Posted by Joanne_SL on 5/12/05 9:39am
Msg #37283

What would you do.

I received a call from a title company who has taken over the closings for one of my customers, a lender who calls me directly. They have undercut the other title companies in order to get the volume of work from this lender. This is the second call from this company who is trying to get me to come down on my fee. I explained that all fees are negotiated at the time of booking with the lender and I would not give him a flat rate. This is the second such call I have received from him and his partner. He then said he had $1000 worth of invoices from me for past closings, would I take $800 instead? I said absolutely not ... those fees were negotiated with the lender at the time of booking. Would anyone out there have reduced their fees to accommodate this guy? I did not think it was fair.

Reply by Lee/AR on 5/12/05 9:42am
Msg #37284

It's total b.s.... a resounding "NO!" (nm)

Reply by Dellaca on 5/12/05 9:43am
Msg #37285

Re: It's total b.s....NO way (nm)

Reply by MaggieMae_CA on 5/12/05 9:45am
Msg #37286

Holy crow!

I can't believe the nerve of that TC! Sounds like they undercut the other TC and want to make up the difference by cutting your fees which were negotiated prior to their taking the lender's account

Reply by SarahBeth_CA on 5/12/05 11:12am
Msg #37313

Re: Holy crow!

A contract is a contract and they have to honor the contract that was in place before they took over. I think it was a very poor business decision to ask you to take a cut fee when they are a multimillion dollar business who are hiring those in business for themselves. Also knowing that they undercut to get the account I'd like to know how much they are cutting thier notary fees for the signings currently taking place. As it is we are charging a huge cut rate on loan packages already. Sometimes I wonder if the ss or tc really have a clue on what a deal they are already getting before they start undercutting again. Maybe we should start reminding them when they call how much of a deal they are getting in the first place.

Reply by Joanne_SL on 5/14/05 7:32am
Msg #37738

The Result!

I ended up calling the lender. You were all right, they were floored that the TC had contacted me about this. I explained that I valued their business but I did not feel that this was fair - and I had never had a problem with the other title companies they used. My contact explained that they were trying this guy and someone else out - in this instance, they were going to pay me the $200 out of their pocket and the balance would come from the title company. Now the title company thinks I am as flexible as gumby, I'm happy, and the lender has explained, in no uncertain terms, that I work for them, not the title company. Thanks for all your feedback - have a great weekend. Joanne

Reply by Joan-OH on 5/12/05 11:15am
Msg #37314

Quite Frankly, it sounds like you have a relationship with the lender and those prior deals were through the lender directly. I, personally, would call my contact there and ask if it is their directive that you are being asked to take $800 instead of the $1000 that's owed you. I'll bet the lender would be floored this was being asked of you.

Joan-OH

Reply by Kari on 5/12/05 12:37pm
Msg #37340

Who is going to pocket the $200.00 difference that had been reflected on the Hud's?