Over the years I have done a lot of signings for this company and I was OK with their fees but lately I find that they’re getting a little bit greedier or I just haven’t seen up till now what they get as fee. My experience was from 2 months ago when I accepted a job for reverse mortgage with a fee of $75 plus to scan back the documents. With the offer they didn’t disclose that the documents will be 300 pages. Normally I see these as 150 pages package. I reached out to them to ask for more money and negotiated my price up to 100 and asking for no scans. They still wanted me to scan back. I got the documents and looked at the fee that they’re getting. It was $250 but they offered me only $75. I see offers from other companies for the same type of job, with less than 300 pages and they offer a fee of $175. I find this very unacceptable, to pray on us like this when there’s so little work and to offer so little. I am OK with regular size package and no scan maybe for $75, but common, 300 pages printed twice and later scanned!!! Never mind that the gas now is so expensive that that cuts our profit money even more too. By the way, this job took me 3 hours to do it with this many pages and the Borowers reading and moving slow, also not including travel and printing time.
Am I the only one experiencing this?
Wow, $75-$100 for a HECM? Yikes, that’s rough. Ultimately, it is up to us to accept, decline or block.
What is a HECM? I know what a HELOC is.
Home Equity Conversion Mortgage - see these with reverse mortgages.
" The Home Equity Conversion Mortgage (HECM) is Federal Housing Administration’s (FHA) reverse mortgage program which enables you to withdraw some of the equity in your home . You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both."
(KY) Sorry, I got some more down time, so I’m doing it again! It’s an “inside” joke BTW! But to answer your question, YES! We are all experiencing this!
Sorry, just another way of saying “Reverse Mortgage”
Why not just kick the dead horse off the cliff?
And HECM is a Reverse Mortgage Loan. It stands for Home Equity Conversion Mortgage.
Don’t see a need to throw a dead horse off a cliff, but there is always this…
Most of the time I don’t accept signings from Coast 2 Coast or I counter with a higher fee. Because there have been so few signing opportunites lately, I accepted a refinance. They were offering $75 and I countered at $90. The location was Red Rock AZ 27 miles away. I had never been to the location and decided that I’d do it to see what was out there. I live in Tucson and was curious.
When I received the docs it was 187pgs and a borrower copy was required. It was a VA backed loan.
I got to the signing and the borrower had lots of questions. I’d been there over an hour when the borrower became frustrated because the loan figures were not even close to what he had been promised. He called the loan officer and put him on speaker. During their conversation, the borrower revealed he had purchased a new car less than 30 days ago and financed $30K. On his credit inquiry report it showed that the dealership had shopped loans and there were numerous credit inquiries.
Long story short, the loan officer said he was optimistic that they could change the terms and he could get the money he expected from the refi. The Loan Officer also said I’d get paid in full since I was not at fault and per the borrower, I was very helpful. So I packed up and left, I updated Coast 2 Coast and let them know that I was expecting the full fee for my time and effort my printing fees and travel time.
Instead, they gave me a $40 cancellation fee and said I’d get the full $90.00 when the signing was competed. Today I got notice that the order cancelled. That was no surprise, the borrow sabotaged the refi with the car purchase. The only response I’ve received was they’d pay me $40.00. Even if the loan had closed, I would have been so far in the hole it wouldn’t have made any sense to acutally go back unless I was getting 2 full fee payments.
They offer $65.00 for HELOCs with scanbacks required. Which really is a joke. They don’t take very long to complete but with travel and time scanning. They’re a joke.
Steve in Tucson
Could you find something that isn’t so violent??
(I don’t even use that expression because it’s so horrible.)
I pass On Coast 2 Coast… pay way too small for the amount of work they ask for.
Why would you even accept such a low fee for a reverse mortgage? If you count expenses (gas, mileage, insurance, professional fees, office expenses, including printer, paper & toner, and actual travel , prep and processing time, that is well below minimum wage. If you can’t afford to buy new tires or brake liners when old ones wear out from signings, what’s the point? I turn down these low paying jobs because hidden costs make them a net loss. As long as you agree to low pay, there’s no incentive to raise fees. Some companies respect your work aiming for a mutually beneficial long term relationship, and others just go for the maximum they can squeeze out from each job, figuring you can be replaced with the next sucker.
Ding ding ding ding ding ding!!! You hit the nail on the head with that post.