Posted by KS_king on 4/26/06 2:24pm
Msg #116115

They insist on getting referalls

US Bank says "Make sure to get 2 referals from borrowers - necessary for funding" per TC's closing instructions. How do you like that? This does not sound ethical.

Reply by Ndwa on 4/26/06 2:39pm
Msg #116119

Correction

I've closed many US Bank loans (last one on Monday) and have never seen them request for referals. Instead, there is a "REFERENCES" form where it states "this form must be completed in its entirety in order for this loan to fund".

Reply by KS_king on 4/26/06 2:44pm
Msg #116121

Re: Correction

Have that one too....but SS says must get referrals.

Reply by Ndwa on 4/26/06 3:07pm
Msg #116126

Re: Correction

I get mine through a TC where I meet and sign borrowers at local US Bank branches. Just a bit unusual as I've never been asked to get referals for US Bank loans.

Reply by Colonel_IA on 4/26/06 3:19pm
Msg #116131

Re: Correction

I've never been asked to get referrals but if US Bank would pay me a referral fee for getting referrals then I'd consider doing it. Otherwise I'm not competing for the employee of the month award.

Reply by Anonymous on 4/26/06 3:49pm
Msg #116143

I have closed loans for one company that has this paperwork and there is a statement to be filled out if I don't get referrals. I ALWAYS ask if there are any referrals they want to give (have NEVER had anyone agree to give them, however), then I fill out that line "Customer declined to give referrals). I do know that if I'd gone thru them and declined to give referrals and the loan didn't fund on that reason, I'd raise all kinds of cane!

Reply by Marlene/USNA on 4/27/06 11:22am
Msg #116305

Can they really do that? Not fund a loan because. . .

. . .you didn't ask borrowers for referrals, or because borrowers didn't give referrals?! That's a marketing ploy, not a credit check - right?

Reply by Lee/AR on 4/26/06 4:01pm
Msg #116147

If the Bs won't do it--the B's won't do it. But, I once did a signing for a well-known Lender who has a very large doc package with a 'Referral Form' included. The Bs really did want to fill it out with the names, contact info for 3 relatives... whose signings I also did, who referred several more friends & relatives... and I did those, too. By the end of all these, I felt like family! Was a good gig while it lasted.