Posted by CJ on 3/10/07 3:53pm
Msg #179412

Bancserve new fees: $45 for HELOC

Bancserve sent me (and everyone else) that their fees for HELOCS are now $45 since they are "smaller". This upsets me because people sure don't pay me more when one loan is over 100 pages. Gas is going up (over $3.00 here in California), and they want us to cut corners.

What is your feedback on this?

Reply by TRG_wy on 3/10/07 4:37pm
Msg #179415

I have never seen a HELOC that is so significantly "smaller" to justify a lower fee. They aren't paying for the amout of pages only, they are paying for the time and trip as well. Why take a chunck of my time for $45 when I can make three times that amount for the same time I reserved for them. They get paid the same. All our costs are going up, gas, insurance....

Reply by ME/NJ on 3/10/07 5:34pm
Msg #179419

Someone will do it for that price and less, I know in Ocean County someone does full refi packs for 50 or less.. Good for them.

Our industry is so flooded that there will always be someone who will work cheap. Better then flipping burgers or a cashier @ Wally World. 45 bucks for 1.5 hours work vs 6 bucks an hour.. So you tell me what would they do.

Reply by PA_Notary_II on 3/11/07 9:34am
Msg #179451

Yesterday I was called for a refi that required a 90 mile round trip and was offered $95. I declined and quoted my fee of $XXX. and was told that they'd get back to me. I absolutely refuse to be used by these cheapskates. You misers need to get in your own car and drive the miles and close the damn thing yourself. With gas prices on the rise, I plan on turning down more low-ballers at every chance. The GOOD NEWS is that an hour later, I got a call from a reputable company that met my fee and then some for a single refi that was only 12 miles round trip. The lesson here is stick to your guns and don't let the tightwads have your services on the cheap. There's good work out there at reasonable fees if we just refuse to cow-tow to these low lifes.

Reply by Lee/AR on 3/11/07 12:35pm
Msg #179459

They can only use you unmercifully if you allow it.

Congrats to those who say "No". Too bad to those who accept.

Reply by UKCowboy_CA on 3/13/07 9:37am
Msg #179689

Bancserve does pay you and usually within a week. You could work for Coast@Coast who refuse to pay you. I was told by Coast2Coast that I must be stupid working for someone who I know doesn't pay. Obviously, I didn't know they were going to cheat me out of my money when they hired me. But I should have been suspicious when I asked for a confirmation and they said their computers were down and they would send it later.