Posted by Anonymous on 12/27/05 12:18pm
Msg #84648

Is this unethical?

I am almost afraid to ask, because i am pretty sure it is,,,,but,,,,

I was at a signing, and the borrowers right away start complaining that the rate on thier note was incorrect, (too high obviously) and they were getting too much cash back then they had asked for. they complained that they had been in this process for such a long period, and blamed the lender for not locking in their rate (which sounds like this was the case)

They ended up refusing to sign, and asked what they should do...(they had called their own lender in the meantime, and he couldnt help)

so i recommended they call a mortgage broker i know

what do you all think? I dont think it was right to do, but these people really needed my help....

Reply by Anonymous on 12/27/05 12:43pm
Msg #84650

You're right.. It was very unethical to do that! Why even ask if you know the answer to your question.

Your main job is to notarize and witness signatures at a closing as a Signing Agent, not refer them to other mortgage brokers. It would have been up to them to go another route if that's what they chose to do. That was not the professional thing to do and I would have never in a million years done anything like that. I would have apologized that things didn't go the way it was supposed to, gathered my belongings and left!

Reply by Calnotary on 12/27/05 12:43pm
Msg #84651

I think is unethical to do that. I wouldnt do it. If they cant get a good deal with their current
lender, they can start with another one that that they know, but I wouldnt recomend one.

Reply by Jersey_Boy on 12/27/05 12:56pm
Msg #84656

I would never refer the name of a lender to a borrower....

I only refer people to the phone book....

Reply by BrendaTx on 12/27/05 12:55pm
Msg #84655

Of course it is unethical. You already know it is.

I do not think those we work for always do the right thing, but to hijack their client is also wrong...and two wrongs do not make a right.

One of two things are going on here. You are either new, or you are just being a troll.

If you are new, you need to get that zipper on your lip fixed to stay zipped up when you are prodded by borrowers to give them answers you are not able to point to in the documents they are signing.

You did not have to say anything about their loan. I understand being human and wanting to help, but you need to learn to help yourself first to build a business. Right now, you have come out as a double-crosser who is unethical and who cannot be trusted, IMHO.

I am not saying this is you--I am saying this is how you will be perceived because you did this. If it was an honest mistake, don't do it again and move on.

But, if you were working with a loan officer, they might be willing to pay you two, three or ten times the amount you would make on a signing if you did this kind of a referral thing and they got the bwrs to become their client. That's why you would be perceived as unethical moreso than being just plain naive and inexperienced.

Reply by Anonymous on 12/27/05 1:30pm
Msg #84662

Of Course, you are all right. I am not new at this, but i am not a troll either. I dont go into a closing and ask them if they would like a better rate if they go to the new lender. in this case, it was painfully obvious that the borrowers were not happy with their lender, and would not go with them.

but i do agree that you are all right, i am not disagreeing. thanks for the thoughts,

anon

Reply by BrendaTx on 12/27/05 1:59pm
Msg #84668

** I am not new at this, but i am not a troll either. **

I see. I just figured if you were not new at this you would not ask the question because you would know the answer was that you would be viewed as unethical by the majority.

Reply by TCMN on 12/27/05 1:45pm
Msg #84666


Everyone is correct , it's unethical.
It might have been a test also. We all know of companies that test their agents and have them rated by borrowers, etc.

If it's a regular company you work with I hope that you didn't just prevent getting anymore income from them.

lesson learned I hope.

Reply by CaliNotary on 12/27/05 3:24pm
Msg #84686

Those people didn't "really need your help". There are a zillion mortage brokers out there, surely they were capable of finding another one on their own.

Don't be surprised if they end up telling the lender that you told them not to sign and gave them the name of a different company. I'm not sure what the legal ramifications could be, if any, but you could be looking at more of a problem than just questionable ethics.