Posted by LeeA on 4/18/11 8:44am
Msg #380206

Commercial Loans

Just got a call from a Title Company who asked me to go reduce my fees for a Commecial Loan to $125.00, I stated that they set the fees for me 4 years ago at $250.00, she siad well we now have retired attorneys to do it for $85.00.

Now who does she think she is kidding. And if someone doing Commerical Loans for less than $200 they are crazy.

Reply by 101livescan on 4/18/11 9:51am
Msg #380211

Title company is making money on these deals, spread between $85 and $200+ goes into their coffers...

Reply by Barbara Taylor on 4/18/11 10:02am
Msg #380217

STICK TO YOUR FEE.

RETIRED. CAN'T BE IN ALL STATES. SO IF THAT IS THE CASE WHY CALL YOU, SEND THE RETIRED GUY. NO COMMERIAL LOANS GO FOR $200 OR MORE. STICK TO YOUR FEE.

Reply by Linda_H/FL on 4/18/11 10:04am
Msg #380218

Hey Barbara...caps off please? n/m

Reply by Les_CO on 4/18/11 10:10am
Msg #380220

I did one for $125 a while back. I thought it was a standard refi, and I was to meet the signer at their place of business to do the signing. The LO (from a bank) was to bring the paperwork. It turned out they were doing the loan on the business (two separate properties/buildings) Took me more than two hours, but at least I didn’t have to print.

Reply by jnew on 4/18/11 1:07pm
Msg #380260

Title companies generally charge more for commercial closings than residential closings because of risk. From a technical standpoint, they are much simpler and require less documentation than residential loans. So, the title companies view the signing agent to have less cost in materials and time than normal and want them to charge less. The signing agent would have an argument that the individual risk caused by something going wrong at the signing would also increase and would look for a higher compensation also. From a signing agent cost standpoint, though, the commercial signing is quite low.