Posted by NCLisa on 8/22/06 12:53pm
Msg #139923

Sneaking in a 2nd Mtg

This has happened to me twice in the last 2 weeks. I'm hired to do a closing, it is all confirmed, the package is emailed to me about 1 hour before the closing. I'm rushing to be on time. Turns out that they've sent a first & second mortgage, but combined the documents, so it is hard to tell unless you are really sorting them to put them in a different order. Basically one note behind the other note, one DT behind the other, etc. Then they don't want to pay anymore for the 2nd. This is getting frustrating. I don't do a lot of business with the second company, so I did not cut them any slack. I ended up 30 minutes late to that closing waiting for a new confirmation with the correct price on it.

TC's are gettin sneaky!

Reply by Lee/AR on 8/22/06 1:05pm
Msg #139926

That's despicable, underhanded & just plain abusive... n/m

Reply by Charm_AL on 8/22/06 1:05pm
Msg #139927

More times than not, the SS or TC isn't aware of a piggyback. It calls for a simple fee adjustment. Just call and tell them there are two loans. I've never been told we are not paying additional for the second or piggyback.

Reply by MichiganAl on 8/22/06 1:19pm
Msg #139933

A SS might not know there's a 2nd, but the T.C.?? I don't buy that. And then they're not separating it, they're stacking one note behind the other? That doesn't sound like an oopsie to me.

Reply by Howie35CT on 8/22/06 1:05pm
Msg #139928

Good on ya! Had a certain company try to pull that one last month, I also waited until the confirmation came back reflecting the higher price. Hope you are otherwise having a great month!

Reply by Charm_AL on 8/22/06 1:07pm
Msg #139929

Yes!..good Howie - get immediate confirmation of adj. n/m

Reply by Jahari Davis on 8/22/06 1:13pm
Msg #139931

Ok, a question first:

Was this truly deception on their part or was the TC clueless when they received and forwarded the docs? Could this be attributed to human error at all?

I've seen it where I was hired for a 1st and 2nd but it was a single. If it was deception, then this TC should be flagged! This would be highly unethical on their part. If this is the way they conduct business, I'd consider ending my relationship with them. I would demand my fee for a second mortgage, a reschedule with a new confirmation reflecting a 1st and 2nd closing, and if they do not find that acceptable, drop the closing back in their laps.

Reply by NCLisa on 8/22/06 1:38pm
Msg #139940

I am pretty sure it was a deception on the part of the TC. These were Wells Fargo docs, the packages would have been posted on the website seperately by loan number. The TC printed them, and combined them, and did two seperate huds for them.

The scheduler at the 1st company and I get along very well, I knew she'd fix things after the closing. It was the second company that did the same thing, they prepared 2 seperate huds and tried to play dumb. I think we are going to see more and more of this.

I've also been paying extra close attention to my confirmation sheets, as it seems that some companies are verbally agreeing to a fee,and sending over a confirmation with a much lower number on it.

Reply by MistarellaFL on 8/22/06 1:45pm
Msg #139942

Jahari, I think that's a little harsh.

First of all, I wouldn't demand anything. I would just call and advise them of the "mix-up" (whether they really knew or didn't-the important thing is that I know-if it was purposely, they now know I know what time it is).
I have had this happen a few times, always the hiring party (yes, TC's) have claimed they were unaware. My fee has always been adjusted accordingly. If it was a sneaky move, then they'll now know they can't sneak one by me again. That's good enough for me.

Reply by Jahari Davis on 8/22/06 2:02pm
Msg #139946

Perhaps request instead of demand then? n/m

Reply by Charm_AL on 8/22/06 2:09pm
Msg #139947

Re: Perhaps request instead of demand then?

you would come across as unprofessional and abusive by 'demanding' they adjust your fee for the second. As I stated earlier 99 percent of these companies do not know what they are sending you, so if there's a second, chances are they didn't know. You can simply tell them there are two loans and you need your fee adjusted and re-send confirmation without being antagonistic.

Reply by Jahari Davis on 8/22/06 2:26pm
Msg #139949

Re: Perhaps request instead of demand then?

I used the word "demand" in my post. Of course I would use diplomacy in handling this situation. There is nothing wrong with standing up for yourself when it comes to dealing with TC's and SS's. Play ball and negotiate? Yes. Rollover and allow yourself to be played? Not a chance.

Reply by MistarellaFL on 8/22/06 2:27pm
Msg #139950

Re: Perhaps request instead of demand then?

I'd say give them the benefit of the doubt---an easy way out for them if they are guilty. New schedulers or closing assistants sometimes think they are doing the company a big favor by keeping costs low, (maybe they go a memo about keeping costs low as possible) when in essence, they are supposed to be giving correct fees, but nothing extravagant.
I always consider these misunderstandings.
If they become ugly or demanding or refuse paying for the 2nd is when I would excuse myself from the appointment.
Maybe Charm and I are giving away our trade secret here, but professionalism is the key to success at any business.
Demanding contractors are not contractors TC's/lenders want to deal with.

Reply by NCLisa on 8/22/06 3:59pm
Msg #139968

I'd like to point out that while the schedulers may not realize there is 2nd involved, the escrow officers and settlement officers do know. (for those of you that don't understand how things work on the otherside). They prepare the huds, therefore they know there are 2 loans.

One of the reasons I do think this was deception was due to the fact that normally my WF account gets the docs forwarded to it, so I print the docs, and then just print the TC docs that are emailed to me. This was the first time this TC scanned the docs and emailed them to me. So I'm just wondering if they are trying to get out of paying the fees.

Reply by Victoria Moate on 8/24/06 8:20pm
Msg #140689

So, bill them out for the same price as the first mortgage without a second thought.