Posted by CarmeB/IL on 4/1/08 10:53am
Msg #241578

Fees

Good Morning...

I am a little under a year to this... I believe I may be getting robbed by companies based on what I am reading here...Can you all please tell me what the average should be for refinancing and loan modifications with (9) pages? Thanks.

Reply by Philip Johnson on 4/1/08 11:03am
Msg #241579

Robbed?

You set a rate that covered your costs, paid what you owed to the folks in Springfield and Washington and made a reasonable profit. Why do you think you got robbed by some other entity?

Reply by CarmeB/IL on 4/1/08 11:17am
Msg #241581

Re: Robbed?

I am looking at the fees that people are asking or have gotten paid....one company has been paying me $30 for loan modifications and I believe another paid me $50 for refinancing

Reply by Linda_H/FL on 4/1/08 11:26am
Msg #241583

You're not being robbed - you're underpricing yourself...

sounds like maybe you didn't do any research and/or establish a business plan before you set your fee schedule...you can't blame companies for paying you only $30 or $50 when you've willingly accepted those fees...no one to blame but yourself...MHO

Reply by Kathy/ID on 4/1/08 11:34am
Msg #241584

Re: Robbed?

If you are doing a refinance for $50.00 then I am sure you are not making any money. It is more than likely costing you money. You need to take into consideration your toner, paper, supplies, gas, vehicle wear, your time for printing, time at borrowers. All this needs to be compensated for. Then after all that you still need to have a profit. I cannot do that for $50.00 and still have anything left for profit. That is me and my business rules. In my opinion you need to figure this all up and recalculate your fees. This is your business and you need to set the fees not the other way around.

Let me ask you this, when you go to the doctor's office, do you say I am willing to pay this for your services. Or do you just get given a price that they charge you for their services.

You have to think in those terms or you will never survive.

Just giving my opinion.

Reply by CarmeB/IL on 4/1/08 11:44am
Msg #241588

Re: Robbed?

I appreciate the information. I know that they tell me how much they pay. However, I am not sure if I signed-up for a particular fee or not. However, being new to the mobile world. I probably set myself too low as you stated. When they call me they tell me how much they are going to pay. Both of the companies have a good rating and have paid me within a couple of weeks. Can anyone tell me how much the going amount would be for these? Thanks.

Reply by Kathy/ID on 4/1/08 11:58am
Msg #241589

Re: Robbed?

There is no set one fee to charge. When I was signing up with companies if I put a dollar amount on there, then I kept a copy so that I can see what I said. I had one that called me and I accepted the first assignment for the fee I stated. I also made the scheduler away that my fee had increased and that my base fee was now xxx. I also sent back their contract stating the new fee.

Fees are different in different parts of the country. Your best thing is to possible network with others in your area.

Reply by Sylvia_FL on 4/1/08 12:07pm
Msg #241593

Re: Robbed?

Carmen
If you accept the fee that you are offered and are paid the fee agreed on, then you are not being robbed.

It was up to you (and should have been done when you were formulating your business plan) to have sat down and figured the fee to charge for you to make a profit, and quoted YOUR fee when called to do a signing. If they offered a low fee then you could have turned it down. But if you accept the fee offered then you have to live with your decision.

Reply by LKT/CA on 4/1/08 11:37am
Msg #241585

Use orange search button to find message 183435. It's food for thought.

Reply by LisaWI on 4/1/08 11:43am
Msg #241587

Carme,
Have you considered networking with some local NSA's? Or NSA's from Illinois? I highly recommend it if you can. Networking is wonderful and you can discuss issues and other areas of interest with people who are in the same profession as you.

Good Luck to you.

Reply by CarmeB/IL on 4/1/08 12:22pm
Msg #241596

Thanks for your information; I read the message from yesterday about the $65 being too late and used the word robbed...I guess I should have stated "Offered Lower Fees"....As I mentioned I am new to this...It has been about 9 months but I work in another line of profession. Therefore, I do this part time and don't get a chance to come to this site often and don't have any idea how to network other than on here.

I will do that search...as soon as I find the orange button. lol THANKS!!!!

Reply by jba/fl on 4/1/08 4:07pm
Msg #241627

CarmeB

"...I do this part time..."

I like that you are showing a willingness to figure this all out re: fees, and that you are not showing the least bit of defensiveness at the responses you are receiving. This shows good character. I know you have found the orange search button by now, anyway, I feel that you have found it.

Setting fees entails a lot of factors, many mentioned here already. Remember, if you should ever do this fulltime leaving your other profession or reducing those hours, you are going to want to profit. And you are not going to be wanting to be known as the 'cheapie notary'. Once you start low, it is hard to price upwards with the companies that you have, and you may have to drop them in order to stay profitable. It happens to us all (most anyway) and then when they drop their fees you need to stay firm, in which case you will be dropping them also.

There is so much info here to avail yourself; I hope you will be reading a lot as you will learn a lot. Everything from who pays and what, how to handle certain situations, equipment and how to maintain it and cheaply (ok in this instance) but effectively, phone plans, etc. Even if you don't continue w/loan signings, much here is geared to having a profitable, successful business and will serve you well in any endeavor.

Much success to you.

Reply by CarmeB/IL on 4/1/08 12:36pm
Msg #241599

I found it....it helps

Thanks...

Reply by MistarellaFL on 4/1/08 1:37pm
Msg #241605

Helpful message# 33325 n/m

Reply by Glenn Strickler on 4/1/08 12:08pm
Msg #241594

I am having a senior moment ......

Did you say $50 for a 9 page loan modification? 5 minutes work? Sounds like everyone replying wants to get the same fee for this as a 100 page re-fi with edocs ... What am I missing here?

I am not saying $50 is your correct price. You need to set the prices according to your area and expenses. I don't do full loans for anywhere near that price, put to get a couple of docs signed and in my neighborhood, I have done quite a few for $50-60. For a full refi with edocs, I don't leave my house for less than $125... It's not worth it ..... But that's just me.

Reply by Linda_H/FL on 4/1/08 12:14pm
Msg #241595

She said $30 for a modification - $50 for a refi n/m

Reply by Glenn Strickler on 4/1/08 12:37pm
Msg #241600

More caffeine please ...

My brain just wouldn't work. ... Got it ....

Reply by CarmeB/IL on 4/1/08 12:26pm
Msg #241597

Re: I am having a senior moment ......

$50 was for a refi and $30 was for loan mods with 9 pages....However, they have been within 10 mins max from my house; Glenn I really appreciate you providing me with some figure to keep in mind...I do understand...Thanks.

Reply by Cari on 4/1/08 7:19pm
Msg #241674

maybe that's why MY business has slowed.....:)

you are so under pricing your services...pm me what areas you cover if you don't mind, I'm in Chicago.