Posted by Marla_NorCal on 1/28/05 6:05pm
Msg #18649

Signing stopped by client

I had a signing today where the borrower refused to sign, less than half way through the paperwork. The rate and mo. payment amount were apparently very off from her point of view and last discussion with the lender and escrow officer. There were 2 different Truth-in-Lending Disclosure, 2 Good Faith Est. all different.

I don't blame them for stopping, but I am wondering about my fee????????? When I called Platinum Escrow, they told me to hold on to the papers for a few days......then they would contact me...I didn't want to get into a discussion re: my fee in front of the borrower!!...Should I send them an invoice today???? Just never had this happen yet.
Thanks for your input and wisdom. Marla

Reply by Camille on 1/28/05 6:15pm
Msg #18650

Some signing companies clear that at the time of the order, some ask if 1/2 price is ok if signing is stopped at the table. I have been pd in full though for a couple. This is different from the borrower recinding, you should get all your $ then, you did your job.

Reply by Loretta Reed on 1/28/05 6:20pm
Msg #18653

I would just bill as normal. I do not accept partial payments if a closing does not happen.

Reply by fiKS on 1/28/05 6:48pm
Msg #18660

I had one loan that didn't close twice. I was paid the first one and I sent an invoice for the second one for full fee because I was with the borrower for almost 2 hours while she and title company and loan officer were going back and forth on the phone. I attached a cover letter with my invoice saying that if it was their policy to never pay full fee on a cancellation I will adjust my invoice but stated my case why I felt I should get full fee. They did not comment on my second invoice (like the first time), so I do expect to get paid. But it doesn't happen that way for all companies. Some will only pay a minimal cancellation fee, they call it a "trip" fee.

I would just bill them, the worst that could happen is they won't pay it.

Reply by KD on 1/28/05 6:55pm
Msg #18661

Send your invoice. As long as you did what you were supposed to do, they should pay you.

Reply by Marla_NorCal on 1/28/05 8:29pm
Msg #18678

Thank you all for your 2 cents!N/M

Reply by ItsMe123 on 1/28/05 9:03pm
Msg #18687

Re: Thank you all for your 2 cents!N/M

Marla,
The reason for 2 GFE's and TILs are most likely that the 3 day disclosure docs were also sent out to ge signed. I do hope you didn't let the borrower think she had 2 TIL's with different numbers

Reply by Marla_NorCal on 1/29/05 12:23am
Msg #18707

Re: Thank you all for your 2 cents!N/M

No, I didn't "let" the borrower think anything, I had her t/w the S.S that confirmed the higher $$ amt was indeed her pmt...and then the borrower refused to sign. The SS advised she t/w lender directly, which we had already started. Her L/O was not in.......