Posted by Anonymous on 9/26/05 2:39pm
Msg #67403

What do you do in this case...please read:

Borrower called me saying that LO didnt return 350.00 dollars because he promised them that they will get that back (apraisal fee) and they been calling this LO and escrow, and they just dont deliver their money.

I told the borrowers, well they havent paid me either!! Its been 2 months since the signing and I been trying
to collect, I call them everyday, even today EOM but thats not my problem.

What resourses does the Borrowers have? They are out of 350.00 me, almost 100.00

Its the worst of the worst;

LO, escrow, lender and SS all bunch of unethical suckers!

I will keep calling this SS and will never work for them.

Reply by Charm_AL on 9/26/05 2:53pm
Msg #67407

There's nothing you CAN do in this case. You are contracted to conduct a witness signing, that's it. They need to prove that they were 'promised the apprasial fee refund' and (that in of itself is unusual) collect accordingly.

Reply by Becca_FL on 9/26/05 3:54pm
Msg #67421

One of the reasons why a HUD is used is to protect the borrower from situations like this. ALL disbursement/credits are listed on the HUD including POC items. I'd say the borrowers just got hosed.

Also, if any "deals" are made under the closing table the LO & borrower are technically in violation of the RESPA laws.

Stay out of it! If you knew about the deal you could be in violation of RESPA laws.