Posted by taxpro on 5/21/10 5:57pm
Msg #337555
New Millineum
I have done signings with them for years, and they've always been great to work with. I did a lot of Countrywide/BofA loans for them. They happily paid $125 for single loan refi with edocs, more if distance applied. I worked with several of their locations, never had a problem. Today, someone new from NM called and wanted a single loan refi done, and wanted the entire package faxed back. I was surprised to hear about the faxback, but agreed to do it for $150, which I thought would be quite acceptable, given our history and the prior fees. She said, "I've already talked to someone who'll do it for $125. I'm just trying to find someone cheaper."
I was speechless at first (which is unusual for me) but finally I said, "You're balking at $125? That's always been our regular agreed fee." She said "As of May 1st, this is the new requirement." She never did say how much they wanted to pay. She just said she was still shopping around after getting a quote of $125. Wow. This is disappointing.
| Reply by CopperheadVA on 5/21/10 6:08pm
Msg #337556
Re: New Millennium
This is precisely why I am working to get out of this business. For the last year and a half I've been going to school at the local community college to learn a completely different profession, and I'm almost at the end of my studies. I'm far enough along that I'm applying for jobs, and when I hear stories like this it just reiterates for me that I did the right thing. Our fees are being whittled down to the point where it's JUST NOT WORTH IT anymore.
I still have a few clients that value my work and still pay a decent fee, and I will continue to work for them when I can, but I have got to get another gig - I've got three kids in college!
| Reply by LC/AZ on 5/21/10 6:11pm
Msg #337558
Re: New Millennium
They have, always, paid me $125 for closings. I have two outstanding right now, but, haven't heard from them in a month. Sure would hate to lose them to cheaper notaries.
| Reply by A S Johnson on 5/21/10 6:23pm
Msg #337559
Re: New Millennium
$125??? Boy that great Notary Direct has told me, B of A will on pay more tan $85 with e-docs and entire package faxed backed.
All I tell them is my fee is $200 for this signing plus nay travel fees, and if they can get that approved please call me back. I, also, call the other NSAs in the area and make them aware a BofA/CountryWide (185 pgs), entire package faxed back, the address and the time if I got is being shopped around by this service for $XX. I quoted them The $200 as we have talked about plus travel fees if any.
Escrow offices around here either won't have any thing to do with them as they are such a PIA and the ask around $400.
I have other streams of income. But I still get 20 to 25 signing a month at my fees.
Sid Johnson
| Reply by Grammyzoom on 5/21/10 7:02pm
Msg #337568
Re: New Millennium
I just did one of these this morning. Love working with New Millenium! I too have always been paid more for the refi's but was willing to cut my old fee a bit for them because I enjoy working with them.
The signing was 10 minutes away, took 30 minutes including some interesting conversation with the borrower and they did not require the whole package to be faxed. They wanted about the same package as the old Countrywide loans. I just sit and clear up my desk while my fax machine does the work. And we just keep on workin thank goodness! Survival without selling yourself short so you can stay in the game.
| Reply by taxpro on 5/21/10 7:43pm
Msg #337575
I understand that, but....
I understand your reasoning, but I'm not willing to give up my time for work that isn't profitable to me. I also do accounting and tax work, and I work a lot of hours especially during tax season, and I'm not going to give my time away for nothing. Yes, I could probably get two $60 signings for every $125 signing I do get, but what's the point in that? Twice the work for the same amount of pay.
I just want to be paid a reasonable and fair fee, taking time and expenses into account. Otherwise, I prefer to stay home.
I remember a phone conversation I had with someone from a signing company about 4 years ago. She asked me to do a signing 75 miles away, and didn't understand why I was charging for the extra distance.
I told her what the IRS allows per mile, and she said "Well, it doesn't really cost you 44.5 cents per mile (that year's rate). That rate is inflated!" I said "Are you kidding? When was the last time you ever heard of the IRS giving taxpayers more than they should get? If you don't think it really costs you at least 44.5 cents per mile to operate a typical vehicle, you haven't done the math."
Then she went on to say, "Well, you can't include depreciation, insurance, license plates or maintenance in your calculation, since you'd have to pay for all that anyway." At that point, I was almost at a loss for words, because how do you argue with an idiot? That's like saying that I shouldn't include the cost of my printer when I'm figuring the cost of printing docs, because I'd have to pay for the printer anyway. Well, not if I didn't have to print edocs! Duh!
Finally, I found my voice and said "I wouldn't have to pay for all that anyway if I didn't need the car to get to signings. Miles cost money. Ever heard of depreciation?" She finally dropped it, but it seems that they think this is a hobby for us. Since we already own a car, the only extra cost is the gas. Since we already own a printer, the only extra cost is toner and paper. Never mind that we have to replace the car and printer more often because of the business use. If we didn't have these expenses, anything they pay us is pure gravy, and that's what they want us to think. (Hey, I'm making $25 an hour! Woo-hoo!) If we don't treat our businesses like businesses, we won't be in business long.
BTW, I see on the Hud that the title companies are charging borrowers the same amounts they always have for closings. So guess who is keeping the extra money?
| Reply by 101livescan on 5/22/10 9:13am
Msg #337640
Re: New Millennium
I completely understand your sentiments. This biz has changed so much. I do a lot of work for Chase, $100 in and out, under 100 pages. I like their business model. They offer a rebate on interest if borrower opens checking account with branch, and set up auto pay. Their goal to lure business away from BofA. Their fees are low. They have a marketing plan in place to get larger share of borrowers. They keep me extremely busy. I will turn down fax back biz, it's not worth time and sweat. I haven't seen BofA fees lowering either, still more than Chase, Citimortgage, GMAC, Union Bank, Amtrust.
What is your new vocation going to be? I wish you much success. Always good to have plan B and C in these difficult financial times.
| Reply by A S Johnson on 5/22/10 10:30am
Msg #337650
Re: New Millennium
Remember several years ago, Morgague Docs out of Az to me that they could only pay $7.50 for printing the package and bro copy. I was told, "printing docs does not reqire any of your time. All you need to do is direct to file to the printer and let it do the work whlile you do other things.
| Reply by CopperheadVA on 5/22/10 12:40pm
Msg #337704
Re: New Millennium
I've been studying to learn how to assign codes for diagnoses and procedures on medical charts with the ICD-9-CM and CPT coding systems. Had to take courses in Medical Terminology, Anatomy and Physiology, Intro to Pharmacology, Intro to Human Pathology, the ICD and CPT coding classes, and I'm finishing up with an internship at a large hospital this summer.
| Reply by MW/VA on 5/22/10 6:56pm
Msg #337755
Good for you, Linda. That should be a lot more stable than
this crazy-making profession.
|
|
