Posted by Ted_MI on 5/18/05 3:28pm
Msg #38762
Re: contractual considerations
Hi all,
Late this morning (est), I got a call from a signing service to handle a refinance at 3:30 p.m. today in a town that is like over an hour away from me. I quoted a fee; they were not comfortable with it, so we agreed at a fee $25 bucks lower. And I reconciled taking the assignment with the hopes of seeing some friends and/or relatives who lived near the borrowers. It was edocs obviously.
Took a while for me to get the confirmation. Finally got the confirmation, called the borrowers, confirmed the appointment, got directions etc. Things were rushed, as I had other things I had to do. Somewhat later I read the agreement through more thoroughly. There were a couple of statements that I really took issue with. One of them was as follows:
"Deductions to your fee will be made if the loan does not close". Did it elaborate on the extent of the deductions? Nope. Heh, it could be 100 percent !! And then there was the whole principle.
And then at the end of the agreement (in somewhat bold print), there was the following statement:
"Due to the nature of our service based industry, if the above guidelines are not met you will not receive your fee."
I won't go into detail as to the guidelines, but let me just say that there was a lot of handholding (contact) required. And this was a last minute signing !!
So I emailed them back and expressed my reservations. Finally much later on I get a call from someone there on another matter. And I expressed my reservations. The woman responded "heh if the loan doesn't close, we get nothing". I imagine that is truthful. But that is their problem. She did say that they do offer $25 bucks for edocs and $25 bucks for the trip. But the trip would have been about 130 miles round trip.
So the bottom line is we just decided to go our separate ways. They had their policies and wanted to stick to them. And I found those policies unacceptable under the circumstances.
Sorry this is rather long. But let me encourage you all to be sure and read the "fine print" carefully.
I also should add that this ss that apparently has a good reputation. It is not some fly by night organization that doesn't pay.
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Reply by Julie-MI on 5/18/05 5:07pm
Msg #38789
Re: contractual considerations
Hey Ted, It wasn't Professional Settlements for one in the boonies of St. Clair County was it?
I received a pleading call from them this early afternoon but could not remember their payment history and I also quoted them $200.
The problem with taking $25 less is that if we rationalize that we can visit friends, or other things to take us to the area, this lowers the ball. Stick to your fee.
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