Posted by Bonnie_FL on 11/4/05 5:33pm
Msg #74438

Closeline

Did anyone sign the Closer Acceptance Agreement? It states "You will not be paid a fee for each closing that cancels, rescinds or ohterwise does not fund.".......

Reply by NY_TaxLady on 11/4/05 5:36pm
Msg #74439

I won't take any assignment that will not pay if the loan doesn't fund. I did my job. My time and energy is to precious.

Reply by Anonymous on 11/4/05 5:39pm
Msg #74441

NY_TaxLady is CORRECT! It's not your problem if the client decides they don't like what they got. Agreed 100%.

Maybe on your invoice at the bottom note that you still charge if the loan does not fund. Or at LEAST half!

That's ridiculous!

Reply by Anonymous on 11/4/05 5:39pm
Msg #74442

oops, I meant to sign as Anon1.

Reply by Bonnie_FL on 11/4/05 5:40pm
Msg #74443

I totally agree. I did my work which has nothing to do if the loan funds or not. I am being paid to witness and notarize, etc. When MY job is done, I want MY money no matter what happens to the loan after it leaves my hands. I was just curious of anyone actually signed their agreement and did a signing for them and didn't get paid. I signed up on their site and in their confirmation email they give you the Acceptance Agreement which has the non payment statement.

Reply by AngiesMobile on 11/4/05 8:04pm
Msg #74467

I bill the lender, cuz they get paid even if it cancels. So if the SA prints the package then the sa should get reimbursed for the paper and the time. my fee for canceled appointments is $25.00. I get it too.

Reply by PAW_Fl on 11/5/05 12:12am
Msg #74505

How do you figure a lender gets paid even if it cancels? Lender and title are paid from the proceeds. If there is no loan, then there is no money from which to draw to pay anyone. I.e., there are no proceeds.

Reply by AngiesMobile on 11/5/05 2:45pm
Msg #74599

If there were fees under "POC" which there usually are, they lender would take it out of there for the documents fee... If they cancel and never reschedule I would bill the borrower for the cost of copies and the paper.

Reply by PAW_Fl on 11/5/05 3:04pm
Msg #74604

All fees and costs associated with the loan, must be returned to the borrowers if the borrower cancels.

As is stated in the regulations:
(d) Effects of rescission.
(1) When a consumer rescinds a transaction, the security interest giving rise to the right of rescission becomes void, and the consumer shall not be liable for any amount, including any finance charge.
(2) Within 20 calendar days after receipt of a notice of rescission, the creditor shall return any money or property that has been given to anyone in connection with the transaction and shall take any action necessary to reflect the termination of the security interest.
(3) If the creditor has delivered any money or property, the consumer may retain possession until the creditor has met its obligation under paragraph (d)(2) of this section. When the creditor has complied with that paragraph, the consumer shall tender the money or property to the creditor or, where the latter would be impracticable or inequitable, tender its reasonable value. At the consumer's option, tender of property may be made at the location of the property or at the consumer's residence. Tender of money must be made at the creditor's designated place of business. If the creditor does not take possession of the money or property within 20 calendar days after the consumer's tender, the consumer may keep it without further obligation.
(4) The procedures outlined in paragraphs (d)(2) and (3) of this section may be modified by court order.

There are NO out of pocket (or POC) costs if the loan is canceled. The appraisal fee and brokers fees that are negotiated by the broker (the brokers business contract details these fees) are not fees associated with the loan transaction, and usually don't appear on the HUD (except the appraisal) anyway. As a third party to the "loan" closing, you fees are part and parcel to the loan closing (from the borrower's perspective). So if the loan does not close, the borrower is not obligated for those fees, including your fees and costs. Your contract is with the SS, title and/or lender. Not the borrower. (Unless the borrower hires you.)