Posted by Pam/VA on 5/12/11 8:52am
Msg #382954

Need advice on signing scheduled for today

Printed 2 sets of 100-page docs; met client at 7:30AM; began the signing with client (who happens to be an attorney); as client read through what she was signing, she refused to continue until she could speak with her loan officer to get clarification; we had spent 1-1/2 hours together this morning - 45 minutes to go over things and start the signing - 45 minutes while she stopped and read through all the documents. Normally with this title company, I would return home and fax back over 70 pages. With this signing, I will need to go to a different location this afternoon to finish the signing (additional travel time plus about 45 minutes to finish the signing), then come back home to do the fax-backs. I'm thinking I should ask for additional fee for the extra trip and time. How much?

Reply by A S Johnson on 5/12/11 8:56am
Msg #382955

The very basic question, what was your fee for this?
A 2nd question, not required, which signing service are you working for?

Reply by Pam/VA on 5/12/11 9:01am
Msg #382956

$100. New Millenium Title.

Reply by janCA on 5/12/11 9:09am
Msg #382958

Faxing back over 70 pages and your fee for this entire refi is only $100? Sorry, but that's insane. I would definitely charge an added fee for the return trip. What that fee is, only you can decide, but that's a time slot for another signing so I would make it worth my while.

Reply by Lee/AR on 5/12/11 9:17am
Msg #382959

Agree w/janCA

You need to do some homework on your fees.

Reply by Linda_H/FL on 5/12/11 9:22am
Msg #382960

Questions..

1. What is your total mileage going to be after all is said and done?

2. What's your total time invested after all is said and done?

3. Does the "completion" this afternoon require you to go through the entire package again or is it to return for just a couple docs?

4. Is this a refi where an RTC applies or is it immediate funding - 70 pages of faxbacks is nuts.

And I agree - perhaps a review of yourfee structure is in order.

Reply by A S Johnson on 5/12/11 9:33am
Msg #382963

You fee is less than I would have asked. 60 pags of faxback is a $30 fee. My base fee for this would have been $125 for address in my home county or up to 20 miles from my office.
Yes, this is a return trip as the Br had not been prep properly by either Escrow of the LO and could not sign at the orginal appointment.
PS I am in aurban/rural area west of Ft Worth Tx. 20 miles is about 30 minutes drive time.

Reply by ReneeK_MI on 5/12/11 9:35am
Msg #382965

Me, too with questions ...

I'm wondering what the signer needed clarified through her L.O.? The 45 minutes to go over things in the beginning - are you handing the signer their pkg and just waiting while they read/review on their own, without any kind of presentation of document-by-document?

I'll grant you this - this particular attorney IMHO was most likely either not experienced or not adept at reviewing loan docs, and this particular situation can be very taxing if the closer or NSA isn't successful at countering with their own experience and/or skill.

Easy to spot that lack of experience/adeptness from the attorney - she didn't insist on her right to review prior to close, and she didn't limit her review to the pertinent docs (which would've taken 10 min tops).

2nd appointment = a 2nd fee. You only 'signed up' for one, not two.

Reply by MW/VA on 5/12/11 11:02am
Msg #382979

These are the lessons learned in this biz. Not all signings go quickly, but it does sound like you gave the docs to the borrower instead of controlling the signing. Most issues show up in the first few pages, HUD, Note, TIL, etc. It seems unusual that it would take 45 minutes to go over something with the LO.
If this attorney is in the RE biz, they are used to going over #s with a fine tooth comb for purchases, etc. Nos. are usually pretty straightforward with a refi.
FWIW, I stopped working with New Millenium some time back because of fees. It's not cost effective for me to do signings at that fee with the "free" faxback requirement they have. I think you will realize it may not be worth it either, after this experience. They may be willing to pay you an extra fee, but I have my doubts.

Reply by laurel/nc on 5/13/11 7:33am
Msg #383071

Count this as education, you are learning quite a bit from this experience. Education, unfortunately, is expensive at the time, but you will benefit in the long run from what you have learned. I, too, stopped working with New Millennium because of their low fees.