Hello!
I have a reverse mortgage app that has been placed on hold and will probably cancel. What’s a reasonable print fee charge for a 240pg package?
Print fee is the least of the expense, in my opinion. For any assignment, reverse mortgage or otherwise, I recommend providing a flat-rate quote based on the totality of the assignment. That is, how much work (time) do I anticipate this will take and how far do I need to travel? How big is the package? Because the bigger the loan package, yes that will be more paper, but more importantly it is more time needed in order to present all those loan documents to the borrowers for signing. And are any scanbacks required?
- TYPE OF SIGNING? (Reverse)
- SIZE OF PACKAGE? (240pages)
- NUMBER OF SIGNERS (assume 2!)
- TRAVEL DISTANCE TO SIGNING?
- ARE SCANBACKS REQUIRED?
It is smarter to give the hiring company a FLAT RATE, based on the info they provide you. They will get annoyed if you nickel and dime them on print fees.
Keep in mind that reverse mortgages are usually with elderly homeowners who may need extra time to sign or go through their loan package. Extra patience is needed.
In your specific case, I would take a close look at any agreement that may already be in place with the hiring company. You may already be obligated to accept their designated print fee if the signing cancels before the scheduled signing appointment. But if there is no print agreement in place, you might ask for a $50 print fee. If you printed loan docs and were enroute to the signing appointment when it was cancelled, ask for your print fee and travel fee. If the signing was cancelled after you sat down with the borrowers, then I would ask for my full rate.
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