Posted by CopperheadVA on 8/13/08 1:14pm
Msg #259935

MIS - Mortgage Information Services lowers fees

I did a job for MIS (located in Cleveland, OH) just last month in early July at the usual high fee they have always paid. Just got a call today for another job but now they say they will only pay $125 - the scheduler said that as of March 2008 they pay a max of $125.

I'm not sure why they paid the usual higher fee last month, and then now say the lower fee has been in effect since March... has anyone else experienced this with MIS? It's still a decent fee for a job that's close-by and they have been one of the better companies around, but it's still disappointing that they have lowered their fees by so much.

Reply by MW/VA on 8/13/08 1:22pm
Msg #259936

I haven't worked with MIS in quite some time. This seems to be the trend. I do work mainly for tc's, and most are paying $125 now, which is less than I was charging when working directly with the tc's. I'm ok with that for now, since I know there has been a tremendous downturn in the industry. IMO it's better to be flexible on fees than to not be getting any work. We all do what we have to do.

Reply by John/CT on 8/13/08 1:35pm
Msg #259939

Re: MIS - Mortgage Information Services

A good company that still pays ... hopefully. Here's a couple lessons I learned recently:

After completing an assignment, I was asked to go back out and get a signature on an affidavit missing in the original package. Their confirmation for the second call had the same reference number as the first, but I was told there would be no problem. Unfortunately, their payment included only the first engagement. I had to jump thru all kinds of hoops to get paid on the second trip.

Connecticut is a "witness state", and when the borrower said he could not come up with one, the MIS scheduler agreed to pay an extra $25 for my wife to tag along as the second witness (me being the first). The scheduler told me he would make the correction to my fee in the system, but unfortunately, he did not. More hoops to jump thru before receiving the extra money.

Lessons learned ... for MIS ... and that matter, any other company: (1) Always ask for a new confirmation number if making an additional call (at their request, thru no error of your own) on an earlier engagement. (2) Get a new written confirmation for any verbal increase in a previously agreed-upon fee

Reply by John/CT on 8/13/08 1:40pm
Msg #259940

Re: MIS - Mortgage Information Services --- Ooops

Two witnesses to signatures on deeds recorded in Connecticut are required. I should have been more specific in my second item above.

Reply by desktopfull on 8/13/08 2:49pm
Msg #259951

Re: MIS - Mortgage Information Services

Did you send an invoice with the additional document that you had signed and returned? I've never had a problem unless I forgot to include an invoice.

Reply by Les_CO on 8/13/08 2:20pm
Msg #259946

Back in the "good ol' days I did....maybe 40-50 signings a month...maybe 3-5 for MIS, I then charged $150.....I now charge $125 for a std. refi, e-docs within 10 miles. (I post my fees, always have. Some say it's a no-no, but it's still my call) I now get maybe one every other month from MIS. This month I've done ONE refi. I've done some other notary business....but my refi/closing business has stopped. I'd say maybe 1/5 the business that WAS there, IS there now. And maybe 3 TIMES the notary "Signing Agents." THANKS NNA!!!! The only light at the end of the tunnel, is that the 'newbies' are dropping like flies, and the illegitimate SS's are too. Finding it almost impossible to get suckers to hire them, or (still many...hopefully trying.) suckers to work for them. Be thankeful you got a call from someone that actually pays, maybe less than in the 'ol days, but the 'ol days are GONE...Forever!

Reply by CopperheadVA on 8/13/08 2:31pm
Msg #259947

Les, yes I am thankful to get the call at all. Things are very slow for me here in VA as well - only one completed job so far this month, plus some small notary jobs for the general public. I accepted the $125 because the job is about 3 miles away from me, but they used to pay $175. I'm looking into doing something else because loan signings will no longer pay my son's college tuition bill.

Reply by Les_CO on 8/13/08 2:49pm
Msg #259952

I know you have been in this business a long time. I’ve seen your posts for years. (Thanks for sharing!!) I don’t know what to say…. I don’t see any positive signs here in Colorado. I went to Home Depot today…it was EMPTY (of customers) I had three people stop and ask if they could help me find something.
Then to Sam’s Club… ditto! No cars in the lot…no customers in the store, no lines at check out. I had my pick of three that were open.
Then to Costco…Costco was better, busier, even a small (one car) line at the gas pumps. But if I had been recently hired by any of these stores, I’d be looking for another job.

Reply by CopperheadVA on 8/13/08 8:54pm
Msg #259991

You're right, I've noticed the same thing with Home Depot and some other stores lately - very few customers. I think people are cutting back on other things because they have to reserve their cash for gasoline - there's always a line at my local cheaper gas station!

Reply by jba/fl on 8/13/08 8:46pm
Msg #259987

One of the things I have noticed over the past year: When a company lowers its fees, they end up going out of business by closing their doors or filing bankruptcy. This is one of the indicators of struggling companies.

Oh, I know there will be naysayers - ok, you all are entitled to your opinions. But think of the recent ones: LFC lowered fees, then again attempted to lower w/less success, but still got takers for their loans. There will always be those who just refuse to read the signs. There are others - we all have evidence of this through the various ones we have worked for. Yes, there are exceptions, and yes, there are those who will drag it out for many months, and yes, there will be those who 'just can't believe it' and even more who won't be paying attention and want to know a month later, 'where did they go? no phones answered'.

Caution to all ...don't ignore your instincts. Keep your realistic attitudes intact.

JMHO

Reply by CopperheadVA on 8/13/08 8:50pm
Msg #259989

<< One of the things I have noticed over the past year: When a company lowers its fees, they end up going out of business by closing their doors or filing bankruptcy. This is one of the indicators of struggling companies. >>

Yep, you're absolutely right!