Posted by CLOSERS LLC - JAS LOAN on 8/16/08 9:53am
Msg #260302

Service Link (reduced fees for volume)

This company asked me to reduce my fee. They were getting Citi loans and for the volume I would get it would make up the difference for the reduced fees.

Well here is the story I was hired by another company that pays well and they are getting the CITI loans from Service Link. The other signing company has hired me to do these closing.

On 8/15/08 I went to do a closing and the Loan Officer is sitting in his car and stopped me and ask if I was the notary for this closing. Well he shows me this paper and it says that his friend who is an attorney is suppose to be closing this loan. He has a memo from CITI with the attorney's name on it.

I called the company who hired me and then told the loan officer that we should go in instead of making the borrowers wait (he had already made us 10 minutes past appointment time.)

The attorney was still on his way to the closing and claimed he was tied up in traffic. (at that time of day and the direction he was coming from there was no problem I had just turned my radio off. He just did not allow enough time.)

Service Link is giving the closings and the notaries are getting the leftovers and at reduced fees.

I have a hard time believing that CITI had this loan officer for 30 yrs (according to him).

He kept trying to talk sports during the whole closing instead of the loan.

Barb

Reply by Lee/AR on 8/16/08 10:47am
Msg #260306

Not sure I'm following the whole LO/Atty story...but am addressing the 'reduced fees for volume'. Why? Do you use less gas, time, materials because you have more signings? What, exactly, constitutes 'volume'? Can they guarantee X#/wk? The only (for me, as rare as a Unicorn) circumstances that I could see where a 'travel fee' discount might be acceptable would be if they were in roughly the same place at consecutive times. Other than that, you're being played, imo.

Reply by Maureen_nh on 8/16/08 11:51am
Msg #260315

Well, who did the closing, you or the attorney?
I had an LO at a signing the other day ( late also ) who talked about everything but the loan and fluffed off a couple of questions. THEN cause he was such good buddies with the borrower he took the HUD with him cause there weren't three copies. I offered to e-mail it but he wasn't having that little solution. Not that I am suspicious, but methinks he didn't want his good buddy to get more than a five minute look at those inflated closing costs.

Almost all I have gotten from SL lately are Countrywide with nearly full pkg faxbacks. Do I really want a lot of those?

Reply by MW/VA on 8/16/08 2:53pm
Msg #260341

I have recently had issues with SL over some BOA RM signings (another thread).
I wasn't signed up with them because of their fee structure. I couldn't believe it, frankly:$45/20 base/edocs to be called 1st; $$50/20 base/edocs to be called 2nd,
$55/20 base/edocs to be called 3rd, $60/20 base to be called 4th. Also says, "Any fee higher will result in few calls or none at all". They require a lot of documentation & contracts to sign.
GEEZ! I don't work for that kind of fee, & won't work for a company that uses that kind of tactics (pressure/coercion). So they promise you "volume". If you're not making any money, why would volume make a difference. We are not WalMart!

Reply by CF on 8/16/08 4:15pm
Msg #260345

Actually you would be making more working at Wal-Mart then accepting an edoc signing at $65.00 unless it was next door to you and your whole sub refied in the same month would this be a smart business decision- and then you would only make money that month. LOL