Posted by CopperheadVA on 12/3/10 11:10am
Msg #363741

Does anyone get a faxback fee from LSI

for non-owner occupied property loans, where they surprise you with a list of about 35 pages to fax back?

Reply by BossLadyMD on 12/3/10 12:01pm
Msg #363763

I disclose my faxback fee upfront; they're not surprised :) n/m

Reply by Pat/CA on 12/3/10 12:40pm
Msg #363779

I find LSI out of Pennsylvania to have many more (surprise) requirements than any west coast LSI's. My best guess is they have more problems with closings (quality control issues perhaps) or are just more demanding.

I've recently learned to ask more questions about their assignments before quoting a fee. A few weeks ago I'd accepted a closing for my normal edoc fee days before the closing only to find out when I received docs 2 hours before the signing that EVERY page (about 125) had to be initialed by both borrowers. Who I might mention had 2 toddlers, which added almost an additional hour to the signing.

When I called to complain that this should have been disclosed upfront (luckily I did not have another signing immediately following that evening) and tried to explain (nicely and professionally) how this really could throw off our entire schedule, he was VERY rude and just said he gets these complaints all the time and oh well...

Reply by CopperheadVA on 12/3/10 1:20pm
Msg #363794

Oh yes, that's required with their Chase loans. And they mean initial EVERY page - even the ones with signature. I had a very bad experience with the last Chase loan I did for LSI - borrowers were ticked at Chase and I got caught in the middle. I'm thinking of not doing Chase for them any more.

The issue I have with their faxbacks is that when you receive the order you don't know that it's a non-owner occupied property. Then when you get the docs, there is the list of faxbacks that they want. They are not a high payer in the first place, so the extra work with that many faxbacks just ticks me off. Today I have sent them a request to update my profile with the faxback fee I specified.

Reply by Pat/CA on 12/3/10 3:20pm
Msg #363815

Good for you! When they KNOW we're professionals...

because they've used us often, just be upfront and pay accordingly. When you have a notary with 100% accuracy, use it to your advantage and keep them happy!

Reply by BossLadyMD on 12/4/10 12:27pm
Msg #363913

Yep! I sent my faxback fee and now its included, way to go! n/m

Reply by Moneyman/TX on 12/3/10 11:51pm
Msg #363874

My last Chase loan signing did not have that requirement. Maybe a TC or SS requirement? Don't know.