Posted by HKT_TX on 8/19/09 10:01am
Msg #300773

Loan Application?

What would you guys charge for a loan application, about 60 miles away, she said about 35 pages, no notarization? Or, would you do it at all? I do this part time, and have never been asked to do this before.

Reply by MistarellaFL on 8/19/09 10:05am
Msg #300775

What kind of a loan application?

Purchase, refi, HECM or loan mod application?
You may want to research with the appropriate information.

Reply by HKT_TX on 8/19/09 10:08am
Msg #300778

Re: What kind of a loan application?

Yes, that is what I was wondering after I talked to her. I asked her what she meant by 'application' and all she said was a loan application. Guess if she calls back I will have to get more details. Can't do any work before 5:00 pm, and they wanted it done at 2:00.

Reply by Linda_H/FL on 8/19/09 10:06am
Msg #300776

I don't do them that far away - I restrict this service to my home county unless they "make me an offer I can't refuse". They normally don't pay more than $75-$80 for these, whis is not enough to warrant that extensive travel added to the time at the table if the applicants dont have all the supporting documents ready for you when you get there.

App 60 miles one way..printing, drive time, table time, package drop, etc....I'd charge $125 for this.

Reply by Linda_H/FL on 8/19/09 10:08am
Msg #300779

Re: Loan Application?...should add

Make sure it's a "loan application" and not a "Loan MODIFICATION Application"....

Search here for info on the mod apps.

Reply by HKT_TX on 8/19/09 10:11am
Msg #300780

Re: Loan Application?...should add

Yes, I have read about the Loan Modification apps on here. Don't want to do one of those! I mainly get calls only for refi's, because HELOC's have to be done in a Title or Attorney's office in Texas. Have done a few Structured Settlements, those are interesting! And I try to avoid Reverse Mortgages, if possible...

Reply by HKT_TX on 8/19/09 10:16am
Msg #300782

Thanks, Linda! I would actually charge $150 to do a refi that far. I think $125 would be appropriate, as long as it is not a mod app!

Reply by MW/VA on 8/19/09 10:07am
Msg #300777

Most companies only pay $50-$75 for a RESPA application signing. I know I wouldn't travel 60 miles for that. You will need to quote a fee that includes the travel & time involved (60 miles one way is at least one hour each way).

Reply by GA/Atty on 8/19/09 10:33am
Msg #300785

Same as for a regular loan closing n/m

Reply by A S Johnson on 8/19/09 12:05pm
Msg #300815

HKT,
You do not want to do a loan mod application where you pick up a check in Texas as the Texas AG is looking at these with zest (remember they are all ready in politicl campainge mode) with making public example of anyone invilved.
I have done (real) loan applications. They can be a pain in the neck because the applicant may need to supply documents that they have to search for. I had learn to allow 2 hours for this plus travel. My min fee for this would have been $160.
By the way, what part of Tx.

Reply by HKT_TX on 8/19/09 12:51pm
Msg #300835

A S, I am in Uvalde, TX, about 75 miles west of SA. That is why I do this part-time, not a big market for it in this rural area. I do maybe 1 or 2 a week, but June and July I had 3 or 4 a week! Good extra money! BTW, I took the job, I dont think it is actually an application, it is divorce settlement docs. Then told me the fee was $65! Yeah, right! I told her I didn't go that far for less than $125. She said 'well, this is a freebie for us'. ??? I just laughed. Then she got the fee approved.

Reply by jba/fl on 8/19/09 12:54pm
Msg #300837

Good for you, HKT! Well done! n/m