Posted by LawrenceOK on 11/21/05 10:01am
Msg #77927

Curious About MD and WaMu

I have read on a couple of internet sites that WaMu is contacting notaries directly for heloc's. It was always my understanding that MD had an exclusive contract with them to handle all of their heloc business. Has anyone heard of them losing their contract with MaWu?
Anyone in Oklahoma still doing MD WaMu helocs? Considering that MD has not called or emailed me in over three months for any signings, (I don't do $50 signings) would it be considered unethical for me to accept direct from WaMu, IF MD has indeed lost that contract? jc

Reply by Leslie_Mo on 11/21/05 10:15am
Msg #77937

Re: Curious About MD and WaMu

Reply by Leslie_Mo on 11/21/05 10:17am
Msg #77938

Sorry - I hit the return key too soon. I did a couple of WAMU for LSI in August & September but nothing since then.

Reply by patricia on 11/21/05 10:40am
Msg #77944

I dont see anything wrong with you contacting WAMU on your own, hopefully they will pay more than $50.00.

Reply by Becca_FL on 11/21/05 11:01am
Msg #77955

I havn't done a WaMu HELOC thru MD in two months. I used to do 5-10 per month. I too was wondering what was going on.

Reply by LawrenceOK on 11/21/05 11:40am
Msg #77978

The only thing I can figure is that they have lost the contract, or WaMu did not renegotiate another one with them.

Reply by Ted_MI on 11/21/05 3:21pm
Msg #78032

Re: Lawrence, I don't think so

Hi,

I don't think that MD (mortgage docs) lost the WaMu contract (or at least all of it). I used to do quite a few for them but things seem to have slowed down. I have only done two or three in the past thirty days or so. But I do have one scheduled for tonight.

Reply by Teddog_CO on 11/21/05 11:01am
Msg #77957

Hi ! Lawrence,

RE: your question. If MD(whoever that is) has no contract with you it would be ok to contact WaMu. Look and see if you ever signed anything with them (SS) If WaMu contacts you directly (no contact from you) there's no reason you can't work for them (independent contractor) and you do not work as an employee with any SS. Or, depending on your contract if one was signed generally states to sever ties with them you must contact them in writing 30/days before you terminant your relationship with them. Under the conditions that you are describing I don't see anything wrong or unethical about you accepting work directly from WaMu. If the SS has lost their contract with WaMu why would they care, they didn't lose their contract to you.

This is my opinion only. I think that we all contact TC/Escrow companies for business.
As I understand it the contracts that SS have notaries sign(couldn't hold much water in a court room) especially if they never contact you with work for over a period of one year. The reason being your E&O expires after one year and your State license might need to be renewed as well. So if a company contacts you, or you contact them I personally do not see a conflict. They are no longer a contracted customer of the SS.

Wow! Lawrence , that's a lot of Serious for me so early in the day. lol

Have a Great Thanksgiving!!!!

Teddog

Reply by LawrenceOK on 11/21/05 11:20am
Msg #77964

No Ted, no contract. I signed up on their website long time ago. As far as a non-compete contract in my state goes, in order for it to hold water, they have to give you a certain percentage of work per month or have you on retainer. So I understand from an attorney I know.

Reply by Teddog_CO on 11/21/05 11:29am
Msg #77972

Well there you go! Have at it Lawrence. Teddog n/m