Posted by Carlos/CA on 12/22/10 2:24pm
Msg #365761

BofA Mod Signing (Mortgage Docs)

Just got an email for a signing 10 miles away for $30.00.

"Docs are not date sensitive so it just needs to sign as soon as the borrowers are available.

This is a BOA Loan Modification. Only 7-9 pages with only 1 page that needs to be signed. Only 22 regular sized pages to print and that includes borrowers and banks copies. Most borrowers will already have the documents so no need to print. Check with borrowers when you call to confirm the signing.

The fee for these loan mod signings because they are so small and quick is $30 if it is close to you. Extra travel fee available for further signings."

What do you think?

Reply by CopperheadVA on 12/22/10 2:31pm
Msg #365762

I have signed several loan mods for a different lender, and they can end up taking time and are sometimes not so "quick"as promised. Mostly because the company refuses to send the mod to the borrower for review and questions ahead of time. Sometimes they do go quickly, but not always.

Reply by Les_CO on 12/22/10 3:01pm
Msg #365764

Sorry but I don’t understand “Only 7-9 pages with only 1 page that needs to be signed” Then” “Only 22 regular sized pages to print” ??
So does that mean 7 to 9 ‘legal’ pages, and 22 ‘letter’ pages? So say 31 pages total, with only one signature required? Any notarizations required? Who returns the ‘package’ you or the borrower?
So you download the documents, print off 30 pages, drive 10 miles to the borrower after you’ve set an appointment, have them read and signed (maybe notarized?) put the doc’s in a courier envelope, address it, and drop it off, drive back, for $30? What does that take an hour? What would the round trip cab fare be? Sounds like someone is making $50 on this deal, and it’s not you.

Reply by John Schenk on 12/22/10 3:09pm
Msg #365767

I won't even get off my butt for $30, much less haul it 10 miles. LOL

JJ

Reply by Jack/AL on 12/22/10 3:34pm
Msg #365774

I've done a few for $30 to $40 and they were worth it. Were local, so mileage and travel were not a concern. There were a few pages of explanation for the borrower (which I also used to explain the modification). The modification part was perhaps 6 to 8 pages of wording which, upon final execution by the lender, would modify the loan to the new, very reduced interest rate. Those 6-8 pages were printed twice, so the originals went to the lender and the borrowers kept one set and the few pages of explanation. At least one of them was retroactive several days, and neither required any funds from the borrower. One rate dropped drastically, from 8.xx to less than 3%. I think the borrowers signed once and I notarized once. Was very simple and seemed like a great deal for the borrowers.

Reply by Scott/NJ on 12/22/10 4:23pm
Msg #365781

I've done one of these from BoA and like Jack said, it went quick. Mine only had 7-10 pages, one notarization, no copies to borrowers (they already had their copies), and I was out of there in 15 minutes. Got $40 for it and it was in between other signings and not out of the way. Easy money.

Although the borrowers were very stressed- you could feel the tension in their lives.

Reply by BrendaTx on 12/22/10 3:45pm
Msg #365776

If it's on a day when you're out there already, maybe.

Probably...If there were a couple in the same area, yes.

But to go for one appointment that pays $30? That seems a little bit low, for me. But MD only pays $50ish for refis if I remember correctly.

Reply by Roadie_MD on 12/22/10 5:43pm
Msg #365791

Re: If it's on a day when you're out there already, maybe.

But if you agree to do it once, they will expect you to do it for that every time.

I think being out there already is a bonus to you.

I think $30 is a little low. I think it is wise to allow 30 min. for these, just to be on the safe side, and with drive time, it is just not profitable enough. If you do a couple and find them to be extremely easy, you may be able to rationalize that fee. I will drive 2-3 miles and complete 1-2 notarizations for $30, but that is about it.

Reply by MW/VA on 12/22/10 7:49pm
Msg #365815

I think $30 is still too low and would quote $50.

Reply by Linda_H/FL on 12/22/10 7:56pm
Msg #365819

I would too, Marilynn..simply because

there's no such thing as a short trip around me...

Reply by Julie Dailey on 12/22/10 9:12pm
Msg #365826

I stopped working for MortgageDocs several years ago. They always were really low payers but I would take their $50 and $75 dollar WaMu HELOCs if they were close. Now, they want $30 for a mod and $50 for a refi? Forget it. I'd rather clean toilets. They keep offering me job after job after job but I have their stuff coded to go directly to the Trash file.

Reply by Lorraine Lougheed on 12/22/10 10:12pm
Msg #365839

Please fellow notaries... lets all get on the same track here. If we value our services they will respect and value what we have to offer. Just make sure that you are providing the best service. I don't mind saying that I will not go out the door for $30.00 I will go for $75.00 in my general area and anything els is $100. 00 or higher and I hate to tell some of you what I used to charge and got it about two and a half years ago. Don't undervalue yourselves you'll work harder and make less.

Reply by Marian_in_CA on 12/23/10 1:14pm
Msg #365905

I work with a service that pays $45 flat for the BofA loan mods. They are super easy. The loan servicer sends the docs (including the return FedEx envelope) to the borrowers. It's one acknowledgment, and it's done, plus a drop off at the FedEx hub. For me, that's about the same as a general notarization plus travel, and I'll take whatever they send me. Don't think I'd do it for $30, though, that's pushing it. The SS will also send me a copy of the docs, but in my experience, it's kind of a waste, because I'm usually done with the signing by the time they send the docs to me. I've only printed them out once... the first time I did it... and not again since. The service arbitrarily sets an appointment 1-2 days in advance, but in 90+% of the cases, the borrower calls me right away and asks to do it earlier.

The docs are somewhat date sensitive in that they need to be back to the servicer by a certain date... usually 3-4 days later.