Posted by td on 5/6/05 12:03am
Msg #36187

Just wanted to "vent"

I had a signing this evening at 6pm. I took this signing and didn't check the message board until I already accepted the signing (it was from Lender Services Direct, Inc.) Found out that this was "one of those companies" who don't or take their time paying. Well, I received the docs overnite - no borrowers copies. I called the SS and told them that I charge an extra $20 to make copies and they agreed. I went to the signing - this was a Mother and Son, not husband and wife. They misspelled the mother's name on EVERY SINGLE PAGE - put husband & wife on the deed, etc. We called the lender and he told me to have her cross out the incorrect name and initial and print her correct name (time consuming, but I did it). Not even half way through, the borrower had so many questions that I had her call the lender to explain. She decided not to complete the signing (at 7:30pm). I wonder if this company will pay my cancel fee?

Reply by fiKS on 5/6/05 12:17am
Msg #36189

Each company have their own policy and agreements regarding cancel fee. Most companies would pay. I had a signing that took 2 1/2 hours and then cancel - most of the time was spent on the phone between the borrower and LO. I wrote a letter to the SS requesting them to make an exception to their 50% Cancellation Fee policy due to the amount of time I was at the table. The SS paid me full fee.

Reply by td on 5/6/05 12:19am
Msg #36190

Thanks for the info - that really helped!

Reply by AD on 5/6/05 8:30am
Msg #36215

Another suggestion is that when you are working with SS that is new to you ask them if they pay if the loan doesn't fund or if the borrowers won't sign and also what time of the month they pay (their pay schedule). I know that sometimes the initial call is hectic and you may not have time to ask those types of questions up front, but call back when you get a moment and ask those questions.

One poster suggested writing a letter explaining the amount of time you were at the table and to please pay regular fee. That is a good suggestion.

Reply by td on 5/6/05 10:01am
Msg #36232

Thanks! I'm doing it right now!