Posted by tfarmer on 10/29/09 5:10pm
Msg #309196

Premier Reverse Closings

I've read some posts about this company.
How well do they pay-fees? I realize they pay in a decent amount of time but how much?
TIA

Reply by Doris_CO on 10/29/09 5:28pm
Msg #309199

Are you asking how much they pay or how much time between the signing and the payment?

Reply by tfarmer on 10/29/09 5:29pm
Msg #309200

How much they pay.

Reply by Linda_H/FL on 10/29/09 5:31pm
Msg #309202

"I realize they pay in a decent amount of time but how much?"

So basically you want to know how much we charge? Quote them your fee for a reverse mortgage signing in your area - see if they accept it...that's the best answer I have for you - everyone's demographics are different.

I'm satisfied with the fee they pay me - no handholding, no nonsense, pay within 2 weeks...

Reply by tfarmer on 10/29/09 5:35pm
Msg #309203

I think I asked my question incorrectly.
I realize and understand what you're saying.
but basicly my question do they pay a flat fee or not.
Some companies pay a flat fee others dont, I was just wondering if they payed a flat fee or not.
Thanks

Reply by Doris_CO on 10/29/09 5:40pm
Msg #309204

What difference does it make whether they pay a flat fee or not. You own your business and set your own fees. If their offer is lower then you have set for yourself you can negotiate with them or turn them down. You're in control of your business - or at least you're suppose to be in control.

Reply by tfarmer on 10/29/09 5:45pm
Msg #309206

excuse me for asking the question. I didnt realize it would be such a touchy question.
Have a wonderful evening.

Reply by Charles_Ca on 10/29/09 6:16pm
Msg #309209

it's not a TOUCHY question!

You obviously did not get into this business to start a business and make money. Had you written a busiess plan you woujld know how much money you need for each type of request to make a profit. This business has gone to hell becuase of people like you. Youtake what you are offered instead of setting your price. Go to your friendly local plumber and tell them what you will pay for a job and see how friendly they get! Darn hobbyists!

Reply by tfarmer on 10/29/09 7:34pm
Msg #309228

Re: it's not a TOUCHY question!

OK Charles,
You can take your reply and put it where the sun don't shine. I am not a hobbyist as you so sweetly stated. I never said I accept anything other than what I quote to a vendor. I have been a notary as well as doing closings for 10 years and have made a decent living. I was also a CA notary for 5 years and making a very nice living. It was a simple question trying to get a feel for this company. It is true that some companies will only pay the low ball fee. I don't deal with companies that are low lifes. Its pretty obvious to me that this was once a board that was a nice place to gather information from friendly people who were not so rude and full of them selves, sadly this board is no longer that.
For those who have been nice and helpful with your information I thank you very much, for those who haven't .......

Reply by MW/VA on 10/30/09 7:28am
Msg #309251

Re: it's not a TOUCHY question!

You might re-read the Rules & Guidelines for posting here on NR, Charles. IMO there is no reason for this kind of attack.

Reply by Charles_Ca on 10/30/09 12:05pm
Msg #309285

And you know what they say about opinions... n/m

Reply by MW/VA on 10/29/09 5:43pm
Msg #309205

They are a great company. This used to be All Reverse Transactions.
They pay a decent fee & pay promptly. It's up to you to quote them a fee, and go from there if it is too high. There is usually no such thing as a flat fee, since there are too many factors for various parts of the country (rural vs. metro, etc.). We each establish our own fee structure.

Reply by tfarmer on 10/29/09 5:47pm
Msg #309207

MW/VA Thank you for answering the question nicely. I have run into Rm companies that will only pay a flat fee, I was wondering if this one did too.
Thanks again MW

Reply by Lynne/OR on 10/29/09 6:16pm
Msg #309208

I have had a great experience with them as well. Pay very reasonable fees for Reverse Mortgages.

As much as I love this forum, I don't understand why someone can't ask a simple question with out getting pounced on with condescending messages. Seriously, some people need to chill out on here.

Reply by tfarmer on 10/29/09 7:14pm
Msg #309222

Thank you Lynne.
I appreciate the information.

Reply by Marian_in_CA on 10/29/09 7:29pm
Msg #309225

They are very fair, IMO and the will offer you a fee that may or may not work within your business model. I think what they initially offer is a good starting point and they are a good company to work with. But, if you wait for them to offer a flat fee... you've waited too long. You should know your fees and know when to say, "My fee for this service is X," but know how low you actually WILL go in negotiations.

