably nearby (approximately 45 minutes away). I said okay and asked about the fee. She calmly told me it would be $45.00! I thought I mis heard her or maybe that was for just one document? No, a refi.

Has anyone else experienced this with Loan Closers? I was stunned.

Kate

Reply by CJ on 6/22/07 10:45pm
Msg #196560

Re: Loan Closers lowered their fees because of Ditech

Ditech is lowering all of the fees that they pay to the signing services. Loan Closers is getting $90 from Ditech. I asked my other Ditech companies, and they said it is true. Ditech just had a bidding war to see which company could do their loans for the lowest amount. No word on who "won" yet. Ditech is now advertising no cost loans, so they are cutting costs. I think this is terrible because they make hundreds of thousands of dollars in interest on each loan, plus they are owned by GMAC. It's not like they are hurting. WE work. WE are the ones who will be hurt.

I wish we could all write to the top of Ditech and tell them about it. They don't need to pinch the signing services, and then have them pinch us. There are good and bad signing services out there, but most seem to be small companies run by people like you and me, just trying to work hard and pay the bills.

P.S. Loan closers will still pay regular fees on other client's loans. I asked them. This is not a blanket policy.

Reply by JK/TX on 6/22/07 11:42pm
Msg #196567

Re: Ln Closers lowered their fees because of ?you & the like

Ok, help me out here CJ.... please start w/the mess below no. 193210; Is this conditionings?

who (whom) is pinching who (whom) ???..... your post below;

I do Ditech and I like them. I heard now that Ditech is paying the signing companies $90, so some company pay $40, but I don't do that. I do $50.

I like Ditech for these reasons:
1. The customers are totally prepared and sign like the wind. I can gaurentee getting out of there in 1/2 hour. I show them the note and the TIL, and they just sign-sign-sign.
2. There are no surprised on the loans.
3. Customers also rave about Ditech, once they are with Ditech, they stay with Ditech. And if I do another loan for a borrower a year later, they call me becuase I am already "attached" to that borrowers somehow.
4. $50 jobs add up.
5. They do like you to fax back to double check, but I don't mind becuase I do a lot of them over here.
6. Ditech has the signging companies on a point system. They get 2 points for every mistake you make, worse mistakes are five. If the signing service gets 50 points in a month, they get no work from Ditech for a month. That puts ALL their notaries out of work. So I am happy to be careful and to fax back.
7. They only want you to fax back all notarized docs, "BIC" (ID paper) and RTC.
8. I think Ditech is an honest company, and I would get a loan from them.
9. Docs are usually fixed with no PPP, which makes everything go faster.

Reply by BrendaTx on 6/23/07 12:00am
Msg #196571

Re: Ln Closers lowered their fees because of ?you & the like

Oh JK! At first I thought this post was your post...that floored me...but then I realized that it was CJ's quoted from before...and yet I still ask (for the 5th time this month) how big is a package like that? 12 pages? 20 pages? SURELY NOT over 35 pages. If it is one of those smaller packages then I say $50 is almost enough.

I realize I am working a full time job rather than taking these low ball assignments, but I have this "thing" going on...I only work for profit...I don't want bunches of these $50 jobs burying me. If the packages are normal sized 50+ pages...lawsy Miss Clawsy.

Reply by JK/TX on 6/23/07 12:53am
Msg #196584

Re: Ln Closers lowered their fees because of ?you & the like

yes,,,,,, is it not so strange how we want to MAKE MONEY instead of SPINNING OUR WHEELS? Can people really think they are actually making money by paying to work... and then waiting on their partial reimbursement?? Damn, I just don't get it...All that does is take the pro out of profession.

Reply by Joan Bergstrom on 6/23/07 12:02am
Msg #196573

Re: Ln Closers lowered their fees because of ?you & the like

You can't stay in our business in CA doing $50 loans unless you can walk to the signing.
I did 2 loans today and they totaled over $400. I just don't get $50 signings in 2007 with gas prices at $3.00+ per gallon.

Just because some stupid signing companies agree to do loans for Ditech for $90 doesn't mean a loan signer has to work for $50

I have never done a Ditech in the 6 years I have been a notary and now I know the reason?

Reply by JK/TX on 6/23/07 12:23am
Msg #196579

Re: Ln Closers lowered their fees because of ?you & the like

yes, I've watched her.... post. It's all about Ditech. I'm certain there is a connection.... it's always off the wall... ping-pong..... you go CJ.... put Ditech on that burner. And yes, if you can walk w/20 pgs rec'd o/n....oops it's too late to walk, June, tex, suit and panitihose...closed shoes...I'm getting sick!) ...

Reply by ZeeCA on 6/23/07 12:28am
Msg #196580

a certain company that spits out notaries ad nauseum tells

them that $40-50 is what to expect to get for a closing.....

Reply by JK/TX on 6/23/07 1:07am
Msg #196590

oopsLn Closers lowered their fees because of ?you & the like

I called CJ a "her".... ?..

Reply by ZeeCA on 6/23/07 12:11am
Msg #196576

surprisingly there are quite a few on N/R who say they take

the $40-- 50 signings... and are happy...

as stated above, i do not get it unless like the one notary he is printing at his straight job so he has no expenses other than his gas, which is on his way home he claims....

I think at the end of the year when they see how little they have made either they will start acting like it is a business or move on or out........

Reply by Joan Bergstrom on 6/23/07 12:21am
Msg #196578

Please tell me this doesn't include edocs? n/m

Reply by JK/TX on 6/23/07 12:44am
Msg #196582

Re: Please tell me this doesn't include edocs?

