Posted by mwm143 on 5/25/11 8:27am
Msg #384248

ServiceLink...$35 fee

I was offered a fee of $35 for a BofA loan modification. 15 miles 1 way. 7:00 pm. Docs are overnighted. I had to decline. The fee was non negotiable.

Back in the day I was receiving $250.00 per closing from one major lender. The minimum fee offered from the rest was $150 and most were in between. I earned a 5 figure income monthly! Oh how times have changed.

Reply by Linda_H/FL on 5/25/11 8:30am
Msg #384250

Although I don't agree with the $35 fee I'd never expect $150-$250 for a simple modification - especially with no printing involved.

I'd say $50-$75 is reasonable for this...but $35?? newp...

Reply by mwm143 on 5/25/11 8:36am
Msg #384251

I wasn't saying I expected that kind of money for a modification. I was simply pointing out how much the business in general has changed.

Reply by CopperheadVA on 5/25/11 8:43am
Msg #384252

I agree - it's gotten to the point where it's really not worth it any more to do this job. I still have a precious few title companies that still pay a decent fee, but they don't have much work right now.

Most calls I get, they expect me to work for peanuts. Last time I had a service-person come to my home (air conditioner repair) it was a $100 service call fee. That was just for the guy to show up and diagnose the problem. The repair was extra.

Reply by Linda_H/FL on 5/25/11 8:50am
Msg #384253

Yep to the service fee

Hot tub repair - $85 service fee - and he charged us $10 for a used wire!! Least it's working but jeez...

Reply by mwm143 on 5/25/11 8:53am
Msg #384254

Agreed.

And these WF auto loan refis! This just bugs me to no end. Automated request...$30...can be anywhere from 10-50 miles one way. They want the entire package faxed back. Here's a thought: Send the package to the borrower and have them drive to a local WF branch (10-50 miles one way) and have a person at the back handle the paperwork. Give the borrower $25 for their "inconvenience" of having their rate reduced and give the notary at the bank the $5 for notarizing one document.

Reply by ikando on 5/26/11 4:34pm
Msg #384462

That's a practical idea, so it probably wasn't considered.

Reply by ikando on 5/26/11 4:35pm
Msg #384463

That's a practical idea, so it probably wasn't considered.

Reply by NJW/FL on 5/25/11 12:25pm
Msg #384279

Speaking of Service Link. I received a call from them and was told that as of last Friday they will now be over-nighting all closing docs so that they will only be paying the base fee. I don' t mind this one bit as long as they meet my base fee, which they are doing. I also had a call for the $35. loan mod and turned it down. I sure hope that they keep being turned down for those small fees and then they may get the message!

Reply by Art_MD on 5/25/11 2:09pm
Msg #384287

Re: ServiceLink..O/N docs

I don't see how that will really pan out.
Most docs are received the day of the closing. Many many times less than 3hrs before closing. I don't see how they are going to get them ready the day before and into the O/N.

Also, I think this will impact a lot of peoples profit margin.

received docs. 15 min to print. Fee = $25.00
cost $10.00 (at hourly rate of $40)
125 pgs at .02/page = 2.50
profit lost = $12.50. Income lost = $22.50

Art

Reply by mwm143 on 5/25/11 2:31pm
Msg #384289

Re: ServiceLink..O/N docs

Most of the SL closings I've done in the past couple of months have been scheduled far in advance with the docs being sent day(s) in advance. So they probably can get away with sending the docs out overnight the majority of the time.

But I definitely agree with you that this will cut into the profit margin. My costs for printing, including toner, paper and equipment averages about $3.00 per package.

Reply by Lee/AR on 5/25/11 4:45pm
Msg #384296

Re: ServiceLink..O/N docs

I truly believe you folks are seriously underestimating the true cost of printing docs. jmo

Reply by Linda_H/FL on 5/25/11 5:47pm
Msg #384305

I also think someone is going to be sorry they

declared publicly that the printing only costs $3.00...call me crazy, but ummmm....

Reply by Susan Fischer on 5/26/11 2:18am
Msg #384332

Ummmmmmm, indeed. Time clearly isn't figured into that

total, and neither does it jive with [my] actual costs.

How about you?

Reply by SouthernOK on 5/25/11 2:41pm
Msg #384291

BoA loan mods

That's funny that others have been told that they'll be overnighting the docs to the BO. I was told that it's not working very well and that BoA is going to start having the docs printed by the Notary/Signing Agent.

I just completed one of these Monday and it was less than 10 minutes of work, no print, just attach an APA and drop the doc package at UPS for next day air.

These types of packages are not date sensitive so they can be set long in advance.

FWIW, I did not work through ServiceLink but another well rated SS.

Reply by janCA on 5/25/11 4:49pm
Msg #384297

Servicelink is a Title Company and....

I would welcome O/N'd docs from anyone, or better yet, just send them to the borrower, the way it used to be. Much more convenient, much more organization and just plain less headaches. I don't see it happening, though.

Reply by NJW/FL on 5/25/11 6:53pm
Msg #384315

Update on overnight docs

I rec'd a phone call from Service Link that they had just e-mailed the loan docs for my Friday signing. I told her that I was told they would be overnighted and that this would be the norm from now on. She was not all that pleasant and just told me they were emailed. I asked her to send me a corrected confirmation with my fee changed, which was done. I guess that new policy isn't known by everyone there! So, how right you are!

Reply by garland/CA on 5/26/11 3:00pm
Msg #384444

Interesting about O/N docs

I was supposed to do a signing with O/N docs (unusal) for SL. Docs didn't arrive today because they are stuck in another state due to adverse weather. So they were emailed to me and I'll be printing instead.

I guess those other docs will be arriving someday...for me to shred or send back to SL.

Doesn't look like too much of a cost savings for them.

Reply by DudleyDawson on 5/25/11 7:22pm
Msg #384318

Service Link is one of the worst Title company's to work for... Notaries were getting treated good with Service Link but since they were bought out by Fidelity They have been on a Low Balling spree... The thing is they will continue to be in business as long as there are dumb people taking these orders & working for free! They make atleast 125.00 on these Auto loans and try lowballing notaries so they can pay overhead... JUST SAY NO

Reply by Marian_in_CA on 5/25/11 9:13pm
Msg #384325

Eh.... it's not that bad for the work required for that type of assignment. SL can only pay $35 for the BofA mods...most of the time. I've been able to get more when they were desperate and they wanted me to drive an hour. For other loan mods from SL, I've been paid more, too. Thing is, with the BofA loan mods... we're talking one signature on a 7-page document. That's it.

Now, if you have to travel a bit more, then that's one thing... but one of these appointments should have you in and out in 10 minutes, tops.

I did one just today for somebody who happens to live less than 2 minutes from me. The docs were overnighted to her from BofA (complete with a return FedEx envelope and label), but SL also overnighted multiple copies to me. What a waste... but it was okay by me. It was essentially a general notarization -- NOT regular loan work.

Reply by laurel/nc on 5/25/11 9:21pm
Msg #384326

I was called to do one as well and quoted 35.00. It was nearby but I told her my fee would be 50.00 and she didn't even hesitate, said o.k. I did the work, in and out in 10 minutes. I would do those all day long for that price.

Reply by janCA on 5/26/11 9:12am
Msg #384342

I've not done a mod yet or car loan, but I am paid very well for refi's.