I just accepted a HELOC assignment for $45 because it was close to home and I assumed it would be the usual 20–40 pages.
But when the documents arrived, it turned out to be 105 pages — basically the size of a refinance package.
I did contact the signing service to request a fee adjustment to cover the extra printing and time, but I’m not sure they’ll approve it.
For those with more experience:
How do you avoid situations like this?
Is there any reliable way to get the page count upfront?
I’d really appreciate any advice so I don’t end up underpricing myself again.
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First off, I would never accept any loan signing at a fee of $45 no matter how close it is to my home. I would love to have a refi that was just 105 pages. I have done buyers packages that were more than that. But to answer your question, not really. A lot of times the service may not know the page count because the docs aren’t ready when the send the offer out. I put a page count limit on refi’s, so that if it exceeds that number the service knows in advance that I will need a fee adjustment. With other types I usually price them in a range that gives me some room on page count. Unfortunately, the usual page counts are changing. I have had a sellers side that was almost 70 pages, so I think our thinking of what a standard price for a certain type of loan signing has to change also. It is fair to ask for a fee adjustment when the page count is way outside of the norm, but that doesn’t mean they have to approve it. Hopefully, you will get what you need to make this fair for you.
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There is one lender whose HELOC is always about 110 pages. Your fee is too low always counter. I have a standard fee. I add to that based on location. My standard fee is published up to 150 pages. Refi can go over that. Did one yesterday 191 pages. If I get something over 150 pages, I ask for a print fee based on that. I don’t change my base fee for HELOC or buyers docs or sellers docs. in my area I don’t need to charge different rates. Some say it matters but I say it’s what the regional market bears. If you accept any job at $45 they’re going to take advantage. BIG TIME.
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Often times, no, You can’t get an actual page count. Unless the signing service that hired you has the documents already, they don’t know what you’re getting either. Example in my favor, I have a signing this after noon that came to me as buyer and seller so I charged as such. Turns out to be buyer plus only one document for sellers agent to sign. Score for me. Often times I am seeing a HELOC be not many pages less than a refi. In this case, it’s a lesson learned for next time. We win some and we lose some.
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What is reasonable price for HELOC?
@yi.digital.info ,Yes, you are absolutely correct; relying on text or email blasts for signing offers presents a significant challenge, primarily due to the scarcity of crucial information, especially regarding the page count. In my experience, when I receive a phone call requesting my availability for a loan signing assignment, my standard practice is to immediately inquire about the estimated page count, type of loan, number of signers, need of witness(es), travel distance from my location. Unfortunately, the response is often the same: the caller either admits they don’t have the exact number or can only offer a vague estimate for page count. However, I believe that with time and experience, we can begin to recognize patterns and learn the average page counts for various lenders and mortgage companies. It’s important to remember that while the page count is a vital factor, it’s only one piece of the puzzle when it comes to determining a fair fee quote for our services. Good luck on your journey as a loan signing agent.
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I’m old school and want up front questions answered. Simple way is to be up front and ask page count for documents. Most of the time information is available unless docs are not ready. That is when I say fee my be subject to changed TBD document count. I usually work with the same entitites and have not had issues. If new entity does not want to adjust fee based on document count, so be it and move forward. Know your worth.