I had to print docs at my "day job" once and I hated it (no power at home/storm).... I took a ream of paper in the next day to try to pay me dues for paper/tone/etc...... I don't want my day job in anyway conflicting w/my SA assgnmts....(did I say that in reverse?) and that's really hard when the SS's will not leave a message on me cell phone.

Reply by Bruce_CA on 6/23/07 2:37am
Msg #196597

Re: Ln Closers lowered their fees because of ?you & the like

Just be'cuz Ditech cuts fees, does not mean I have to! That's like me aying I am only paying 2.00 for gas! I would LOVE to (if I could find it, I would buy it all day long) If diteck finds signers for 40 (signers that know what they are doing) more power to ditech! They ARE buying thier gas at a 2.00 gas station!

Now getting those 40 signings, how many 100-200 signings were you not able to take?

Now, for what it costs me....
Let's figure the time it takes.
answering the phone. -5 min
waiting for the confirmation. - 10 min
Scheduling appointment (if you can get hold of client on first call) 15 min
Waiting for the Docs. Usually about 1-2 hrs (lets say 90 min)
printing the docs. 20 min
prepping for signing. 5 min
travel -say 15 min average (no traffic!) 15 min
Signing time 1hr
travel home 15 min
Invoicing 10 min
Follow up calls (letting SS know status etc ) 10 min
FAX Backs 15 min

In time, this is 270 minutes (or 4.5 hrs!) True, during part of this time, you can be doing other things, but you are committed to this time once you say YES. That is $8.89 per hour.

Now let's add in the cost of DRIVING
Gas cost per mile (20 MPG at 3.50 per gal) $0.18
Maintenance cost (per mile) $0.05
Registration and Insurance (per mile) $0.07
Depreciation (per mile) $0.14
These costs total $0.44 per mile!
So for 30 miles, you are paying 13.20 for the driving cost

Cost of printing (figure 90 page doc *2 -borrower copy and main st) 180 pages
I print at approx $0.045 per page. So this is $8.10 per package.

So our real OUT OF POCKET costs (not figuring out any other item besides driving and printing) are
21.30 PER SIGNING!
So now you factor those costs in, 40 - 21.3- = Profit is 18.70 for this signing, divide that by 4.5 hours and you are making 4.15 per hour!
Now, the problem is actually WORSE than this (unless you are booked for 10 signings per week) be cuase you are waiting for those 40 dollar signing to come to you!
If you are doing only 8 of these a week (8 * 4.5 hours is 36 hours) Based on a standard 40 hour work week, you are LOSING 4 hrs of productive time

In all of these costs, I still have not even included the costs of
cell phone
marketing
website
computer
Stamps
E&O
Bond
Assoc fees
etc...

Nope, I ain't doing any 40 packages! It may make Ditech rich, but it sure is putting me into the poor house!

Bruce

Reply by CJ on 6/23/07 1:20pm
Msg #196661

California is not like Texas

I work in a suburb of Los Angeles. You can drive for 5 hours in Los Angeles and Orange counties, and never run out of wall-to-wall homes. "rural" is only on calendar pictures. I asked one of my companies, and she has 16 notaries in my zip code. I cover 10 zip codes, so that means I am competing with probably 160 other notaries. All my my jobs are petty close to each other becuase the area is so saturated with homes. It only takes me 1/2 hour to get anywhere in my territory, so I book my jobs one hour apart. When I was employed, I drove 2 hours to L.A., then 2 hours back. No one paid me for that. I had a $10 an hour job. So I grossed $80 a day. So if I do two $50 jobs a day, I am ahead. Plus, the minute I raise my price, the phone stops ringing. I don't have anyone else picking up the slack for me finanically. I can't afford to turn down 10 $50 jobs a week so I can sit home and think about how special I am. But if you can afford to do that, great! We obviously have different situations.

Okay, since I am anathama to you guys, I won't say any more.

Reply by BrendaTx on 6/25/07 6:29am
Msg #196764

Re: California is not like Texas

**Okay, since I am anathama to you guys, I won't say any more. **

I am glad things are working out for you, CJ, however, as you are surely aware, most posters here are not a fan of the $50 appointment. What you do is your business, but when you post it (taking refis for $50) you are certain to get remarks which don't agree with your methods.

It all boils down to: If you don't want input, don't post because you are surely going to get input when you put your own comments on the board.

Reply by LkArrowhd/CA on 3/23/09 7:20pm
Msg #281877

Loan Closers or Loan_Closers 951-677-2718 3-23-09

I wanted to provide an update on the above company, and allow me to say the person that called me said there are two Loan Closers and they are Loan_Closers.
This will sound familar, they called Friday 3-20-09 wanting me to do a signing tonight 3-23-09 in Lake Arrowhead. I was at the gym when they called, I listened as the caller explained the fee process of why so low $45.00. She mentioned they will be getting many signings from this new company and if I accept the low fee she will provide me with a lot of work in the future. I asked how many pages in the packet, how many notarizations etc. Less then 80 pages, she had no clue as to the number of notarizations in the packet. I told her I would do this one, if I feel, I'm being taken advantage of I will not do anymore in the future. Once home I did a NOTROT search and of course was not happy with what I found. I sent an email right away declining the signing, that was Friday. Today Monday, I got a call from them, they began to explain that there are two different companies and they aren't having any payment issues, although in the past they did, that has since been corrected. I said well not according to other notaries. She went on a bit more, I told her I would not being doing the signing unless she paid me before hand via paypal. She quickly ended our conversation.