Posted by Karla/OR on 8/18/12 3:26pm
Msg #430965

Not Notified of Cancellation

Docs were uploaded yesterday morning (Friday) for a today (Saturday) re-fi.

I drive to BO who meets me at the door and asks if I had received a cancellation call this morning. The Lender called her at 8 a.m. THIS MORNING - BO told the Lender for the third time that she is in NO WAY going to do the re-fi because the closing costs are too high.

Did I get a cancellation call - that would be NO!!!

I am asking for full fee.

Reply by ToniK on 8/18/12 3:28pm
Msg #430967

That happened to me one day. I get to signing and the BO said they had canceled the night before. I called title and they said the lender sent the email 5 mins before 3pm. My appt was at 3pm. Oh yea I got full fee for that.

Reply by Karla/OR on 8/18/12 3:46pm
Msg #430969

Unbelievable!!! Glad you got the full amount!! n/m

Reply by jnew on 8/18/12 5:08pm
Msg #430977

Re: Unbelievable!!! Glad you got the full amount!!

Last week I arrived to find out that the borrower made a cancellation accepted by the lender a day before the signing. I had the documents two days before the signing. The lender never told the settlement agent about it, they were as surprised as me. I settled for less than full fee, but only because the settlement agent was in the dark as well. Under your circumstances, I believe you are entitled to a full fee unless you agreed to accept less under a performance contract.

Reply by LKT/CA on 8/18/12 8:57pm
Msg #430990

Annoyingly...the borrower with whom you confirmed the appt has your number and doesn't bother to call you either.

Reply by Karla/OR on 8/19/12 2:36am
Msg #431001

The SS I dealt with in my scenario today is VERY specific about no contact with the BO prior to the signing. She was flabbergasted that I was not told of the cancellation.

Reply by Linda_H/FL on 8/19/12 7:00am
Msg #431003

And this is one prime example of why I do NOT

agree to no contact with the borrower prior to. I've always been able to contact borrowers under certain time restrictions, which weren't too cumbersome - but I have been allowed prior contact.

Karla, this is YOUR business and the last I know the business owner sets the rules. Do you really think it's prudent to go out blind like that? Look what happened. And you don't even know if you're going to be paid. Check the fine print on the confirmation and make sure the company hasn't advised you of THEIR policy in the event of no-sign, no-show or cancellations.

Unless they're willing to pay me my full fee in full in advance, I will not take an assignment with no-contact orders.

JMO

Reply by F2F/FL on 8/19/12 9:56am
Msg #431006

Re: And this is one prime example of why I do NOT

I agree with Linda. It only took me one time to learn this lesson. I was fairly new at the time and the ss insisted that no contact would be made between me and the bo, so I thought at the time that this feels a little weird but OK I will go because it also sounded like everything was fine with the bo. Get there and have to yell through the door to let them know who I was and why I was there, and wife finally opens the door speaking loudly (over the big dogs) that she cancelled and wasn't going to sign anything. I guess she realized that I was not a threat and she let me in and we discussed it a little more and I asked if I could call the ss while I was there because that was part of the contract agreement that I would do.
SS's first response was "Did I remind the bo about the RTC, and get the paperwork signed." So I reminded bo of the RTC and she then wanted to let them know that she didn't even know that I was coming so she felt something was up. So I called again and she spoke with them and AGAIN she didn't waiver she told them she was not doing the loan and didn't care how much time she had to think about it. At this point she was kind to me but was late for getting ready to go to work.
So I left after agreeing with the ss's contract that I would except 1/2 of the agreed signing fee. BTW I excepted the signing because it was within a mile from my home office and it was $xxx.
I think these SS's that do this kind of arrangements are hoping that you will get them to sign no matter what and then they would take over later if it falls threw. They just want them signed no matter what and if then it goes threw then everyone is the better.
I consider this to be an "attack" on both the NSA and the borrower. The NSA receives less for her/his efforts, gas, print expenses, etc. etc., and sadly the bo ends up really not trusting the whole system of getting a loan.
I'll get off my soap box now, but I will never do this kind of contract again and if they insist on it and make it worth my doing it even at 1/2 then I MIGHT consider it, but we know that is not going to happen anyway.

Reply by Karla/OR on 8/19/12 2:44pm
Msg #431039

I have to take partial blame for this scenario. The confirmation states: "If you are in need of signing confirmation . . . Please call . . ." I did not do that.

The SS did not make the rule, they are simply relaying it from the mortgage company. This SS is providing me the mass of my work and pays promptly. I have no beef against them to-date.

This is only the 2nd time this has happened to me - the first was a wrong location for the signing. I accepted the error thinking it was human error (I have made a few in my lifetime!!) and was paid half my asked for fee for trip and copy fees.

I'm getting the feeling, based on Saturday's incident, that the mortgage co. makes the 'do not call BO' rule because the BO has not yet agreed to the signing!!!

Now that this 2nd incident has occurred, I WILL definitely be calling for confirmations on these!!!

Reply by sueharke on 8/19/12 2:56pm
Msg #431045

Karla, it takes a big person to grow from this type of experience. I congratulate you for being honest with yourself.

Reply by Karla/OR on 8/19/12 4:35pm
Msg #431051

Appreciate your kinds words Sue. n/m

Reply by Karla/OR on 8/19/12 10:06pm
Msg #431085

. . . AND your 'kind' words too!! fingers not working well! n/m

Reply by PegiT_MN on 8/20/12 11:55am
Msg #431123

Karla.....so sorry this happened to you, but.......

.....in this crazy busy industry, with so many "chefs in the kitchen" as I say, it is bound to happen every now and again. The lenders are so busy that sometimes they don't call the title company or the signing company or the notary to alert them of the cancellation. And most borrowers don't know how the process works and it's not their responsibility to contact us anyway about a cancellation. I always make sure that I have good communication with my title companies and signing companies and I let them know right away what has happened. I have always gotten my full fee for printing and driving to a closing without any problems.