Posted by Negrete on 10/9/08 11:07am
Msg #266743

Loan Modifications

OK folks, I have a new client that wants me to give a price quote on a voulme of Loan Modifications.

What would a notary charge me to do a Loan Modification of 7 pages and the documents only require 1 notarization. The documents would also be overnighted to the borrower, so no printing or anything other than showing up for about 10 minutes at the very most.

I would do my best to keep the notaries with-in a 10 mile radius.

Any response would be greatly appiciated.

Anthony J Negrete

Reply by ME/NJ on 10/9/08 11:14am
Msg #266746

I would charge between 40-50 per mod. I treat it like a med record run. Min price to travel.

Reply by Todd/OH on 10/9/08 3:37pm
Msg #266800

I would charge $50.

Reply by Les_CO on 10/9/08 11:16am
Msg #266747

See message #266647. But if what they say is true?? I'd quote at least $75, and try and pay the notary $45-$50.

Reply by Calnotary on 10/9/08 11:18am
Msg #266749

Hey Tony! Not all of them are 10 minute sign, I have waited 35 or 40 minutes for the borrower to show up. They are late because of traffic, Dr appts. etc. Then some of them ask to fax the notarized document so that's a trip back to the office instead of just dropping the document in the next fed ex drop box in your backway home. So a 10 mile that's 20miles/1= 20 dollars just vehicle charge 10 dollar one notarization another 10 miles to drop package plus your time, I will do them for 70.00 dollars. I know some offers 35.00 I just laugh at those fees. It seems that those SS are the only ones that want to make a profit out of the modifications. How much are you offering Tony?

Reply by KODI/CA on 10/9/08 11:40am
Msg #266760

$50 - $60 for me.

Reply by Barbara___IL on 10/9/08 11:20am
Msg #266751

$40-$50 would be fine for me.

Reply by SharonH/OH on 10/9/08 11:23am
Msg #266752

I've done two of these in recent months, but they were only 3 pages (2 pages of contract, one acknowledgement page). I charge between $35 and $50, but the $35 has to be really, really close.

Reply by Pete/MD on 10/9/08 11:24am
Msg #266754

agreed $40-50

Reply by Amalia Contreras on 10/9/08 11:27am
Msg #266756

$40 - $50

Reply by LindaD/NJ on 10/9/08 11:30am
Msg #266759

Hi Tony, $35 to 50, agree $35 in my area

Reply by NCLisa on 10/9/08 11:49am
Msg #266765

I usally do them for $50. Most of them are 20 to 40 miles one way, as we have so much rural area here in NC. I've also found that very rarely do they take 10 minutes, it is usually 30 minutes because the borrower doesn't bother to read the or look at them until I get there.

Reply by Negrete on 10/9/08 11:55am
Msg #266768

I would like to thank all of you for your answers.

I will now pass this info onto my title company I am working with.

If I don't get them someone alse will.

I will quote my fees according to what I have read here.

( Trust me when I say this, I won't be making a whole lot off of these closings. )

Anthony J Negrete

Reply by Linda_H/FL on 10/9/08 5:37pm
Msg #266825

$50-$60 for me..

Reply by Lynn/FL on 10/9/08 11:58am
Msg #266769

I would charge $45-$60 depending on the distance of travel.

Reply by anita55109 on 10/9/08 1:39pm
Msg #266782

I saw a publication yesterday that BancAmerica will be doing 600,000 loan modifications in the next 6 months. We need to get our pricing down pat and get ready for the bailout affects. This could be a rumor but I was told they will be offering 4.5%. Seems a bit low but I guess it's better than getting a house you don't want.

Reply by sue_pa on 10/9/08 12:23pm
Msg #266772

appt. time

For the low fees offered for modifications (granted much, much less work than a refi), the appt. time should be open. The ones I've done where borrowers called me directly gave them 10 days to send their paperwork in. When assigning these orders, you should be giving 3-5 days leeway - giving you the extra time to find someone else if your notary doesn't come through.

As for the guy who said he waits 35-45 (?) minutes for borrowers to show up, why? If they're not there, they're not there. They can reschedule. If one of them is not there within 10 minutes of the appointment time, I can guarantee you that 99.99% of the time they're not going to show up.

