Posted by Anonymous on 11/15/05 10:42am
Msg #76673

Still trying to figure this one out....

I got a call from a realtor who wanted to pay me $250 for a loan where he stated the Notary fees as $500 and once the TC sent me the check and it cleared he wanted me to send him his $250 What's up with that?

Reply by Art_MD on 11/15/05 10:45am
Msg #76674

Lets see...

1. It could be called kickback
2. It could be called illegal
3. It could be called fraud
4. it could be called .....................jail time prelude

Art

Reply by Anonymous on 11/15/05 10:48am
Msg #76678

Art!Correct!"High Ho, High Ho, it's off to jail I go" LOL

Reply by Anonymous on 11/15/05 10:58am
Msg #76684

I definitely stayed away from that one!!!!!!!

Reply by taxpro on 11/16/05 2:20pm
Msg #77002

Go ahead, do the signing, when the $500 check comes, cash it. When the realtor calls and asks why you didn't send him his half, act shocked and say, "I can't believe you would ask me to do such a thing!! That would be illegal!!" What's he going to do now, call the police? Tell his boss? Tell the title company? Tell the Secretary of State? That would be like calling the cops to tell them someone stole your marijuana. Heehee. That would teach that scumbag a lesson. And if you feel guilty about taking such a large fee, give half the money to charity. The Salvation Army can always use the money.

Reply by Anonymous on 11/15/05 10:45am
Msg #76675

That's called "Spliting the Profits" & being Sneaky about it

Reply by Charm_AL on 11/15/05 10:48am
Msg #76677

What's to figure out? He listed your service for 500. and wants to pay you 250. A quick and scummy way to make an extra 250 off the borrowers. I'd tell him to pound sand... or is that salt?

Reply by Anonymous on 11/15/05 10:51am
Msg #76680

Re: I thought it was a bad deal I really don't think he

saw anything wrong with this it made me nervous.

Reply by PAW_Fl on 11/15/05 10:57am
Msg #76683

A bit off the subject, but whenever I am told that I will be "on the HUD", I always say that is great but please not to put it under "Notary Fees", as it may be misconstrued as overcharging for notarial work. I ask that it be put under Doc Prep or Signing Fee.

Reply by CA_Violet on 11/15/05 10:59am
Msg #76685

Re: That is definitely the best way to go :-)

Reply by JM_NY on 11/15/05 11:03am
Msg #76686

I am confused

On the Hud it says 500. You got 250, where is the other 250? Doesn't he have it as he was paying you?

Reply by Art_MD on 11/15/05 11:09am
Msg #76690

Re: I am confused

Over the years, the mortgage industry got a lot of bad publicity (and rightly so) for "excessive fees". Much of the problem was inflated numbers on the HUD.
Laws were passed to cut down on this "fleeseing of America". Kickbacks, fee sharing, etc. were made illegal unless noted in the closing papers. If a flood survey was done by an outside agency, and the title co paid $26.00 for it, the title company couldn't list the fee as $100 and keep the extra $74. This may not be exact, but is meant to cover the basics.

art

Reply by JM_NY on 11/15/05 2:11pm
Msg #76734

Re: I am confused

It was morning and I didn't have my coffee yet. I reread the post. I was confused because I thought he sent the check out not escrow. Check recieved was 500.

Reply by MB_AZ on 11/15/05 11:10am
Msg #76691

Sounds like a RESPA violation to me. I had a lender do the same thing. Escrow overpaid me for a signing and the lender said to send him (check made out to him) the excess. A big no-no.

Reply by Anonymous on 11/15/05 11:39am
Msg #76694

Re: So what did you do? N/M

Reply by Paul_IL on 11/15/05 11:49am
Msg #76696

RESPA Violation!

Ask him if he minds if you get claification from the RESPA Compliance officer to make sure it is ok.....Then WATCH him back peddle!!!