Posted by LynnNC on 10/12/13 12:55pm
Msg #487881
Mortgage Connect is not slow pay
You need to send an invoice listing closings and fees once a month. If submitted by the 31st, they will issue a check on the 15th.
| Reply by Linda_H/FL on 10/12/13 1:09pm
Msg #487882
Guess it's all a matter of personal definition/semantics
some, like me, feel that anything over 45 days is slow pay - SC has numerous notes of them taking 60-90 days to pay, a some noting no payment for 4-5 months;
Sort of like the "fair pay" and "met my fee" comments - if your fee is $75-$95, I guess you'd consider that fair. Some, like me, don't.
$75 for large packages and mandatory faxbacks? Nowhere near fair in my book.
Have not worked with them for a very long time and if that's the fee they're paying, looks like I haven't missed anything.
JMO
| Reply by Luckydog on 10/12/13 5:53pm
Msg #487904
Re: Guess it's all a matter of personal definition/semantics
Agree with Linda, Anything over 30 days is "Slow pay" in my opinion, and anything less than $100.00 is not fair pay, especially with faxbacks on lender packages (in FL). To each their own according to their area, but we need to set a standard. Any company you have to remember to bill once a month at a certain times is not worth my time. I invoice right after closing, and expect payment within 30 days of that closing. They can hold the invoice on their end, but that is how "I" run "My" business.
| Reply by 101livescan on 10/13/13 10:18am
Msg #487933
Current Fee Schedule for Mortgage Docs
In their last communication to me, their fees have reduced substantially. Clearly a 2 star company.
edocs first number and the 2nd for overnight packages
Equity (50 to 80 pages) $ 50.00 $ 40.00
Refinance (80 to 90 pages) $ 65.00 $ 55.00
Reverse $ 100.00 $ 90.00
Reverse – Pre Disclosure (application) $ 40.00 $ 30.00
Purchase $ 65.00 $ 65.00
REO Purchase (20 to 50 pages) $ 55.00 $ 45.00
Auto (15 to 25 pages) $ 30.00 $ 20.00
Loan Modification (10 to 25 pages) $ 20.00 $ 15.00
Deed in Lieu (1 to 10 pages) $ 30.00 $ 25.00
I actually got a call yesterday for deed in lieu, and turned it down.
| Reply by 101livescan on 10/13/13 8:18am
Msg #487918
2.5 Stars however
which they have apparently earned by ratings on this forum.
You know the ratings don't lie
4-5 Good
3 Bad
1-2 UGLY!
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