Posted by Jennifer Rundall on 10/30/04 12:05am
Msg #10648

Told signing was only a refi and got package w/ a Heloc too!

Hello all...I wanted all of your feedback on this situation... I accepted a refi signing from a escrow company and the individual stated that the loan was a refinance. He did not mention that there was ALSO a second set of documents on a HELOC to be signed too! I am uterly irritated! I already lowered my fee $10 to help this company out...and they tried to pull the wool over my eyes with this! My question to you all is..should I go ahead with the signing (on Saturday) and then hold on to the documents over the weekend until I can talk to someone at the escrow company Monday and state that I can not return the signed documents with out a new invoice showing they agree to pay me the extra fee for the 2nd set of loan documents? I remember reading this in a posting a while back from someone but I could not find it. I just would like to know how others have dealt with this situation. Thank you for all your time....

Jennifer

Reply by Bob-Chicago on 10/30/04 12:23am
Msg #10650

Bad Bad Idea

You would be WRONG to hold docs hostage for a increased fee. Threatening to do so would rightly put you on this company's and the Lenders "no-no list" (yes they keep them too) pemanently.
That being said , the escrow company may not have known about the HELOC
Talk to them on Monday re:adjusting your fee. May not be a problem . A fair simultaneous HELOC fee ranges from $25 to 50% of the regular fee. A HELOC as part of a full re-fi usually adds only about 10 -15 minutes to the signing.
There is nothing wrong with sending back docs signed on Sat on the following Monday.

Reply by Roger/OH on 10/30/04 12:47am
Msg #10651

Re: Bad Bad Idea

Absolutely unprofessional and wrong - you cannot hold the docs hostage and jeopardize the loan of the borrowers, who are an innocent third party. Getting an unexpected HELOC is not unusual; just adjust your fee with the company on Monday and send the docs then with a revised invoice.

Reply by BarbaraL_CA on 10/30/04 12:51am
Msg #10652

Re: Told signing was only a refi and got package w/ a Heloc

You never know what will happen! I did 2 signings for a Title Company. When I asked what they pay, they said $125. I accepted both. One signing was a refi. The other was a refi and a HELOC. I invoiced them $125 for each one since that is what was agreed upon. When I got the checks, 1 was for $125 ... and the other for the refi HELOC was $187.50!!! They added 1/2 the cost of the refi for the HELOC.

Reply by Jennifer Rundall on 10/30/04 12:55am
Msg #10653

Re: Told signing was only a refi and got package w/ a Heloc

I am very glad I consulted you all. I will send the documents back, but then contact the escrow company regarding the fee for doing the Heloc. Thank you all for the input. I would never want to do something unprofessional or obviously do anything that would put me on a "do not call list". This is the first time I have ever ran into this...I appreciate all your input!

THank you!!"

Jennifer