Posted by GOLDGIRL/CA on 8/23/10 9:34pm
Msg #350201

MATH QUIZ

If one e-doc signing = $100, how much do two separate loans on separate properties, overnight docs, followed by a complete redraw (this time printing escrow only) equal? I come up with $250. $75 for first loan, $50 for second; redraw the same (escrow docs are gratis). However, a fellow notary thinks signing the second loan is $25 each (since I'm already there).

Reply by MW/VA on 8/23/10 9:43pm
Msg #350203

I think my math would be $100 + $50 (another $100 + $50 for redraws) for a total of $300.
Who could think that the 2nd loan should be $25. That's crazy.

Reply by Moneyman/TX on 8/23/10 10:30pm
Msg #350206

I'm cheating off Marilynn's paper. That's what I get too :-) n/m

Reply by CaliNotary on 8/23/10 11:18pm
Msg #350210

I agree

The borrower is paying full escrow fees for each loan, why shouldn't the notary receive full fee for each loan? Any discount isn't going back to the borrower, it's going into somebody else's pocket for doing absolutely nothing.

Reply by MichiganAl on 8/23/10 11:32pm
Msg #350211

Two loans, different properties = full fee on each n/m

Reply by James Dawson on 8/24/10 12:34am
Msg #350214

agree, yes! With everyone n/m

Reply by Cari on 8/25/10 7:50am
Msg #350340

agree with Marilyn on the $300 fee...its fair... n/m

Reply by CopperheadVA on 8/24/10 5:54am
Msg #350218

I've seen the "$25 for second loan" figure in some SS contracts. I just don't get it - that's my print fee alone. Am I supposed to spend time signing that second loan, notarize all required docs within that second loan, but do it for FREE??? Hecks no!

Reply by ReneeK_MI on 8/24/10 6:01am
Msg #350219

Double loans = double fees. KISS. n/m

Reply by MW/VA on 8/24/10 10:16am
Msg #350235

Re: Double loans = double fees. KISS.

I think Renee is correct. It's all about negotiation & what they're willing to pay.

Reply by GA/Atty on 8/24/10 10:49am
Msg #350240

I agree, as long as you don't call anything a travel fee.

I don't think you could charge an additional travel fee for a second loan where there was no additional travel involved.

Reply by ReneeK_MI on 8/24/10 11:02am
Msg #350242

Exactly why I don't part out fees ...

I just don't dink around with such stuff. Flat fee, period.

If you part things out - printing, miles, fax backs, blah blah blah ...then when that client brings one that's closer, or smaller, or w/out fax backs, you best be ready to discount things.

Reply by JanetK_CA on 8/25/10 1:07pm
Msg #350389

Re: I agree, as long as you don't call anything a travel fee.

I agree. I would offer something of a discount on the second package, if they're both being signed at the same time, since I was only traveling once. But it wouldn't be anywhere near what they were proposing. As someone else said, $25 only covers the printing of the second property package - not the time at the table getting it signed and notarized. (In fact, $25 should be closer to the discount than the amount charged for the second loan, imo.)

The second package usually goes a lot quicker if it's a piggyback. But if it's a completely separate property, you're dealing with a completely different HUD, terms, etc (and no RTC on at least one of them). It could potentially even be a different lender. Bottom line, it's not going to save too much time over getting the first one signed. If there's an economy of scale from doing two signings together, the notary should not be left out of the savings, as he or she is the one spending the most time on it.