Posted by CopperheadVA on 1/20/09 3:13pm
Msg #275157

LSI and loan mods

Wasn't it LSI that went to hiring notaries directly because the SS they were using (wasn't it LIA?) was not paying the notaries? I've done a few loan mods for LSI over the last few months - first they paid $50 and then reduced to $40 and now they're outsourcing to an SS who offers to pay $25 to the notary.

The appt would have to literally be on my street in order for it to be worthwhile to take the job at that fee.

Reply by Marian_in_CA on 1/20/09 4:22pm
Msg #275160

$25.00????

How could they even offer that with a straight face?

Reply by cdoty_IL on 1/20/09 4:46pm
Msg #275163

Re: $25.00????

ridiculous!

Reply by MikeC/NY on 1/20/09 4:55pm
Msg #275165

Re: $25.00????

Probably because a typical loan mod is only a few pages, one or two signatures, and one notarization - you're not there long enough to get the seat warm...

More realistic pricing would be in the $35 - $50 range. I only do these when they are VERY local - it's quick and easy money.

Reply by A S Johnson on 1/20/09 5:02pm
Msg #275166

Re: $25.00????

$25 doesn't even meet my min fee. It is $30 plus any Notary fee. This gets one hour of my time. It take time to get organized, get to the signing, meet and do the signing, get back home and finalize the assignment. Even 6 blocks away will take that.

Reply by Calnotary on 1/20/09 5:27pm
Msg #275167

Re: $25.00????

Oh come on! You don't these 2 or 3 in a row. Don't they want us to be in a business attire? I am a male. And I can't imagine a woman to dress, put make up, fix up the hair to go out and then spend 30 or 40 minutes waiting for the borrowers that some of them for some reason they attend at the time scheduled, not all of the them are a 10 or 12 minute signing. I have a friend that works in a local public school, she works only 3 hours a day, she gets paid like 17/hour. Maybe that's the kind of people that does these of deals. When you are back from school or at your convenience. I always work at the borrowers schedule, I do set appt at their convenience that's why I charge a little more and when ever I go out for any job I do charge a little more.

I do not do this for fun or hobby. 99% of the time I enjoy working with people and I love this work but I need to get paid a little more than 25.00 a pop!

I been working in my taxes and all these CA notarizations are eating all my SE tax, so on most of my signings the notarizations are more than the actual signing cost.

Oh boy, thanks for letting me vent!

Reply by MistarellaFL on 1/20/09 5:50pm
Msg #275172

I love these

At $25, I'll do them, with payment COD in a small radius.
Identify, and the brws sign. Usually 1-2 notarizations, packages I have seen are 2-10 pages.
Generally, the brw has several days to review the modification, and find a notary.
I can often work them in with other appts. I have in the area, and payment is immediate.
However, I wouldn't do them for an agency, with payment in 30+ days, as this rate is a discounted COD rate.

Reply by CopperheadVA on 1/20/09 6:52pm
Msg #275178

Re: I love these

The one I was offered was docs overnighted to notary and borrower would not see docs until notary arrives at appointment.

The one I was asked to do was 10 miles away (a 20 minute drive each way). Sometimes these go fast and you are in and out quickly. Other times, not so much. Again, it would need to be super duper close for me to even consider for $25. Forty minutes of travel time plus 15 - 20 minutes with borrower for $25?

Why docs are not sent directly to borrower to review ahead of time? I have no idea!

Reply by CaliNotary on 1/20/09 7:30pm
Msg #275179

I'll do it for $25

But yeah, it has to be pretty darn close. I have to be able to be out the door and back in 30 minutes. There's virtually no overhead since I'm barely driving, and I don't think $50 an hour for my time is unreasonable. I've done a few of them and none of them have taken over 10 minutes. However long it takes me to fill out the journal and notarize the document is how long the appointment takes.

I think it's ridiculous that now I'm seeing "getting dressed" as something we need to factor into our fees. C'mon people.

Reply by Marian_in_CA on 1/20/09 9:17pm
Msg #275183

Re: I'll do it for $25

Honestly, I'd probably take it, too.. if it were really proximate or I could schedule it at a convenient point when I'm already out. And by that I mean less than 10 minutes travel each way. Physical distance may not matter... because three miles could take me 20 minutes in certain areas of town. In others it would take no time at all.

