July was a slower month for a lot of us. Interest rates spiked a bit in June, which was reflected in (decrease in) July closings (because loans often take at least 30 days to close). Rates dropped again in July, so going by that alone, August should be busier. As others have mentioned, we’ve all got to build our own businesses. I’m using the slower times to up my outreach to local/regional title companies. Results aren’t instantaneous, but I’ve gotten several; signings from title companies I first reached out to months earlier.
That’s good, but what is your average fee?
Probably around $125. This past week I’ve had everything from an $85 refi through a signing service to a $250 purchase closing from a title company.
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Trust me I know the business and what it takes. I don’t do 50 mile drive 1 way for $85. Foothill living is nothing like city people. My fee is $125-400 depending on distance and type of signing. I can do refi, purchase, construction, reverse mortgage, hard money loan and HELOC.
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Touche!
For me 50 miles one way to signing is 100 miles round trip plus 1.5-2 hours on the road; add to that an additional 30 miles round trip (and one hour) to go drop the package if I’m required to scan before dropping the package. Please note print time, prep time and table time are not even included in these time estimates $85 just doesn’t cut it.
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