Posted by MB_AZ on 9/30/05 12:43pm
Msg #68152

What to do with overpayment....

I did a signing 2 weeks ago for a loan officer (with large mortgage co.) and we agreed on a fee for the signing. I got paid out of escrow within a week but the check was for $100 more than the loan officer and I had agreed. I called the loan officer and told him and suggested I send the excess back to the title co. to credit the borrowers. He said "no, just send me a check made out to me (loan officer)." This just doesn't seem right. What is your opinion??

Reply by Nd_WA on 9/30/05 12:47pm
Msg #68155

I would call whom ever issued the check which in this case is the TC. Your overpayment could have been the normal fee that TC pay to other SA.

Reply by Judy Cobb on 9/30/05 12:54pm
Msg #68157

Call the title company that issued the check. It could have been an oversite. However, if the fee was debited to the borrower, they would have "paid" the fee. The title company will justify the amount, ie; does it belong to you, or was it an type-o , or did the borrower pay an additional amount and does it belong to them.. What ever the case, it will be off your concience, you will have done the right thing, which ever way it goes. As Dr. Laura says, "now go do the right thing."

Reply by CaliNotary on 9/30/05 2:21pm
Msg #68177

LOL, he wants you to make the check out to HIM? I definitely wouldn't do that. No business is going to ask you to make checks out to the employees, they'd want it in the business name. I agree with everyone else, call the title company and let them guide you.

Reply by Signing_Doc on 9/30/05 5:45pm
Msg #68203

and now...you know............the rest....of the story...............good day! (sorry Paul)

Reply by Anonymous on 9/30/05 7:03pm
Msg #68214

DO NOT SEND THE L.O. A CHECK!!!!!!!!!!!!!!!


that would be a BAD mistake. First it would be a RESPA violation. It would look like a "kick-back". Second, if it is the usual fee the Title Co charges and the LO knows that he might have tried to get the difference and thought you would do just this (call him) when you rec'd the check. And third, the borrowers are paying for the closing costs, I don't think they would like to find out that their LO got some cash back that they are paying interest on from their title co. closing fees. (if ever their loan was an issue-long shot but could happen)

I agree with everyone else. Call the company who issued the check and let them know. They might say, that's our fee, keep it...or void the check and send it back to us and we will issue a new one right away. Just wipe your hands of it though.

JMO

Reply by NY_TaxLady on 9/30/05 10:28pm
Msg #68240

Re: DO NOT SEND THE L.O. A CHECK!!!!!!!!!!!!!!!

Why would you make the check out to the LO? You would be receiving a 1099 for the whole check. Call the title co and get it straightened out with them. They issued it.