Posted by jasonste_AL on 5/7/05 10:09am
Msg #36411

Collecting Money From Borrower's !

I dont get to collect money from borrower's often, but I'm really confused on the issue. With this particular SS. Everytime I am to collect from the borrower, the borrower has no knowledge of it. Is it normally a surprise ?? With the fact most lenders want it in certified funds, wouldnt be wise to inform the borrower of this, or am I looking at it in a different view ?

The lady (borrower) I did a signing for yesterday, first thing, I told her I needed to collect the money. She informed me. she told the lender, if they couldnt do it without her having to pay anything, then dont do it at all. Now, here I am, at the borrower's house, with edocs, no payment, nothing ! What's up with that ??

Now the signing company is going to either NOT pay me or reduce my fee, for not following instructions.

Reply by Sylvia_FL on 5/7/05 10:17am
Msg #36413

Jason
When I see on the Settlement statement that there is money to be collected. I contact the borrower to remind them that they need to have a certified check etc for me to pick up.
If they are not aware they need to bring funds, this gives them time to contact their lender and straighten out the problem before I go to the signing, then if they change their minds about the loan, they will do it before I make the trip out there.


Did you call the title company from the table? They may have OK'd them overnighting a certified check during the rescission period.

Reply by jasonste_AL on 5/7/05 10:38am
Msg #36417

Re: Collecting Money From Borrower's ! Sylvia

The borrower didnt have the funds at all, she didnt have any money period. I would have called the borrower, but I received the docs 30 minutes before I was supposed to be there. I guess this is a lesson learned. Thanks for your advice Sylvia !!!!

Reply by Charm_AL on 5/7/05 10:29am
Msg #36415

Always ask if they are aware that they need to give you a check when you confirm the appointment, I've had a few that were the same case scenario and they knew about it beforehand.

Reply by jasonste_AL on 5/7/05 10:40am
Msg #36418

Re: Collecting Money From Borrower's ! Charm

Charm, I had no idea I needed to collect the money, until I receive the docs, I got them 30 minutes before I was to be there, edocs, I was in a rush, as always, I'll consider this a lesson learned. Thanks for your advice !

Reply by wade/ar on 5/7/05 12:20pm
Msg #36421

Re: Collecting Money From Borrower's ! Charm

I had a similar situation last week, but the documents went to the borrower, and there was no indication on the ss's e-mail confirmation stating that any $ were to change hands. When I attempted to call the borrower to confirm the appointment the night before the signing, no one answered. I normally confirm with the borrower at that time that they do or do not need funds at the time.

I later found out, the ss gave me incorrect telephone number. It was not until I got to the borrower's home the following day, when I looked at the settlement statement did I know that they were to give me money.

Normally, anything over $500 has to be certified funds or a money order. Who's ready for that when it's 6:30, 7:00, sometimes 8:00 p.m!

Reply by SarahBeth_CA on 5/7/05 9:37pm
Msg #36477

Re: Collecting Money From Borrower's ! Charm

I hear ya. I had a call where they told me if it's over $500 it has to be certified funds. When I finally got the docs there was no money to be collected. And the docs were late as it was. It sure would be nice if the ss knew if and how much the borrower was to have ready at the table. I think that the ss should ask the lender so that we can confirm that when confirming appointments. Otherwise we end up looking like dumb-butts because we failed to mention it when confirming the appt.

Reply by patricia on 5/8/05 9:24am
Msg #36512

Re: Collecting Money From Borrower's ! Charm

it really is the job of the loan agent or escrow officer to contact the borrower about funds due.
Either way, the borrowers can wire the money to the title company