Posted by CJ on 5/10/07 12:15am
Msg #189620
Loan Closers - Ditech $45 jobs.
I got a call from Loan Closers saying that Ditech will now only pay $45. That includes all the fax backs they expect. I called another company that has Ditech for a client, and they say Ditech is only paying $95 to the signing service, but they still pay their notaries $50, which I know many of you don't take, because they feel the notary is doing most of the work, not to mention gas prices. For me, Ditech docs are a guarenteed slam dunk 30 minute job, because they provide so many pre-disclousres before I get their, the loans are usually fixed with no prepay, and there are really no surprises, so the borrowers sign like the wind. But for $45? That's low. What are your opinions.
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Reply by ZeeCA on 5/10/07 12:25am
Msg #189621
MY opinion... you have established you will work on for low
pay....
jmo
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Reply by Lee/AR on 5/10/07 12:34am
Msg #189622
How low will you go? Never was much good at Limbo.
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Reply by Karen Burch on 5/10/07 5:41am
Msg #189629
The sarcastic one liners from the same people are getting real old....Never any useful information just garbage....Get a life......
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Reply by Christine/NJ on 5/10/07 7:19am
Msg #189633
I agree with you Karen! Personally, I think it is a bit low and I would not accept it in most cases. As easy as it is sounds the work is still the same. Gas is pricey these days. But if you are having a real slow month you should weigh your options if it is worth it to you. If the closing is in my town and I was super slow I might be tempted. But $50 is in most cases is not worth the energy. Everyone has their breaking points and standards. Best of luck to you! =}
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Reply by NCLisa on 5/10/07 8:28am
Msg #189639
Remember, if you take the lowball jobs, then you are stuck with them! No raising your fees because you agreed to them. Can you really make your business work on $45 closings, or at the end of the month, will you have lost money? Does $45 actually cover your expenses for one closing?
I don't leave my house for less than $100. And I have no problem getting that. The only slow time I've got is right now, I've taken today and tomorrow off as I've lost my voice. I know what my time and experience is worth.
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Reply by Heather Templin on 5/10/07 11:43am
Msg #189684
I have to say Karen, I agree with you. I really get a lot of useful information from this site, but I am half affraid to post anything.
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Reply by DogmongerCA on 5/10/07 9:21am
Msg #189650
I think you are selling yourself short
But it is your business. You should consider, that YOU set your fees, not your customers. Next time you pull up to the pump, tell them you want to fill up, but you will only pay 10% less than the advertised price. You may have to push the car home.Best of luck to you:-)
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Reply by Barb/MO on 5/10/07 9:25am
Msg #189651
Cutting fee b/c they have to, or just b/c they can?
It's hard for me to believe that they really need to shave closing costs so close that they can't pay a decent fee for the signing. Could it be that Ditech knows there are plenty of SSs and SAs out there that will do it for that, so that's what's driving the fee cutting?
My thought is that if those are the fees of the future, I'd be finding something else to do, because that's not going to pay well enough to make it worth my while. As it is, I'd look on this current fee-cutting season as an opportunity to develop other service offerings to complement those I already provide, as some here have already done or are doing.
I agree with others who say that we have to stick with what we believe is fair and just for us, and let the market conditions settle this issue in due time. To accept less than we think we're worth would only hasten the demise of the decent SA fee.
As to the $45 fee specifically, that would translate to a very low annual salary rate here in the Midwest factoring in the time, expenses and taxes. I know the cost of living is considerably higher in CA, so there's no way I'd accept that fee if I were there.
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Reply by LauriecPA on 5/10/07 9:57am
Msg #189660
Re: $50 is far too low, much less $45.
I remember a couple of years ago, I was thinking the same thing, the loans are easy to close, what the heck, it's only a few blocks from my other closing, I can make an "easy" $50. The loan was far diiferent than most of the Ditechs I've closed. It was almost the size of an Ameriquest. There were more affidavits in there than I had ever seen in a Ditech pkg. Then, to top it off, the wrong date was printed on the RTC. I drew a single line through the signing date, had the BOs initial, drew a single line through the RTC date, had the BOs initial and of course, they signed. Okay, so after my other closings, I did the fax backs and waited for the approval. Approval police call the next day and tell me I have to have the BOs initial twice on each line of the RTC, where the single line and been drawn and where the new date was written in, which is basically right on top of each other. So, they needed 4 sets of initials and the sig. I had to drive to each of the BOs work place to have them initial this form over their initals.
