Posted by Notarysigner on 7/13/11 2:51pm
Msg #389607

I just LOVE these stories…



1. TC gives assignment to NSA
2. NSA (a poster here sometimes) thinks they’re slick and sub- contracts signing to another NSA hoping to
pick up A quick $25 bucks.
3. 2nd NSA does sloppy job, loses funds collected from borrower.

4. Loan doesn’t go thru due to lack of funds (bank won’t replace lost cashier’s check for six weeks) and TC wants their lost income…..everybody pointing the finger at each other, you gotta love it. I hope everyone involved get’s what’s coming to them.

Nobody get’s paid if loan doesn’t fund even happens to TC sometimes.

Reply by Notarysigner on 7/13/11 2:53pm
Msg #389608

forgot to add TC gave to SS first! n/m

Reply by BossLadyMD on 7/13/11 2:58pm
Msg #389609

Sadly, this is not at all unique....

It happens. The check will be replaced so it's the waiting game now. The bigger issue is whether the NSA who sub-contracted out did so without the authorization of the hiring TC.

Reply by Notarysigner on 7/13/11 3:02pm
Msg #389611

Re: Sadly, this is not at all unique....

Or the SS who got it from the TC.

Reply by SouthernOK on 7/13/11 3:48pm
Msg #389617

Another reason I won't sub-out work.

Not that there are any other SA's around these parts but because my name is on the line.

Yikes, why would the SA take money at the table? From my readings here on NotRot, lots of SA's have the BO make arrangements to send the check themselves...for good reason obviously!

Thanks for letting me learn for someones mistakes!

Reply by LisaWI on 7/13/11 4:37pm
Msg #389633

Re: Another reason I won't sub-out work.

Ummm, we take $ all the time, its part of the job. If $'s are coming from the borrower, it has to get there somehow if wiring the funds isnt possible. If done correctly, and there are several ways to accomplish this, the title company receives the check with no problems.

I think you are mistaken when you say lots of SA's have the BO make arrangements to send the check themselves. I would say a good portion of SA's take the certified funds check more than not.

Remember, we are providing a convenience to the borrower.....how convenient is it for them if they live an hour outside of town to mail the check to the title company?

Reply by Notarysigner on 7/13/11 5:18pm
Msg #389640

Re: Another reason I won't sub-out work.

They have wiring instructions included in the loan package......here.

Reply by LisaWI on 7/13/11 5:29pm
Msg #389642

Re: Another reason I won't sub-out work.

And duh, I just thought about what I said.......we are providing a convenience by sending the check with the loan package so its not separated from the loan package. That way it gets to the title comp in a timely manner. If you leave it up to the borrower, it might get delayed. Sometimes we have wiring instructions, but not too often.

Did a closing last week where the broker mailed the broker docs to the borrowers, not fedex, not ups, but the US postal service. She actually found the package in her mailbox and it had been opened. She wasnt too happy. I was surprised to hear the broker sent it that way.

Reply by BossLadyMD on 7/14/11 8:31am
Msg #389670

I collect checks all the time too..hence bond requirement... n/m

Reply by Moneyman/TX on 7/13/11 5:44pm
Msg #389643

I agree with others. I work WITH some local SAs but I will not farm out any work.

If I am unable to accept a job because I am already booked I will recommend another SA that I know knows what they are doing. They do the same for me.