Posted by Marie-fl on 5/18/05 11:40pm
Msg #38927

GRIPE! Non-funding/no-pay and refuse to sign trip fee's

I've read plenty on this board regarding $50 and under signing fee's but little on SA vs. SC policies regarding trip fee's and no fee's.

I won't knowingly work for a company that doesn't pay for my work if the loan doesn't fund. I did my job so I should be paid in full!

When I accept a signing from first time or non-regular SC's I always ask their payment policy. If they don't pay for non-funding loans I won't work for them. For SC's that only pay a trip fee for a refuse to sign I tell them that's fine if:
a) I am at the BR's for 15 minutes or less. I ask them to clearly state this on the
work order. Sometimes they will sometimes they won't.

b) If there are problems with the HUD, Note, etc. and it looks like a possible refuse to
sign situation I call the SC after 15 minutes has elapsed to ask if they want me to
pack it up and leave for the trip fee or stay for my full fee. It's their choice. If all
they're willing to pay is a trip fee I feel 15 minutes is a reasonable length of time.
What ever they say I document the SC's employee's full name, extension, date and
time, and I also request an email stating their instructions regarding this
conversation.

I've had plenty of assignments where I've driven 45 minutes plus one way then spend an hour or more with the BR's for a refuse to sign. All this for a $25 to $35 trip fee. With my regular clients these are rare so I accept them as one of the costs of doing business. From a new or non-regular company, I don't think so!

I always do this for Ameriquest and Quick Loan Funding loans. I've yet to do one of their loan's that didn't require calls to the LO and at least an hour and forty five minutes to close. In my experience 20% of BR's refuse to sign these loans.

I rarely accept assignments from new and non-regular SC's that won't agree to my 15 minute maximum (at the signing table) if they only pay a trip fee for a refuse to sign loan. I figure they're far more knowledgeable with their clients closing record than I. So, if the SC won't agree I view this as an indication of trouble at the signing table being a common occurrence.

What are your policies for non-funding/no-pay and refuse to sign/trip fee companies?

Reply by LawrenceOK on 5/19/05 8:34am
Msg #38967

I think trip fees should only apply to no shows. Once I'm in the borrowers home, I do everything possible (without UPL) to sign the loan. Calling LO/TC, SS and reminding the borrower of the RTC (if the package has one). When none of the above are available, I advise them to go ahead and sign (to keep rate lock ext.) and use the RTC if the issues cannot be resolved. Once I get past the threshold I've done my job and I expect full fees. Some companies dont want to pay even if the borrowers use the rtc saying crap like "if we dont get paid, you dont get paid" WRONG!! Services Rendered Payment Due period.