$50 would be the minimum fee. 10 mile drive = 20 minutes x 2 = 40 minutes. 15 minutes w/borrowers - they have to clear the table, get their licenses, talk to the kids, get the FE enevlope out, actually sign, etc. Of course some will be ready and you'll be out the door in 5 minutes. some will take 1/2 hour - thus the 15 minute average. Bookkeeping, office work, etc. You're looking at minimum one hour. $50 an hour for a BUSINESS is nothing. But, with the climate of our business right now, we all know that getting more than $50 for a modification probably isn't going to happen. I've done them for three title companies and received $50. When I get the calls direct from borrowers, I've charged $50.

Reply by Calnotary on 10/9/08 1:25pm
Msg #266777

Re:sue_pa

When I waited for this person, the husband was cooking dinner and he told me that the wife was just a few blocks in a traffic jam, I was there on time then 10 minutes, 15, 25, 35 then she appeared at the front door. I know, I do not wait that long, but when they are telling you to please wait, you can't just leave. I always wait if I don't have another appt.

Reply by sue_pa on 10/9/08 1:35pm
Msg #266780

I know ...

been there, done that. That's why I no longer believe them. I ask to speak to the 'missing' party and ask exactly where they are. I know how far away the corner of Maple & Main, Target, Exit 22, etc., are. Most are not that quick at lying so they tell the truth. 10th in line at WalMart will a full basket, leaving work 'right now', still on the Baltimore Beltway, gives me an accurate gauge of what I want to do more to me than "10 more minutes". The last time I had one of them she was actually at her child's baseball/soccer parents meeting - apparently team snacks were more important to her than huge financial decisions that will a/effect them the rest of their lives !!! One time a wife told me '10 more minutes". The teenage kids cracked up and said that really meant an hour if their dad was true to form. Guess who walked? As for my team mom lady, husband was furious at her because I was walking and told him she had to come to me if she wanted it to close that night ... a 45 minute drive each way. She pulled up as I was walking out. Thankfully, this happens seldom.

Reply by Linda_H/FL on 10/9/08 5:40pm
Msg #266828

And might I add, Sue

for the fees they bring in faxbacks are out of the question - MHO

Reply by jojo_MN on 10/9/08 6:13pm
Msg #266835

Re: And might I add, Sue

I've done many modifications. The ones I did were only five pages long, two signatures and no notarizations. The total fax back was only four pages. I consider this as a part of the job.

Reply by Linda_H/FL on 10/9/08 6:46pm
Msg #266840

Not when I have to drive min. 15 miles out...

15 miles home to fax then 15 miles back out to drop the package then home again - that 5-page signing just became a 60 mile trip.....the package doesn't come home with me..

Reply by jojo_MN on 10/9/08 7:10pm
Msg #266843

Re: Not when I have to drive min. 15 miles out...

In that case, I thoroughly agree with you. Usually the modifications aren't date-sensitive and you don't have to send them back the same day. I would check with the hiring entity, though.
I've never had specific times scheduled for mods. I'm usually told to have them signed "sometime in the next couple days--make arrangements with borrower".

Reply by CopperheadVA on 10/9/08 1:56pm
Msg #266785

$50

Reply by goodgirl on 10/9/08 3:50pm
Msg #266803

50 bucks.

Reply by Tish/CA on 10/9/08 3:56pm
Msg #266804

$50.

Reply by Linda Juenger on 10/9/08 4:35pm
Msg #266809

$50 n/m

Reply by Becca_FL on 10/9/08 5:05pm
Msg #266818

$45-$65 depending on mileage.

$45 - w/i 5 miles
$55 - w/i 10 miles
$65 - w/i 20 miles

Reply by Mamie on 10/9/08 6:22pm
Msg #266837

Re: $45-$65 depending on mileage.

Still have to drive, wait for clients to clear area, go through documents, cause client hasn't looked at them. I've done several and get 50. Usually client called.

Reply by MichiganAl on 10/11/08 12:04am
Msg #266983

I get $75

I'd consider less if it were within a 10 mile radius.