I would expect cash at the signing, though, I think, or insist that the service pay me upfront before I go. I don't think I'd want to take a service assignment for $25 on account. If they wanted to wait to pay me, I'd charge at least $35.

Reply by SharonMN on 1/21/09 9:40am
Msg #275194

Re: $25.00????

I was recently offered $30 for an *e-docs* signing about 10-15 miles away one-way (plus dropping the package, which would likely have been an additional 20 miles or so of driving). It was "only 30 pages."

I declined.

Reply by MikeC/NY on 1/21/09 8:06pm
Msg #275249

Re: $25.00????

"Oh come on! You don't these 2 or 3 in a row. Don't they want us to be in a business attire? I am a male. And I can't imagine a woman to dress, put make up, fix up the hair to go out and then spend 30 or 40 minutes waiting for the borrowers that some of them for some reason they attend at the time scheduled, not all of the them are a 10 or 12 minute signing."

Just curious - have you actually ever done a loan mod, or are you just venting about low prices? Serious question, because if you've done loan mods and it takes you 30-40 minutes to get them done, you are definitely doing something wrong.

I've done a bunch of them, and none has taken longer than 10 minutes to complete. Plus they usually have a lot of flexibility - "just needs to be done by the end of the week" - so I can fit them in when it suits my schedule. And I'm dressed all day long, so I don't understand why that would be an issue.... It's not like I sit around in my skivvies all day waiting for the calls to come in...

I don't think $25 is a fair price, but as I said $35-$50 and in close proximity makes it quick and easy money. The homeowner reviews the mod while I'm filling out my journal - they sign, I stamp, and then I'm out of there. If they have a problem, I'm not waiting for them to work it out on the phone - sign or don't sign, their choice. The whole purpose of the mod is to save them from foreclosure - the time to ask questions is not when the papers are in front of them. All of this is very straightforward and they always know the deal before I get there.

If the whole thing including travel time takes 30 minutes you're billing at $70 - $100 an hour.... What's wrong with that?

Reply by Calnotary on 1/21/09 9:36pm
Msg #275262

MikeC/NY...

You did not read good or I don't explain it right. Some times I had to wait for borrowers 30 or 40 minutes and when I called the hiring entity, they just tell me to wait, and that the 50.00 dollars is so I can wait that time.

And yes I have done a few loan modification and that's why I say that not always just a few minutes.


"And I'm dressed all day long, so I don't understand why that would be an issue...."

Are you in a suit all day?

I do all my signings and loan modifications with a suit.

Some days I don't have a single call or a single loan signing, it will be funny to be all dressed up and then at the end of the day take it off. I guess you are more busy than I am. Good for you!

Thank you.

Reply by CaliNotary on 1/22/09 1:00pm
Msg #275310

Re: MikeC/NY...

"Are you in a suit all day? I do all my signings and loan modifications with a suit."

So don't wear a suit when you do modifications. Problem solved.

Reply by TRG_wy on 1/20/09 5:44pm
Msg #275170

Thanks for the late afternoon chuckle.

$25, not in this lifetime. There is much more to doing ANY signing than just being there. As noted above it takes prep work, getting dressed and drive time. Most loan mods are edocs too, even though the number of pages might differ (I have seen 3-50+ pages).

MY minimum is $50 and that is still a lowball.

Reply by MW/VA on 1/20/09 6:14pm
Msg #275174

$25 has got to be a new all-time low! Who in their right mind takes these? I am still getting $50-$60 for applications. Too bad there is always someone out there desperate enough to accept these outrageous fees!

Reply by doglover/CA on 1/20/09 8:57pm
Msg #275180

That really sucks! I've done a couple of loan mods for Nations Direct, who is well-known for lowball fees, and they offered $30 for 3-5 pages sent to the borrowers.

Reply by cdoty_IL on 1/22/09 12:33pm
Msg #275308

Someone pays less than Nations Direct???? LOL
I thought I would never see the day (or hoped anyway). LOL

Reply by Rhonda Farmer on 1/21/09 8:45am
Msg #275189

What LSI office is doing the MODS?????

Reply by LynnNC on 1/21/09 11:11am
Msg #275200

I have been getting $50 for 3-page loan mod...

...with 1 notartization.

Reply by MichiganAl on 1/21/09 2:12pm
Msg #275210

I have one company that pays me $110. One signature. n/m