Posted by On The Dot_CO on 6/14/05 10:46pm
Msg #44706
Payment - Loan did not Fund
I have a loan which did not fund. The company which assigned the signing to me is KCT Law. I contacted them today and they told me the Mortgage Broker would have to pay me. Since they are not a signing company, am I just out the money I would of collected or would I have any luck with the Mortgage Broker. Has anyone tried to collect from a Broker? Also if I am out the money, how do you handle it in bookkeeping? Would you consider it a bad debt which you can't collect or just cover the expenses of doing the closing and printing the edocs?
Thanks
Tom
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Reply by Melody on 6/14/05 11:45pm
Msg #44727
KCT is a good company. You are not dealing with jerks. Be nice.
I eat around 1-2 loans a month. This is because I only work for lenders and TCs. I do not work for SSs. To get the Big Bucks, I have to eat a fee now and then. This keeps me #1 as their first notary to call.
I minimize my "Eat It" fees by this procedure:
When a new-to-me (or problematic) TC hires me for a job, I always go over the loan and HUD terms with the borrower before driving to the appointment. If the terms and HUD are a big fat lie, it is not the TC's fault: the LO lied. If the terms and closing costs are not as promised, the borrower tells me so and I have not wasted time traveling to and from his house.
I find that the TCs are sympathetic. LOs who lie waste their time and mine.
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Reply by Dmartz_IN on 6/14/05 11:56pm
Msg #44735
Melody,
I am shocked you mean to say that an LO would LIE to a borrower, I can not belive this ("""Ha,Ha, Ha"""
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Reply by Barry on 6/15/05 11:13am
Msg #44813
The ones that hired you are the ones responsible for paying you. since it came from a law firm, they should (and probably do) know better. Hopefully you saved the confirmation. If there is no condition on there about the loan funding for you to be paid, then their behavior in this matter is intolerable. I would contact them via certified letter for a demand for payment. In the event they refuse, I would report their behavior to all of their participating BAR associations.
Unlike Melody's belief (and there is nothing wrong with her suggestion if that's what works for her) I do not believe in eating fees. That's like owning any type of store and saying it is OK for people to shoplift because that is the only way to stay in business. When companies do not pay, I pursue them. The only loss I had was Bridgespan Title, which filed Bankruptcy (and believe me, I filed the claim with the court).
When someone tries to stiff me for the fee, I do collect. Frankly, that is not a company I want business from in the future. The attempt is enough to warn me of things to come, and I usually tell the ones that made the attempt to remove me from their databases, and never call me again. I have more than enough work, and in the last two months, thank G-d, I was in a position where I had to turn down approx. 50 signings (I am sorry to say, but business has been exceptioanlly good), and those from reputable companies with whom I have done business in the past.
What I believe you must decide for yourself is the type of business and reputation you want to build as a Signing Agent. I believe when one allows a company, or law firm, to walk all over one, then the only way to protect one's right and be paid for what one did do is to take every legal step at your disposal to collect what is owed you.
I would also like to know the name of this law firm. I always want to know who to stay away from when solicited to provide a signing service.
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