Posted by PJM/MI on 9/17/07 8:08am
Msg #211464

AHA! We're not the only ones

who are being asked to cut our fees. Appraisers are just now being asked to cut their fees, and they are not too happy about it.

Reply by NCLisa on 9/17/07 8:24am
Msg #211465

Please post the article or reference that you obtained this

information from.

Reply by Kevin/Ct on 9/17/07 9:07am
Msg #211469

The abstractors also are being requested to drop their fees to the point of destroying any profit margin.

Reply by LJ on 9/17/07 9:16am
Msg #211470

I don't think there is an industry in the country that hasn't asked its employees to take some kind of cut, whether in pay or insurance coverage. A lot of employers are asking employees to pay more of their health insurance. Sign of the times I'm afraid. We are not immune.

Reply by Lee/AR on 9/17/07 9:22am
Msg #211471

Looks like everyone needs to learn that you can't make silk purses out of sows ears, as my grandmother used to say. Quality is needed and the price must be paid for it. I guess a few more 'cheap' companies will need to pay the ultimate price for the error of their cheap ways before this straightens out. Meanwhile, we must keep saying NO to the lowering of fees and stand firm against the mad rush to the bottom.

Reply by janCA on 9/17/07 9:28am
Msg #211472

I haven't seen where the title companies and/or lenders are cutting their fees, though. In fact, some seem higher to me.

Reply by CJ on 9/17/07 9:56am
Msg #211476

title companies

I talked to one of my SS about why SSs in general are trying to cut their fees to us. This SS said that the title companies are getting less work, so in order to pay their overhead, they are keeping more of their money, and giving the SS less. This SS told me that he knows notaies are owed hundreds by various SS, but he is owed thousands by the title company. (He said $5,000).

He said one notarary said, "I see on the HUD that you are getting all that money, so you can afford to pay me more". He said the notary didn't know that some of that was back money owed to him.

So I am guessing that the title companies must be charging more to make up for the drop in volume. Must be nice. Everyone else has less volume, and offered less money per job.

Reply by Sylvia_FL on 9/17/07 10:05am
Msg #211478

Re: title companies

, "I see on the HUD that you are getting all that money, so you can afford to pay me more". He said the notary didn't know that some of that was back money owed to him."

Are you saying that the title company is charging that particular borrower for the back money owed to the SS??????

Incidentally I have not cut my fees to my signing agents, and the title companies I work with haven't cut their fees to my signing service.

Reply by Les_CO on 9/17/07 10:22am
Msg #211485

Re: title companies/Sylvia

Everyone on this, and other boards respects your opinion. Now if they all would only follow your example when it comes to fees, we wouldn't be having these discussions.

Bravo!

Reply by Sylvia_FL on 9/17/07 10:30am
Msg #211488

Re: title companies/Sylvia

Thanks Les. I like to think I am fair with my fees.

Reply by BrendaTx on 9/17/07 11:20am
Msg #211512

Re: title companies

**Are you saying that the title company is charging that particular borrower for the back money owed to the SS??????**

Exactly, Sylvia...my eyebrows just about flew behind my head.

That is the most ridiculous explanation yet by an SS, if not illegal.

The minute I would have heard that from the SS I would be crystal clear on the fact that Mr. SS thought I was a moron.

Reply by BrendaTx on 9/17/07 11:23am
Msg #211513

Re: title companies

That entire post I just made sounds awkard. Bottom line: The SS owner CJ references is a liar..........or.............the title company is charging the new borrower for an old borrower's expenses....what do you all think.

Reply by Teresa/FL on 9/17/07 3:39pm
Msg #211572

Re: title companies

Sounds like something illegal is going on, or at the very least unethical.

Reply by CJ on 9/17/07 9:16pm
Msg #211652

I am not lying,

But maybe I somehow got my story mixed up. This is what I remember them saying. I could have remembered it incorrectly, or maybe I misunderstood him. Maybe he meant he was glad to be getting anything since they owe him so much. The POINT was: we are trying to get paid, and so is he. I don't think he is the unethical type, but we were yakking while I was driving and we were talking about how slow it was. Please don't cruficy him. It is probably my misunderstanding.

Reply by BrendaTx on 9/18/07 8:23pm
Msg #211854

Re: I am not lying--CJ, I didn't say you were lying.

I said the SS sounds like a liar.

I would have been pretty T'd off if I'd have thought that is what I'd heard...would have been really up in arms for the reasons previously stated.

I am just surprised that with twice as much experience as me and a similar legal background you wouldn't have said, "Do the heck what??!!?"

Reply by Les_CO on 9/17/07 9:50am
Msg #211473

Re:Lee

Exactly! The primary reason Title Companies and SS's are lowering fees paid (not the fees charged the borrower) is because there are Notaries out there accepting them. I know of one Title company that has just lowered their fees (overnight) from $100 to $60, a decision made by accounting, not the actual title people/schedulers ("If we cut the Notary fees we pay by $20, or more, just think of the extra profit we will make!" Now these bean counters haven't a clue about closings, and could care less. They think about bottom line only. It's been tough on the schedulers, but they have closed 85 so far in September.

Reply by LJ on 9/17/07 10:11am
Msg #211481

One SS told me

that he had to buy gift cards to resturants to give to the LO to keep the business. He has been hit hard and has to do whatever he can to keep them happy. I did take a closing from him that I should have been paid a little more for but I still did ok. He pays in 10 days and he is one of my favorites and one of the only SS that I will still work for. He pays well and ontime. I am positive that he is in this for the long haul also and when it turns around, he will remember me.

Reply by Sylvia_FL on 9/17/07 10:29am
Msg #211487

Re: One SS told me

I send my title companies a gift at Christmas to thank them for their business throughout the year.

Reply by LJ on 9/17/07 10:41am
Msg #211493

Re: One SS told me

I have done the same thing for several also. I took this is he does this at the least monthly. Could run up quite a tab.

Reply by Lisa Prestegard on 9/17/07 5:10pm
Msg #211606

Wow... in Florida, it is not only unethical but illegal

Inducements, or 'kick-backs' from TC's to clients (be they Realtors, LO's, Mtg. Co's) are limited to $xx per year, per client. If you exceed that by giving, say, Dolphin's box seat tickets to your favorite LO... BIG trouble.

Florida DBPR would be most interested in hearing about inducements exceeding the limit set by the Dept. of Insurance.

Reply by LindaD/NJ on 9/17/07 1:18pm
Msg #211529

Tell them to get use to it n/m

Reply by Lee/AR on 9/17/07 2:29pm
Msg #211554

Re: Tell them to get use to it

Nope. They need to start saying NO...NO, NO, NO, NO and NO!