Posted by Sugarlump60 on 7/28/10 12:17pm
Msg #346585

LSI Closing

Anyone close for LSI lately and if so did they pay on time?

Reply by Linda_H/FL on 7/28/10 12:18pm
Msg #346586

Yep...30 days or less n/m

Reply by bagger on 7/28/10 12:22pm
Msg #346589

Never had a problem with them, they are great.

Reply by CopperheadVA on 7/28/10 12:24pm
Msg #346591

Yes they are paying on time - 30 days is the norm for them.

Reply by Frank/NC on 7/28/10 12:28pm
Msg #346592

They don't pay the highest price but do pay quickly.

Reply by Linda_H/FL on 7/28/10 12:36pm
Msg #346595

"They don't pay the highest price but do pay quickly."

The two I did I was paid very well - I hope they keep calling!!

Reply by CopperheadVA on 7/28/10 12:59pm
Msg #346602

Gotta agree with Frank on this one. They are a good company to work for, docs are usually early, but not the highest payer by any means (for my area).

Reply by JulieD/KS on 7/28/10 12:34pm
Msg #346593

I did an application signing last month and was paid at right about 30 days. I also did the reverse mortgage signing about 2 weeks ago. Haven't been paid yet, but I'm sure I will be.

Reply by LMS on 7/28/10 12:58pm
Msg #346601

Example: July 1st thru 15th is paid on Aug 1st. July 16th thru eom is paid on Aug 15th.

Reply by Gregory Mackay on 7/28/10 1:31pm
Msg #346610

They've been very good with me. The calls have slowed from them since they dropped their rates and I didn't but they always pay in 30 days.

Reply by Sal Servin on 7/28/10 3:30pm
Msg #346646

LSI is a Preferred Co. Great to do business with.

Reply by John Schenk on 7/28/10 3:51pm
Msg #346651

Great to work with and quick pay. Just turned in 4 to them today. I'll probably get a check the end of next week or first part of the following.

BE SURE YOU HAVE AN INVOICE NUMBER ON YOUR INVOICE! They won't pay you until you give them an invoice number. I print mine up and they're not numbered, but they do have to be for LSI now. New thing they started a little while back.

One thing about LSI is they get a little email crazy. When they contact you for a closing you get no instruction and are expected to have kept up with the emails setting forth their rules. Main one is for ReTax loans they MUST do ACH. If borrower won't agree to draft on their checking account you better get someone on the phone while you're at the table. Other than that I just do'em like I do the rest of them and they keep calling me and paying me.

JJ

Reply by CopperheadVA on 7/28/10 4:05pm
Msg #346660

John, that's strange about the invoice...

LSI may operate differently in TX, but I do not have to invoice them. After I submit my closing confirmation, then they send me a "fee verification" afterward via email and that's all that's needed for LSI to generate payment. No invoice required.

Reply by John/CT on 7/28/10 4:36pm
Msg #346672

That's also the way it works for me. n/m

Reply by parkerc/ME on 7/28/10 6:30pm
Msg #346693

Same for me...no invoice needed. n/m

Reply by NJW/FL on 7/28/10 7:26pm
Msg #346697

Re: Same for me...no invoice needed.

I do not invoice, either. Fee confirmation and post closing e mail. This is for LSI in Coraopolis, PA. The checks are from LSI-LPS. There is an LSI out west that does call me once in awhile and operates differently.

Reply by Linda_H/FL on 7/28/10 8:02pm
Msg #346701

Same procedure from the Santa Ana office too n/m

Reply by tony1994CT on 7/28/10 8:57pm
Msg #346706

Re: John, that's strange about the invoice...

Same with me. No invoice and they are a great company to work for!

Reply by Susan Fischer on 7/28/10 11:40pm
Msg #346727

Same here. Love their system. n/m

Reply by John Schenk on 7/30/10 9:13am
Msg #346974

OOOPPPSS...My bad...

I was thinking about Propel Financial Services. Sorry! I don't have to invoice LSI either. If you do any for Propel, don't forget the invoice number. Love workin for LSI also!

JJ

Reply by LMS on 7/28/10 4:16pm
Msg #346665

I wonder if your thinking of another company. LSI does not require invoices and they pay twice a month. On the 1st for the prior months 1-15th and on the last day of the month for the prior months 16-30/31st.

Also, initialing each page is for Chase only. I've talked to them about it and they don't like it either. Why Chase requires it on the ones from LSI I have no idea, I do a lot of Chase loans for a couple of others and never have to get those initialed. Maybe it has something to do with particular branches that LSI handles...

Reply by VA/VA on 7/28/10 8:08pm
Msg #346703

I work with LSI a lot--they are the best and they don't micro-manage. I haven't had them ask for the page initialling though.

Reply by CopperheadVA on 7/28/10 8:45pm
Msg #346704

Just wait... you will get it with the next Chase loan that you do. The instructions are in a separate file from the loan docs. And they want every page initialed, even the pages with a signature!

Reply by John/CT on 7/28/10 3:55pm
Msg #346653

Yes, they do pay timely, but have added a new complexity and time to the signing process: The borrower(s) must initial every page in the package. At least that was the case for me when I last did a signing for them, for a JP Morgan Chase refi. I know this is not a lender requirement, because I do a ton of Chase's for other services. Don't understand why LSI is the exception, but I will increase my fee by $10 for all future orders.

Reply by CopperheadVA on 7/28/10 4:00pm
Msg #346654

John, I've experienced that new requirement on Chase loans for LSI. However, I do other lenders for LSI and initialing every page is not required on those. Hmmm.

Reply by John/CT on 7/28/10 4:03pm
Msg #346657

Yeah, go figure!