Posted by TrayKy on 8/4/05 3:09pm
Msg #56963
Fees to charge for refusals to sign
Got to the table of a 1st & 2nd yesterday. Borrower looked at the HUD and said that the numbers were not what he agreed to. I'm sure no one has ever had that happen. haha. Anyway, after calling LO and TC the Borrower refused to sign. I have had cancellation before and even failures to sign but none of this size. Drive was about 60 miles one way and in KY that means driving through some scenes from "Deliverance". The TC that for this one will pay the full amount for the loan because we have such a good relationship but I really don't think that's fair. What do other charge for a refusal to pay. Thanks.
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Reply by PAW_Fl on 8/4/05 3:18pm
Msg #56966
My policy is if I make the trip and sit at the table, I've earned my fee. However, if the borrower refuses to sign in the first 10 minutes or so, I frequently discount my invoice by $50. But, if I'm there for more than that while the borrower haggles with their broker or LO or title agent, then my invoice stands.
I always offer preferential treatment to my better clients, though. Just works better in the long run that way.
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Reply by Mike/NJ on 8/4/05 3:27pm
Msg #56972
If the borrower refuse's without signing a thing I discount my fee by 50%. If they signed a good portion of the package and consult the LO its full fee.
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Reply by Blueink/CA on 8/4/05 3:21pm
Msg #56968
This only happened to me once, actually it was a "refusal to open the door"! I was paid the full amount. This is fair because I printed the docs, confirmed the appointment, made the trip and also turned down another signing for this one. Take the money.
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Reply by CaliNotary on 8/4/05 7:32pm
Msg #57022
I agree with Blueink. There is nothing unfair about you expecting full pay for driving 120 miles and having the borrower refuse to sign for reasons that you had nothing to do with. While sometimes it might make good business sense not to fight for a full fee in these situations (putting future business at risk), it is NEVER unfair for us to be paid our full fee for a refusal to sign. If they offer it, take it and count your blessings that you're working for such a good company. The title company can afford the loss a lot more than we can.
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