El Cheepo Modification Signings?
The pros who read this have been around the block many times, however, there are many non-123 members who have barely been around the corner. They, not us, are the natural victim for the El Cheepo Loan Modification Signing. Modification? Probably not, much more likely a screw up needs mending.
The caller starts saying how this will just take a minute. It’s really tiny, just 3 pages; you will be done in a flash. That might be true. But there are a few angry people involved in this assignment. Chief of which is the borrower, as they have to make an additional appointment to process something that should have been done right the first time. Also angry are the LO, Title, Escrow and the Lender (some of which might be wondering why they should pay a notary a second time). But first a little analysis of the done in a flash offer.
They are offering to pay way less than your standard edoc fee because it is: so little. One thing that http://kenneth-a-edelstein.com knows is that any assignment has fixed costs. As a minimum you have to schedule, print, go there, ship, and (try to) collect your pay. The time at the table is about (in my experience) 20% of the overall time spent from initial call to getting paid. At the table you still have to ID and probably notarize some documents. But it’s tiny, so you only spend 15 minutes rather than a full hour. So you saved 75%, right? Well, not exactly. The 75% of time saved is from the 20% (at the table) of the full edoc timeframe. Thus you really saved, timewise, 75% OF 20% or an overall time savings for the project of 15%. Did they offer 15% less than your normal edoc rate – probably not.
Actually, this task should really be at a Premium, not a Discount. They are calling a 123Notary expert; to ride in and save the day. NOW, after the amateur (lowball accepting) notary made a mess of it, they want a professional (my readers). Ask them why they did not give you the initial assignment. Everyone is angry and upset, you are tasked with fixing the problem and dealing with the hostile environment – to me that calls for gingerly talking to an upset borrower (to schedule what should have been an unnecessary second appointment). As a minimum you should be receiving your standard edoc fee, a 15% time savings, considering the situation; does not justify a lower fee.
This is also the time to land a new client. Impress upon them your record of perfection, your advanced training and qualifications. Tell them you guarantee your work. Tell them you understand that “loan modification signings” are an industry problem and by calling you the first time they will not have to deal with error laden packages. Let them know they are talking to a true professional who is aware of the value of time and expertise. They might try the old – do us a favor this one time and we will call you often in the future. Politely and firmly state that your business model does not include the doing of favors. My Grandfather explained quality thusly:
If you want nice, clean, fresh oats; that’s spelled O-A-T-S; you have to pay a fair price.
You are satisfied with oats that have already been through the horse; THAT comes cheaper.