Posted by pat/WA on 7/9/13 11:21am
Msg #476074

applications

I would like to know if anyone takes a reduced fee for loan applications?

Reply by Barbara___IL on 7/9/13 11:24am
Msg #476077

I don't do applications. I did a couple years ago when I first started doing signings. They paid less than a signing and I didn't feel comfortable doing them. The clients had a lot of questions, and I didn't have the answers.

Reply by Linda_H/FL on 7/9/13 11:24am
Msg #476078

RESPA signings never pay what the final loan signing

pays - at least not in my experience.

That said, and relative to a prior thread, I'd suggest you also search "SAFE Act" here - info you need to know if you're going to do these.

JMO

Reply by pat/WA on 7/9/13 11:51am
Msg #476081

Re: RESPA signings never pay what the final loan signing

I don't plan on doing these.
The borrowers never have the documents available to be picked up. even when you call and give them a list.
The last one I did said she had already sent the documents to the loan officer and she would not waste ink printing more for me.
Applications are supposed to be smaller, (ten or twenty pages). This one was 84 pages. ( Might have well been a closing) and the borrower was not available. The co-borrower informed me she was signing with a POA. First I had heard that. The loan officer was called and he stated that since this was only an application she could sign her husbands name. I said no. Title company was called and I was told to have sign with the poa.
Anyway long story short No More Application signings.

Reply by MW/VA on 7/9/13 3:58pm
Msg #476115

Yes, I do RESPA apps. & some RM apps. They do pay less

than a full signing, but don't take that long. For RM apps. I make sure I get a good fee to cover the extra time involved.

Reply by JOHN FOX on 7/9/13 5:23pm
Msg #476127

Re: Yes, I do RESPA apps. & some RM apps. They do pay less

Respas are just as much labor. Only will do for $100.00 or $125.00. Fax backs $20.00.

Reply by Jack/AL on 7/9/13 7:21pm
Msg #476139

Re: Yes, I do RESPA apps. & some RM apps. They do pay less

Repeating some comments from above: I have done some, but do not intend to accept more at a reduced fee. Many borrowers (bless their hearts) have a lot of questions which I'm often not prepared to answer, thus we make phone calls. Due to size of packages and requirement for darned near every item to be singed, the session can take considerable time. My last RM signing took 2 full hours, and they were very cooperative and nice people who just had several questions and a little difficulty with the physical aspect of signing their names multiple times. Of 8 notarizations required, there were 3 formats, with one format including 3 acknowledgements with the California-specific wording which is not used in most states. I struck a horizontal line through that CA wording and initialed, which is quite acceptable in Alabama. DocPros said the title company did not like that, and asked me to re-do without the CA wording, for no additional fee. I said that since there was not an error, I would re-do, but I would not pay for the additional shipping label. DocPros initially agreed with me and sent me a label (after getting supervisor approval). Concerned that I'd not been paid after nearly 60 days, I called and was told that there would have to be a $25 deduction from my pay, for the label used for the three replacements. I was also told that I was not to worry, for DocPros would make it up to me in volume. I've opted for not losing again, merely by not accepting more, of any sort, from Doc Pros.

Reply by droman_IL on 7/9/13 7:49pm
Msg #476142

When asked if I do them I say yes, but

my fees for those RESPAs are the same as for a loan signing. And of course, no one wants to pay those fees, so I don't really do them, even though I do!

Reply by HSH/WA on 7/9/13 11:29pm
Msg #476164

Re: I do them and lately I've been getting the

loan closing too. They take just as much time, obviously the drive is the same but they are smaller. They pay about 25% less - but there is a good chance you will get the loan. The last one I did had fax backs and I did add a small fee for that. One I had ask me to comment on the condition of the home - can you imagine notaries doing that?

Reply by jba/fl on 7/10/13 8:56am
Msg #476181

Re: I do them and lately I've been getting the

I comment on the condition of the home: Tidy, neat, swept walkways, no junk or litter to be seen.

They are looking for "is this home cared for?" reporting.

I do not tell them I am near-sighted.