Posted by Susan/CA on 12/2/10 10:33am
Msg #363596

Is this a new trend??? HUGE Packages... :(

Lately I have had nothing but Huge packages & when I discover this, the signing service say's they can only pay 10.00 more. What is it with this new trend? The problem is I never know the size of the pkg until I accept the signing for a specific fee & get the documents later only to find 150 pages???? I'm sorry, but an additional 10.00 is not good enough. What do you all think? The signing service trys to say its only an additional 25 pages to a normal pkg...yah, but it takes longer to print 50 pages (for the bwr and lender) & longer to sign an additional 25 pages, therefore extending my work time, paper, ink overall cost. I think I am going to say my fee is blah, blah, blah for a normal package. Over 125 pages it is... blah, blah, blah....what do you all think? All opinions welcomed...



Susan

Reply by Scott/NJ on 12/2/10 11:35am
Msg #363610

I've seen fees listed in profiles that indicate 'standard sized package'. I think the $10 additional fee is a start, but maybe $20 would be better.
Another option is to figure out which lenders typically have the larger packages, and set your fees according to lender. Standard Package Fee is $XXX; BOA closings add $20...or something like that.

Reply by Shoshana/AZ on 12/2/10 12:05pm
Msg #363614

Have you been asleep?

This has been going on for at least the last two years. It has become the norm since FHA and VA loans have become popular.

Reply by Susan/CA on 12/2/10 3:16pm
Msg #363645

Re: Have you been asleep?

No Shoshana...not asleep but perhaps spoiled. I do a lot of FHA's, however, these enormous pkgs aren't FHA's and they are HUGE!!! I have only recently been seeing this size pkg. 150 plus pages for a regular loan...well it looks like I need to mention (from this point forward) my fee as it is for average size pkgs & let them know if the pkgs are larger than my average the fee goes up.

Thank you everyone...
Susan

Reply by Moneyman/TX on 12/2/10 1:33pm
Msg #363631

Not really a "new" trend.

I've increase my edoc fee to cover these larger packages. For some companies that are regular customers I pretty much know the package size, so I can quote the appropriate fee.

I do charge more for VA and RM loans. Due to package size and time at the table.

Good SS companies will be able to tell you what type of loan and/or the lender when they call to schedule the signing. Those that cannot receive my higher quotes and I may reduce them if the package size is "normal" and the docs are received on time. If late, I don't care if there are only 10 pages, the charge will stand.

Reply by Glenn Strickler on 12/2/10 2:57pm
Msg #363644

Charge what the market will bear in your area.


Unfortunately, in my area, there are people who drive the 40-50 miles from Riverside and San Bernardino to Victorville to do these loans in edocs for $75. No, I don't do them for that.

Reply by Patsy Cabiness on 12/2/10 8:05pm
Msg #363692

Re: Charge what the market will bear

How do people charge only $ 75.00, do the 40-50 mile trip, print docs and stay in business? This has got to eating their lunch!

Reply by Gilda Murray on 12/2/10 9:45pm
Msg #363705

Hi I could not help but to respond to your message. I live in Hesperia, Ca. and I do signings in Hesperia, Oak Hills, Victorville, Apple Valley, Barstow, and Adelanto, regularly which are within 15 miles tops from my home one way. Except Barstow is 37 miles and the majority of them are e-docs. No Way will I accept $75 and I live up here. I quote my fee and have no problem. Who ever is accepting this fees perhaps need to consider doing a little research for another SS.

Reply by Jodith Allen on 12/2/10 6:42pm
Msg #363680

The largest package I've had so far was 181 pages. When I saw that, I called back and demanded an extra $25 (and got it).

Most of my packages are 100-110, but some are around 75-85. Rarely do they go over 120. I've only been doing loan signings for about a year, so I don't know what size the packages used to be, but all the borrowers I've had recently keep telling how much bigger the package was than when they last refinanced a few years ago.

Reply by Linda_H/FL on 12/2/10 7:02pm
Msg #363685

I did a VA loan last month..220 pages (yes, one set)

did an FHA purchase a year or two ago - 266 pages (one set)...

My standard packages are 120-140 pages...

Reply by bob/IA on 12/2/10 7:48pm
Msg #363689

Re: I did a VA loan last month..220 pages (yes, one set)

Had a BOA package 2 days ago 198 pages. Next time with that company I'll ask about page count!