The other day I received notification that Mortgage Connect will be sending out RON mortgage modification orders with a RON fee of $25.00. It’s been a while since I performed a mortgage modification signing. The last mortgage modification I performed was an in-person assignment and I was paid a fee of $100 (that included printing documents). When I first started as a LSA in 2015, I had an average around 10 to 15 mortgage modifications per month and was paid $50.00 each. Wells Fargo/FASS would send out the documents via FedEx, so there wasn’t any printing to be done. If I recall correctly, there only one notarial act. It was the simplest loan signing and took 15 minutes to complete. I am curious to see how their orders workout and if their fees are feasible.
for the RON: Well that email states it should take 15 minutes but my experience is it could take 15 or could take an hour if someone isnt computer savvy or their id won’t scan etc. the companies I work for expect you to be able to stick around for more than 15 minutes. When you get a letter for work and it states things like “remember it will only take” it is a bad sign to me that they are low balling you. These are not modifications they are full closings but in many cases clients can do the non notarial docs ahead of time.
I totally agree with you. I tried to advise the RON signer(s) to log onto the platform 30 minutes early, so if any technical problems happened we can reach out to tech support. During that can be a “two edged sword”, meaning we are not compensation if the assignment is converted into a in person order prior to the scheduled time. That has happened to me before with Amrock, they told me the session must last at least between 15 to 30 minutes after the scheduled time to be paid a “trip fee” of $35. Also, if technical problems do happen, the signers are not tech savvy, or the signer’s want to read every page things can take much longer. I had a RON assignment take up to 2 hours once, because the signers had technical problems. But on the norm, my RON sessions usually run about 15 minutes. I haven’t perform a mortgage modification assignment using RON yet, so I cannot speak on how those workout yet.
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