Jason:
I do not know where you got your figures, but they bear no resemblance to the fees on the HUD 1 form from my most recent refi of my residence a year and one half ago....$1,776.00 just for charges relating to settlement, title search, title update/recording, attorney's fees and title insurance premium. That does not take into account the lender's fees for closing.
There were significant mark ups on title search, title update and recording fees above the market rates charged for these services in this area.
The required discount in premium for title insurance for property which was previously insured by the same owner was not included.
When I made inquiry as to these matters, no one seemed to have any answers. Further negotiation of these fees would have taken time. I wound up having to pay these fees in order to save the mortgage lock date for the interest rate that I wanted, or in the alternative take a higher interest rate on the proposed mortgage.
With respect to abstractor/vendor management relations, I really can not say that I know of anyone that has experienced the bountiful relationship of which you speak. I haven't seen it yet. The experience for the most part has been a constant demand for more service for less money which has resulted in the backlash which you have observed. Wanda's post below would seem to refute your position. She indicates that some VM bonuses depend on the number of reductions in vendor prices they are able to secure. Please read Bobbi Shorthouse's post also.
With respect to the compensation for the "enormous" risk that you undertake, it seems to me that the abstractors have been trying to make the same point for quite some time. Somehow the VM's are not buying into it.
See the post below regarding the demanded 3% price reduction for abstracting services. In fact, the abstractors are most often offered less compensation than you seem to deem appropriate for the VM.
to post a reply:
login - or -
register