Posted by Yoli/CA on 5/28/10 7:41pm
Msg #338896

LSI Loan modifications ($40) - email just received

This is their email in its entirety:
===================================================
Dear Signing Agent:



LSI was engaged by a select number of lender clients to provide loan modification notary signing services. We anticipate receiving a high volume of orders in the next several weeks. As a valuable provider in our notary signing network, we would like to give you an opportunity to earn some of this business.



The loan modification document is approximately 5-7 pages and may or may not require notarization but validating borrower(s) identity using standard notary practice is a must.



The LSI communication process is the same as the standard refinance signing process. You will receive a phone call from LSI to confirm availability and a subsequent email confirmation for signing, notary instructions and modification documents. Upon receipt of confirmation, you will need to confirm appointment with borrowers, print documents, make appropriate number of copies, sign documents with borrowers, make sure you validate borrower(s) identity, notarize signatures if instructed, and return original documents per instructions.



The notary fee that LSI has set for this service is $40 (inclusive of print fee) which is higher than the current industry standard for loan modification signing services. If you are interested in receiving assignments for modification signings, please contact us as soon as possible. We will set your fees in our system and flag your profile as a preferred loan modification signing agent. In addition to these modification assignments, you will continue to receive regular signing assignments.



Please confirm your acceptance to receive modification assignments and agreement to adjust fee to $40 by sending an email to [e-mail address]. We will send you a confirmation that you have been given priority to receive modification assignments upon receipt of your acceptance.



If you have any questions, please feel free to send an email to [e-mail address].





National Vendor Management Group



LSI Title

Reply by Linda_H/FL on 5/28/10 7:58pm
Msg #338898

I can do that...

At MY convenience with 3-4 day turnaround (so I can do it on my way to something else) and no more than 20-25 miles total travel rt...

Reply by Yoli/CA on 5/28/10 8:14pm
Msg #338902

Dreamer ... :) n/m

Reply by Linda_H/FL on 5/28/10 8:20pm
Msg #338903

Heh....yep...but that's the only way it can work..:) n/m

Reply by Yoli/CA on 5/28/10 8:29pm
Msg #338906

Do agree w/you. But, fee still seems ridiculously low ...

they'll be paying more in shipping than in loan signing fees.

Notary still has to schedule/confirm signing;
Notary still has to print 2 sets of docs (regardless of it being 5-7 pages);
Notary still has to go to borrower(s);
Notary still has to properly ID borrower(s);
Notary still has to make sure everything is signed correctly;
Notary still has to deliver package to Fedex/UPS;
Notary still has to invoice; and,
Notary still has to wait for payment.

Seems like not much has changed in the process for such a drastic change in fee.

JMHO

Reply by Notarysigner on 5/28/10 8:43pm
Msg #338907

Re: Do agree w/you. But, fee still seems ridiculously low ...

I would think $60.00 for this area is more appropriate but, I wouldn't do it for that either. Auto loans companies pay that for one notarization and they overnight the docs for example.

Reply by Linda_H/FL on 5/28/10 9:11pm
Msg #338911

Wonder why in the world they bid these so low...

It's one thing to tell your client you can get the job done for a paltry fee, but to anticipate that others (the notaries) will go along with it...

I just don't get it..

Did just get the e-mail though...

Reply by Notarysigner on 5/28/10 9:19pm
Msg #338916

Re: Wonder why in the world they bid these so low...

what disappoints me is the fee is standard without regard to your location. But I was just thinking, they are catering to a specific type and probably really are not interested in someone like me and so that's fair because I would never do it either.

Reply by John/CT on 5/29/10 8:22am
Msg #338960

"They are catering to a specific type ...."

You got that right, James! There are plenty of low-ballers in my service are who are most likely falling all over themselves to grab LSI's "offer". I'm not one of them, either.

Reply by S Peterson on 6/1/10 6:11pm
Msg #339379

Re: Wonder why in the world they bid these so low...

because no one is making money of these. Not the banks or the TCs. Often times they are far more time consuming than a normal refinance. We all know the borrowers are not paying any $$ up front. I do Loan Mods for several resources. I'm happy to do them because that means my "neighbors" are getting to keep their homes which in turn helps to stabalize my neighborhood. The most expensive part of our buisness is gasoline so I try to stay close to my neighborhood, but on a rare occassion, I'll travel farther. There is a military base down the freeway a bit. Got a call for a Loan Mod for a Service Man. I only asked for $5 more than the TCs normal rate. Of course they had to get it approved, call other NSAs, etc. They did call me back and I was happy to do it. Our military keeps us free! The least I can do is help to keep them in their home. So many of you are so greedy, it's like you forgot the tough economic times we are all going through.

Reply by Hugh Nations Signing Agents of Austin on 5/28/10 9:28pm
Msg #338922

Re: Do agree w/you. But, fee still seems ridiculously low ...

"Ridiculously low" doesn't really cover it.

I charge $50 for doing a medical records affidavit anywhere in the city of Austin, provided I can do it at my convenience within the next seven days. Do it on the requester's schedule, and it's $65. I don't think I have ever had one of the record retrieval companies balk at those fees.

Reply by ikando on 5/28/10 9:23pm
Msg #338918

Re: I can do that...

I ask for that amount to handle a POA in the hospitals locally. I don't have to print or drop docs for those, and get paid as soon as I stamp!

Reply by Linda_H/FL on 5/28/10 10:04pm
Msg #338931

I was sort of being facetious....

I can do that - with many restrictions and conditions that suit ME....like I'm on my way to the grocery store and it's right on the way...

Reply by MikeC/NY on 5/29/10 12:01am
Msg #338941

"The notary fee that LSI has set for this service is $40 (inclusive of print fee) which is higher than the current industry standard for loan modification signing services."

Someone needs to tell LSI that they don't set the fee - all they do is OFFER what they're willing to pay, and the notary will decide whether or not that's acceptable.

Also, I'm unaware of any "current industry standard for loan modification signing services", but that sure smells like price fixing to me...

Reply by MW/VA on 5/29/10 9:33am
Msg #338966

I've been getting $50/$75 for these, so I also don't know where they get "current industry standard".

Reply by JanetK_CA on 5/30/10 3:56pm
Msg #339103

My thought, exactly. The lowest I've ever done one of these for is $45, when it was close by and I WAS able to schedule it at my convenience.

"Industry standard" according to whom? Gee, let me guess... Perhaps a company that is making money by selling training programs, supplies, etc. to people who don't know any better and who are convinced that this is decent pay??? And that is heavily marketing to companies like LSI the idea that they should hire people with their certification and background check - useless items they are also making money promoting.

Reply by Linda_H/FL on 5/31/10 9:18am
Msg #339169

I responded today...as follows:

"What is the turnaround time expected to be on these assignments? I'm sure you realize that for $40 they won't be treated the same as a full signing is treated - last minute call, drop everything, print and run, get it done same day and drop at courier.

I can accept these if they have a 5-7 day turnaround, are within my own home county and can be done at my convenience. And even in my own home county, they sometimes require significant travel."

I don't expect them to accept that...and if they do and they're too far out I'll "just say no"...:)

Reply by Rani Sampson on 5/29/10 1:39pm
Msg #338997

The good news is: some BOs actually get loan mods

Most of the time, banks who offer loan modifications are making empty promises. I'm glad to see that some people are actually getting their loans modified!