Posted by ma/fl on 8/5/08 5:42pm
Msg #258691

e-signings fee

I had my first e-signing and need to know whether the fee shoud be the same as edocs. There were approximately 3/4 as many docs to print and return as well as a copy for the borrower. I asked for an additional $25, but felt that I should have charged more because of the additional time and work it took to do e-signings.

Reply by MW/VA on 8/5/08 6:03pm
Msg #258695

IMO, there are a lot of factors in determining the fee for e-signing. Even though we don't have to print quite as many docs upfront, there is the extra step. Then there is the issue of equipment. If we are using our own laptop/aircard we will need to charge for that. My guidelines at this point are the same fee as for edocs + $25. but I'm going to handle it on a case by case basis. It is the lender who benefits most from these (apparently, it speeds the funding process). Keep in mind that the broker or tc is paying a fairly large penalty if it doesn't go e-sign. It's like any other fee, we will need to negotiate & see what the market will bear.

Reply by MichiganAl on 8/5/08 6:29pm
Msg #258699

My fee for e-signings is the same as my fee for full purchase closings with a buyer and seller. I turned down an e-signing last week because the SS that called me felt the fee should be the same as a regular refi. He didn't agree that these signings take longer, but my feeling is if he'd ever actually closed one himself instead of just brokering it along he'd know they are time consuming. I'll do them, but at a fair fee.

Reply by Lee/AR on 8/6/08 10:10am
Msg #258809

Michigan Al is right...

These are not the 'equivalent' of a standard refi... More services = higher fee. It's that simple. Not printing some docs is about the same as 'a small pkg.'. We are a Service, bill as such.