I totally agree with Linda H's .02 cents. I have to add, tho, that I've never seen such a brouhaha over a lousy $50. And I would be soooo tempted to cut the conversation short by saying, so sorry, you agreed to $200 and if the loan doesn't fund, can't help you out. Bye Bye. (LOL.)
Of course, you'd never say that to one of your best clients and, of course, you'd never get paid a dime if it didn't fund. But I bet a huge bunch of $$ the loan will/would fund with or without all the surrounding hysteria over $50. You think the lender/LO is going to lose a commission as well as thousands of $$ in other fees *and* infuriate the borrower over a crummy $50? Not to mention the fact the Realtors are breathing down their neck. That $50 difference that is allegedly holding up the entire show can be adjusted somewhere else in the HUD, either on the lender's part, or even escrow's part. I would think that there is latitude in several areas on the HUD as compared to the initial disclosures to make up a measly $50.
Anyway, sounds like you're coping the best you can amid all this hoopla and probably are doing what most of us would be forced to do under the circumstances. You say your escrow contact is all broken up about this ... I'm not so sure. She's already eaten up way more than $50 in staff time trying to make the lender eat this so she won't be on the hook for dipping into office petty cash to pay your $50. Sigh. I would definitely follow Linda's caution about avoiding getting yourself in this position again, now that you know what to look out for. |
