Posted by OCH/PA on 8/12/08 8:53pm
Msg #259852

Minimum Loan Signing Fee

Hey Guys! I'm a new signing agent. Being new in the business with very little experience, what would be a realistic fee to charge for signings. Also, what is the reason for charging a higher fee for one particular type of loan as opposed to another; is it because of the size of the loan package, and are ther other reasons. Thanks for your quick responses.

Reply by Scamp/AZ on 8/12/08 9:07pm
Msg #259856

OMG put on your flack jacket, you are going to be shot at like you never thought possible. It is always best to just read the forum for a while before posting. These are not people who take kindly to newbies.

Reply by Charles_Ca on 8/12/08 10:16pm
Msg #259876

Scamp, it's not newbies it's questions where there has been

no effort expended to find the answer, As you said the answer is here but it is not an easy answer. A quick search would provide a lot of material. Is it too much to expect someone starting a business to at least figure out what they need to cha'rge to survive? I really can't for the life of me figure out why someone will get into a business and they haven't the foggiest idea of the finances. How will they ever make it work?

Reply by MW/VA on 8/12/08 9:10pm
Msg #259857

Use the orange search button to pull up archives of posts on fees or other topics you need information on. Good luck!

Reply by ZeeCA on 8/12/08 9:14pm
Msg #259858

Just MY 2c but I would develop a business plan that seems to

be more than popping up in a forum and chirping for direction.........

also, again JMO but from your posting it sounds like you should figure out what you will do BEFORE some poor BO is stuck with you for a signing...........

JMO

Reply by GA/Atty on 8/12/08 9:32pm
Msg #259866

I suggest minimum fee of $125; biggest factor in determining

any additional fee is travel distance, in my opinion.

Reply by Charles_Ca on 8/12/08 10:18pm
Msg #259877

With all due respect GA/Atty but why would you suggest

a fee having no idea of what this person's costs of doing business might be?

Reply by GA/Atty on 8/12/08 10:31pm
Msg #259881

Well - I do have some idea of the costs - many folks here do n/m

Reply by CaliNotary on 8/12/08 10:31pm
Msg #259882

We all have the same basic costs of doing business

And you've been reading this board long enough to know that our base fees are all in the same ballpark. It's not like some of us are getting $500 a pop while others are only getting $60. And i'm not counting the lowballers in that ballpark.

What he quoted isn't unreasonable for anybody. Unrealistic for a lot of companies to ever consider paying that much, yes, especially to a newbie in 2008, but reasonable for the industry as a whole.

Reply by Charles_Ca on 8/12/08 11:15pm
Msg #259886

I don't disagree Cali, but costs and profit margin are an

individual decision. I have no idea what your profit margin is but I am sure that you know exactly what you want to make as do I. I believe that each and everyone should know their costs and how much they actually make. I also believe that everyone should come to that conclusion themsleves, I did, I suspect so did you and so did GA/Atty. I doubt that someone told either of you what to charge. If the poster does not know the interaction of their figures how can they understand what is happening in their business? How can they succeed?

Reply by Luana Lonergan on 8/13/08 8:21am
Msg #259891

Re: I don't disagree Cali, but costs and profit margin are an

Why would anyone in their right mind get into this business at this time in the mortgage market? I know. They heard thru the grapevine that someone made $60.00 for a signing and that seems like a big deal. At least once a week a new notary shows up. I wish somehow it could be known all over the country just how bad the market is. During the month of June, I did not have one re-fi signing, all were RM's and if that is what you are called to do, you had better know what it's all about. I think that everyone that wants to become a signing agent should have to pass an exam like I had to in order to become a real estate agent. Not many would be willing to go that route. For 35.00 in Virginia you can become a notary. It takes more than that to become a signing agent. I wish anyone good luck in this business but don't go into it blindfolded.

Reply by MistarellaFL on 8/13/08 10:57am
Msg #259920

Absolutely agree with Luana n/m

Reply by LynnNC on 8/13/08 10:43am
Msg #259918

For a newbie...

I would suggest newbies take some SS closings for $100 with edocs to get exerience. Those of us that want $125 minimum don't take those jobs anyway, so it doesn't dilute what we can charge.

Reply by LynnNC on 8/13/08 10:47am
Msg #259919

OCH - you will feel "Ouch"...

...when you ask questions on this forum that you could have researched using the orange search button. I read all posts for four months before I started as a NSA and learned a great deal.

Reply by Pat on 8/13/08 7:07pm
Msg #259981

Re: OCH - you will feel "Ouch"...

I would be willing to bet this newbie does not know what you mean by "SS". You also should explain how to research using the orange search button. Remember.. this person is a newbie. We were all newbies once, in case anybody has forgotten that fact.