Posted by NCsignguy on 6/1/10 10:31pm
Msg #339412

Bank of America Closing Fee

I was thinking of charging a different fee for BOA closing do to size and fax backs (somewhere between 15-25 dollars extra).Does anyone else charge a different or higher fee for BOA closings ? If so what ? Are title companies will to pay a higher fee for BOA?

Reply by Moneyman/TX on 6/2/10 2:17am
Msg #339418

I charge an extra $25 for any BofA loan. This is to cover the late docs, incorrect docs, and wait time for new docs that, according to my records over the years, has been at times as high as 85%+ of the BofA/Countrywide loans accepted.

If the docs are not ready in time for the scheduled closing (additional charge if I wait or reschedule for them on same day) or if they cancel due to no docs with less than two hours prior to apt, I have a cancellation charge. Too many have canceled because of title doc issues over the years (mostly under Countrywide but now BofA has caught up My policy on the cancellation charges are a nonnegotiable issue for any BofA loan. 100% due to BofA/Countrywide's track record with me over a 4 yr period regardless of SS or TC used.

The really sad part is that BofA loans are the ONLY loans that I have had to create these extra fees for. Personally, I would rather not deal with them at all, too much trouble (thus the extra fees). I will do them, but if issues arise I'm covered because I have already built in fees for the expected issues. I am much more forgiving for almost any other lender, especially when challenges come up so infrequently.

For BofA loans I use the above charge plus my regular additional charges:

E-doc fee $25-$45 depending upon size of loan pkg.

If fax backs are requested, depending upon actual fax or emailed and total number of pages.
Faxed - $15 (< 25 pgs) -- $75 (> 41 pgs)
Emailed - $10 (< 25 pgs) -- $50 (> 41 pgs)

For my loyal customers that send me business regularly each month, the charges for fax backs are at a reduced rate. When they only need a few pages, 15 or less, I usually waive the fee altogether. Key word is loyal customers.

I had one company that used to give me a lot of business each month call a few weeks ago with a BofA loan w/ fax backs. LOL The scheduler asked why my fees were higher than in the past. I could hear the strain in her voice just meeting my "normal fee" for a regular loan and now they would have to pay full price and for the "extras" they thought they could slip in because my fees are already higher than the low ball offers they now offer SA's. I told her that the fee I quoted her was for companies that only call when they cannot find a lower priced notary or are in a bind and will only meet my fees when they are in a bind. So I charge those companies full price, no exceptions. I did mention that if they wanted me at the fees I used to charge them (5-10% lower depending upon the volume 10+ loans/mo) that all they had to do is be willing to send me business and meet my fees like they used to do.

Reply by LisaWI on 6/2/10 7:47am
Msg #339427

Do yourself a favor and charge an all inclusive fee not to be increased but decreased for other clients who may not need the work involved in a certain loan/lender catagory and/or send you volume. Eliminate the "what the heck to I charge for this" routine, and the after thoughts of "did I charge enough.....nope, I sure didnt".

Reply by LKT/CA on 6/2/10 11:15am
Msg #339442

LisaCA agrees with LisaWI n/m

Reply by Moneyman/TX on 6/4/10 4:38pm
Msg #339827

I think I addressed this in a post below. Sorry, I saw that one first before this one or it would have been here. LOL

Short answer: I do quote one price if they are honest and give all the information up front or when asked. If not, and want more than they asked for on phone in the confirmation, they get a revised quote.

Reply by C. Rivera Chicago Notary Services on 6/2/10 10:14am
Msg #339436

very smart move Chris... n/m

Reply by John/CT on 6/2/10 8:59am
Msg #339430

Re: Bank of America

None of my "regular" clients require fax bax for BofA dox. When I do get a call from an "irregular", I always ask what is their fax bak requirement. If it does, I quote my fee accordingly, with $25 extra for a full package fax bak. In that case, they just about always tell me they'll get back to me after getting the fee approved. Never happens. BTW, "in the old days", a monster package was 100 pages or more. Nowadays, 100+ pages seems to be the norm.

Reply by Linda_H/FL on 6/2/10 9:28am
Msg #339433

The thing is John...based on posts here...

there's no negotiation...the companies are saying "We have this signing, faxbacks are required and we pay *this*...no additional for the faxbacks".....

Like I said - based on posts here - I haven't run into it personally.

Reply by John/CT on 6/2/10 9:50am
Msg #339434

I don't say, "That'll be an extra $25" ...

I just include it in my quote. Please excuse I left this critical piece of information out of my OP.

Reply by Moneyman/TX on 6/2/10 8:55pm
Msg #339518

Linda is correct, some don't admit about the fax backs

until ** after ** they get the quote. Then they "find" the instructions or confirm the quote and send the confirmation with the fax back instructions. After being asked, and told no there are no fax backs. In that case, Yes, I do say "That will be an extra $25." They ARE trying to get extra work for free when they do this. They know fax backs are requested but they don't want to mention it until after they get a quote.

Not all SS companies do this, most are honest and either mention it first or will tell you when you ask about it. When that happens, I do quote my fee that includes all the extras.

Sorry, I wasn't that clear in my post. The extra charges are a breakdown of the one fee they are quoted. They see the fee quote rise when they are not honest in their request.

Reply by A S Johnson on 6/2/10 9:03am
Msg #339431

My BoA/CountryWide fee is $200 plus travel if more than 20 miles. To be upfront, I do not want to do these.
PS the escrow cos in this are will do BoA/CountryWides for $350 to $425.

Reply by Bob_Chicago on 6/2/10 10:52am
Msg #339440

Aside from the" fair fee" issue , i normally find that these

are fairly easy closings, despite the # of pages.
Bwrs usually know the terms ahead to time, so few, if any , issues,
docs are usually in same order, and no dox require initials.
I have a fax machine with expanded memory, so I just stick pkg ,
other than title dox and instructions in machine , enter the phone # and
let my fax machine do all of the work.
My printing equipment has a very low, per page, print cost.

Reply by MW/VA on 6/2/10 4:48pm
Msg #339475

It's the same PIA as the old C/W packages. I never charged a higher fee, because that's where a lot of the work was coming from. I did stop doing them for NREIS, who wouldn't budge from a $90 fee. I keep my fee structure consistent, and think it all balances out in the end. There are some signings that are super-easy & small packages. Good grief, I've been doing a lot of FHA & VA streamline refi's, which are pretty large packages, and the fees being offered are less than they used to be. I have a choice. If I turn it away they will just call the many notaries who are also on the list. I'm a survivor.