Okay, I learned 2 lessons, have the BOs over inital every doc and never accept a $50 assignment from LoanClosers again.
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Reply by bigdog on 5/10/07 10:33am
Msg #189668
Re: $50 is far too low, much less $45.
My minimum for SS is $65.00 plus e-docs. If they overnight, my minimum is 85.00. Either way, I get my money. I don't recall many SS that didn't accept it. Bottom line, are you making money at 45.00 or are you losing. In the end, all SA's lose by those willing to accept these low ball signing fees.
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Reply by rengel/CA on 5/10/07 11:05am
Msg #189679
And in a couple of months..........
these same $45 signers will be in here whining about not being paid from these lowballers. I have found that the more they try to lower my fee and the more hoops I have to jump, the less likely I am to get paid.
My .02
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Reply by MaryH/AL on 5/10/07 10:47am
Msg #189674
I've several calls this week for these $45 jobs, one just this morning for 50+ miles one-way! I gave him my bare minimum fee then he argued with me over the distance! I told him that was my fee and he said "well I have someone who will do it cheaper than you" LOL! I said "Good for you" and hung up. NEVER!!
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Reply by Christine/NJ on 5/10/07 12:11pm
Msg #189692
There are times when I jump through so many hoops to complete a closing that even my $100 fee (not including my E-doc charge) does not seem worth it. Yes carefully weigh your options. You are the one who should be in charge of what your fees are not the LO. You will find in the end that the work is the same it is not worth to accept the low offers.
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Reply by jba/fl on 5/10/07 1:40pm
Msg #189706
Schedulers arguing over distance is a hoot. They calculate zip to zip, not address to address, which can be a considerable distance. I keep MapQuest always on and do my add. to zip if I can't remember off top of head.
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Reply by Mary L Meadows on 5/10/07 2:19pm
Msg #189718
I told him that I have lived here 20 years and drive to that city an average of 3 times a week doing closings, and I certainly knew the distance. I don't know who these people think they are sometimes! They think if you are listed as a SA and they call you that you should take the job? Ha!
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Reply by PA_Notary_II on 5/10/07 2:27pm
Msg #189721
Re: Loan Closers - Ditech $45 jobs....OK how about this...
My business plan is to service every available client, within reason. I think that if you turn off a scheduler flat or get sarcastic with them, you're demeaning yourself and creating a hostile business relationship. Agreed, their offer (demand, really) is ridiculous. However, I was offered $40.00 yesterday for a Saturday closing that was 50 miles round trip. I could have jumped through the phone and strangled somebody, but instead, I said I'll do all the $40 closings you can give me......if you'll have the bwrs come to my in home office. I KNOW they won't agree to that, but I made my point and instead of pi$$ing someone off, I think I gave them pause to think what they were asking. I will not accept $40 under any other circumstance, but hey.....you come to me and I'll consider it. My .02 ...
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Reply by jba/fl on 5/10/07 3:06pm
Msg #189723
What an excellent phrase to add to my vocabulary... n/m
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Reply by PAW on 5/10/07 3:12pm
Msg #189725
$40 for in-your-office signings?
What would you do if they accepted your counter offer? I hope you would do a bunch so you can pay for your commercial liability insurance, possible licensing issues and everything else necessary to provide "walk-in" service to the public.  Of course, I don't expect them to accept your offer any more than you did, but, it does make one think of the possibilities and necessities.
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Reply by jba/fl on 5/10/07 3:32pm
Msg #189728
Re: $40 for in-your-office signings?
True, but IF it was accepted, I would suggest restaurant on the corner - I quite frankly don't want any strangers in my home office. But, I do like to remain pleasant in all business situations, and that is the point of reply.
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