Reply by TRG_wy on 5/23/07 12:19pm
Msg #191577
Yes. $25 late fee - this covers accounting, time spent trying to collect, re-invoicing, telephone calls e.t.c. My terms are net 45 days from closing date. I advise late fee may be added at 60 days but usually I don't add it until the 90 day time is hit. If it hits that 90 day day mark I also add a 1.5% per month interest going back to the 60 day time.
Also, once they are 60 days late, I place them on my "denial of service list" until all arears accounts are paid in full.
Some try to make just the initial payment once I hit them with the late fee, but I keep invoicing them and interest keeps adding up to. All this is legal under state statute here BTW.
I cannot afford to keep supplementing their business at the expense of my own. I have initial out of pocket expenses to cover the signing and that money is out the window until I am paid for services rendered.
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Reply by AE/ORWA on 5/23/07 12:26pm
Msg #191579
I charge 1.5% per month when they are over 30 days past due. Due date is ten days after the signing, as any loan would have funded by then and the title co's I work for should have received the fees they charged for my services per the HUD. In other words, I start charging at 40 days after signing. However, I am a bit more lenient with my larger accounts.
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