Posted by pat/WA on 6/6/13 12:12pm
Msg #472430

Lower fees

companies that I have worked with for years are now telling me my fees are too high. These are the same fees they have paid in the past.
I thought the depression was over and housing sales were booming.

Reply by Alice/MD on 6/6/13 12:37pm
Msg #472432

I am experiencing the same feed back from companies that have paid me my same fee for years. Now they say that my fee is higher than what others are charging in my state.
I can't believe what Title Companies are saying they are getting TPL to work for. As long as they can get these low fees... why should they pay more.

People !! stop driving our fees down .

Reply by Rita Adu on 6/6/13 12:59pm
Msg #472434

Don't worry, it'll come around. I did a signing last night & the couple was a little frustrated b/c it was their 3rd time signing. Apparently, the notary from last week had them sign the docs in black. Halfway through the signing, someone called him to confirm he was signing in blue. Was actually surprised b/c I don't even answer the phone when I'm in the middle of a signing. Anyway, he had them re-sign everything in blue. They got a call a few days ago and was told that the notary forgot to notarize their signatures....They had to finally send out their "Clean Up Woman" and pay a professional fee for professional services.

Reply by Jack/AL on 6/6/13 1:56pm
Msg #472448

I'll make a wild guess that the proliferation of signing services is not helping them or us. There are lots of start-ups competing with the well-established companies. Seems to me that they accept lower fees, trying to stay in business, and then offer us lower fees, so they and we can stay in business. If we can keep turning down the low fees long enough, we should slowly notice that the majority of the new/struggling signing services are becoming defunct. One sure way to lose good help is by offering lower pay at a time when business is booming and there's a lot of work to be done.

Reply by ikando on 6/6/13 3:06pm
Msg #472458

The sad part is all the frustration for the borrowers when unskilled personnel handle their loans. As Jack says, this will all come out in the wash, but the poor borrowers (especially those trying to get low interest while they can) will be the ones suffering.

Reply by CarolF/NC on 6/6/13 3:57pm
Msg #472468

Borrowers will need to get educated that they are paying for

the service they are not receiving and start complaining. I have heard many bad stories from borrowers lately.

Reply by MW/VA on 6/6/13 6:22pm
Msg #472484

I've been doing quite a few loans lately where the borrower'

aren't paying ANY closing costs. No one knows how the lender is making money on these, but the lender is absorbing all the costs. I do think that has an affect on the fees we're being offered, but I still maintain my fees.

Reply by Bear900/CA on 6/7/13 12:36am
Msg #472524

Would be nice if the lender absorbed the costs

but they don't.

On the GFE Box A, line 2, the center check box has the wording:
“You receive a credit of $___ for this interest rate of ___%
This credit REDUCES your settlement charges.”

The slightly higher interest rate generates a "lender rebate" or YSP (yield spread premium) that may be applied to 3rd party settlement charges and origination fees. Thus the so-called "No-Cost loan".

If its a banked loan the lender will get paid SRP (Service Relief Premium) that is never shown on the GFE as a credit so the bank can say there are no costs to the borrower.

Brokers must be transparent, banks do not.

When carried over 30 years, the borrower more then pays for all costs.

Reply by NVLSlady/VA on 6/7/13 8:03am
Msg #472531

Re: Would be nice if the lender absorbed the costs

It always amazed me when borrowers actually thought they weren't "paying" loan costs

It COSTS to do Anything.