The idea of companies paying a flat fee is tough is because you should look at it differently.

If you need to buy groceries, you pay the prices the store is asking, right? You don't go in, grab some bell peppers that are priced for $0.99 each and then at the checkout say, "Well, I only pay $0.65 for something like this."

You know the look that they're going to give you, right?

In this industry, THEY are the customers looking for something, and WE are the service providers. We should not let our customers dictate what we MUST accept from them. We should have our fees and policies and stick to them. We should also be aware of the market and adjust our business practices accordingly so our fees fit within the competitive market.

That's not to say that we aren't willing to negotiate a bit. I do it all the time... but I never just sit back and say, "Yes sir, I'll do that 250 page BofA Re-fi for $65 and I'm going to love it even though it will actually cost me much more than that."

These companies are looking for help... and in order for you to be competitive, you have to set your rates according to your business plan.

Can you imagine waking in to the grocery store with a sign next to the peppers that said, "Tell me what you want to pay for these." To the buyer, that says you obviously don't value your merchandise, there's something wrong with your merchandise -- or that you're just a bad business person.

That's what a lot of notaries do, though. They operate their business from the mentality of an employee. The loan companies, etc. have picked up on that, and they are now treating the industry as if we're not intelligent business people.

Now, negotiating is FINE... as long as you know your limit and are not afraid to say no. One of the problems with our industry is a lot of notaries who don't understand how to run a business, don't know how to say no or even have a business plan.

I'm sure many of them couldn't tell you what their average total expense is for a loan signing, much less the minimum profit margin they need in order to stay in business. Many of them do this is a hobby or side job and couldn't tell you their expenses at all.

My rule is this: The one who initiates the relationship is the one who needs to be more flexible.

If I call a signing service and want to sign up with them... they may have a set fee structure, and I should either accept or not accept what they offer. However, if I do not have an agreement with them and they call me looking for help, they need to meet my fees. Does that make sense?

Reply by Jim/AL on 10/29/09 8:59pm
Msg #309233

tfarmer is asking.. do they have a standard fee?

not what he/she should charge, not how he/she should run his business, not what should be said when they answer the phone and not how they should act.

When Premiere Reverse Closings call do they say we can only pay$xxx.xx? Or are they flexible dependent on the location or situation.

I would give you an answer if I had worked with them, good luck and God bless.

Reply by Linda_H/FL on 10/29/09 9:19pm
Msg #309234

Re: tfarmer is asking.. do they have a standard fee?

Then that's the way it should have been asked in the first place - the question WAS rephrased but it was asked twice "how much?"...can't misunderstand those two words.

If Jim is correct, then my experience is they call and offer $xxx - so far it's been the same amount each time, no more, no less, but has been acceptable for the distance/time/work involved. AND, most important, they pay like clockwork. I love working for this company.

tfarmer has to decide what fees to charge in what coverage areas and if Premier Reverse, or any other company for that matter, is fitting into that fee schedule. If not, pass...but that's not something anyone here can help them with.

MHO

Reply by JanetK_CA on 10/29/09 11:04pm
Msg #309240

Re: tfarmer is asking.. do they have a standard fee?

I agree, Linda. It also sounded to me like (s)he was asking something else. BTW, anyone care to add them to Signing Central?

Reply by Marian_in_CA on 10/30/09 3:47am
Msg #309249

Re: tfarmer is asking.. do they have a standard fee?

PRC is part of Placer Title... they are different companies, technically, but I wonder if people get them mixed up. I've received calls from Placer looking for someone to handle a PRC file.

Reply by Linda_H/FL on 10/30/09 9:52am
Msg #309260

Just added them to SC...

will rate when they show up...will be 5-star for me...

Reply by ADD/NYCT on 11/7/09 1:31pm
Msg #310213

Pleasantly Surprised all around

I submitted my package to them months ago with my fee schedule. They called and not only met my fee, but offered more than I originally listed. Just did my first with them on Oct.23rd. Received my check on 11/2. They were very easy to work with, package was simple, borrower informed. A+++ in my book. The checks come from Mother Lode Holding Company FYI.

Reply by Sherry_CA on 10/1/10 11:05am
Msg #354997

I needed some feedback on this company....thank you for those that answered nicely. Geez Charles needs to chill out! This is WHY I don't hardly come on this board because of rude answers given most of the time just for a simple question.